Support for expanded drilling rebounds

[I AM NOT THAT GUY 5,715]

A survey released on the eve of the BP oil spill’s one-year anniversary shows that support for expanded offshore drilling has bounced back to levels last seen during the energy price spikes of the summer of 2008.

The CNN/Opinion Research Corp. poll found 69 percent of respondents favor more drilling. Forty-five percent of adults “strongly favor” increased drilling in U.S. waters, while 24 percent “mildly” favor it, according to the poll taken April 9-10.

The survey had a margin of error of plus-or-minus 3.5 percent.

The numbers are similar to polling from late July 2008, the month that oil and gasoline prices reached record highs. CNN polling at the time showed 46 percent strongly in favor and 23 percent mildly in favor of expanded drilling.

Support dipped after the April 20, 2010, explosion of the Deepwater Horizon rig in the Gulf of Mexico, which killed 11 workers and set in motion the spill of more than 4 million barrels of crude oil during several months.

CNN polling conducted on May 21-23 of last year showed just 27 percent strongly favored expanded drilling, while 30 percent were mildly in favor.

The new polling — which comes as gasoline prices are rising — might indicate a political tailwind for GOP efforts to ensure wider offshore drilling.

House Republicans plan to bring several bills to the floor in May that would mandate faster permitting and widen offshore areas available for drilling to include the Atlantic and Pacific coasts, and farther off Alaska’s coast.

But Obama administration officials — who are focusing on leasing and drilling in areas already open for development — oppose the measures. Interior Secretary Ken Salazar said they reflect “amnesia” about the catastrophic BP spill.

The new CNN poll tracks others that show a partisan divide on drilling, although a majority of Democrats now favor expanded drilling.

http://thehill.com/blogs/e2-wire/677-e2-wire/156735-poll-over-two-thirds-want-more-offshore-drilling

[Mr. Big Dog 10,747]

Any additional oil produced here will be just another drop in the bucket that is the world market. Wall Street will speculate away any drop in prices in no time at all. The oil prices today are not be cause there is any shortage of the commodity but because Wall Street has trillions of dollars to gamble with. And you're paying for that gambling at the pump. Leave my beaches alone, ya'll.

[Obama 2012 1,714]

Any additional oil produced here will be just another drop in the bucket that is the world market. Wall Street will speculate away any drop in prices in no time at all. The oil prices today are not be cause there is any shortage of the commodity but because Wall Street has trillions of dollars to gamble with. And you're paying for that gambling at the pump. Leave my beaches alone, ya'll.

Partially.

Supply and Demand is half the battle with speculators, so an increased supply would be great.

Though the amount of oil produced can only have so much of an effect at the end of the day. Though in a speculators market, sometimes all you need is an illusion of more oil being there.

The other half in which the speculators bet on is based on the current value of the dollar. When it's down like it is, people look for things that are secure investments. Got a 401k? Almost can guarantee your company is jumping into oil futures right now.

[Mr. Big Dog 10,747]

Partially.

Fully, not partially. Oil prices went up where neither demand increased nor supply dropped - the measly 2% that Libya supplies(d) to the world market was made up by the Saudis when all hell broke loose in Libya. The Saudis announced that they'd pump a bit more to make up for the Libya shortfall. And yet, prices went up. Why? It's ALL speculation, dude. It's a bubble. We should all be familiar with those by now and recognize them when we see them. Thew only thing that will bring prices down is when the bubble gets so big that speculators see more of a profit opportunity in bringing prices down.

Edited April 21, 2011 by Mr. Big Dog