Professor Mark J. Perry's Blog for Economics and Finance
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And almost certainly 75% of those states whose waters are off-limits don't *want* offshore drilling.They recently put a section off the coast of Virginia up for auction, and even that wasn't easy. Lots of opposition even in Virginia.Don't even *think* about anything north of Virginia, and the west coast too. There's some legacy offshore drilling off the SoCal coast, but there's no way on God's Green Earth you could get Californians to agree to expand it.Blaming the Federal government for this is a straw man, when the real opposition is from the states.
It's not just the offshore resources that are off-limits... and those may be more valuable.http://hallofrecord.blogspot.com/2012/05/us-too-many-assets-too-little-cash.html
Queue up "Benji" on Florida and George W Bush in 3 ... 2 ... 1 ....
Dept. Of Interior Finds 72 Percent Of Offshore Acreage Leased By The Oil Industry Is ‘Idle’More than 70 percent of the tens of millions of offshore acres currently under lease are inactive, neither producing nor currently subject to approved or pending exploration or development plans. Out of nearly 36 million acres leased offshore, only about 10 million acres are active – leaving nearly 72 percent of the offshore leased area idle.Furthermore, there are approximately 7,000 approved permits for drilling on federal and Indian lands that have not yet been drilled by companies.http://www.doi.gov/news/pressreleases/loader.cfm?csModule=security/getfile&pageid=296238
How about a map of offshore drilling in other places like the Caribeaan, Hawaii, Central America, Cuba, Canada etc?what percent of total oil sold comes from off shore?"unknown" is correct. It's the states themselves that are opposed to offshore....that good ole "Democracy in Action".Bonus Question: Whatever happened to the "Pickens Plan"?
In the 1960's, oil and gas was found off the coast of NJ and MD. With the technology at the time, it wasn't considered to be economic to drill further.Also.. don't forget methane hydrates as an additional potential (future) source of energy.
I think resources like gas which have less potential to coat shorelines long-term can gain support but no one is going to believe that you can have an oil spill like has been seen in Prince William Sound, or Santa Barbara, or the Gulf and not have enduring, long-term damage.if we REALLY wanted to make headway on issues like this - we'd work towards compromises instead of making them wedge issues.It really calls into question what the motives are of the folks who frame the issue the way they do.I can see public approval of SOME kinds of low-impact potential exploration and extraction.Why don't we approach it on that basis rather than bomb-throwing politics?Almost nothing will change even if Romney gets elected because of the way the dialogue occurs.it's almost as if some want a lose-lose approach.
"Blaming the Federal government for this is a straw man, when the real opposition is from the states."Um, what? Obama reinstated the almost total ban after Bush rescinded it in 2008. What the states think at this point is irrelevant.
Larry,"..but no one is going to believe that you can have an oil spill like has been seen in Prince William Sound, or Santa Barbara, or the Gulf and not have enduring, long-term damage.I was just in beautiful Santa Barbara 2 weeks ago. I didn't see any evidence of the spill that occurred using 60's technology. I did see lots of dolphins and whales. I also noticed some of the natural seepage that washes up onshore and kills birds and fish. "f we REALLY wanted to make headway on issues like this - we'd work towards compromises instead of making them wedge issues."Who is "we"? Obama banned offshore drilling in those areas. How does one compromise with a ban?
RJS,"Dept. Of Interior Finds 72 Percent Of Offshore Acreage Leased By The Oil Industry Is ‘Idle’"See slide 40 of the presentation Dr Perry links.
re: how does one compromiseby having the Congressional and Senate leaders from that state asking for a pilot project for gas and gradually gain more support rather than playing a political blame game.Has a single state like Florida or California OPPOSED the ban?that's your tip off that this is not about one guy.
Larry,"by having the Congressional and Senate leaders from that state asking for a pilot project for gas and gradually gain more support rather than playing a political blame game."LOL. How about idiot Obama just rescind the ban? Wouldn't that be alot simpler than requiring Congressmen to go up and genuflect before His Highness?As for "playing the blame game" nonsense, you only invoke that because it's indisputable where the actual blame lies. I'd prefer to call it "accountability." "Has a single state like Florida or California OPPOSED the ban?"Yes. Alaska, for one. North Carolina was debating the issue a couple weeks ago. Democratic Senator Mark Warner and Gov. Bob McDonnell both opposed Obama's decision to restrict oil and gas drilling off the coast of Virginia for the next seven years.Oh, the nasty "blame game!" Musn't hold Obama accountable for his war on fossil fuels!
I can only speak for Virginia but if you polled people on offshore drilling, you're gonna come up with bad numbers...and North Carolina with the Outer Banks as it's tourist cash cow?get real guy!any legislator in NC that supports offshore drilling off of Nags Head is toast and a half!Va and NC are "hiding" behind Obama's "ban"...they're all for it.
Larry,"I can only speak for Virginia but if you polled people on offshore drilling, you're gonna come up with bad numbers..."First, so? That's irrelevant until the ban is lifted and the prospect becomes real. Second, do you actually have any numbers? You have a Democrat Senator and GOP Governor supporting drilling offshore, but Almighty Obama, energy expert that he is, waved his scepter and declared thousands of jobs and millions of barrels of oil shall not come to pass. Third, you asked for a "single state," as if that had anything to do with Obama's "Thou Shalt Not Drill" commandment, and you were given one.Larry, can we please play the blame game now?
The over-the-top eco groups:http://www.theregister.co.uk/2012/05/16/wwf_living_planet_report/
Yeah, let's drill off of Georgia, by those fancy islands....why not? Palm Beach, here we come!In fact, only the Gulf Coast seems prepared to accept oil drilling.BTW, there are oil rigs operating right off Santa Barbara, CA, visible, and lit up at night. Yes, it is true, the Bush Bros. banned oil drilling from Florida. Funny, nobody believes in free enterprise when it coms to their own industry (corn farmers want to wipe out the USDA?) and everyone is a greenie-weenie when it comes to their neighborhood. Really, you want a lead factory next to your children's school?
"Yes, it is true, the Bush Bros. banned oil drilling from Florida."Meanwhile, in 2008 Bush rescinded the ban on 90% of the outer continental shelf. Your boyfriend reimposed it and then some.
" Meanwhile, in 2008 Bush rescinded the ban on 90% of the outer continental shelf"..... as a Lame Duckwhy didn't he do it in 2001 and do to give time to actually let drillers start drilling?then it would not have done Obama any good to try to back up later.isn't this yet another example of Bush's basic incompetence?
"why didn't he do it in 2001 and do to give time to actually let drillers start drilling?"Good point, I agree. But how is that worse than Obama reimposing the ban and adding to it? Why is your scrutiny on the guy who eventually did the right thing (while pushing the entire time for drilling in ANWR)rather than the guy who later negated it? "..isn't this yet another example of Bush's basic incompetence?"I love how you attack Bush for his better-late-than-never actions, and his inability to overcome a Democrat filibuster in ANWR. You do this to provide a shield for your hero Obama and the Democrats who mount the obstruction in the first place. Somehow Bush is incompetent, but then what does that make Obama? It's pathetic, really, Larry.
Paul - if Bush could run against Obama, who would win?
Why is that even relevant?
It's not... if it does not appeal to you just ignore it...
"Paul - if Bush could run against Obama, who would win?"...Gee! Hey larry g are you and the pseudo benny in some sort of competition to see who can come up with the dumbest comment possible?Democrats Oppose Offshore Drilling
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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