| Retrasado said: Well, if we had actually started drilling there in 1985 (or when ever the idea was first thrown araound) we would be a hell of a lot closer to active production now wouldn't we? And we will be making the same argument in 2025 if we don't drill now. Look, the world's supply of oil is only going to get smaller, so why the HELL would you not drill for what you know is there? You know you're going to need it at some point, because there's no way an alternative tchnology is going to take over for oil until at least 2040. Also, nobody said that drilling now will instantly drop prices to $0.90/gallon, but starting drilling 25 years ago would definitely have had an impact on the insane prices of last summer. I don't understand the rational of not drilling just because it won't have any impact TODAY. Why not plan for the future? While drilling there definitely won't solve all our problems, every bit of oil out there helps some. I say go drill for it.
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I'm not saying drilling shouldn't happen. Just putting things into much needed perspective.
Regarding what you said about starting to drill decades ago, notice this part from one of the sources:
Although a significant volume of undiscovered, technically recoverable oil and natural gas resources is added in the OCS access case, conversion of those resources to production would require both time and money. In addition, the average field size in the Pacific and Atlantic regions tends to be smaller than the average in the Gulf of Mexico, implying that a significant portion of the additional resource would not be economically attractive to develop at the reference case prices.
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