McCain would lift drilling moratorium
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McCain has a mixed record on supporting off-shore drilling in the senate, but this decision seems to be a bit of a capitulation to the oil companies who are in favor of searching for new sources of oil. McCain is against drilling in ANWR.
“Tomorrow I’ll call for lifting the federal moratorium for states that choose to permit exploration,” McCain said. “I think that this and perhaps providing additional incentives for states to permit exploration off their coasts would be very helpful in the short term in resolving our energy crisis.”
“short” term is a relative thing:
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The U.S. Energy Information Administration (EIA) recently did a detailed study of the likely outcome of offshore drilling for their Annual Energy Outlook 2007, “Impacts of Increased Access to Oil and Natural Gas Resources in the Lower 48 Federal Outer Continental Shelf (OCS).” The sobering conclusion:
The projections in the OCS access case indicate that access to the Pacific, Atlantic, and eastern Gulf regions would not have a significant impact on domestic crude oil and natural gas production or prices before 2030.
And the impact of the projected 7% (!) increase in lower-48 oil production that might result in 2030 thanks to opening the OCS is … wait for it …
… any impact on average wellhead prices is expected to be insignificant.
Yes, the man who would be president has sold out his principles to garner support from the oil industry while achieving no benefit to the American gasoline-consuming public whatsoever even a quarter century from now!