I believe that Bush’s proposal to drill offshore is almost as bad as his proposal to increase ethanol content in gasoline. I see two major problems with his proposal:
- It will not help in the short run
In the short term, gas prices will remain high. It takes time and tremendous capital investment to get a new oil platform up and running. It will take too long to build the platforms for it to impact gas prices this year.
- In the long run, increased production will lead to increased consumption
As a modern industrialized nation, we need to work towards developing and utilizing cleaner sources of energy than petroleum. Just as individuals and corporations poured money into developing the petroleum infrastructure many years ago, this needs to take place with renewable sources of energy. Increasing production to lower the price of oil will delay the evolution of better methods for harvesting energy. As limited resources continue to be consumed, it will need to happen anyway. It is better that this happen sooner than later, otherwise the effects it will have on the global environment could be catastrophic.