I read about that. Real deep, too.

That could dent oil prices for a day or 2...

Not us, we are not smart enough to use our own resources!

Unfortunately, this will do nothing to affect current prices.

Matthew

Good thing we have Obama at the helm. New energy sources should bury this oil resource till there's a clean way to use it. Maybe as soon as the next century.

This is the thing, there is nothing to stop the oil companies from using that reserve. The Gulf is open and has little restrictions on it. Obama must know that we need oil to continue to thrive. It is laudable to find alternative energies (as an example, nearly 20% of all electricity generated in CA is done via renewable resources - solar, wind, geo-thermal), but we cannot swap over to what doesn't yet exist.

Also, I see a future where the electric companies are simply a facilitator. They support the wires and each home has its own solar panel array. The more we can do this way, the better off we will be down the road and the longer the oils will last.

Now, here is the problem; it's the problem that has plagued the US oil drilling industries for years - labor costs.

Thanks to labor costs, it is not cost effective to drill for oil on our own shores. This is why we started buying oil from Saudi 50 years ago. During the first OPEC embargo, we started tapping our own resources again, but stopped when we could buy it cheaper.

Additionally, the American oil companies buy it cheap from Saudi and resell to Asian nations - think Japan. It's a commodity...

What about natural gas? Supposedly available in quantity.

We, the American consumer, are screwed.
The current administration is beholden to the radical left, and the greenies. We are being pushed toward immature technologies. (Hybrids that are consuming metals that are becoming in short supply for example).
The previous administration was so much in favor of allowing business to run wild that we had speculation bubbles and artifical electricity brown outs in California.

They all suck, and we will pay for their bad decisions.

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And those solar panel arrays will be built in a Chinese factory electrified by coal-burning powerplants.