The Least, First

Monte Asbury's blog

How would drilling offshore affect oil supplies?

with 7 comments

Clamor is on the rise from the right about how drilling for oil along the US coasts would increase supplies and lower gas prices.  But what would we really get?
Juan Cole posted this outstanding graphic to make it clear. Look for the dark blue (you may need to look closely!) to see it. A few salient details follow.
clipped from www.juancole.com

Millions of barrels of oil a day produced by US and by world, with McCain’s proposed increase through offshore drilling.

The United States uses nearly 21 million barrels a day of petroleum and liquified hydrocarbon fuel, or nearly 25% of everything the world produces daily. The US has 5% of the world’s population.

0.3 million barrels a day would make very little difference whatsoever to current oil prices even if it could be brought online right now. It would be a matter of a few pennies. And, in fact, if there were to be any impact of all of offshore drilling on prices, it would not come until 2020 or even 2030.

You will note that the Saudis just offered to increase their production by 0.5 million barrels a day, and the oil futures market just yawned. And that is in the real world, right now, not in some decade or two-decades-out in the future drilling scheme.
Bringing the 300,000 barrels a day on line would make somebody a lot of money. It will do us no good

blog it

Not so much, huh?


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Written by Monte

June 19, 2008 at 5:19 pm

Posted in Environment, Politics

Tagged with ,

7 Responses

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  1. Thanks for the humor :)

    naj

    July 5, 2008 at 7:42 am

  2. And swindling the taxpayer to boot, since many of them are not paying their land leases on goverment property which they lobbied to get rights to in the first place.

    Oh, and it not simply output, it is also refinery space as well, and no new refineries are been built and the last few years has seen major accidents across that part of the industry.

    ralfast

    June 26, 2008 at 5:52 pm

  3. So he admits. Astonishing. Don’t worry, be happy. In other other news, I heard today that the companies that do have offshore drilling rights aren’t using them all anyway.

    Monte

    June 26, 2008 at 4:17 pm

  4. We reach the Oil Peak years. Get use to it. In other news, McCain’s new plan, is all psychological! Brilliant!

    ralfast

    June 26, 2008 at 8:50 am

  5. Hard to say, isn’t it? My guess is that what we’ve got is the new normal.

    Monte

    June 25, 2008 at 10:26 pm

  6. Im really looking forward for oil prices to go back to normal, but I wonder if Im being over optimistic.

    Maverick

    June 25, 2008 at 7:26 pm

  7. These guys are completely shameless. They will never get over being beaten on offshore drilling. Never. Not even when/if we are running 100% alternative fuels. They are psychopaths and nothing stops them. No victory over them is ever a victory, but merely an irritant. Over and over and over again we have seen them come back from death blows to win the day. They merely shelve things till they cool down and then redouble their perfidy to get their way.

    IT NEVER STOPS.

    I swear, most of the time I’m just positive that religion was invented solely to make these fiends too afraid for their immortal souls to be this utterly unconcerned with the welfare of all living things. It doesn’t work for this purpose anymore. They’ve turned it into their excuse for doing what they do, or their cover to make people think they would never do what they do.

    Pardon me. I have to go soak my head… AGAIN!

    99

    June 21, 2008 at 5:35 pm


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