Obama encourages the formation of this team to debate US oil drilling
By government’s own admission, 18 billion barrels of crude remain untapped in America’s restricted hinterland. Yes, the Democrats claim they do not want to be stooges of oil behemoths, about which they often blame the Republicans. But beyond this, is the fact that there is little chance of cutting down on oil prices even if such drilling were allowed. Firstly, the actual output will take more than a decade to flow, and the cost is colossus. Secondly, America in all has only 3% of world’s oil reserves, whereas annaully it consumes 20% – another reason why, as the Dems argue, drilling might not influence the price of oil. On the other hand, Republican’s have a meaty issue for their flagging electoral cause. The gasoline price rise is hurting the US middle class, and this issue has got an immediate media attention, with Democrats on the defensive. Notwithstanding reality, studies now reveal that nearly half of the electorate believes in the fact that oil prices will subside if crude is drilled in their own country. Didn’t we tell you Obama is the bright spot in Dem county?
By government’s own admission, 18 billion barrels of crude remain untapped in America’s restricted hinterland. Yes, the Democrats claim they do not want to be stooges of oil behemoths, about which they often blame the Republicans. But beyond this, is the fact that there is little chance of cutting down on oil prices even if such drilling were allowed. Firstly, the actual output will take more than a decade to flow, and the cost is colossus. Secondly, America in all has only 3% of world’s oil reserves, whereas annaully it consumes 20% – another reason why, as the Dems argue, drilling might not influence the price of oil. On the other hand, Republican’s have a meaty issue for their flagging electoral cause. The gasoline price rise is hurting the US middle class, and this issue has got an immediate media attention, with Democrats on the defensive. Notwithstanding reality, studies now reveal that nearly half of the electorate believes in the fact that oil prices will subside if crude is drilled in their own country. Didn’t we tell you Obama is the bright spot in Dem county?
Source : IIPM Editorial, 2012.
An Initiative of IIPM, Malay Chaudhuri
and Arindam Chaudhuri (Renowned Management Guru and Economist).
and Arindam Chaudhuri (Renowned Management Guru and Economist).
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