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http://www.reuters.com/article/idUSTRE62T06520100330
I voted Republican though I now consider myself more of an independent, ... I think with this latest news of the release of oil drilling, Obama's just won himself a second term!

Of course, I can easily see WHY he opened up the drilling today, because of THIS article : http://news.yahoo.com/s/ap/20100331...lYwN5bl90b3Bfc3RvcnkEc2xrA29iYW1hc2Fya296eQ--

With the president of France at his side, President Barack Obama declared Tuesday he hopes to have international sanctions against Iran in place \"within weeks,\" not months, because of its continuing nuclear program. But he acknowledged he still lacks full support at the United Nations.

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It's a preliminary smackback at Iran saying "go ahead, raise the oil prices, we have our own now!" ...

anyone think this may backfire?

Depends on how rich the fields are and how badly the American Oil companies try to gouge us. If it's as bad as OPEC, then this will be a COLOSSAL failure.

Just wait for the first major oil spill to hit the beaches of South Carolina....

Plus it's going to take how many years for the oil to reach the market?

We need to stop drilling and figure out an alternative source of energy.

If they go about it with good logistics, it could likely be online in 3 years. That is if there is any oil out there.

sixpackshaker said:

If they go about it with good logistics, it could likely be online in 3 years. That is if there is any oil out there.

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Right, but if we start to ban oil from Iran now...

Dave;363540][QUOTE=sixpackshaker said:

If they go about it with good logistics, it could likely be online in 3 years. That is if there is any oil out there.

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Right, but if we start to ban oil from Iran now...[/QUOTE]

We already have. I don't think we ever bought directly from Iran, even before the Revolution. It is too expensive, to ship it that far. We do not get all that much from the Middle east. Most of our oil comes from Canada, US, Mexico, and Venezuela. We get a little from Saudi Arabia. But still if Iran stopped selling their oil to France, France would have to start hitting up Venezuela for oil. And by doing that, they will drive up our prices.

my theory, which I havent really tested with evidence yet, so it might be full of holes:

you cannot create wealth without materials. Extraction and manufacturing. You can create services, and income, but unless raw materials are involved in the process it's a paper game, and the US's paper is in the red, as far as credit goes. Oil is a proven technology with a less immediately expensive and more thoroughly connected distribution system than alternative energy. Alternative energy has no current standard for distrubution infrastructure to begin with.

Oil is like payday loans, it's money now. It's also a really bad route to go, because even though creating the new infrastructure for alternative energy is presently expensive, oil is in finite supply. (Not to mention environmentally destructive in terms of human sustainability) Expending resources perserving a fading material is in the long term a harder route than shifting energy to creating a more sustainable energy infrastructure. The oil distribution system is aging and inefficient, but it still presents a short term fiscal opportunity, which is always a political plus. Refined oil is material wealth, because it can be used in manufacturing. Even though it's widely believed that the fossil fuel supply will last another 500 years, countries who can drill are eager to do so, because they don't want to be one of the countries that can't, and be forced to deal with skyrocketing prices from demand vs supply. But it doesn't factor the associated costs into it.

It's the right call in my book. It's been the right call for the last 10 year. Weird how the people who were yelling that the president is in the back pocket of big oil from 2000 to 2008 when he was trying to push this through are now standing and applauding...

Go Banana