Economist: Offshore drilling may not provide relief

Sunday, June 22, 2008

Post a comment | E-mail this story | Print

offshore drilling, crist, mccain, gas prices

Many commuters are seeking relief from ever-rising gas prices.

BAY AREA (Bay News 9) -- Many commuters are complaining about high gas prices -- from $3.99 a gallon in south St. Petersburg to $4.29 for the highest grade in Clearwater.

Drivers want relief, and this week top Republican leaders said they can help by drilling more oil off of U.S. coasts.

Most of the country's coastal waters are off limits to oil rigs for another four years. But President Bush said he's willing to lift the restriction if Congress moves forward. He said he wants to help drivers even before the next presidential election rolls around.

Sen. John McCain was the first politician this week that said it should be up to the states to decide if they want to allow offshore drilling.

"I believe it is time for the federal government to lift these restrictions and put our own reserves to us," McCain said.

Then, after years of opposing offshore drilling Florida Gov. Charlie Crist started wavering.

"What's going through my mind is we have to be sympathetic to the pocketbooks of the people of Florida and what they're paying at the pump for gas," Crist said.

More Information

The entire Florida Democratic delegation has come out against the proposal to expand oil drilling off the coasts of Florida. The delegation also blasted Crist for his new take on offshore drilling.

But some Bay area drivers agree drilling near Florida is worth a second look.

However, a local economist has bad news for those expecting a quick fix to high gas prices.

"Drilling in the Gulf starting today is not going to give us any relief this year, next year or the year after," said Tom Oberhofer an economist at Eckerd College in Pinellas County.

Oberhofer said with a growing demand for fuel, it's not clear that more rigs would ever give drivers more relief.

And opponents have said with possible oil spills, drilling off the coast is risky.

"The coast and the Florida economy, which relies on our $60 billion a year tourism economy, is to important to be played with on a political whims during an election year, " said Sierra Club spokesperson Darden Rice.

Barack Obama called the push for drilling Washington rhetoric.

"It seems like a classic Washington political solution which is to go out there and make a statement without any clear evidence that this would result in strengthening the U.S. economy or providing relief to consumers," Obama said.