Debate Politics Forums - View Single Post - Would more oil drilling bring an instant drop in oil prices?

rsixing · 07-19-08, 04:34 PM

I think most of you know I'm not the sharpest tool in the shed but I'm still going to give this a shot.

IMO, like some, increased drilling for oil would not cause an immediate drop in oil prices, particularly at the pump. The long term effect may be a different story since none of this crude is discovered, drilled or processed and the estimates I have read have stated that more drilling, processing and distributing these new wells is some 7-10 years down the road. Not very immediate if you believe the current projections for such increased drilling.

What I would like to see addressed is, afaik and I am depending on unverified information, there is something like 12 million drilled and capped wells domestically, already, which are said to contain around 2 billion barrels of oil which when processed is some 2 years of consumption. Should the big 5 open these wells now and add them to our domestic oil and would that cause a drop in oil prices immediately.

07-19-08, 04:34 PM	#23 (permalink)
rsixing Sportbike Fanatic Join Date: Jan 2008 Last Online: Today 02:23 PM Location: Oregon Posts: 2,214 Thanks: 564 Thanked 487 Times in 350 Posts Lean: Liberal Gender: Awards: Current Mood:	Re: Would more oil drilling bring an instant drop in oil prices? I think most of you know I'm not the sharpest tool in the shed but I'm still going to give this a shot. IMO, like some, increased drilling for oil would not cause an immediate drop in oil prices, particularly at the pump. The long term effect may be a different story since none of this crude is discovered, drilled or processed and the estimates I have read have stated that more drilling, processing and distributing these new wells is some 7-10 years down the road. Not very immediate if you believe the current projections for such increased drilling. What I would like to see addressed is, afaik and I am depending on unverified information, there is something like 12 million drilled and capped wells domestically, already, which are said to contain around 2 billion barrels of oil which when processed is some 2 years of consumption. Should the big 5 open these wells now and add them to our domestic oil and would that cause a drop in oil prices immediately. __________________ It's Bush's fault!