American Elephants

More help from Democrats on the price of gas… by The Elephant's Child
May 24, 2008, 2:21 pm
Filed under: Uncategorized

According to Investors Business Daily, “at a hearing of the House Committee on Global Warming Representative Edward Markey, D—Mass., said he didn’t understand why President Bush wasn’t releasing oil from the nation’s reserves stored in underground salt domes in Texas and Louisiana.”

Energy Secretary Samuel Bodman attempted to explain that the reserves are “meant to deal with…the physical interruption of the flow of oil to this country. We don’t have that issue today.”

Representative Markey apparently believes that releasing oil from our strategic reserve in order to lower the price of gas at the pump is more important than national security.

Last year Representative Markey introduced a bill (H.R. 39 ) that would make the 1.2 million acre coastal plain of ANWR — which was set aside for oil exploration when ANWR was established — a permanently off-limits wilderness. Please note that the area to be drilled is about the size of an ordinary airport in an area the size of South Carolina, and is mostly mud-flats.

So extracting 10 billion barrels of oil from ANWR is unimportant and doesn’t affect the price of gas, but opening the strategic reserves…

Can you follow this logic?

1 Comment so far
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Here is the biggest problem with releasing anything out of our strategic oil reserves. WE haven’t, as a country, built a new refinery in HOW LONG? Our current refineries are running in the upper-90th percentile of capacity. We can release all the crude we want from where ever. However, without greater efficiency within our existing refineries, or commissioning a few more super refineries, our current refining process will remain capped. I believe we should hit the ANWR up for what it can offer, as well as the pools of oil underneath the continental shelfs. But without additional refining capabilities, it will do little to supply us with anything other than a lot of barrels of standing crude. The main hope for most of us, is that by authorizing the exploration and extraction of these resources, OPEC will be forced to drop their prices so as not to lose their share of the American Market.


Comment by Mike Lovell

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