Drill Baby Drill…Probably not much in the Gulf though

With McCain/Palin continuing to exhort Drill Baby Drill it is interesting to note this analysis fromFinancial Times on the fact that following Hurricane Ike the output of oil and natural gas is still only at half of capacity.

The Times points out that:

If hurricane Katrina, the previous major storm to hit the gulf, is any guide, some of that production may never be restored. The gulf produces 1.3m barrels of oil per day, down from 1.6m b/d before Katrina hit in 2005.

What’s it all mean?

Jeff Rubin, chief economist at CIBC World Markets, said hurricane
Ike had debunked theories that damaging hurricanes in the gulf in 2005
were an anomaly.

“This is part and parcel of operating
conditions in the gulf, which underscores how problematic the resource
is,” he said.That growing realisation could slow down expansion in the
Gulf of Mexico.
(my emphasis)

So as often as we have heard conservatives yell there were no spills after Katrina and let’s Drill Drill Drill, it seems the actual oil industry may not be on board for that in the Gulf at least.

Will anyone call McCain/Palin on being the snake oil selling charlatans that they are?