Friday, August 01, 2008

Oil Drilling

The facts of life:
  • Drilling for oil does not equal pumping oil. That is why it is called exploration.

  • Any increase in supply goes on the world market. This is why the United States set a record for petroleum products EXPORTED for May, 2008 (See: Bush pushes oil drilling, but more US fuel exported)

  • McCain got paid -well- for his offshore drilling switch (See: Industry Gushed Money After Reversal on Drilling).

  • Even if oil is discovered in America's continental shelf, it would have no impact on prices until 2030 (See: Candidates Clash On Impact Of Offshore Drilling)
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