Argument: Offshore oil still valuable, even if years away

Issue Report: US offshore oil drilling


“Our view on energy dependence: Yes, drill offshore for oil, and do many other things, too.” USA Today. April 2, 2010: “Critics note that the potential supplies offshore are a tiny part of the world market, but even so the Interior Department’s estimates range from 39 billion to 62 billion barrels of oil. We use 7 billion barrels a year, so if the oil is really there, it could be five to nine years worth. True, robust production wouldn’t kick in for a decade or more. But that same argument helped block action 10 years ago. Domestic gas supplies, meanwhile, are massive and underutilized.”