Thursday, June 19, 2008

Pound360 Supports Offshore Drilling If…

Gas prices are a problem. Don't believe it? According to a recent ABC News/Washington Post poll, 77 percent of Americans say gas prices are causing "financial hardship." That's a record number and it's up 14 points in just the last month. Also, the Department of Energy says gas consumption is down 1.3 percent compared to the same time last year and miles-driven is down for the first time since 1979.

In response, President Bush is asking congress to cut the ban on offshore drilling
reports ABC. And, surprisingly, Republican presidential nominee, John McCain supports the idea (that's significant since he backed the ban in 2000 when he ran against Bush for the presidency).

And you know what, Pound360 supports the idea, too. Kind of. Bush and McCain are thinking of this as a short-term solution to high gas prices. And that's cute. But desperately short-sighted. Think bigger, guys. Think like pound360. Read on.

Look, we hate the idea of offshore drilling. But given a couple of caveats, this miserable solution could provide a fantastic answer to our energy woes.

The fact is, we're running out of oil as demand is soaring. Not surprisingly then, experts including
Gazprom CEO Alexei Miller and CIBC World Markets economist Jeffrey Rubin, predict oil will reach between $200 and $250 in the next five years. That means gasoline will pass $7 per gallon and "food prices double," reports Bloomberg. That's a crisis. (Note that, above, Pound360 described our current situation as a problem.)

So what do we do? Pound360 says ditch oil and let's find a renewable energy source to run our vehicles and feed our electricity grids. How do we pay for it? That's the hard part, but offshore drilling could be the ticket.

Yes, offshore drilling ruins the scenery, puts beaches at risk for pollution, harms wildlife and so on. But again, times are desperate. Why not allow the drilling, and then sell the gas at a premium? Then take that premium and put it in a fund to fuel the search for a green transportation and electricity solution?

What idiots going to pay MORE for gas in this day and age? Pound360 staffers for starters. Especially when we know the premium is funding a way out of this mess. And totally especially if we get a free sticker we can put on our car saying "We're the idiots buying super-expensive gas to save the planet."

Not only should we sell the new offshore gas at a premium, but take all the taxes normally paid on that gas (at the pump) and throw that into the fund. Also, add a stiff tax to the oil as it's pulled out of the ground, refined and so on.

You ask why any oil company would do that. Good question. But perhaps the question should be, what oil company wouldn't want to be the one awarded the honor of (here's the tagline for this project) "drilling for a green solution?" These guys are raking in record profits (Exxon just set an annual profit record of 40.61 billion in 2007, or $1,300 per second,
reported CNN), I think they can afford to loose a few billion on this project.

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Pound360 Archive

About Me

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I started pound360 to channel my obsession with vitamins, running and the five senses. Eventually, I got bored focusing on all that stuff, so I came back from a one month hiatus in May of 2007 (one year after launching Pound360) and broadened my mumblings here to include all science.