Obama wants the US to drill for oil. Concerned.

[NJ5]

TheRealMafoo said:

NJ5 said:
Almost two years ago we had a debate about oil drilling in America:

http://vgchartz.com/forum/thread.php?id=45820

I believe this quote from one of the linked articles shows that this is not important enough to significantly change supply or to reduce dependency from foreign sources:

The EIA found that access to the Pacific, Atlantic, and eastern Gulf of Mexico regions would not have a significant impact on domestic crude oil production or prices before 2030. Total domestic production of crude oil from 2012 through 2030 is projected to be 1.6 percent higher than in EIA's "no access" reference case.

Depends on how it's done. Also, we get a lot of oil from other parts of the world, not just the middle east.

I mean, if the US said "Our #1 priority is to remove oil from these parts of the world", we can do it in a lot less then those times. If we had to do with with the rules set in place today, then I agree. It will take a very long time to get up to speed.

Oil is fungible. It matters little where you're getting it from. If you start buying it from place X instead of place Y, someone else will buy it from place Y and nothing changes.

All that matters is basically worldwide production and consumption.