Our lives revolve around oil. Oil brings food to our stores, comprises the fibers in our carpets and makes the plastic in our DVDs. With demand so high it’s no wonder attention has turned to supply, with some advocating the U.S. lift the ban against drilling for oil off its coasts. Is offshore oil drilling a golden opportunity, or would it only create a tidal wave of disaster?
Fellow in Energy Studies
To begin, I will simply note the objection I raised in response to the NRDC's similar claim in this debate. So note that objection here as well.
As for the hardworking Americans that the oil industry reaches, there are thousands of hardworking Americans directly employed by companies in the oil patch, and even more whose livelihoods depend indirectly on the oil industry's activities. The caption for the argument is ill-posed.
While high prices hurt virtually everyone, they also encourage response at many margins. High prices encourage supply-side responses, such as increased demand for drilling and field services, as well as demand-side responses, such as increased conservation and efficiency. These tend to act together to lower prices. I can think of no other industry where a call for increased production capability was equated to a bad thing for consumers. In fact, I find it difficult to reconcile this with arguments claiming the same companies are withholding supplies to manipulate price. Which one is it?
I agree that alternative energy options and greater efficiency are the best long term solution. But, as I stated in my arguments for lifting the leasing moratorium in the OCS, using the OCS royalties in a responsible manner can ensure that future emerges.
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