Posted August 1, 2008
Senator McCain, President Bush, and some of their oil industry friends are urging Americans to support overturning a 26-year ban on offshore drilling as a way to bring down gas prices. Of course, it's snake oil designed for what the Joe Lieberman campaign affectionately called "low information voters."
As Dean Baker and Nichole Szembrot of the Center for Economic and Policy Research noted in a June 2008 paper ,
the Energy Information Agency (EIA) projects that Senator McCain's proposal would have no impact in the near-term since it will be close to a decade before the first oil can be extracted from the currently protected offshore areas. The EIA projects that production will reach 200,000 barrels a day (0.2 percent of projected world production) at peak production in close to twenty years. It describes this amount as too small to have any significant effect on oil prices