Jun 17, 2008 7:44pm

McCain Calls for Offshore Drilling While Searching for Alternative Energy

ABC News’s Bret Hovell Reports: John McCain came to Houston, Texas, Tuesday to talk about expanding drilling for oil off the coasts of the United States as a short term solution to the nation’s looming energy crisis – a shift in position for him in the face of growing concern over rising energy prices.

"As for offshore drilling, it’s safe enough these days that not even Hurricanes Katrina and Rita could cause significant spillage from the battered rigs off the coasts of New Orleans and Houston," McCain said, announcing that he will call for a lifting of the federal moratorium on off-shore drilling and suggest financial incentives to states to are willing to pump oil off of their coasts.

McCain had previously supported keeping the moratorium in place, including in his 2000 run for President.

Tuesday’s speech was the first of five speeches the Arizona Senator and soon-to-be Republican nominee will deliver on his energy policy, and he cast the need for energy independence in term of national and economic security.

"The jobs, family budgets, and futures of the American people should not depend on the whims of foreign powers," McCain said, noting that approximately two thirds of America’s oil comes from overseas. "Oil and gasoline are the most vital of all commodities in a modern economy…America’s dependence on foreign oil is a matter of large and far-reaching consequences – none of them good."

Speaking in a city known for its ties to the oil industry, McCain criticized rival Sen. Barack Obama for supporting a tax on the windfall profits of oil companies, but that too marked a shift in position from just weeks ago.

In early May, McCain told the Charlotte, North Carolina, chamber of commerce that he was open to the idea of a windfall profits tax.

Tuesday in Houston, he elicited jeers from his audience when he mentioned Obama’s proposal of the same thing.

"[Obama] wants a windfall profits tax on oil, to go along with the new taxes he also plans for coal and natural gas," McCain said. "If the plan sounds familiar, it’s because that was President Jimmy Carter’s big idea too. And a lot of good it did us."

The White House told ABC News President Bush will call on Congress tomorrow to lift the ban on offshore oil drilling.

Said White House press secretary Dana Perino, "With gasoline now over $4 a gallon, tomorrow he [President Bush] will explicitly call on Congress to also pass legislation lifting the congressional ban on safe, environmentally-friendly offshore oil drilling."

Critics say McCain’s energy plans have been tried and have failed, and represent the policies of the Bush administration.

"From expanding offshore oil drilling to protecting his friends in big oil from windfall profits taxes, McCain’s energy policies are another example of how the new John McCain is all about the failed policies of the past," wrote Democratic National Committee spokeswoman Karen Finney in an statement e-mailed to reporters.

McCain also tied the energy crisis – as he often does – to the growing concern over global climate change.

"In the face of climate change and other serious challenges, energy conservation is no longer just a moral luxury or a personal virtue," McCain said. "Conservation serves a critical national goal."

McCain said he was confident in the prospect of alternatives to oil as a long term goal, but that for a short term fix, traditional energy sources would be needed.

"We should set the highest goals for ourselves for the years and decades to come, and I am a believer in the technologies that one day will free us from oil entirely…" McCain said. "In the short term, we must take the world as it is and our resources where they are — even as we press on with new and cleaner sources of energy."

ABC News’ Jennifer Duck contributed to this report

User Comments

Good for McCain! It’s about time, we ween ourselve away from foreign oil.
Let each state decide: DRILL OR NOT

Posted by: McCain in 08'/Hillary in 12' | June 17, 2008, 7:58 pm 7:58 pm

Liberals are the ones that created these laws to prevent Off shore drilling. Now that the price of the liberals cup of latte has gone up because of fuel prices these same liberals are demanding that we start destroying everything to get them gasoline

Posted by: Dems for Republicans | June 17, 2008, 7:59 pm 7:59 pm

Come on everyone knows that this oil will not make a dent for at least 5 years and that there isn’t enough there to make a differance at all.
The only thing drilling will do is make a nice profit for the oil companies, divert attention from the real problem, that is the US needs to find alternative energies.
Sort of like fighting terrorism, and reduicing WMD in Iraq.
It is all hogwash

Posted by: Thinking | June 17, 2008, 8:07 pm 8:07 pm

McCain just earned my vote!
This is exactly the thing we need to be doing right now, and McCain wants to get it done!

Posted by: Drill NOW!! | June 17, 2008, 8:18 pm 8:18 pm

I think the announcement that USA will expand the offshore drilling alone would drive the oil future down a lot. USA can produce millions of barrels of oils every day by just expanding offshore drilling a little bit. Why should we beg Saudi Arabia to produce more oil to drive the oil price down?

Posted by: george | June 17, 2008, 8:41 pm 8:41 pm

You morons that think more offshore drilling alone will wean us off of Middle eastern oil amaze me. Do you realize how much oil we use in this country every day? Go back to school and get an idea. McCain is panning only to the ignorant and oil companies. Amazing.

Posted by: CMSgt Gary Preston | June 17, 2008, 8:54 pm 8:54 pm

McCain voted against Alternative Energy research, to save money for the war. McCain = $5 oil. He has been in the Senate for decades and nothing was done on his watch to change from fossil fuels to alternative forms of energy or mass transportation or design of cities or design of buildings or anything except what his payoffs tell him to do. No restrictions on mortgage companies.

Posted by: bruce becker | June 17, 2008, 9:03 pm 9:03 pm

If you have cars that dont get 20 MPG, you can drill for the next two decades and all you will accomplish is using up our oil resources that airplanes must have.
Bush and McDumb came up with the genius plan to “IMPROVE” car mileage to an AVERAGE of 30 MPG by 2012. Isnt that great!!! My car, a 2000 Echo, had a sticker with mileage of 42 MPG. Why on earth would anyone vote for a man who opposed alternative energy research and supported the bill to make the standard for 2012 an AVERAGE of 30 MPG? He is kissing butts instead of leading.
He cannot make the tough decisions on real issues.
Obama can.

Posted by: bruce becker | June 17, 2008, 9:08 pm 9:08 pm

You idiots that are for drilling have no clue to anything.
When Obama wins the election, we will no longer need oil to run our cars, heat our homes and produce our electricity.
Obama will release a new alternative energy. This new, clean energy will completely free us from oil and save this planet at the same time.
Change! is what we are voting for and Change! we will get with Obama!!
No more oil needed!
So no reason to drill.

Posted by: Makayla J | June 17, 2008, 9:11 pm 9:11 pm

McCain shifts his positions so often it has become difficult to know what he really stands for. He has been known to take opposing positions within a week depending on the audience he’s conning… or maybe he simply forgets what he said last week.

