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Upon learning more about Obama's plan I think it's just a political ploy. His emphasis is on exploring for oil, not really drilling it. It's good to explore and find oil, but we should be drilling where we already know where it is. Lets start now while we explore. If Obama was truly for this and for drilling he would open up ANWR and more along the gulf coast and not just OK "exploration."
Compared to our consumption, opening up ANWR would yield so little oil it's almost laughable. The capacity to change the status quo on oil production just doesn't exist anymore. Anything easy to find and easy to get to has long since been drilled.