A study by the US Energy Information and Association(EIA) has revealed that extended offshore drilling would not translate into lower oil and gas prices.The report says that regions in the Outer Continental Shelf (OCS)has a sizeable quantity of oil and gas resources. The OCS region deposits can be technically extracted but the entire process of building additional facilities for the extraction would need a significant investment of time and effort.Hence the price benefit of additional resources would be offset by the long gestation period.Or in other words the much publicized ANWR project would not lead to lower gas prices despite a substantial investment of tax dollars.
Bush ,Mc Cain and Republicans have repeatedly favored oil extraction and fossil fuels to address the energy challenge.I have highlighted that increased oil and gas resources can best buy us some more time (and even that time looks too long and costly to attain!) to develop an alternative energy plan and execute it.This report should prompt the Republicans to rethink their energy plans for the future.