Posted by: Javalation | June 17, 2008, 9:11 pm 9:11 pm

90% of the oil that ever was in Pennsylvania and Oklahoma is still in the ground, because there were no rules on oil production and greedy men ruined the oil fields. We should do the research to get that oil out of the ground.
And we have to plan ahead, now. Airplanes will need the oil. We can have steam powered cars, anytime.
The only problem with the Stanley Steamer was it had a complicated mechanism that guys liked.
Any engineer could make it friendly to women and young drivers. A steam engine can run on any fuel.

Posted by: bruce becker | June 17, 2008, 9:11 pm 9:11 pm

McCain is not used to the internet. He changes his talk depending on the location. Now he is getting caught because his speeches are usually on the internet, except when he does closed doors speeches, which he actually does.
Notice this speech on oil drilling was in Houston.
What will he be for when he is trying to in Florida?

Posted by: bruce becker | June 17, 2008, 9:13 pm 9:13 pm

And I forgot to say the most wonderful part. Obama will tax those evil oil companies out of existance to pay for it!
Take that you filthy oil companies!
Obama! Change!

Posted by: Makayla J | June 17, 2008, 9:14 pm 9:14 pm

And I forgot to say the most wonderful part. Obama will tax those evil oil companies out of existance to pay for it!
Take that you filthy oil companies!
Posted by: Makayla J | Jun 17, 2008 9:14:39 PM
Makayla J -
Besides the hot air that comes out of Obama’s mouth, please tell the rest of us what alternative energy Obama is going to produce to power our cars and heat our homes….

Posted by: Virginia Independent | June 17, 2008, 9:31 pm 9:31 pm

It’s hard to be taken seriously on alternative energy when it’s treated as a sideshow to the main feature of drilling. McCain just lost most of his green pull with moderates.
http://www.political-buzz.com/

Posted by: matt | June 17, 2008, 9:43 pm 9:43 pm

Great IDEA. Lets get to drilling everywhere. By the way the US Government must sell the oil to the oil companies for the same world price. No more of this 25 cents a barrel stuff any more.

Posted by: DemocratForever | June 17, 2008, 9:54 pm 9:54 pm

Hmm. GW was governor and son of a president, we all knew him, he was a t0urd then and still is. Nice try though. Obama rocks, and you will learn to love him

Posted by: fact check | June 17, 2008, 9:54 pm 9:54 pm

I know, let’s drill a lobbyist in a plane

Posted by: Sidney McDrill | June 17, 2008, 9:55 pm 9:55 pm

Look we have to do alternative energy also. but we also need to drill. we need to raise auto mileage. we need to do EVERYTHING possible to fight these high oil prices and the destruction of our economy. We can not continue to buy oil from other countries forever and expect to have a strong economy. We must do everything possible to solve this problem. If McCain can deliver he will get my vote. No vote for Obama he does not understand the issues. his solution is too slow. Besides the Roman Empire ended because of too big a welfare state. Rome no one worked. Everyone got everything for free from the government. That is the same as Obama wants. Obama solution to our problems will destroy USA and bankrupt us the same as it did to Rome and all other world powers. Read your history lessons.

Posted by: DemocratForever | June 17, 2008, 10:05 pm 10:05 pm

Big Deal!!!
- It wont lower our gas prices -but it will make McSame/Bush Oil buddies more money.
.

Posted by: GHM | June 17, 2008, 10:06 pm 10:06 pm

If we drill now in 5-10 years when gas is$10 per gallon, maybe the oil that will come in then will prevent gas from going $20 per gallon. And by then if the Democrats ever allow rules to be made for oil shale processors, the 1.7 trillion barrels in 3 western states locked in rock may be processed. Democrats have stalled drilling for 20 years.

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Posted by: papillion | June 17, 2008, 10:07 pm 10:07 pm

Headline: Obama’s Secret Alternative Energy Plan!
Gee what is it?
What are you guys smoking!

Posted by: jschm | June 17, 2008, 10:11 pm 10:11 pm

The truth is we all have some doubt about Obama having Muslim connections. Reverend Wright may be Christian but they shared some of the same views as Muslims especially when it came to 911. If there is any doubt that Obama may be sympathetic to Muslims or have any connections to them, he must be kept out of the White House. Vote McCain

Posted by: roger2323 | June 17, 2008, 10:13 pm 10:13 pm

There goes the California and Florida electoral votes. McCain just lost those states.

Posted by: Nancy | June 17, 2008, 10:42 pm 10:42 pm

We must drill everywhere so we can compete with the monopoly of oil.
ONLY WITH COMPETITION AND NEW ENERGY
RESOURCES WE CAN BRING DOWN OIL PRICES…

Posted by: TEXAN | June 17, 2008, 10:44 pm 10:44 pm

Oh the sites of those the 30 key losers McCain camp came up w/ supposedly Dems for McCain?! That was a joke LMAO.
Just go check out therealmccain.com and have a laugh and go to bed happyand safe the Obama will be your daddy

Posted by: laughing at cindy | June 17, 2008, 10:50 pm 10:50 pm

no one things like that rodgerdodger
hope you have fun in lalaland, wish I could be so ____________

Posted by: rmccainb will croak in office hes so old | June 17, 2008, 10:52 pm 10:52 pm

Offshore drilling is a cool idea. To save money on tankers and pipelines, I suggest using the fur of the cute animals (which is very absorbent) to shuttle it to the refineries. There, the animals can be wrung out, given lollipops for their trouble, then made into shoes and biodiesel.

Posted by: 1percenter | June 17, 2008, 11:13 pm 11:13 pm

Oil is the basis of our fiat money,
We won’t be self sufficient because of a faustian bargain with the Arabs.
Oil companies know where the oil is and most auto makers know of the technology to manufacture fuel effiicient vehicle but only when it is financialy expedient and profitable.

Posted by: garebo | June 17, 2008, 11:15 pm 11:15 pm

Noone seems to care that the price of oil is going up in spite of stable/decreased demand and increased supply. So, what is the solution by Bush? Increase the supply even more. From the same guy who said we are ‘addicted to oil’.

Posted by: 1percenter | June 17, 2008, 11:17 pm 11:17 pm

I don’t even know what to say… other than “wow”. You idiots need to do some research before you spout your opinions. But, that will never happen. So, I am back to “wow”.

Posted by: Dumbfounded | June 17, 2008, 11:19 pm 11:19 pm

Conservation in the US is working. We decreased the amount of oil we used in 07 by 500,000 barrels verses 06. Thats the first time we have decreased use in quite some time. If we couple decreased use with increased drilling it will have to have an impact on the futures/commodity markets. McCain is right to say drill here & drill now and oil in and of itself is not the long term solution. Find renewable energy that is clean, but in the meantime dont let our economy collapse.

