User 209166

Offshore Drilling Isn't the Answer - Supply and Demand Is

>>>And, as others have already pointed out, where
>>>in the world did you come up with the 10-year figure?


The 10y figure comes from the government.
www.eia.doe.gov/oiaf/a...


>>>There is some sense in the article but drilling or even
>>>planning drilling would place huge downward pressure
>>>on expectations.

There's about 18bn bbls of potential oil reserves in the U.S. offshore shelf. The world consumes somewhere north of 85bn bbls PER DAY, with the U.S. accounting for about 25%, or roughly 20bn bbls per day. What we have is a literal drop in the bucket. It's hard to see how producing it would have any impact on prices.