Fausta's blog

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The official blog of Fausta's Blog Talk Radio show.

Wednesday, June 18, 2008

Bush asks Congress to clear way for offshore oil drilling

Thank you, Mr. President:
President Bush asked Congress Wednesday to permit drilling for oil in deep water off America's coasts to combat rising oil and gas prices.
...
Bush also renewed his demand that Congress allow drilling in Alaska's Arctic National Wildlife Refuge, or ANWR, clear the way for more refineries and encourage efforts to recover oil from shale in areas such as the Green River Basin of Colorado, Utah and Wyoming.

Bush said that the basin potentially contains more than three times as much recoverable oil as Saudi Arabia's proven reserves, and that the high price of oil makes it profitable to extract it.
At the Beeb
President George W Bush has called on Congress to end a 27-year ban on drilling for oil in US coastal waters, to reduce dependence on imports.

Look at the numbers:
Estimated reserves:
18bn barrels of recoverable oil
77 trillion cubic feet of natural gas

US annual energy usage:
7.6bn barrels of oil
21 trillion cubic feet of gas
As McCain said,
...speaking in Houston on Tuesday, Mr McCain called for the ban to be lifted to help counter US dependence on foreign oil.

"This was a troubling situation 35 years ago. It was an alarming situation 20 years ago. It is a dangerous situation today," he said.

"And starting in the term of the next president, we must take control over our own energy future and become once again the master of our fate."
We also need to increase refining capacity.

We'll see if Congress can ever get around to understanding the importance of energy to their future, or whether they'll dream of a Pooh approach.

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2 Comments:

At 5:32 PM, Blogger Francis W. Porretto said...

Don't imagine for a minute that the Democrats don't grasp the importance of increasing our domestic oil supply. They do; that's why they're against it.

William E. Simon noted in his magnificent memoir A Time For Truth that those who love power also love scarcity, for scarcity confers power on whoever can get control of the supply of the scarce item. Democrats are eager for a genuine energy shortage to befall us, because it would allow them to institute rationing and government allocation of petrochemicals -- a complete stranglehold over the American economy.

On WCBS_AM today, some Connecticut State Assemblyman was preaching against coastal oil exploration, calling it "a horrible idea." In his eyes, it most certainly is: he runs a Task Force on preparing Connecticut for long-term energy scarcity. More than coincidence, perhaps?

I'd like to see the oil giants begin drilling even before Congres lifts the ban -- and guard their rigs with mercenary militias ready to shoot to kill. I rather doubt that President Bush would send the Coast Guard to shut them down. What do you think?

 
At 7:52 PM, Blogger Fausta said...

Democrats are eager for a genuine energy shortage to befall us, because it would allow them to institute rationing and government allocation of petrochemicals -- a complete stranglehold over the American economy.
You are 100% rigth, of course.

It would take a lot of guts for the oil companies to drill before the ban is lifted, and they would expose themselves to all sorts of penalties.
BUT
I would love to see them do that - particularly for exploration.

Brazil has has excellent results with their exploration program, which is already paying off, in the sense that the currency is stronger and the stock market is up. It also has given investors (both foreign and domestic) confidence.

 

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