Pain At The Pump: Off Shore Drilling - KLTV.com - Tyler, Longview, Jacksonville |ETX News

06/19/08 - Tyler

Pain At The Pump: Off Shore Drilling

Would drilling our own resources really help lower gas prices?

While the debate continues in Washington, Texas Governor Rick Perry is supporting U.S. off shore drilling, along with President Bush, but it's still deadlocked in Congress.

Thursday, KLTV 7 News' Courtney Lane spoke to a local economic expert to see if this would really save you at the pump.


Enviromentalists argue that offshore drilling could destroy some of our most pristine habits. But filling up is hurting drivers somuch that President Bush wants Congress to lift the federal drilling ban.

"There's no excuse for delay," the President said earlier this week. "As a matter of fact, it's a reason to move swiftly."

But, according to a local economic expert, that move would be a slow process.

"We would have to lease the actual land, we have to drill and we have to take it to market. Which they predict we wouldn't be able to access that oil until 2030, so this is a short-term solution," explains Dr. Guillermo Covarrubias, an assistant Professor of Economics at UT Tyler.

However, some think the move would drive down prices much faster than that, because overseas suppliers would want to compete.

"It's possible that we could see a shift in the price of gasoline today, as a result of U.S. policy to expand domestic production in the future. Markets work this way all the time," says Severin Borenstein, director at the UC Energy Institute.

"It's probably an amount that most American consumers wouldn't even notice making any difference. I think a good long-term policy should rely on more conservation."

And while lawmakers try to come up with a solution to our pain at the pump, Dr. Covarrubias says if anything, the higher prices do cause some healthier lifestyle changes.

"More efficient vehicles, public transportation - and we saw that China today took measures to decrease their demand of oil by increasing prices."

Once word broke today of China's plan to raise their gas prices, the price of oil fell nearly $5.00 a barrel in the U.S. markets.

Courtney Lane, Reporting clane@kltv.com

  • NewsMore>>

  • Officials check lake safety for Memorial Day Weekend

    Officials check lake safety for Memorial Day Weekend

    Sunday, May 27 2018 10:21 PM EDT2018-05-28 02:21:10 GMT
    Memorial Day weekend is the traditional start of the summer boating and recreation season in East Texas, and also a critical time for game wardens to make sure everyone is being safe on the water. Swimmers and boaters crowded lake Gladewater, as the traditional recreation season begins. "We're going to be checking boats, a lot of these folks out here this is their first time on the lake, this is the first holiday so to speak of the summer," says Gregg county game warden To...More >>
    Memorial Day weekend is the traditional start of the summer boating and recreation season in East Texas, and also a critical time for game wardens to make sure everyone is being safe on the water. Swimmers and boaters crowded lake Gladewater, as the traditional recreation season begins. "We're going to be checking boats, a lot of these folks out here this is their first time on the lake, this is the first holiday so to speak of the summer," says Gregg county game warden To...More >>
  • DPS investigating single-vehicle fatal crash

    DPS investigating single-vehicle fatal crash

    Sunday, May 27 2018 10:46 AM EDT2018-05-27 14:46:22 GMT
    crashcrash

    A man was killed in a one-vehicle wreck in Harrison County. According to a press release, a 2015 Dodge Ram 1500 was traveling eastbound on US-80 when the vehicle went off the south side of the roadway and struck a tree. The driver of the vehicle is identified as Lawrence C. Walls, 49, of Marshall. Walls was pronounced dead at the scene by Judge Mike Smith. His body was transported to Meadowbrook Funeral Home. DPS states that the crash is under investigation. Copyright 2017 K...

    More >>

    A man was killed in a one-vehicle wreck in Harrison County. According to a press release, a 2015 Dodge Ram 1500 was traveling eastbound on US-80 when the vehicle went off the south side of the roadway and struck a tree. The driver of the vehicle is identified as Lawrence C. Walls, 49, of Marshall. Walls was pronounced dead at the scene by Judge Mike Smith. His body was transported to Meadowbrook Funeral Home. DPS states that the crash is under investigation. Copyright 2017 K...

    More >>
  • Tyler police searching for suspect accused of theft

    Tyler police searching for suspect accused of theft

    Saturday, May 26 2018 11:36 PM EDT2018-05-27 03:36:26 GMT

    Tyler police are looking for a theft suspect.  The theft occurred Saturday at 3300 Troup Highway.  The victim is described as a 85-year-old female. According to a report, the woman was followed into the restaurant by a Hispanic male. The male suspect then allegedly stole the victim's purse after she left it unattended.  A witness alerted the woman to the theft. The victim then checked the parking lot and discovered that her vehicle had been taken. The vehi...

    More >>

    Tyler police are looking for a theft suspect.  The theft occurred Saturday at 3300 Troup Highway.  The victim is described as a 85-year-old female. According to a report, the woman was followed into the restaurant by a Hispanic male. The male suspect then allegedly stole the victim's purse after she left it unattended.  A witness alerted the woman to the theft. The victim then checked the parking lot and discovered that her vehicle had been taken. The vehi...

    More >>
Powered by Frankly