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A Picture is Worth... Why Offshore Drilling Won't Help

The image below shows why offshore drilling won’t help to lower energy or gas prices in USA. The data comes from the US Energy Information Administration.

The EIA doesn’t expect any oil production from offshore drilling until around the year 2017. And that it won’t reach peak production until around 2030, and then it would only produce 200,000 barrels of oil per day (marked in yellow below). “This would supply a meager 1.2% of total US annual oil consumption (just 0.6% of total US energy consumption)”.

And, which the chart comes from, concludes that “the offshore oil would be sold back to the US at the international rate, which today is $106 a barrel. So, the oil produced by offshore drilling would not only be a “drop in the bucket”, it would be expensive, which translates to “no relief at the pump”.”

More oil consumption charts:

- A Picture is Worth... Gasoline Consumption Per Day

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