Simple title - simple explanation. The problem with the "let's drill everything, everywhere" is that we are, as always, saying "screw our grandkids, we want it now."
Let's look at the arguments for and against:
- Drilling everything, everywhere creates greater infrastructure needs - look, if you take one bucket at a time out of the well, you only need one bucket. if you take five buckets at a time from a limited resource, you end up over investing in buckets and you have less time to build another well.
- If we are wrong and there is a lot more oil in the world, cool - oil prices really tank. If we are right and there is less oil, you just extended the amount of time the US has domestic reserves.
- The cost of oil has gone up because of devaluation of the dollar - based mainly on the US deficit. Tax breaks to incentivize new drilling help this problem - how?
The frame has to be "why drain America first?" Once that oil is gone the US has less leverage, not more. If you develop non-petroleum based systems, then you still have petroleum reserves and less demand - double win.
But really, the point here is:
Drain America First
Just say no.