Fed energy chief: Drilling no quick fix
The head of the government's Energy Information Administration said opening more of the U.S. coast to oil and natural gas exploration won't affect prices at the pump.
President Bush and the Republican campaigning to succeed him, Sen. John McCain, recently called for lifting the federal moratorium on off-shore drilling that protects much of the U.S. coast, including Florida's. They want states to decide whether to allow drilling, and Gov. Charlie Crist says he's on board.
Democrats have countered that opening more the ocean to drilling isn't worth the environmental risk. A 2007 report for the agency found that the effect on prices would likely be minimal.
"It does take a long time to develop those resources,'' Gary Caruso, head of the EIA, said, according to Bloomberg News. "Therefore the price impact is muted by that."
Read the full story here.