The Energy Information Administration (EIA) is the federal government’s agency that develops and maintains energy information and data. The agency does a very good job of executing the task assigned to them. The EIA recently completed an in-depth and expert analysis and report of the potential benefits from opening the outer continental shelf for oil drilling. The analysis was performed, because of the increased interest in drilling in the outer continental shelf now that crude oil and gasoline prices have hit all time highs.

Currently the outer continental shelf of the Pacific, the Atlantic and a small strip of the eastern Gulf of Mexico are not open to oil exploration and drilling. The EIA evaluates the benefits from opening these areas to oil exploration and drilling and assumes the same rate of development that has been seen in the past.

The report concludes that access to the Pacific, Atlantic and eastern Gulf of Mexico for oil drilling would not have a significant impact on domestic crude oil and natural gas production and prices before 2030. Yes, that’s not a typo - not before 2030.

Do you think it’s a good idea?

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