Filed under: Economy, Energy, Environment, Humor | Tags: Big Oil, Democrat Demagogues, Economy, Energy, Gas Prices
Democrats are at it again, trying to trick you with fast action. Nancy Pelosi decides to stick it to the oil companies because they aren’t producing oil from the 68 million acres they already have. Why should Congress give them more land to do nothing with. (See, it is now not Congress’ fault for irresponsibly refusing to open onshore and offshore lands to exploration.We gave them 68 million acres and WHERE IS THE OIL?)
Well, Congress will fix that!
Congress will just compel them to produce oil. So there!
Red Cavaney, president and CEO of the American Petroleum Institute, responds in today’s Wall Street Journal:
If only it were that easy to find and produce oil. Imagine, an act of Congress that could do what geology could not.
These lawmakers ask why oil and gas companies want more access to federal lands to drill if they aren’t using all of the 68 million acres they already have? Anyone with even the most basic understanding of how oil and natural gas are produced — and this should include many members of Congress — knows that claims of “idle” leases are a diversionary feint.
A company bids for and buys a lease because it believes there is a possibility that it may yield enough oil or natural gas to make the cost of the lease, and the costs of exploration and production, commercially viable. The U.S. government received $3.7 billion from company bids in a single lease sale in March 2008.
Pelosi is getting so silly that she just makes me laugh. YOU — Produce oil now!!! That’ll do it. Our gas crisis is solved.
It is always fascinating when Congress takes on business and industry. It is such unfamiliar territory for members of congress, and they know so little, yet are so completely condescending. Businessmen are so polite and so knowledgeable that it never reflects well on their inquisitors. But nobody ever watches committee meetings anyway, and far too often, never reads the response of industry to unfortunate lawmaking.