Posted by: Levi | June 17, 2008, 11:21 pm 11:21 pm

Boy,
Tim Russert would have had a field day with Mr. McCain on this one. What a flippity floppity one he is.
When will the voters realize all this “quick fix” so-called solutions don’t work. It’s funny McCain brought up Jimmy Carter. IF the politicians AND energy companies of this country had been willing to sacrfice a quick buck then, we wouldn’t be dependent on foreign countries for oil NOW.
How come Toyota (Japan) and Honda lead the way in alternative energy cars? Hmmmm.

Posted by: Flippity Floppity | June 17, 2008, 11:25 pm 11:25 pm

I cannot believe the ignorance surrounding this topic. Supply and demand is not the issue, drilling more will not stop the price from going up, i say again supply is not the issue. We live in a global economy prices will still be up EVEN IF YOU MAKE MORE THEN YOU CONSUME. Look at canada they produce more barrels then they consume and they export it. Prices are still high.
Prices are high because of america and other big money countries greed, because of the elite. But we all know the elite are never held accountable for their actions, hello paris hilton…
They need to
a) regulate the speculators
and
b) crack down on the oil companies making 11 billion dollars in profit in 1 quarter. Would it have been so bad if they adjusted the price so they only made 10 billion? or 9? Perhaps pass that onto the loyal consumer, their commercials say they care about us… They make so much money they don’t even care to dicuss their salary with congress, AND CONGRESS ACCEPTED THAT!???
Our politician are to spineless to stand up to corporations. To stop the greedy from taking advantage of the little guy… I ask what happened to all of the people that are in it for us. Neither candidate is what we need.
If you need me i’ll be down at Exxon’s HQ with my pants down and bent over, after filling up yesterday i might as well… i think they owe me dinner or alteast a drink at the bar.

Posted by: KD | June 17, 2008, 11:26 pm 11:26 pm

Earth to Levi: How long does it take to “drill here & drill now”? Guess… Also why would increased drilling have any impact on the futures/commodity markets when they are not following the ‘law’ of supply and demand?

Posted by: 1percenter | June 17, 2008, 11:28 pm 11:28 pm

” Besides the Roman Empire ended because of too big a welfare state. Rome no one worked. Everyone got everything for free from the government. That is the same as Obama wants. Obama solution to our problems will destroy USA and bankrupt us the same as it did to Rome and all other world powers. Read your history lessons.”
eh??? Rome was a slave empire. No romans worked because slaves did much of the work. Roman gold went to propping up failing parts of the empire, and paying mercenary armies to hold back their various military opponents. You CANNOT compare Rome to the USA, Sidney…. That’s just the dumbest thing I have seen written here.
I do agree thoughy, that we as a nation eed to be doing EVERYTHING we can to get free of foreign oil, and eventually oil altogether.
But there is no smoking gun. It will take a combination of many different efforts to do this, including offshore drilling, and as long as the next president can FOLLOWTHROUGH (and not stop when times get better) we will succeed.

Posted by: bryan | June 17, 2008, 11:30 pm 11:30 pm

Let’s reproduce Stalins stem cells so we can create a master nation to control the greed and keeep the wealth in the pious like Nancy Pelosi(richest woman in the Senate) and Mr Carbon footprint Al Gore to determine our fate.

Posted by: garebo | June 17, 2008, 11:31 pm 11:31 pm

Let’s reproduce Stalins stem cells so we can create a master nation to control the greed and keeep the wealth in the pious like Nancy Pelosi(richest woman in the Senate) and Mr Carbon footprint Al Gore to determine our fate.

Posted by: garebo | June 17, 2008, 11:31 pm 11:31 pm

There is always the chance that e will get an early winter and people will see how much it will cost to bring your homes above freezing this winter. Reality does make one sober to reality and time will tell. Get ready for sticker shock on the basic nessities. Then see if yu want change or not.

Posted by: John | June 17, 2008, 11:33 pm 11:33 pm

tw “down at Exxon’s HQ with my pants down and bent over,” would be an awesome protest… if someone wants an idea…. just saying…

Posted by: KD | June 17, 2008, 11:34 pm 11:34 pm

FINALLY! Something SENSIBLE from McCain! America MUST drill our own oil, the sooner the better. And this includes the vast wasteland known as the ANWR, which can be described as desolate, NOT “beautiful”.
Biofuels are NOT a long-term solution; burning food is ridiculous.

Posted by: Rhys | June 17, 2008, 11:35 pm 11:35 pm

After reading a few of these comments, I can begin to see why our country is in the state that it is in. When the party you belong to causes you to call others stupid and label them as idiots, our political system is failing the country.
Drilling for oil would not be the savior for our oil greedy country, but it would allow all of those who don’t make $35,000+ a year to survive. Too many of our fellow countrymen are losing grasp of what they hold dear. I can appreciate the desire to conserve this great land for future generations, but at what expense must the current generation suffer.
All of those out there how drive big cars and live in McMansions, how about taxing them. Or how about this novel concept, let’s drill for oil in a eco-friendly manner and start controlling the oil prices, increase our minimum MPG on cars at a rate of 2 MPG a year, develop alternative energy sources, build new nuclear power plants, place limits on personal energy usage, and educate our children so that they can continue our fight in finding new ways to live without leaving a footprint.

Posted by: Change for tomorrow | June 17, 2008, 11:35 pm 11:35 pm

Put an unlimited number of massive geothermal stations in Yellowstone Park.
It is an eight mile wide hot spot with enough power to supply the entire country. The government can sell the power to the people, and end taxes.
Clean Cheep and forever.
Stick those nuclear plants where they belong Mr. McCain.

Posted by: cyberbian | June 17, 2008, 11:38 pm 11:38 pm

Everyone here realizes the same people who are price gouging us now will be the ones drilling the oil right??? So uhhh what exactly do you believe will change?

Posted by: KD | June 17, 2008, 11:40 pm 11:40 pm

Attention hippies: please put down your peace pipes for a second and stop blaming the oil companies for doing their job. if you don’t want their oil, stop buying it. okay, you may resume braiding your hair.

Posted by: 1percenter | June 17, 2008, 11:43 pm 11:43 pm

what ever happened to just simple hydrogen gas, one could convert their gas guzzler with a conversion of just under a $1000 a vehicle. The only problem would be the hydrogen supply. There are alternatives but why the foot dragging, maybe it is because we are protecting those who lobby?

