Thursday, August 07, 2008

We Tried Offshore Drilling Before and Oil Prices Doubled

At the end of 2006, the Republican Congress and the president enacted "The Gulf of Mexico Energy Security Act," which opened for drilling 8 million acres of the Outer Continental shelf estimated to contain more than 40 billion barrels of oil. Oil prices were only $60 a barrel then. In the two years since, prices have more than have doubled.

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