The High Costs of Offshore Drilling

Posted by Trish Riley, May 3, 2010

The big five oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—made over $800 billion in profits over the past decade. And American taxpayers shell out $3 billion annually for tax loopholes that benefit these companies. These unnecessary handouts must end.The BP oil disaster will put additional upward pressure on oil prices that were already climbing as global demand for oil increases dramatically over the next two decades. The United States cannot produce its way out of the supply-demand gap. The most cost-effective, speedy way to reduce our oil dependence is not offshore drilling—it is reducing U.S. oil demand.

via The High Costs of Offshore Drilling.

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