BP was playing games with safety audits.. farming them out piecemeal all over the US with NO integrated reporting system.... so accountability wouldn't come back on them.
When that was fixed last March or April, drillers first came out saying that safety regs and compliance would cost them another $5 a barrel in lift costs... by early fall they changed their tunes and applied for deepwater permits.
You are a little bit stuck in your failure to face that oil companies DON'T INVEST in development unless the ppb is high.
PS.... American Thinker is a lousy source for anything.. they are like World Net Daily...
"Once Again, Speculators Behind Sharply Rising Oil and Gasoline Prices"
Once Again, Speculators Behind Sharply Rising Oil and Gasoline Prices | Truthout
gas is up 40 cents in about two days here.
Remember: Gas prices go up in 2005 - not Bush's fault. They go up in 2012 - definitely Obama's fault.
Can't make this up. There's hack reasoning for you.
Had a minute and found this
Some people argue that allowing more domestic offshore drilling would have little impact on oil prices. It is true that oil is a global commodity; however, after President Bush lifted the executive moratorium on July 14, 2008, and after Speaker Nancy Pelosi announced on September 23, 2008 that Congress would allow the congressional moratorium to expire, there were immediate price decreases. This is illustrated by the chart below:
Economic theory predicts that the potential for greater future oil production should lead to price relief. It is true that lifting the moratorium could not immediately increase oil production from the affected areas, but other oil producers with excess capacity, such as Organization of Petroleum Exporting Countries (OPEC) nations, would have an incentive to produce more in the present once they believe that future U.S. output will be higher. This example from 2008 is one example of oil price relief because of potential future oil production.
Institute for Energy Research | Why Are Gas Prices So High?
U.S. On Pace To Become Net Fuel Exporter Despite High Gasoline Prices At Home | Fox News (There, it's even a link to Fox so you can't bitch about the source)
So it would seem to me that while increased oil production would result in slightly lower prices, what's happening is that the gasoline that is produced here is put back on tankers and taken out. Now if that were to stop, we'd see a big drop in gasoline prices here because there'd be more gasoline. I assume that most of us are on the same page that regulating that is not something we want to do. Given that, what it seems to me would happen is that the Saudis and Russians would curtail production. We'd see some price relief due to lower transportation costs of the crude oil, but worldwide net oil production would stabilize about where it is, and the relief at the pump would be a lot less than you'd hope.
Besides which, prices are going to go up in the next 50 years or so simply due to there being a lot less oil, regardless of who drills it.
Why should anybody create a job when fortunes can be made through simple fiscal masturbation?
Anyone wondering what I'm talking about start here:
The Psychology of Persuasion