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New offshore drilling not a quick fix, analysts say

Start-up delays, global market pressures cited

Increased American production from offshore drilling - such as at this oil platform pictured off California in 2005 - would not necessarily mean lower prices for Americans because oil is a global commodity whose price is set by global supply and demand. Increased American production from offshore drilling - such as at this oil platform pictured off California in 2005 - would not necessarily mean lower prices for Americans because oil is a global commodity whose price is set by global supply and demand. (Bruce Chambers/Orange County Register via associated press/file)
By Lisa Wangsness
Globe Staff / June 20, 2008

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President Bush and Republican presidential candidate John McCain have called this week for lifting a federal moratorium on offshore oil exploration, arguing that taking action to increase domestic oil supplies will help drive down prices. (Full article: 1044 words)

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