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It may bring prices down, but my prediction is it will simply slow the rate of increase

Nonsense. If we utilized all of our potential and known energy reserves, prices would get slashed by more than half.

Third world countries are now starting to consume oil like never before. There's nothing liberal about that observation.

So that means we shouldn't? Don't you think it's ridiculous that we lock our reserves but it's OK for other countries to expand their energy supplies? I mean, it's flat-out STUPID. Maybe we should let give our coal to China, we're not using it, right?

It is a commodity, and an increasingly expensive one at that.

Because you got intervention in the form of government policies that is making it expensive! How did oil prices come down from the 70s then? Using your logic, we should still be in the oil shocks that gripped the nation back then.

If prices stay high and/or continue to rise, and we don't reduce our consumption, then we're in for a world of hurt.

Look buddy, I already told you. There is no suitable alternative to oil right now. WE NEED FRICKING OIL - It is in thousands of products - it's not just used for fuel you know, it's in clothing, raw materials, goods, etc. I'm fine with bio-fuels or whatever, but as Wonder Warthog pointed out that should be the long-term answer. But for now, the only thing we can do is drill and expand production.

In cases where there is a viable alternative, the market will find it.

The market is currently being hamstrung by government. Government spends billions on ethanol BS and other "renewable" energies that simply don't work as well as oil. How can a viable alternative exist when it's being propped up by subsidies and legislation mandating its unproven use? Dude are you sure you're a libertarian?

Nonsense. If we utilized all of our potential and known energy reserves, prices would get slashed by more than half.

That's your prediction. I think differently. I suppose we may find out. Our oil reserves are only an estimate, as well as those of the rest of the global supply, and we don't know what future demand will look like. It's a very unstable commodity, which is why I think it would be a positive for our economy if we used less of it.

So that means we shouldn't? Don't you think it's ridiculous that we lock our reserves but it's OK for other countries to expand their energy supplies? I mean, it's flat-out STUPID. Maybe we should let give our coal to China, we're not using it, right?

I'm not really against drilling, I just don't think it's going to be the great savior that so many people have led themselves to believe it will be. Also, another country expanding their energy supplies benefits us. If China drills for more oil at home, that's less demand for oil from another oil exporting country, thus keeping prices in check for us.

Because you got intervention in the form of government policies that is making it expensive! How did oil prices come down from the 70s then? Using your logic, we should still be in the oil shocks that gripped the nation back then.

The 70's were different because of the geopolitical aspects. It was much more than an issue of supply and demand, like it is now.

Look buddy, I already told you. There is no suitable alternative to oil right now. WE NEED FRICKING OIL - It is in thousands of products - it's not just used for fuel you know, it's in clothing, raw materials, goods, etc. I'm fine with bio-fuels or whatever, but as Wonder Warthog pointed out that should be the long-term answer. But for now, the only thing we can do is drill and expand production.

I know we need oil. I know we use it for a lot. That's my point. I am of the belief that high oil prices are here to stay, whether we drill or not, so rather than complaining we'd better starting reducing our consumption and figuring out alternatives.

The market is currently being hamstrung by government. Government spends billions on ethanol BS and other "renewable" energies that simply don't work as well as oil. How can a viable alternative exist when it's being propped up by subsidies and legislation mandating its unproven use? Dude are you sure you're a libertarian?

Yes, "dude", I'm sure I'm a libertarian. The basis of my entire argument is that high prices are the product of supply and demand, so the market will respond to these new high prices. Government is interfering with supply, through both regulation and taxation. They also drive up demand by paying for roads, so some of that evens out, but overall they do contribute to the price being a bit higher. That being said, I don't think drilling is the solution. I think the government needs to get out of the way of alternatives like nuclear and stop propping up stupid ideas like ethanol. They should get out of the way and let the market decide what will and won't work. If more drilling turns out to be the answer, fine, but I'm telling you it won't be. It might in the short term, but it'll be worse the long term, which is why I think we should start being proactive about alternative energy now and not later when the situation is worse.