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Will US Congress Approve Offshore Oil Drilling in 2008?
drirayen ( Score Rank: #39 based on predictions in the last 30 days ) drirayen  |  closed on 01-Jan-2009 (324 days ago)
On July 14, President Bush today lifted a presidential ban on offshore oil drilling on the outer continental shelf that was implemented by his father, escalating a confrontation with Democrats in Congress over how to cope with soaring gasoline prices. The White House hopes that record crude oil prices and a national average price for regular unleaded gasoline of nearly $4.11 a gallon will weaken opposition to new the new offshore drilling. Among the opponents are environmental groups, tourism interests, commercial fishermen and most Democrats in Congress.

Sen. John McCain, the presumptive GOP nominee, has endorsed opening the outer continental shelf for exploration. The expected Democratic nominee, Sen. Barack Obama, opposes lifting the moratorium, arguing that drilling would take years and would have no appreciable impact on gas prices.
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2009-11-17
 
The Australian Maritime Safety Authority says oil ... (more)
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2009-11-13
 
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Bahrain's oil and gas minister Abdul Hussein Mirza... (more)
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2009-11-10
 
Oil prices fell on Tuesday as the dollar firmed an... (more)
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2009-11-10
 
U.S. oil companies were shutting production on Sun... (more)
Comments (2)
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  1. thilollo thilollo 494 days ago
    + 1 vote This is Good This is Bad
    predicted: [ Most Likely ] [ 80% ] No
    (more)
    it's hard to convince most democrats in the congress.
  2. black-shoulder black-shoulder 495 days ago
    + 2 votes This is Good This is Bad
    predicted: [ Most Likely ] [ 70% ] Yes
    (more)
    I disagree with the reasoning of Obama. Oil price right now does not reflect the actual COST of drilling and refinery. It is a price heightened by speculation and other financial activities. The announcement's purpose is not really to increase the supply, it is to send a message that high-priced trading is not to be tolerated.
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