You ready to pay seven cents per gallon in 2011, and eleven cents per gallon in 2035? That's exactly what would happen if we ban offshore drilling. Here's more on this from RFF Fellow, Stephen P.A. Brown, at the Resources For Future:
"If such risks are not taken fully into account, offshore oil and natural gas production will be too great; oil and natural gas prices will be too low; and the consumption of oil and natural gas will be too high," Brown writes. "Are tighter controls or a permanent ban on deepwater drilling in the United States a reasonable response to such externalities – or an overreaction?"
Brown assesses the implications of a permanent tightening of U.S. government control on deepwater offshore drilling through three scenarios. The first case represents business as usual. The second imposes additional regulatory safeguards that would increase the cost of exploration, development, and production in U.S. deepwater and ultra-deepwater areas by a combined 20 percent. The third case examines the implications of a permanent U.S. ban on drilling in deepwater and ultra-deepwater areas.
continued at Daily Kos....