Posted by: John | June 17, 2008, 11:44 pm 11:44 pm

Rhys, I agree but it is not economocaly feasible to turn a battle ship instantly. The fact is the government knows of this situation and could have prevented it a long time ago, for that matter back in the 70′s from the president I despised but he was right. the situation is now more dire, just remember oil = currency= inflation = undesirable consequences. I am convinced there is plenty of oil and no one can convince me otherwise.

Posted by: garebo | June 17, 2008, 11:44 pm 11:44 pm

Sensible and careful drilling in the ANWR will destroy NOTHING. Tapping the geothermal energy in Yellowstone Park would completely destroy the Park’s natural thermal features. And that’s a FACT. And besides, what are you going to do with that steam? Pipe it somewhere?
Wind-generated electricity makes more sense, but this debate is about oil, not electricity.

Posted by: Rhys | June 17, 2008, 11:44 pm 11:44 pm

I would definately back drilling at these offshore sites but only if Big Oil signs a no loop hole binding contract with the American public that every ounce of that oil will be refined and sold excusivly to America for Americans. What’s the chance of that?

Posted by: Adenadawg | June 17, 2008, 11:44 pm 11:44 pm

because thats viable right? I’ll ride a bike to my business trip in new york?
Yes they are doing their job by getting the oil out of the ground but they do not take reponsibility for any problems they are causing. It’s like me shooting you in the face and not going to jail because i deny it was a bad thing to do.

Posted by: KD | June 17, 2008, 11:47 pm 11:47 pm

At least McCain has offered a
workable solution for both the near and far term energy problem we face!
Alternative sources of energy like wind
and solar should be explored but they would take years to have any impact!
We need a solution to our current problem!
Here’s a question for you Obama
Groupies: What is Obama’s proposal
aside from the Dumb Windfall Profit
Tax Idea(which would be passed on to
the consumers and guarantee there would be no further exploration and no additional refineries would be built)!

Posted by: reaganfan | June 17, 2008, 11:49 pm 11:49 pm

look at the actual research. the difference in the price of gas is CENTS whether we drill or not. there just isnt that much there. another load of distraction and BS from your pals in the oil industry. when the oil in the middle east really runs out, dont believe for a MINUTE that we’ll have enough offshore/Alaska oil to save us if we are still dependent on it. WAKE UP! LOOK AT WHO WILL BENEFIT THE MO$T! it is not you, even if youre a republican. STOP LETTING THESE THIEVE$ $TEAL OUR COUNTRY!

Posted by: daro | June 17, 2008, 11:51 pm 11:51 pm

garebo, there IS plenty of oil, and we don’t have to drill like idiots. Our country already HAS environmental regulations. We CAN drill and pump oil without making a place look like a war zone. Consider Alberta, Canada’s most prosperous province. They ARE extracting oil, and it’s still a beautiful, scenic place.
We should be working toward importing NOTHING from the Muslims, who hate us. Buying oil from our enemies is just plain stupid, especially while we’re SITTING on our own oil!

Posted by: Rhys | June 17, 2008, 11:52 pm 11:52 pm

KD: you’re mad because you need what they have. if you want nationalized oil, please buy a one-way ticket to Venezuela.

Posted by: 1percenter | June 17, 2008, 11:54 pm 11:54 pm

True, i’m still waiting on Obama. It should be noted mccain’s solution only works long term and it’s debateable whether it will even work.
More then likely the supply that is obtained during this drilling will also be sold overseas and in south america making its impact less signifcant.
In my opinion this is a world wide problem though and needs a global solution. It would be nice to see the G8 get something done, were pretty much all effected. It would be fresh to see that reflected in whatever plan obama reveals… maybe bush could even do something… not holding my breath on that though.

Posted by: kd | June 17, 2008, 11:55 pm 11:55 pm

FINALLY ! Here is a candidate that is setting forth a plan to help our economic woes concerning gas prices! Way to go, McCain! As one newscaster said tonite, with this energy speech, you hit it out of the park! We need to lift the moratorium, and start reducing our gas prices. Obama has said nothing, NOTHING>..no plan, nothing of what he plans to do with our crisis. He says alternative energy, but has yet to reveal what these “alternatives” are….empty suit, no substance. McCain will continue to unveal his econmic plans this week. Also, I think its great that the majority of the Independents, according to the Obama network, CNN, are voting vor McCain and are in favor of his foreign policy and now his economic plans. Also, that they feel Obama is to inexperienced with a thin resume’. LOL, I bet Donna Bazille and Roland Martin are having a cow because it looks like even CNN is now supporting McCain! I love it! NOBAMA!

Posted by: david from texas | June 17, 2008, 11:56 pm 11:56 pm

We will never agree on oil or food production, because the human race refuses to recognize the BASIC cause of all this mess: TOO MANY PEOPLE. And religious zealots will NEVER allow politicians to seriously discuss the ONLY way to save our planet: population control.
But that’s OK… if we don’t do it, nature will. And we WON’T like it!

Posted by: Rhys | June 17, 2008, 11:56 pm 11:56 pm

no i’m mad because i’m aware there is no shortage of supply. Therefore i am aware that is not effecting the price.
I am also aware of them making record profits in a year when the country is being ravaged by high gas prices.
Finaly i am extremely annoyed by the smoke screens and band aids the government is giving us. It’s not entirely the oil companies fault poor policy on speculating is also to blame, but their hands are still red. You can’t deny that.

Posted by: KD | June 17, 2008, 11:59 pm 11:59 pm

o and BTW the idea that prices of oil will go up if we tax windfall profits makes no sense…Exxon made RECORD profits in the last year, so did they pass the savings on to us? the price has skyrocketed! do you really think they’ll bring the price down if they pay less taxes? Why on earth do people think that these companies give a rat’s @$$ about the average consumer? the price of oil will go up up up no matter what because it’s a FINITE resource. LOGIC. try it.

Posted by: daro | June 17, 2008, 11:59 pm 11:59 pm

Rhys: Soylent green is people!

Posted by: 1percenter | June 18, 2008, 12:01 am 12:01 am

While i’m annoyed by high gas prices i don’t think i could condone genocide :o

Posted by: KD | June 18, 2008, 12:03 am 12:03 am

KD: you’ve almost got it. what’s the solution?

Posted by: 1percenter | June 18, 2008, 12:03 am 12:03 am

Is it?

