1. McCain and most Republican politicians endorse lifting the
Congressional ban of offshore drilling, BUT most defer to still
allowing states to ban offshore drilling. And, California and Florida
(where all the oil supposedly is) would not vote to lift their bans -
classic NIMBY ("Not In My BackYard"), you like the idea, as long as
someone else's beaches get the oilspills. So, no new oil, folks.
(To force states to lift offshore drilling is quite intrusive from the
government too - shouldn't people be able to decide?)
2. Speculation argument is neither true nor does it impact short-term
gas prices. Current 10-year futures on oil are at $100/barrel, i.e.,
they account for future supply increases. And, even if that drops, the
only people who can take advantage are commercial airline companies.
So, it is unlikely to believe gas prices will far - either from
immediate supply or speculation reasons.
3. (More philosophical) Classic free-market economics dictates the
only way to get the country to shift to greener, cleaner, non-oil
technology is price pressure. Add to that the fact that it's been
proven true in the past, and what we have before us is a unique
opportunity to actually push forward the agenda for newer innovation
in energy independence. I mean, Ford and GM are pushing hybrids... who
would have ever thought? Even if all the Republican arguments are true
and gas prices fall, I would argue that's a bad thing - it's only a
short-term solution, and it would put us 10 years back in energy
innovation.