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Cost of waiting to drill for oil

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    Should U.S. increase domestic drilling now?

  • Duration 2:29
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The price of crude oil added 24 cents today to close it just over 107 dollars a barrel.

Gas prices held steady at 390 up more than twenty cents from just a month ago.

With high gas prices the calls for President Obama to start drilling more start to grow by the day.

Chief national correspondent Jim Angle looks at the cost of waiting.

All over the world more people are moving into the middle class and that means more people buying cars and using gasoline which means oil supplies will get tighter and tighter.

China was a five million barrels a day in 2005.

Today they're at ten.

But funny fifteen they're gonna be it fifteen million barrels that they demand President Obama recognizes the coming explosion -- the man.

China added ten million cars into 201010.

Million cars just in this one country.

And they're gonna keep on going which means they're gonna use more moral.

The president however argues more drilling is not the way to protect the US instead he wants do we in the US -- of -- By turning to alternatives such as electric cars in the -- we're gonna have to look past.

What we've been and put ourselves on the path to real sustainable energy future.

The problem is most analysts say the transition to alternatives takes far longer -- more drilling would.

We have a capital stock of hundreds of millions of vehicles so these types of transformations -- take.

Decades and and maybe even.

They've -- -- fifty to sixty years.

Though the president talks about drilling official government figures show he's issuing far fewer permits on federal land than his predecessor.

At the end of the bush years six to 7000.

Permits a year were issued but under President Obama the numbers have dropped significantly to a range of 4000 to almost 4500 -- year.

Says it can take seven to ten years for a permit to turn into a producing well that means less oil coming off federal lands in the years to come.

Even as global demand is rising.

Some say we know -- crutches coming so we should be drilling more now otherwise the result could be ugly.

Americans could find themselves and gasoline lines.

With gas rationing.

By 2015 -- when he sixteen.

By us not producing more of our own oil.

Even with alternatives the Energy Department predicts that in twenty -- 35 will still be relying on oil for 83%.

Of our transportation -- And Washington Jim Angle Fox --

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