Posted by: garebo | June 18, 2008, 12:05 am 12:05 am

how can he be for the environment and then also for off shore drilling…
its just more pandering
his short term goals are fruitless his long term goals are going to be more of the same, get his rich gop buddies some cash from their oily rich pockets
innovation is the answer, and if we can throw away 2 billion a week on a war we had no business fighting
the government should have no problem saying we will give every american a stipend to go out and purchase an electric car, and within the next 4 years we give every american that wants to take part of the program an electric car
just one
if htey purchase more then they obviously continue to get those tax breaks for buying such a vehicle…
and for owning one you should also garnish a tax break continually

Posted by: bhrandon | June 18, 2008, 12:06 am 12:06 am

The US Department of Energy projects that opening ANWR (The Arctic National Wildlife Refuge) to drilling will only drop the price of a gallon of gas ONE CENT. And that’s in the year 2025. None of these ridiculous Republican “strategies” are worth a damn…just like when Republican hero Paul Wolfowitz said (the month we invaded Iraq): “Oil revenues of Iraq could bring between $50bn and $100bn in two or three years… [Iraq] can finance its reconstruction”. All this drilling wouldn’t make a dent in anything, and Bush Junior knows it. It’s just another giveaway to the oil billionaires who own him. Wake up, people…you’re getting sheared like frightened sheep.

Posted by: wilderrr | June 18, 2008, 12:06 am 12:06 am

speculators have to be knocked down a knotch if that;s what your getting at. I could agree on that.

Posted by: KD | June 18, 2008, 12:08 am 12:08 am

Am I the only out there that knows the Japanese have produced an engine that runs on water, amongst others, yes water? Not H20, but non-combustionable hydrogen from water. Remarkable!!

Posted by: garebo | June 18, 2008, 12:09 am 12:09 am

1percenter… that’s the kind of thinking which prevents us from talking about controlling the number of humans on this finite planet.
I do not advocate cannibalism; that’s disgusting (just as it was in the movie to which you refer).
Years ago, Paul Erlich compared Earth to a spaceship which left port with a given amount of food and fuel. It has no “port-of-call” where we can take on more supplies, but we DO keep picking up passengers.
Some biology classes demonstrate overpopulation with fruit flies in a closed environment and an adequate supply of food for a specified number. But the flies will overpopulate until they all starve. One would think humans are smarter than fruit flies, but we’re on the brink of populating ourselves out of existence.
The dwindling reserve of oil is only the beginning. We can live without oil, but not without clean water and non-toxic food.

Posted by: Rhys | June 18, 2008, 12:10 am 12:10 am

we usually get what we ask for. There is a discrepancy and all the bs in politics usually wins over the niave

Posted by: John | June 18, 2008, 12:10 am 12:10 am

I can assure you that you are not the only on. The hydrogen highway and what not, hydrogen station regenerating hydrogen via solar and wind energy on site. Self supporting fully green fuel system.
But it has taken us 100 years to build an infrastructure for oil, were not there yet with hydrogen, who knows if we will ever get there.

Posted by: KD | June 18, 2008, 12:12 am 12:12 am

Yet another mccain flip-flop….what a surprise.

Posted by: unknown77 | June 18, 2008, 12:13 am 12:13 am

SUUUUUUUUWEEEEEEEEEET!!!!!!!!! IT’S ABOUT TIME! Don’t you think if there was an alternative it would be selling? Oil companies would be the first to convert if that was the case. There is a 300 year supply in Alaska alone and that takes into account a 3% growth demand.

Posted by: JOEJOE | June 18, 2008, 12:14 am 12:14 am

we had an automatic infrastructre of oil products , why would it takeso long for Hydrgen?

Posted by: John | June 18, 2008, 12:14 am 12:14 am

Bruce is a typical Dem, living on a hope. Reality is we will always need oil. Reality is $4.00/Gal is only now changing the American consumer who is really at fault for not demanding higher MPGs and making manufacturers produce our beloved SUVs. The key is to research alternatives while increasing production short term to help with the crunch the American SUV consumer caused. We are all at fault, but this is the best strategy to reduce the pain while alternatives are found. A tax increase to big oil is just going to be passed on to you and me and if we try to regulate prices like in the 70s we will have shortages just like then. I don’t want to go back to long lines at the pump and only being allowed to get gas on even or odd days depending on your plate number like we had with Carter.

Posted by: David | June 18, 2008, 12:14 am 12:14 am

Believe me when gas prices hit $6 there will be everyeone recreating the process thanks to the internet. it has already been done with risk of life and family.
Otherwise we can go back to mules, but the CO!

Posted by: garebo | June 18, 2008, 12:16 am 12:16 am

Rhys: okay, please talk about how you plan on controlling the number of humans on this planet? start your argument by noting the places with the most rapidly increasing populations, the socioeconomic reasons for that, and then your plan.

Posted by: 1percenter | June 18, 2008, 12:17 am 12:17 am

Obama wil release a new form of energy??????!!!!!!! OMG! Just as igore invented the internet! OUR SAVIOR! OUR SAVIOR! OUR SAVIOR!

Posted by: JOEJOE | June 18, 2008, 12:20 am 12:20 am

JOEJOE: Oh your so funny…not.

Posted by: unknown77 | June 18, 2008, 12:20 am 12:20 am

@”we had an automatic infrastructre of oil products , why would it takeso long for Hydrgen?”
Pipelines are still being built to this day, New gas stations are popping out of need in certain area where the population is growing. There are very few if any locations able to produce the massive amounts of hydrogen that would be needed to be made as not all locations could be self sufficient.
IF you think of how many gas stations there are in a large city, then think you have to build another hydrogen station for every one of those. You also have to have a means of re-supplying those stations. On top of that all the safety regulations have to be pushed through all levels of government. I’m not saying it would take 100 years, but it would take a while and require a commitment from multiple governments.

Posted by: KD | June 18, 2008, 12:23 am 12:23 am

My reference to Carter were only to him being the catalyst for fuel conservation-not his inept ecomnomic and military boondogles

Posted by: garebo | June 18, 2008, 12:23 am 12:23 am

If obama saves us and delivers his promise of an alternative to oil does this mean only the elite liberals can use it or do we share it with all good little communists?

Posted by: JOEJOE | June 18, 2008, 12:24 am 12:24 am

JOEJOE: You are a fascist.

Posted by: unknown77 | June 18, 2008, 12:27 am 12:27 am

You morons that think more offshore drilling alone will wean us off of Middle eastern oil amaze me. Do you realize how much oil we use in this country every day? Go back to school and get an idea. McCain is panning only to the ignorant and oil companies. Amazing.
Posted by: CMSgt Gary Preston
****************************************
We sure do use a lot.
And our biggest supplier? Canada.

