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)