I agree with jblue21. We can't assume that they will find oil immediately after they start drilling. They have some pretty good ideas about where they can find the oil, but it will take time to hit the jackpot.
I'm not sure how much truth there was to the discussion yesterday on the Glenn Beck program, but one of his experts agreed that it will take years, not months, for offshore drilling to pay off.
Here is a blog on the topic:
blog2006: Benefits of offshore drilling can take a long time to surface
Quote:
Originally Posted by jblue21
drilling now wont do a damn thing to oil prices right now, at the very least if they drilled tomarrow it would take at LEAST 5 years(pipe dream) to get it out to the market and realistically it would be 10 years. But thats not even considering the fact that there is a shortage of Rigs on the market to begin with. It takes about 3-5 years to build a new rig and even rigs that arent even built yet already have contracts on them. And to get a rig built, the US will have to wait in line with petrobras, lukeoil, and many others that have rigs backordered. Your looking at, at least 15 years at least for this action to affect any supply and thats if they even find enough oil to even make a difference.
this action is purely political
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