Posted by: None of the Above 08 | June 18, 2008, 12:42 am 12:42 am

Airplanes will need the oil. We can have steam powered cars, anytime.
************************************
While I can’t say anything about steam powered cars, the point about airplanes is a good one.
There are currently in development alternatives to powering cars with petroleum based fuels. I am not aware of any alternatives to petroleum based jet fuel (and Virgin Atlantic running ONE engine on ONE flight with biofuel hardly suggests an alternative is right around the corner.)

Posted by: myself | June 18, 2008, 12:47 am 12:47 am

Makayla J -
Besides the hot air that comes out of Obama’s mouth, please tell the rest of us what alternative energy Obama is going to produce to power our cars and heat our homes….
Posted by: Virginia Independent | Jun 17, 2008 9:31:18 PM
(((((((((((((((((((((((((((((((((
Based on Makayla’s prior post, I believe he or she is employing sarcasm.

Posted by: Ummm | June 18, 2008, 12:49 am 12:49 am

Oil companies know where the oil is and most auto makers know of the technology to manufacture fuel effiicient vehicle but only when it is financialy expedient and profitable.
**************************************
And they know this how? Do they have a crystal ball that shows them where the oil can be found? I bet you believe in the tooth fairy and the Easter Bunny too.

Posted by: Not a sheep | June 18, 2008, 12:51 am 12:51 am

McCain releases a TV ad hyping what a great environmentalist he is the same week he announces he wants to lift the ban on offshore drilling in the U.S.? Really?
http://www.stopthinkvote.com

Posted by: Carpe Diem | June 18, 2008, 12:54 am 12:54 am

Am I the only out there that knows the Japanese have produced an engine that runs on water, amongst others, yes water? Not H20, but non-combustionable hydrogen from water. Remarkable!!
Posted by: garebo | Jun 18, 2008 12:09:47 AM
***********************************
Do you mean the Honda Clarity? That is far from being available for mass production. They are releasing it later this year in Japan and leasing it to 500 lucky people in California.
Do you have any idea how much it currently costs? In an article in the Wall Street Journal this week, an executive from Honda stated that it currently costs millions of yen to produce 1 car. They “hope” to bring it down to a million yen in the next few years. In US dollars (current) that is 90K.
Yes, this is a good development for the future. Not now.

Posted by: None of the Above 08 | June 18, 2008, 12:55 am 12:55 am

b) crack down on the oil companies making 11 billion dollars in profit in 1 quarter. Would it have been so bad if they adjusted the price so they only made 10 billion? or 9? Perhaps pass that onto the loyal consumer, their commercials say they care about us… They make so much money they don’t even care to dicuss their salary with congress, AND CONGRESS ACCEPTED THAT!???
************************************
Considering oil companies only make a few cents for each dollar (called profit margin) yes, I do think 1 or 2 billion less be very bad.
They have bills to pay too.
What happens when a business consistently is in the red?
No more business.

Posted by: None of the Above 08 | June 18, 2008, 12:58 am 12:58 am

garebo..
a Honda! Great idea! Only you need a ton of hydrogen filling stations.
It’ll be just like the beginning of motorcars and gss stations again but will give us a second chance!
As for drilling for oil, the quicker we get started, the sooner we will be able to use the fruits of our labor.
Good for you, McCain!

Posted by: eyes wide open | June 18, 2008, 12:59 am 12:59 am

to summarize most of the posts made… were screwed.

Posted by: KD | June 18, 2008, 1:26 am 1:26 am

@”Considering oil companies only make a few cents for each dollar (called profit margin) yes, I do think 1 or 2 billion less be very bad.
They have bills to pay too.
What happens when a business consistently is in the red?
No more business. ”
Profit is measured after expenses,
sales-expenses=profit
profit = money in the bank.
your point doesn’t have legs.

Posted by: KD | June 18, 2008, 1:33 am 1:33 am

Interesting stream. A couple of things:
China is drilling off the Florida coast. They do not have the same drilling regulations we do and are therefor more likely to spill than American companies. Additionally, if they do spill on Florida coast, we will be damaged and have to pay for clean up with out the benefits of profits to American companies employees, shareholders, and governement via taxes.
MN is converting coal plants to natural gas to reduce emmissions. Natural gas and oil are found in the same formations. If we could drill, we could keep reducing emmissions while keeping electric costs low thereby minizing damage to the economy during the transition.
It is estimated that we can have rigs up and pumping in one-and-a-half years off shore. ANWAR and other land bases could be up to 10 years.
I do not have the off-shore oil figures, but ANWAR supply could reduce our Middle East dependancy by 10%.
Drilling may not reduce gas prices here because the demand in India and China is growing faster than supply. That combination is why specultors are driving up oil futures.
Also, when interest rates were lowered to slow the housing crisis by giving one more chance to refinance, the dollar was terribly weakend. Tracked against EUROS, we would be under $100 per barrel if we had let the housing market take the full brunt. NOTHING is free!
Oil company profits should not be measured in absolute dollars. They have invested huge amounts of capital. a percentage is the most consistent measure of profitability. The 9% figure so often quoted applies only to the last few years. The 15 year return is closer to 3%. (Well below market average) Google is close to 20%. Why no Windfall Profit Tax on Google? It seems Windfall Profit Taxes are just to “get even”. Emotion is bad economic policy.
It is time to start conserving. It is time to start thinking. We cannot pull the plug on 100 years of oil use. It must be phased out via American ingenuity. Start thinking! Pursue science- mathmatics, physics, chemistry. Start a business with an energy solution focus. Stop complaining. Start doing. Bowing to Washington DC and waiting for an answer is not the American way.

Posted by: MN MOM | June 18, 2008, 1:48 am 1:48 am

On May 14 McCain said he was open to windfall profits tax. A month later he is blasting Obama as being like Carter because Obama supports windfall profits tax.
McCain has got to be the BIGGEST FLIP FLOPPER and PANDERER around.
A month from now he will probably flip again.
What happened to the straight talk express.

Posted by: Nancy | June 18, 2008, 3:25 am 3:25 am

the problem is that we need to reduce the world wide energy use not just the US energy use.
Yes there is oil in our country that we could drill now or later, the question should be should we drill for oil now or later.
If we can come up with all the new fancy alternative energy sources that we all want and demand more fuel efficient cars as well as reduce the amount of oil we use not today but in 10-20 years we may be the only country who has oil to send to other countries cause they used all the rest of the worlds oil up. who knows
the big question isn’t if we should or should not drill for oil or if we need to reduce our energy demand. The question I see is given the state of our country today and our dependence on foreign oil how soon can we reduce our dependence on oil and switch to alternative fuels and how much are you willing to give up to help?
sure there is Big OIL and Big AUTO and lots of campaign promises out there but its up to us to help solve the problem

Posted by: Nasher | June 18, 2008, 5:32 am 5:32 am

G.W. Bush wants to squeeze more $$$ out of us by selling you this off shore crap.
By coincidence, McClone wants it too! His schtick is that it will help in the short term. Brazil started their offshore find months ago. They estimate 7 years would be fast. Is this what McShortterm thinks is “short term?”
Meanwhile, we get rid of the Bush oil company, and he’ll be making off shore money for many years to come.
How dunb are we people???

