Senator John McCain has stirred some new trouble with Senator Barack Obama, regarding lifting the 1981 Congressional ban on Off Shore drilling. McCain wisely opined that opening up new reserves to oil, even though it would likely take a few years before it can be pumped into your car,  will have a “psychological impact that I think is beneficial”. Obama’s swift response to an economic truth was to disavow McCain’s stance as “Washington- Speak for it Polls well” claiming expanding our reserves will have no real impact.

However just a vague understanding in economics could makes McCain wise and Obama ignorant. The Associated Press reports that there is an estimated 18 Billion Barrels of oil in which could be extracted. While the annual production of that source will still be pitons compared to United States Annual 6 billion barrel a year thirst (which is predicted to double by 2025) it is certainly much more than the 700M in the strategic reserves Democrats are demanding to be released to the public.

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Tags: Exploration,Obama,Oil
Categories: Rants & Opinions
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