Well now that we’ve given the Big 3 roughly $17,000,000,000 to restructure and design more fuel efficient cars and oil is trading less than $40/barrel resulting in the lowest gas prices in 5 years, one would think the chant of “Drill Baby Drill” would be a quiet whisper.
In fact it is. The Bush Administration is quietly moving forward with offshore drilling procedures in Virginia. I don’t have an immediate rejection to offshore drilling in the U.S. granted it is done in environmentally sound ways, which I believe can be done, but I am more disturbed by the short-sightedness of the move. Even with offshore drilling, the U.S. will continue to rely on foreign oil from unstable countries like Saudi Arabia, Nigeria and Venezuela so why not take this opportunity when the auto industry has to reinvent itself anyway and truly commit to alternative sources of energy for the long term benefit for the country. I’m a big believer in American ingenuity when its allowed to flourish and I think now is the best time ever to get public opinion, businesses and govt to walk in lock step to ween ourselves from dangerous sources of external energy.
This obviously throws another egg in the basket of problems Obama will have to deal with. If I was to guess, he will get enough pressure from his supporters to stop offshore drilling in its tracks which really sets him up as a scapegoat every time gas prices do go up. Just my $0.03 a little extra with inflation and all