Posted by: DAVID NH | June 18, 2008, 7:33 am 7:33 am

Wind and solar electricity are both truly renewable.
The problem for George and his side kick, McThinkitthrough, is that they own no shares of any type of these companies.
So of course, they won’t push them. There’s no money in it for them.
Like the war, it never was about Patriotism or National Security,it was always about the money.

Posted by: DAVID NH | June 18, 2008, 7:45 am 7:45 am

Someone should ask Senator Dorgan (who endorsed Obama) what role Sen. Obama played in the Alsammarae-Rezko-Auchi contract for a power plant in Iraq and a training facility for Iraqi power plant security guards in Illinois?

Posted by: Anne | June 18, 2008, 8:15 am 8:15 am

DAVID
you sure got that right—also supply and demand what crap—-PLAIN AND SIMPLE PIICE CONTROLL FOR FUEL.robbing us blind.never seen a more corrupt government.feed the fatcats

Posted by: rodney | June 18, 2008, 8:43 am 8:43 am

Finally, a candidate who has confidence in the people of this country to move forward. That is the American way! We’re smart enough to develop technology to protect the environment and give the citizens of this country what we need to continue to grow and prosper. Obama is on the losing side of this one. His “no”, negative, can’t do attitude is not good for our children’s future. McCain will move us forward!!!!

Posted by: Mary | June 18, 2008, 8:46 am 8:46 am

nasher
50 mpg cars were around in the 1960s -who do the auto industry think they are fooling—it is all about money and cars laden with all kinds of pollution crap that would not be needed with biofuel.anything to make more money off you.

Posted by: rodney | June 18, 2008, 8:48 am 8:48 am

MCcain is the same old school government that has strangled us for too many years –anyone thinking that he will use obama theme of change and then follow through is simply crazy–he will show you how things can get much worse—-whatever sounds good today to get your vote is what he says—cannot remember what he said yesterday–mark of a true liar.

Posted by: rodney | June 18, 2008, 8:52 am 8:52 am

I just think that McCain has a plan to help reduce the cost we are paying now. Obama, says he has a plan, but no details. McCain is giving steps in his plan and will continue to elaborate more this week. I think action (McCain) is better than no action (Obama). It may be 3, 4, or 5 yrs before we realize the effect of drilling off our coast, but at least its a start. Obama hasnt even made an attempt yet. McCain wins this argument hands down and will help him win the GE. BTW, drilling off our coast will be governed by each state, not the federal government. As someone has already said, India and China are doing it now. As far as the environment, this will be safe. I live in Texas and when hurricanes Katrina and Rita hit, the offshore platforms had underwater valves that kept the oil from spilling and washing ashore. So, McCain is right on this issue. It will help in our oil production as well as keeping the environment safe. Way to go, McCain!

Posted by: david from texas | June 18, 2008, 8:59 am 8:59 am

poor Obama once again on the wrong side of the issue. Pro-terrorists, anti- American oil.

Posted by: geevill | June 18, 2008, 9:00 am 9:00 am

david
if you were in coastal florida which has a super tourist trade with beaches would you as governer take that chance of drilling.
we need greater efficiency and alternate fuels and power….how many barrels would you save with one nuclear power plant—–oops i said that scary word again—-nuclear–we will all blow up.

Posted by: rodney | June 18, 2008, 9:04 am 9:04 am

drilling and drilling is only putting a band aid on something that has to change

Posted by: rodney | June 18, 2008, 9:06 am 9:06 am

We produce 5% of the oil worldwide and use 25%. Even if we increased our capacity by 20% (5% would become 6%) it shows you can’t drill your way out of this crisis. We have wasted 7.5 years with oil-men mentality, McCain now promises more of the McSame. Even with lifting ban on exploration the first drop of oil is probably a decade away. We are much closer on alternative fuels, plug-in hybrids etc than that if we make a whole hearted commitment.

Posted by: brian in nc | June 18, 2008, 9:08 am 9:08 am

“OBAMA: Well, Charlie, what I’ve said is that I would look at raising the capital gains tax for purposes of fairness.
We saw an article today which showed that the top 50 hedge fund managers made $29 billion last year — $29 billion for 50 individuals. And part of what has happened is that those who are able to work the stock market and amass huge fortunes on capital gains are paying a lower tax rate than their secretaries. That’s not fair.”
Obama wil raise the capital gains tax to punish 50 people at the expense of 100 million average Americans.Scary.

Posted by: geevill | June 18, 2008, 9:38 am 9:38 am

There is a potential of up to 86 billion barrels of oil to be gained if the US would allow drilling in the Artic & offshore. The US currently consumes approxiamately 7.5 million barrels daily. This would mean in a best case scenario about 10 – 12 years.At the earliest we would see results in five years and at the cost of billions and perhaps damaging the enviroment in the process. There are currently so many promising fuel alternatives and viable green energy solutions available to make America enrgy independent and enviromentally and economically viable.McCain is just pandering for votes and does not care about real energy independence. Obama has it right again!!!
Obama 08

Posted by: Don't tread on me | June 18, 2008, 9:40 am 9:40 am

Only a moron would think “alternative energy” means drilling for oil in your backyard.

Posted by: Thomas Mc | June 18, 2008, 9:42 am 9:42 am

yes 50MPG cars were around earlier but here is the fact we didn’t buy them we bought cool cars that didn’t get more than 20 mpg.
if people buy cars that get bad gas millage then the car companies are justified in making them cause they sell personally the car i use only gets about 35 mpg but i also normally walk.
if people give up there gas guzzling cars then yes we have a chance but that would require most people to buy cars that get much better gas millage than they currently get and i dont know about you but i personaly cant afford this year to buy a new car that gets 40-50 mpg this year so i will have to live with 35 and carpooling and trip pooling as well as walking.
yes there is also nuclear but realize it will take years (don’t know how many) to build 1 new nuclear plant.
and who says we cant work for alternative energy as well as more oil and getting people to buy cars with better MPG instead of 0-120 speeds.
another thing is did you convert to energy efferent lighting in your house and make sure your house has enough insulation.
there is alto of ways to reduce the power you use or even to produce more power wind solar hydro electric as well as man powered.
heck i went out about 5 years ago and bought an old man powered lawn mower.
your car’s MPG is important but it isn’t the only way you can save oil/energy.

