Oil Schmoil, the Perpetual Loop

First McCain proposed a $300 million prize for whoever can develop a better automobile battery, and $5,000 tax credits for consumers who buy new zero-emission vehicles.

But then...
Sen. John McCain called yesterday for an end to the federal ban on offshore oil drilling, offering an aggressive response to high gasoline prices.

"We must embark on a national mission to eliminate our dependence on foreign oil," McCain told reporters yesterday. In a speech today, he plans to add that "we have untapped oil reserves of at least 21 billion barrels in the United States. But a broad federal moratorium stands in the way of energy exploration and production. . . . It is time for the federal government to lift these restrictions."

We're going to drill it because we hope we'll eventually not need it. OK, sure.

President Bush is also calling for an end to the offshore drilling ban.

"Since then offshore drilling and exploration have only been allowed in the Western and Central Gulf of Mexico regions plus parts of Alaska.

The federal bans were enacted in part to protect tourism and lessen the chance of oil spills washing on to beaches"

"We are in this situation because of our dependence on traditional petroleum-based oil," said California Governor Arnold Schwarzenegger, a Republican.
He advocated "new technologies and new fuel choices for consumers" instead. "

Read more here on how long it would take to get to a production phase and the environmental costs.