,CyMore drilling does little at the pump,CO.Byline: WASHINGTON: (Image: ) Allowing oil drilling in US offshore waters that are now closed to energy exploration would do little to lower gasoline gasoline or petrol, light, volatile mixture of hydrocarbons for use in the internal-combustion engine and as an organic solvent, obtained primarily by fractional distillation and "cracking" of petroleum, but also obtained from natural gas, by prices paid by consumers, the governmentCOs top energy forecaster said. In response to record pump prices, Republican presidential candidate Sen John McCain For McCain's grandfather and father, see John S. McCain, Sr. and John S. McCain, Jr., respectively John Sidney McCain III (born August 29, 1936 in Panama Canal Zone) is an American politician, war veteran, and currently the Republican Senior U.S. Senator from Arizona. and President George W. Bush this month called for Congress to end its moratorium A suspension of activity or an authorized period of delay or waiting. A moratorium is sometimes agreed upon by the interested parties, or it may be authorized or imposed by operation of law. on drilling off the East and West coasts and in Florida waters, leaving it up to each affected state to decide where to permit drilling. McCain and Bush said the additional oil supplies likely to be found in the closed areas would help reduce gasoline costs. However, Guy Caruso, who heads the federal Energy Information Administration, said consumers would see little savings at the pump. C[pounds sterling]It would be a relatively small effect, because it would take such a long time to bring those supplies on,C[yen] Caruso said during a briefing at the Center for Strategic and International Studies The Center for Strategic and International Studies (CSIS) is a Washington, D.C.-based foreign policy think tank. The center was founded in 1964 by Admiral Arleigh Burke and historian David Manker Abshire, originally as part of Georgetown University. on the EIACOs new long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. international energy forecast. C[pounds sterling]It doesnCOt affect prices that much.C[yen] Most energy experts say it would take five to 10 years to find oil in the closed areas and bring the crude to market. Caruso said the additional supplies would amount to only a couple of hundred thousand barrels of oil a day. A[umlaut umlaut (  m`lout) [Ger.,=transformed sound], in inflection, variation of vowels of the type of English man to men. ] Copyright 2008 www.tradearabia.com
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