So Nancy Pelosi won't allow a vote in the House on new drilling in previously forbidden areas.
Why? Because she knows it'll pass. And that's what she's afraid of. She's so beholden to the environmental lobby that she can't let it happen.
So she goes on George Stephanopolous and says that the oil won't be available for years to come and it won't lower the price today. Obama says the same thing on the campaign trail. Bullshit. Not true at all.
If they knew ANYTHING about the markets they'd know that 20% to 30% of the price of a barrel of oil is speculation. But they love blaming the speculators for the price of oil being so high.
Well guess what? Econ lesson 101: The speculators will bet the other way and make the price go DOWN if they see a chance at an increase in supply in the future. So if they see new drilling being allowed where it wasn't allowed before, they'll bet on oil being cheaper, and then our pain at the pump will go down TODAY. Even if it takes years for the oil to actually be made available to us.
It's worth mentioning, by the way that underground in Colorado, Utah, and Wyoming there are an estimated 800 BILLION barrels of oil. That's a lot more than what Mexico has, who by the way is our second largest foreign supplier of oil.
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Where did you get your figure on oil reserves in the Rockies? That seems pretty high to me.
Also worth noting that much of that oil is very difficult to recover.
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