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As Gas Prices Rise, Is Offshore Drilling the Answer?

8/1/2008 4:19:04 PM

Tags: gas prices, oil, offshore drilling, presidental candidates

Although we’ve all had our share of complaints about the gas prices in our country, this growing situation does seem to be getting out of hand. Only a few days ago, I filled up and the price was almost $60! I remember when I was in high school (I graduated in 2003); I could fill up the same car for around $20.

So it’s no surprise the question of offshore drilling in America has been introduced by the 2008 presidential candidates. While John McCain promotes it as something that will “rescue our family budgets,” Obama opposes it. One of his main reasons for opposing offshore drilling is because it will be at least a decade before we can produce usable oil. He also beleives offshore drilling is the wrong emphasis. The focus, in his eyes, should be on renewable energy. 

Even the Energy Information Administration (the energy analysis agency of the U.S. Department of Energy) says that 20 years from now, offshore drilling would produce less that 0.2 percent of world production.

While reading about this issue, I came upon a very interesting opinion piece from Mark Weisbrot, Co-Director and Co-founder of the Center for Economic Policy Research. To read it click here.

What do you think? Is offshore drilling a good idea? Let us know in the comments section below.

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