Any data on what offshore drilling could produce?

[LuckyTheDog]

How much would off-shore drilling in in U.S. waters increase the world oil supply? What impact would that have on prices and how many years would it take for the impact to be felt?

I simply don't buy Bush's argument that the fact that the world oil supply MIGHT increase by a marginal amount in 5-10 years would do much to scare off the speculators -- who buy and sell contracts based on very short-term factors.

That said, I tend to disagree with Obama on the drilling thing. He should be more open to it, in my view.

I also disagree with the oil companies that refuse to drill in oil fields already leased from the government. If they would tap the reserves they already have, then they'd have more credibility on this issue.

[BrklynLiberal]

1. Will offshore drilling lower oil prices?

http://www.msnbc.msn.com/id/25287795/

<snip>
Every barrel of oil is going to be needed to meet growing global demand, and technology today allows oil producers to find and extract oil in places that until recently were not profitable or technically feasible. But there’s little evidence that there’s enough untapped oil within U.S. federal waters to make much of a difference in oil prices. Even if the oil is there, it would take a decade or longer until it can be tapped — offering little relief from the recent surge in oil prices.

Roughly 80 percent of U.S. proven reserves — and daily production — is clustered in just four states: Louisiana, Texas, Alaska and California. There’s likely more oil to be found offshore both U.S. coasts, especially in deep water where it has only relatively recently become technically possible and economically viable to extract. But it’s highly unlikely there’s enough there to make much of a difference in oil prices. Even if new discoveries were made, it would be decades before it began flowing and the price impact would be would be minimal.

<snip>

Even if Congress approved drilling in ANWR today, production would not begin for at least a decade, according to Energy Department estimates. The eventual impact on prices depends on exactly how much oil is under ANWR. Answering that question is an inexact science — you can’t stick a dipstick in the ground and determine how many barrels you’re dealing with.

<snip>

But even in the best case, the price impact — decades from now — would amount to about 1 percent of current market prices. If work started today, production would peak in 2027 — when increased production would have the biggest impact on prices. According to Department of Energy projections, that impact would cut the prices of light sweet crude (in 2006 dollars) by 41 cents per barrel in 2026 for the low estimate, 75 cents per barrel in 2025 for the mean oil resource case, and $1.44 per barrel in 2027 for the high estimate.

<snip>

more at link...

[LuckyTheDog]

3. That helps, thanks (nt)

[Mass]

2. Drilling is useless to solve the immediate crisis, but will block the efforts to change our energy

policy and fight global warming. In fact, it does not even help in the nationalist argument (do not buy oil from Arabs and other dark skin dictators like Chavez) because there is not enough oil to make a difference.

So, no, Obama, by being honest with the American people, is right.

[annabanana]

4. ummmm... BIGGER OIL COMPANY PROFITS??

(imho)