Save that oil for future generations. Saudi Arabia just took a similar step.
Relief at the pump soon? Hardly. In their pre-election call to lift the ban on offshore oil drilling, President Bush and John McCain are pulling a fast one on frantic car owners. This new ocean crude is years from flowing to the corner gas station. And for sensible reasons it should be.
By the government's own estimates, granting access to the 85 percent of the continental shelf in the Atlantic, Pacific, and Gulf that is now off limits will not bring much production online until 2030.
And who knows if today's sticker shock at $4-plus gasoline will still be around? By then, it's likely many more Americans will be telecommuting, living in cities and riding mass transit, and driving non-oil-based vehicles. The US is on the verge of an energy revolution, forced by the need to deal with climate change and by what are likely to be permanently high oil prices.
Yes, today's pump shock may account for the shift in public mood in favor of offshore drilling (two-thirds of Americans want it say it will lower prices) – which accounts for politicians trying to lead this panicky parade. (See related story, page 2.)
And certainly, the risk of an oil rig fouling shorelines and killing wildlife has been greatly reduced by highly advanced platform technology since the 1969 rig disaster off Santa Barbara, California.
Many environmentalists now recognize these advances and work with oil firms to find a middle ground in allowing new exploration in existing fields. Look at how the existing rigs in the Gulf survived the 2005 hurricanes Katrina and Rita with minimal spills. Most of the danger from ocean oil spills lies in transport of imported crude.