A 2007 report says offshore drilling would not reduce gas prices soon.
The report by the Energy Information Administration in the U.S. Department of Energy said that opening up oil exploration off the United States coastline would not have a "significant impact" until 2030 because of the delay in starting a project.
"Leasing would begin no sooner than 2012, and production would not be expected to start before 2017," the report reads.
It also estimates that there are as much as 18 billion barrels of crude oil and 77 trillion cubic feet of natural gas off the coast of the Lower 48 states that could be tapped if the moratorium on offshore drilling were lifted.
Still, it says that even those amounts may not greatly affect the price at the pump.
"Because oil prices are determined on the international market, however, any impact on average wellhead prices is expected to be insignificant," it reads.
Hat Tip: Associated Press
Blog RSS feed
Re: Report: Offshore drilling won't help soon
RTB, This is weird. Is it a coincidence that you blogged about this and it was mentioned in the Perdue campaign release or did you crib from their message?