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Politics : Politics of Energy

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To: Brumar89 who wrote (292)	6/12/2008 2:41:15 PM
From: Road Walker	Read Replies (3) of 86355

Amid $135 oil, it ought to be an easy, bipartisan victory to lift the political restrictions on energy exploration and production. A couple of points: Total US proven oil reserves are something close to 20 billion barrels. The US uses 7.5 billion barrels a year. Even if all the proven reserves could be produced all immediately at the same time, it wouldn't be a solution to the problem (and of course they can't). There are literally thousands of approved leases and the oil companies are doing nothing. In 2006 the new compromise regarding the GOM opened 84,000 prime acres in the GOM to exploration; the oil companies have done nothing. We can open ANWAR, we can allow drilling to with 50 miles, but that doesn't mean the oil companies are going to invest in drilling for hard to get oil. It seems like they like their current business model of importing oil... it's certainly isn't hurting their profits. Bottom line is that the US cannot drill it's way out of this mess. The oil just isn't there. The low hanging fruit is improving oil efficiency.

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