Drill bit with self-adjusting gage pads

1. A drill bit, comprising:

a bit body; and

at least one self-adjusting moveable member associated with a lateral extent of the bit body that extends from the lateral extent of the bit body at a first rate to reduce vibration and retracts from an extended position to a retracted position at a second rate that is less than the first rate to decrease friction and increase maneuverability, wherein the first rate corresponds to a first flow rate provided by a first fluid flow path and the second rate corresponds to a second flow rate provided by a second fluid flow path.

2. The drill bit of claim 1 further comprising a rate control device coupled to the at least one moveable member that extends the at least one moveable member at the first rate and retracts the at least one moveable member at the second rate in response to external force applied onto the at least one moveable member.

3. The drill bit of claim 2 , wherein the rate control device includes:

a piston for applying a force on the at least one moveable member; and

a biasing member that applies a force on the piston to extend the at least one moveable member at the first rate.

4. The drill bit of claim 3 , wherein the rate control device is self-adjusting.

5. The drill bit of claim 3 , further comprising:

a fluid chamber divided by the piston into a first fluid chamber and a second fluid chamber; and

wherein the first fluid flow path fluidly couples the first fluid chamber to the second fluid chamber that controls movement of the piston in a first direction at the first rate and the second fluid flow path fluidly couples the second chamber to the first chamber that controls movement of the piston in a second direction at the second rate.

6. The drill bit of claim 5 , wherein a first flow control device in the first fluid flow path defines the first rate and a second flow control device in the second fluid flow path defines the second rate.

7. The drill bit of claim 2 , wherein the piston is operatively coupled to the at least one moveable member by one of: a direct mechanical connection; and via a fluid.

8. The drill bit of claim 2 , wherein the rate control device includes a double acting piston operatively coupled to the at least one moveable member, wherein a fluid acting on a first side of the piston controls at least in part the first rate and a fluid acting on a second side of the piston controls at least in part the second rate.

9. The drill bit of claim 1 , wherein at least one of the first rate and the second rate is a constant rate.

10. The drill bit of claim 1 , further including a non-rotating sleeve associated with the at least one moveable member.

11. The drill bit of claim 1 , wherein the at least one moveable member moves about a pivot associated with the bit body.

12. A method of drilling a wellbore, comprising:

providing a drill bit including a bit body and at least one self-adjusting movable member associated with a lateral extent of the bit body;

conveying a drill string into a formation, the drill string having the drill bit at the end thereof;

drilling the wellbore using the drill string;

selectively extending the at least one moveable member from the lateral extent of the bit body at a first rate to reduce vibration; and

selectively retracting the at least one moveable member to a retracted position at a second rate that is less than the first rate to decrease friction and increase maneuverability, wherein the first rate corresponds to a first flow rate provided by a first fluid flow path and the second rate corresponds to a second flow rate provided by a second fluid flow path.

13. The method of claim 12 , wherein the drill bit further includes a rate control device coupled to the at least one moveable member that extends the at least one moveable member at the first rate and retracts the at least one moveable member at the second rate in response to external force applied onto the at least one moveable member.

14. The method of claim 13 , wherein the rate control device includes:

a piston for applying a force on the at least one moveable member; and

a biasing member that applies a force on the piston to extend the at least one moveable member at the first rate.

15. The method of claim 14 , wherein the drill bit further includes:

a fluid chamber divided by the piston into a first fluid chamber and a second fluid chamber; and

wherein the first fluid flow path fluidly couples the first fluid chamber to the second fluid chamber that controls movement of the piston in a first direction at the first rate and the second fluid flow path fluidly couples the second chamber to the first chamber that controls movement of the piston in a second direction at the second rate.

16. The method of claim 12 , wherein a first flow control device in the first fluid flow path defines the first rate and a second flow control device in the second fluid flow path defines the second rate.

17. The method of claim 12 , wherein a non-rotating sleeve is associated with the at least one moveable member.

18. The method of claim 12 , wherein the at least one moveable member moves about a pivot associated with the bit body.

19. A system for drilling a wellbore, comprising:

a drilling assembly having a drill bit, the drill bit including:

a bit body; and

at least one self-adjusting moveable member associated with a lateral extent of the bit body that extends from the lateral extent of the bit body at a first rate to reduce vibration and retracts from an extended position to a retracted position at a second rate that is less than the first rate to decrease friction and increase maneuverability, wherein the first rate corresponds to a first flow rate provided by a first fluid flow path and the second rate corresponds to a second flow rate provided by a second fluid flow path.

20. The system of claim 19 further comprising a rate control device coupled to the at least one moveable member that extends the at least one moveable member at the first rate and retracts the at least one moveable member at the second rate in response to external force applied onto the at least one moveable member.

21. The system of claim 20 , wherein the rate control device includes:

a piston for applying a force on the at least one moveable member; and

a biasing member that applies a force on the piston to extend the at least one moveable member at the first rate.

22. The system of claim 21 , further comprising:

a fluid chamber divided by the piston into a first fluid chamber and a second fluid chamber; and

wherein the first fluid flow path fluidly couples the first fluid chamber to the second fluid chamber that controls movement of the piston in a first direction at the first rate and the second fluid flow path fluidly couples the second chamber to the first chamber that controls movement of the piston in a second direction at the second rate.

23. The system of claim 22 , wherein a first flow control device in the first fluid flow path defines the first rate and a second flow control device in the second fluid flow path defines the second rate.

24. The system of claim 20 , wherein the rate control device includes a double acting piston operatively coupled to the at least one moveable member, wherein a fluid acting on a first side of the piston controls at least in part the first rate and a fluid acting on a second side of the piston controls at least in part the second rate.

25. The system of claim 19 , further including a non-rotating sleeve associated with the at least one moveable member.

26. The system of claim 19 , wherein the at least one moveable member moves about a pivot associated with the bit body.