Posts with tag BusinessWeek

Drilling Fever

With the price of gasoline topping $5 a gallon in some parts of the country, America suddenly finds itself gripped by what might be called "drilling fever." Yesterday, the president reversed his father's executive ban on exploratory drilling on the Outer Continental Shelf, and urged Congress to ditch the legislative restrictions that have kept the oil rigs within a limited parameter off our coasts.

Here in Florida, a state often mentioned as a prime candidate for future drilling, the idea of drilling is a hot topic in Republican circles. Two nights ago, I listened in on a telephone "town hall" meeting held by my local Congressional Representative, Republican Ander Crenshaw. Not surprisingly, gas prices were the hot topic. One caller after another voiced confidence that the way to lower gas prices was to start drilling. Crenshaw did nothing to dissuade them. Like President Bush, John McCain, and Florida's governor, Charlie Crist, Crenshaw has changed his mind on off-shore drilling and now favors a big expansion.

"With the price at the pump approaching $4.15 a gallon and crude oil at over $140 a barrel, it is time for us to drill offshore with common-sense restrictions," Crenshaw said.

One such "restriction" would be to keep the new rigs at least 50 miles offshore. But common sense would also dictate that when you live in a state where your leading industry, tourism, is predicated on pristine beaches, building a slew of oil platforms is no small gamble. The Exxon Valdez oil spill in Alaska, for instance, came to cover 11,000 square miles. Florida's coastline, by comparison, stretches 1,350 miles.

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