Forget renewable energy, for the moment oil companies are more focused on plentiful energy. The OPEC countries aren’t the only ones who want to keep oil prices from falling. While we know cheap oil prices are a welcome sign for consumers, the oil companies say that if prices fall like they did this past December (to $34/barrel), it could ruin the hot streak they’ve been on so far this year.

According to the New York Times, over 200 new oil discoveries have been made in dozens of countries so far this year. During the first half of the year alone, the new finds equaled about 10 billion barrels of oil, says IHS Cambridge Energy Research Associates. If oil companies continue at this pace until year’s end, they will have discovered more oil then they have in nearly a decade.

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Extraordinarily high gas prices were the catalyst behind the off-shore drilling debate that surfaced during the Bush Administration. Eight months later, the topic has resurfaced for a different reason — the recession. Oil executives testified before the House Natural Resources Committee today in Washington, claiming that off-shore drilling could create an estimated 76,000 jobs.

Just as President Obama’s economic recovery plan received criticism for lacking an immediate impact, the same is being said for off-shore drilling: Read the rest of this entry »