Will drilling in the Outer Continental Shelf actually lower oil prices?

Do you have any solid sources saying so?





Thanks!Will drilling in the Outer Continental Shelf actually lower oil prices?
NO


Supply and Demand quit effecting the price of oil when speculators influenced by mass media started determining its market value.





Opening drilling will not effect the price as long as saber rattling with Iran and Venezuela is viewed as a possibility of interruption to supply by speculators who will drive up the price.


http://news.yahoo.com/s/ap/20080910/ap_o鈥?/a>





Speculators and value of US dollar influences prices.Will drilling in the Outer Continental Shelf actually lower oil prices?
Yes. It's simple supply and demand. The more oil we get the less each barrel will cost.
It depends if and ONLY if that oil is sold in the USA.. We know that won't happen. It's basic economics.
Absolutely not! Drilling the Outer Continental Shelf will do more harm to the tourist trade and the environment then the slight effect it will eventually have on the prices, in about 8 years!
You will find below that oil and gas companies are cutting their drilling plans world wide due to a glut of oil and gas in the market. Just because we make drilling legal does not mean that we will be drilling any time soon. The other places in the world that oil companies have to choose from have oil and gas in places much cheaper to drill than the outer continental shelf and they are not going to drill there either.





When the new lease start to produce other production will have fallen off more. The US reached peak oil in the 70s. No matter what we do we will alway produce less year over year.





Here is a non profit group that does of course receive money from oil companies that says so.
Yes they will.








About 1% around 10-20 years from now.





http://money.cnn.com/2008/05/30/news/eco鈥?/a>








http://www.usnews.com/articles/news/nati鈥?/a>
No, but the possibility that we might open up vast new oil leases will. If we do not develop alternate energy sources like shale oil recovery we deserve what ever our stupidity brings. Bio-fuel is a joke and wind energy is a novelty when we compare it to the energy source in oil shale. It really doesn't matter because the powers that be are going to dictate what will be done and we poor common folk will continue to reach for the carrot and pull the cart just like we always have. I believe that you getting as much pleasure out of life that you possibly can with the sweat of your brow is the best that the common man can and will be able to do. The only people who have the ability to solve the world's problems are just too busy rocking their chairs on front porches all across this great land.
They don't even have to drill to lower oil prices. The fact that it is going to be possible to do so will cause them to drop. If you are a speculator, then knowing that their exists conditions to increase supply will make you sell, because when supply goes up, cost goes down. Knowing that supply can increase is an indication that the only place that the price of oil can go is down. Why would you hold onto that oil?





If and when they actually drill, it will drive the price down even further. Any basic economic textbook is a solid source for this fact. When Bush lifted the off-shore drilling ban, the price of gas dropped 10 cents instantly, and that wasn't even enough to guarantee offshore drilling. Supply didn't even actually increase then, it only became possible for it to increase.





Oil peaked around $150 / barrel. Many blamed the war (a legitimate and highly plausible) for its increase. We are still in Iraq and Afghanistan. Oil is now $100 / barrel. The dollar has typically been going down. What could possibly cause that drop?
Probably not. It might even increase the price of gas because it will be much more expensive to drill there than it is to drill on land.
um....maybe a quarter for a couple years....but it will create some jobs