House approves bill to lift US drilling ban

politics.blogs.foxnews.com...

The "Reversing President Obama's Offshore Moratorium Act," requires the Interior Department to set a production goal of three million barrels of oil per day for its 2012-2017 leasing plan.

In order to reach that target, the legislation requires the department to hold lease sales off the coast of Southern California, in the Arctic Ocean, off Alaska's Bristol Bay, and in the Atlantic Ocean from Maine to North Carolina.

Depending on how you look at this it can be good or bad. Personally I think this will be a good thing since it will eventually lead to us not being so dependant on foreign oil. With the US tapping into its oil fields it will increase oil supply worldwide which will in turn lower the price and make it more affordable. Also it will allow us to export some oil and bring in some foreign money instead of us always shelling out money to foreign countries. On the other hand this will substantially raise the risk for oil ecological disasters the likes of what we saw in the Gulf.

Thoughts?

reply to post by lcbjr1979


I think your title was suposed to be LIFT not Life.

Very different meaning.

reply to post by crimvelvet


Duely noted and fixed. Thanks for the heads up.

I believe if they let the oil industry drill more here in the US, and if we built 10 more refineries our economy would be set on fire, We would make a bang so loud they would hear us all the way over in China. Release the shackles Obama Bin Lyin.

Yea I think it is time for the U.S. to be more independent. Sure there is a downside as far as pollution and all, but whats a few more refineries? If they did this to get us out of a hole so to speak, maybe use some of that extra money to invest in alternative energy (wind/solar) and in the long run, make things better. Plus it would be creating more jobs in the process. Not only that, but maybe prevent a few more wars. I am sure the world would think better of us too.


Deebo

Finally!

Another upside to the price of oil dropping to $40.00-$50.00 a barrel is we would be sticking it to China who negotiated all those $80.00-$100.00 a barrel contracts. Then we take the profits and pay our debt off to China and never allow them to purchase over 250 billion worth of our treasury notes again. China cannot be trusted AT ALL!!!!

The governor of Florida has vowed they wont come within 250 miles of our beaches and I'm glad. Although I know that offshore oil is needed I still dont want Destin's beaches looking South Padre, with tar balls everywhere all the damn time.

Well, about the environment issues: if the oil is imported, the environment risks still exist, they are just located somewhere else! If US starts to drill, I am sure the environment will get more attention than Nigeria would give.

Originally posted by pyrodude
The governor of Florida has vowed they wont come within 250 miles of our beaches and I'm glad. Although I know that offshore oil is needed I still dont want Destin's beaches looking South Padre, with tar balls everywhere all the damn time.

Ok, you can have a pretty coastline or $6.00 (or higher) gallon gasoline. Your choice.

I see it as a good thing. This way the United States won't have to rely so heavily on foreign oil, prices will go down. Lower gas prices for the win.

Can anyone demonstrate that this makes us less dependent on foreign oil and not more susceptible to massive environmental damage. Nothing has changed in the way these wells are drilled or in the blow out protector that doesn't.

I agree, there is simply no need to be paying $4 or more a gallon for gas when we have so much un tapped oil right here. Frankly, drilling for this oil is far over due. Unfortunately in my opinion it will take at least 3 years or more for us to see any effect on oil prices here unless the people on wall street get the price of oil down once we start drilling.

reply to post by lcbjr1979


This have nothing to do with easing the prices of oil but an excuse for big oil mafia to take more land for their drilling surveys, actually thye already have plenty of land rights as it is, waiting for the government to use tax payer dollars for them to do surveys.

Yes, oil companies reap billions of dollars in incentives from tax dollars and still they do not give a dime back to the people.

Originally posted by Royalkin

Originally posted by pyrodude
The governor of Florida has vowed they wont come within 250 miles of our beaches and I'm glad. Although I know that offshore oil is needed I still dont want Destin's beaches looking South Padre, with tar balls everywhere all the damn time.

Ok, you can have a pretty coastline or $6.00 (or higher) gallon gasoline. Your choice.

Hey man, I'm on your side, I'm from Texas and I have fished by off shore wells every summer of my life. I just hate to see ruined beaches.

reply to post by marg6043


"Yes, oil companies reap billions of dollars in incentives from tax dollars and still they do not give a dime back to the people."

Are you serious? You do know the oil companies besides taxes have to pay royalties to drill on US land and coast line. Maybe a little research before posting next time friend.

Insanity. With all the environmental damage done through regular drilling, and the infant stage of off shore drilling knowledge along with the disastrous BP gulf spill (one of the worse, if not THE worse environmental disasters of all time) when will anyone learn? Our addiction to oil is out of control, to the point that we would rather die and take every living thing on this planet along with us then adjust to a new post fuel world (which will hurt but is inevitable). Straight insanity.

People need to take peak oil seriously. If we aren't running out of oil why are we drilling with more costly, risker methods and putting more energy into what we extract?

reply to post by Chewingonmushrooms


Oh thats insanity? I thought insanity would be protecting a kingdom of 14th centuray a$$ backwards muslims just to make sure we have oil. Kumbaya my friend kumbaya.

reply to post by professornurbs


foreign companies pay for royalties not US base ones they pay taxes, but when they get their incentives they come out even and are able to reap profits.

CNBC had a program today about congressional inquiry panel on energy that is going to bring the Oil mafia barons to tell why they increasing the prices of gas, so actually when the government itself is getting into a pony show at congressional level you know that somebody is gouging somebody here for profits, is even talks of taking away the billions of dollars in incentives because their profit, makings.

This inquiry usually comes around that time when the oil mafia barons are about to bring their profits numbers and the American public doesn't like them specially with so much tax dollars going into the pot.

reply to post by marg6043


So it is your opinion that oil prices will stay the same when we begin using our own oil and stop importing so much. It is my understanding that when more supply is available in the market place then prices drop.