Donkeys and Elephants and Delegates,oh my!
Check out the most popular
McCain's Oil Scam
juancole.com — McCain is cynically wooing Big Oil in Texas in order to get campaign contributions, while lying to the American people about his offshore drilling plan having a quick impact on oil prices and their quality of life.
forthewin11- 21 diggs
- digg it
- hnsez, on 06/19/2008, -0/+2McCain is arguing for offshore drilling to lower US petroleum prices in the "short term."
It is all a big lie, the US produces about 5 million barrels a day of petroleum and another 3 million barrels a day of liquefied fuel. That 8 million barrels a day is only about a third of what we use, so we import the rest. The lower 48 states produced about 4.4 million barrels of petroleum a day in 2006.
If all the known offshore fields were drilled and panned out, the lower 48's oil production would be increased by 7%. That would be 300,000 barrels a day.
Millions of barrels of oil a day produced by US and by world, with McCain's proposed increase through offshore drilling.
0.3 million barrels a day would make very little difference whatsoever to current oil prices even if it could be brought online right now. It would be a matter of a few pennies. And, in fact, if there were to be any impact of all of offshore drilling on prices, it would not come until 2020 or even 2030. You will note that the Saudis just offered to increase their production by 0.5 million barrels a day, and the oil futures market just yawned. And that is in the real world, right now, not in some decade or two-decades-out in the future drilling scheme.
Moreover, US consumption of petroleum is increasing over time, so the extra 300,000 barrels a day would quickly be used up and then some.
McCain is cynically wooing Big Oil in Texas in order to get campaign contributions, while lying to the American people about his offshore drilling plan having a quick impact on oil prices and their quality of life. Bringing the 300,000 barrels a day on line would make somebody a lot of money. It will do us no good with regard to energy prices, and in fact will harm our standard of living because drilling for the oil will endanger beaches and the environment more generally, and burning that extra oil will accelerate climate change. - TCP7, on 06/19/2008, -0/+3It's a scam engineered by big oil interests to dupe the $4 per gallon weary public. Drilling/plundering our coasts for about 19 billion barrels of oil is akin to placing a Band-Aid on the hemorrhaging wound that is our oil-dependent, wasteful lifestyle.
The Digg Toolbar for Firefox lets you Digg, submit content, and keep track of Digg even when you're not on the Digg site. Download the official 
© Digg Inc. 2008 —
Content posted by