CNNMoney.com
Companies Economy International Corrections Pre-market Trading After-hours Trading Winners/Losers/Actives Bonds Currencies Commodities World Markets Money Magazine Real Estate Taxes Jobs Ask the Expert Money 101 Autos Mutual Funds The Help Desk Loan Center Best Places to Live Ask the Expert Ultimate Guide to Retirement Retirement Calculators Best Funds Best Places to Retire Fortune Brainstorm Tech Apple 2.0 Blog Big Tech Blog Sectors and Stocks Tech Talk Resource Guide Small Business Makeovers Questions & Answers Small Business Video 100 Best Places to Launch FSB 100 Fortune Small Business Fortune 500 Brainstorm Tech Investing Management C-Suite Rankings Main Create Portfolio Edit Portfolio Create Alerts Edit Alerts
Complete Coverage Special Report Energy Fix

Americans favor offshore drilling

Poll finds most people think drilling for oil and natural gas off the nation's coast lines is a good idea.

EMAIL  |   PRINT  |   SHARE  |   RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
By Ben Rooney, CNNMoney.com staff writer

Because of my economy, I have:
  • Used my credit cards less
  • Used my credit cards more
  • Used my credit cards as usual
  • Cut up my credit cards

NEW YORK (CNNMoney.com) -- As the nation struggles to meet its energy needs, a majority of Americans think offshore drilling for oil and natural gas is a good idea, according to according to a CNN/Opinion Research Corporation poll released Wednesday.

The poll, which surveyed more than 500 adults by phone in July, found that 69% of respondents support the idea of offshore drilling, while 30% opposed it. In June, 73% were in favor of offshore drilling.

But the poll also found that Americans are divided over whether or not offshore drilling will have an immediate impact on high gas prices.

When asked if increased offshore drilling would reduce gas prices in the next year, only 51% of a separate sampling of 500 Americans believed it would, while 49% did not.

The debate over offshore drilling has become an increasingly important political issue in the era of $4 a gallon gas.

President Bush on Wednesday called on Congress to allow offshore oil drilling, citing an "urgent" need to reduce pressure on crude and gas prices.

Supporters of offshore drilling, including President Bush, say it will help the country break its dependence on foreign imports and shield the U.S. economy from volatility in the global oil market.

The bans prohibiting offshore drilling, which were put in place decades ago, are outdated and should be lifted, proponents say.

But opponents argue that more drilling offshore could damage sensitive ecosystems.

"There's a reason why those bans and moratoria were put in place," said Matt McClain, director of communications for the environmental group Surfrider Foundation. "And those risks are always there."

McClain says increased offshore drilling would "provide questionable results." He points out that the nation's coasts are not just recreational areas but are important "economic engines," especially in California and Florida where tourism is a key driver of economic activity.

What's more, the nation imports the bulk of its oil from Canada and Mexico - complicating the energy independence argument, McClain says.

Still, the nation's economy will continue to rely on fossil fuels for the foreseeable future, according to Sara Banaszak, senior economist at the American Petroleum Institute.

"Under any model of the country's energy future, we will still need more oil and gas over next 20 years," she said. Offshore drilling can help meet that need and will boost domestic economic activity.

Banaszak says opening up the country's coast lines to oil exploration has the potential to have "immediate impact," on gas prices.

Lifting the ban would send a "strong signal" to the oil futures market, which could help bring the price of crude down immediately, she said.

But it is difficult to say how much oil and natural gas may be brought to the market as a result of offshore drilling.

"We haven't been able to do any research in the moratoria areas for 20 or 30 years," Banaszak said.

In some cases, like in Florida where some offshore infrastructure already exists, installations could be brought online in 2 to 3 years, Banaszak said.

In most cases, however, it would take up to 15 years to access offshore oil, depending on how far the source is from shore and how deep below the surface it is. To top of page

Features
Markets Last Change
Dow Jones 10,464.40 30.69 / 0.29%
Nasdaq 2,176.05 6.87 / 0.32%
S&P 500 1,110.63 4.98 / 0.45%
10-year Bond 100 27/32 Yield: 3.27%
U.S.Dollar 1 euro = $1.513 0.017
November 25, 2009 4:03 PM ET
CompanyPrice% Change
Barnes & Noble Inc 23.94 7.60%
Chesapeake Energy Corp 24.95 5.50%
US Airways Group Inc 3.48 5.45%
Limited Brands Inc 17.50 5.17%
Nov 25 3:53pm ET †
6 green cooks These culinary powerhouses use sustainable, locally grown produce to bring their dishes to the next level. More
Most (and least) affordable cities to buy a house Here are the 5 metro areas where the average American family can afford to purchase a median-priced home -- and the 5 where they can't. More
Holiday gifts for work and play You've got enough to worry about. So take the stress out of holiday shopping with our picks for everyone on your list. More


© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.