How does more drilling work when we own 3% of the world's oil but consume 1/4 of the world's supply?

Separate studies by the House Committee on Natural Resources and the Wilderness Society, a conservation group, show that roughly three-quarters of the 90 million-plus acres of federal land being leased by the oil companies onshore and off are not being used to produce energy. That is 68 million acres altogether, among them potentially highly productive leases in the Gulf of Mexico and Alaska.How does more drilling work when we own 3% of the world's oil but consume 1/4 of the world's supply?
FINALLY! Now someone is talking sense. Drilling for oil will not bring down the price of gasoline. It will take at least two years for those new wells to come up to full capacity and by then the world demand for oil will have increased. Not only that, the oil will inevitably end up on the world market, since deregulation ensures that market forces dictate the price (not cost) thru speculators who determine where the oil goes.How does more drilling work when we own 3% of the world's oil but consume 1/4 of the world's supply?
You are allowing Democrats and tree huggers to blow smoke up your nose. The coalition of energy companies has been running a public service announcement, which states that we have enough oil in the US reserves to power 60 million cars for 60 years and enough natural gas to heat 160 million homes for 60 years.


In the outer continental shelf, the estimated reserves are 68 billion barrels of oil. Congress will not let oil companies drill for it.


The claim about oil leases is more smoke screen. Oil companies are not going to drill where there is no oil.
After we go get it, its going to take time to refine it you're looking at probrably 15 years if we started tomorrow.





How about using intelligence to find a better source of oil, i mean hemp oil grows from the ground takes 6 months to mature and can be used for all the samethings that crude oil can be used for.





It takes crude oil about 6 million years to mature, it takes hemp 6 months to grow. I'm no genious our government is well aware of this fact, but greed is a major factor.
Your 3% figure is based only on the permitted land that the government uses for its estimates. There are over 50 million acres of land where known oil exists that the government does not include in its figures.





Ten years ago people said the same thing you are and guess what?


We still get our oil from the most screwed up part of the world.





Instead of kissing butt in the middle east we need to take as much control of our own destiny as we can.





Drill, here, drill now!
You answered your own question. 90 million plus acres of federal land being leased by the oil companies onshore and 'OFF'; are not being used. Why/ Because we have a ban on drilling. If we lift the ban we will NOT have enough oil to stop buying foreign oil, but we could buy LESS. We also need to find alternative sources, but we do need to drill for oil here too.
';House Committee on Natural Resources and the Wilderness Society, a conservation group';


You don't think that they have a kind of bias in their reporting do you?





Face it you don't like being thrown under the bus because people really want cheaper gas over the supposed threat to the envoirment.
It increases supply. Oil prices fell yesterday because China is reducing subsidies on gasoline in China ( increasing gas prices which will reduce demand ).





Supply and demand:


The economic theory of market value where price is determined by the interaction of sellers and buyers to reach an equilibrium price which both are willing to accept.


http://www.smallbusinessdictionary.com
Yes that's right


and


The Oil Companies wanted those leases because they look like the Best possible sites for new production.


(6x better than ANWAR says the oil companies own experts)





The oil companies know that all the drilling in the world wont bring down prices now.
Subject: JOE, AMERICAN








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It doen't it takes a long time to drill and there's a shortage of oil rigs. The solution is to look for alternate sources of energy and price controls
It makes the people in Texas rich and that's all Bush ever cared about was the millionaires. His buddy's are the only people who benefitted from his reign and this is the best exit strategy he could pull off.
More drilling works, cuz we'd have more oil than we have now.





You have heard of supply and demand, well we'd be increasing supply.
There isn't a shortage but it would increase supply thus supposedly lowering prices (hahaha).
it doesn't. this is just a last ditch effort to give big oil what they've been wanting for a long time.
Its just ANOTHER way for the G O P and Bush to funnel EVEN MORE MONEY into the oil men in Texas's bank accounts
I think that is only one side of the story.