EXCELLENT Biden Op Ed: Oil companies have lots of leases to drill

[gateley]

When you first hear the idea "let's allow offshore drilling and it will cut gas prices," it sounds like it makes sense, especially when gas is more than $4 a gallon. But the facts say otherwise. <snip>

Unfortunately, President Bush and Sen. John McCain are trying to sell us on the oil companies' old argument that repealing the 27-year old moratorium on drilling in protected areas offshore will lower gas prices. Americans need to put this tired debate to rest. Our security -- both here at home and abroad -- depends on it. <snip>

Assuming oil companies drilled in new areas, it would take at least a decade for new production to begin. Just last week, the U.S. Energy Information Administration concluded new drilling would have no impact on oil prices before 2030 <snip?

During the (last seven years) permits for new oil drilling leases increased by 361 percent. Put simply, allowing more drilling does not equal cheaper gas <snip>

We need solutions of the future, not drilling ourselves deeper into dependence on oil.


http://biden.senate.gov/press/press_releases/release/?id=E20B32D9-D252-4E61-BA4A-BAD79F2A76FE

[Muttocracy]

1. bump

[Froward69]

2. Awesome find Gateley

Hi by the way. long time no speak...

[DCKit]

3. Said it before, and I'll say it again:

With 26 million acres under lease already, why do they want more? So they can tie up ALL the potential oil and gas producing areas in the country. Why else would they continue to pay for the leases on the 26 million acres of leases they already hold?

If that vast acreage held no potential, they'd let those leases lapse in a heartbeat. They don't *need* more, they *want* it all.