Offshore oil drilling in the US: what's at stake? - earth - 13 August 2008 - New Scientist Environment

Offshore oil drilling in the US: what's at stake? - earth - 13 August 2008 - New Scientist Environment:

"Bush and McCain have called for offshore drilling in order to lower oil prices. Obama also said he would consider the plan. How soon would drilling translate to cheaper prices?

Not very soon. Drilling has not yet begun in areas that were opened in 2006, because of on-going negotiations over the leasing agreements. It could take another five to seven years for drilling to begin once the leases have been agreed. So two full presidential terms are likely to have passed by the time drilling begins.

The US Energy Department's forecasting arm has said opening the Pacific, Atlantic and eastern Gulf of Mexico regions to drilling would not have a significant impact on domestic crude oil and natural gas production or prices before 2030."