We again have economic naivete coming from the Obama Campaign spokespeople.
Democrat Barack Obama's campaign and environmental groups said McCain's proposal threatens U.S. coastlines and does little to reduce American dependence on foreign oil. Obama spokesman Hari Sevugan said McCain's hope to "simply drill our way out of our energy crisis" mimics the approach of the Bush administration.
Drilling oil in our own waters will reduce dependence on foreign oil whether Obama likes it or not. A barrel of oil that comes out of a deep water rig off California will not come out of the Ghawar oilfield in Saudi Arabia. Increasing supply or even threatening to increase domestic supply will drop the price of oil in a heartbeat.
You couple this with dropping demand (increase biofuels, build nuclear plants raise CAFE standards etc.; which are things I actually agree with Obama on) and oil prices will go down no matter what. It is just Econ 101. Increase supply and demand and prices come down.
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