Drill here, drill now, pay less… Dream on!
To most Americans this is not about global warming. For them, this is about the price at the pump - pure and simple. Most people will decide with their wallet every day of the week and twice on Sunday. Whatever is cheapest goes in the tank.
What they have not been told thus far is that there is a 5 year back order on drilling rigs that cost hundreds of millions of dollars to build or that it will cost an additional $200-300 billion dollars to develop the 1 new oil field that was found in recent times. (off the coast of Brazil) Did I mention that there needs to be new refineries built to process that new crude and to meet the growing demand? Tack on another 20 billion or so. And, since we are all so quick to say: “not in my back yard” (NIMBY), where are we going to build those refineries? In hurricane alley, where they shut down every time a named storm blows through?
There is zero guarantee that we will find enough oil to satisfy our growing needs, much less drive down the price at the pump as promised. Talk to geologists and geophysicists from the oil industry and most will tell you that whatever oil is left to find is further offshore, in deeper water, and even deeper under the sea floor. They will also tell you that is not “light sweet crude” down there either. It is dirtier and more difficult to refine. (i.e. more expensive)
The ongoing threat to national security and a reliable supply of transportation fuels is unacceptable. From Islamic extremism in Iran, virtual dictatorship in Venezuela, to Russian expansion in order to gain control of the pipelines in Georgia, these represent just a few of the types of challenges we face in the years ahead.
While I applaud the Republicans for a well executed strategy designed to scare the speculators and drive down the market price of oil (it worked), this was a short term solution to what will be an ever increasing problem in the years to come.
When the economy gets humming again then demand for oil will rise right along with it. Not just from the U.S. but from China, India, and Latin America as well. Expect the price of oil to go right back up to where it was and even higher.
Biofuels represent our first best chance to break the cycle of addiction. We must not turn back now. We must continue to diversify the types of transportation fuels we use and the sources of those fuels beyond ethanol from corn and biodiesel from soy or palm. To do anything less would be counter to the tradition of American progress in the face of adversity.