ON U.S. COASTS, A RETHINK ON OIL DRILLING

A new Rasmussen poll, taken prior to the Bush and McCain proposals to expand offshore oil drilling, found 67 percent of voters supportive of more offshore drilling. The Department of Interior's Mineral Management Services estimates there are 18 billion barrels of oil offshore under federal moratorium and another 10 billion to 12 billion in Arctic National Wildlife Reserve (ANWR). Also:

• As for environmental impact, each year 47 million gallons of oil seep out naturally into US ocean waters; this far exceeds the 870,000 gallons of petroleum leaked in offshore exploration and drilling, according to the National Academies of Sciences.
• Opponents of drilling overestimate the time frame for new development; some projects have turned around in 18 months.

Ironically, expanding drilling in U.S. waters would add to the pool of oil from stable, reliable sources -- helping to curb speculation - whereas continued refusal to develop new supplies fuel it...

READ MORE