Posted by: nasher | June 18, 2008, 9:51 am 9:51 am

The only reason we have all the SUVs is because the governemnt’s stupid MPG requirements. People got around the standards by buying SUVs and we wound up with less efficient vehicles on the road.

Posted by: geevill | June 18, 2008, 9:54 am 9:54 am

I love reading the comments here. The post of the day goes to the individual who made the ridiculous statement when Obama becomes president we will no longer need oil. Obviously someone is living in the land of OZ and Obama is the wizard.

Posted by: gtessex | June 18, 2008, 11:25 am 11:25 am

What else is there to say – it appears these folks will do anything to win the white house. It doesn’t matter whether they believe the gas tax holiday is a gimmick or that we cannot drill ourselves out of an oil dependant economy that causes national security to deteriorate just a little bit more each day. Individual integrity be damned – it’s all about winning the presidency, not improving our country and the lives of our citizens. You know, I have had just about enough of this political rerun; I’ve seen it all too many times before.
Anyway, at the risk of sounding just a little too “elitist” – it’s obvious for McCain and the United States of America, McCain’s will be a “pyrrhic victory” if he takes the white house intending to achieve his apparent desire to drill our way out of our national oil fixation. The simple fact is we are at the mercy of those nation states that possess the oil, and even if we begin drilling off our coasts tomorrow, we Americans will still be at their mercies for many years to come. Not to mention, after the oil companies successfully drill new holes at the bottoms of our oceans does anyone really expect that these free market oil companies are going to sell that new oil only to us citizens of North America, and at a reasonable price?
Do you ever feel like your intelligence is being insulted by these people who constantly say they are going to represent us when it often appears they are representing anybody but us? A long time ago, somebody said something akin to “the American electorate gets what it deserves,” – don’t we deserve better than the last seven years?
So what’s it all come down to? Well, I remember John McCain of the year 2000, and I believed I knew that John McCain; I believed I could trust that John McCain. But this new John McCain, to him I say, “You’re no John McCain.” So if this new John McCain is what we can expect during a new republican presidency, we deserve better than John McCain, regardless of whether Barak Obama is that “better.”

Posted by: D. Daniel | June 18, 2008, 2:54 pm 2:54 pm

Wake up, Americans!
McCain is PANDERING … AGAIN!
The oil companies already have millions of UNEXPLOITED ACRES, in which to drill for oil, that they are already holding in inventory!
This is the time to find alternative energies once and for all.
Fossil fuel is FINITE!
China & Japan, etc are already investing in the energy technologies of the future.
Imagine, Americans invented motor cars; and now Japanese are showing us the way to advancement in energy consumption? Shame!

Posted by: Patriot | June 18, 2008, 3:02 pm 3:02 pm

Americans have allowed the UNPATRIOTIC oil company executives and their equally UNPATRIOTIC special interests traitors to thwart America’s energy advancement.
Due to mindlessness and a lack of PATRIOTISM, Americans are pouring pour huge sums of American energy monies to arm muslims, who are hell bent on killing Americans! Shame!
Let’s cure addiction to oil and clean up our environment.
Let’s have the muslims drink their oil!

Posted by: Patriot | June 18, 2008, 3:07 pm 3:07 pm

Well at least McCain has some sort of plan, which includes More drilling and alternative options. What is Obamas and the Democratic plan??, that’s right they don’t have one, Oil windfall Tax??,LOL, AND THAT WILL LOWER OIL PRICES??, JEEZ, WHAT MORONS!!.
After living in the UK for so long and now the USA, the same Empty rhetoric that the Labour party use is used by the Democrats. Well just like the UK get ready for $10 gas in a record time when Obama takes helm!!. TAX,TAX AND MORE TAXES, THAT ALL THEY DO.

Posted by: Aden | June 18, 2008, 5:17 pm 5:17 pm

THIS IS THE REASON MCCAIN CHANGED HIS MIND> Democrat or Republican please go to this site and make your voice heard!!!
http://www.americansolutions.com
We have over 1 MILLION AMERICANS that have signed the petition. Drilling Will help and it is a good first step (Dems and repubs both have some good ideas).

Posted by: ruttster | June 18, 2008, 7:30 pm 7:30 pm

As well he should as we all should demand drilling right NOW!

Posted by: Will Becker | June 18, 2008, 7:40 pm 7:40 pm

Alternative Energy was the cry in 1973 with the OPEC oil embargo. And what have we done in the last 25 years with alternative energy. Nothing at all. What are we going to do in the next 25 years? Probably very little. So what is the solution? Let the scientist work on that and let the oil company drill. If you think the oil companies make too much money, how much will you make with no gas?

Posted by: waggdogg | June 18, 2008, 11:29 pm 11:29 pm

The world crude oil price average is now $139 a barrel. A month
ago, it was $135 per barrel.
A May 26, 2008 article in Brietbart reports
http://www.breitbart.com/article.php?id=D90TL0280&show_article=1
that the Japanese government estimated that, according to supply and demand, the “real”
crude oil price should have been $60 a barrel for the second half of 2007.
Asia Times Online also reported in May of this year that:
“. . . given the unchanged equilibrium in global oil supply and demand over recent months amid the explosive rise in oil futures prices traded on Nymex and ICE exchanges in New York and London, it is more likely that as much as 60% of the oil price today is pure speculation. No one knows officially except the tiny handful of energy trading banks in New York and London, and they certainly aren’t talking.”
http://www.atimes.com/atimes/Global_Economy/JE06Dj08.html
Resuming offshore drilling is not going to lower prices by affecting supply for years. Indeed, if these sources are correct, it may have the opposite effect of increasing them by encouraging more speculation.

Posted by: nazcalito | June 19, 2008, 12:57 pm 12:57 pm

McCain talks about how family budgets shouldn’t depend on the whims of politics. The problem is, too few families have real, tough family budgets, a true neccesity this year:
http://digits.hrblock.com/ssDigits/digits.php?rType=1&sPath=2338&sNode=2338&uId=292

Posted by: GHarri | June 26, 2008, 3:50 pm 3:50 pm

Increasing off shore drilling will not solve the problem of over consumption. Our greediness is catching up with us. It is better however to rely on ourselves for what we need. Pray that a war does not occur, which would prevent us from recieving foreign supply. Steam powered vehicles, what a cool idea. Alternative energy sounds smart as well if we can get it going.

Posted by: pam | June 27, 2008, 10:25 am 10:25 am

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