The Progress Report: Energy -- Pandering To Big Oil (<-- click here to read more)
President Bush, "reversing a longstanding position," called yesterday for an end to the federal ban on offshore oil drilling and reaffirmed his call to drill in the Arctic National Wildlife Refuge in Alaska. Bush's flip-flop followed an even more egregious policy shift by Sen. John McCain (R-AZ), who pushed for offshore drilling in a speech before oil executives in Houston on Tuesday, though he had campaigned against it as recently as three weeks ago. Following Bush and McCain's lead, a number of conservatives reversed their former opposition to offshore drilling, including Florida's Gov. Charlie Crist (R), Sen. Mel Martinez (R) and Rep. Connie Mack (R). Former House Speaker Newt Gingrich has been leading the charge to expand domestic drilling, with his "Drill Here, Drill Now, Pay Less" campaign. Yet the election-year gimmick of expanding offshore drilling does nothing to solve America's energy crisis, nor will it have an ameliorating effect on soaring gas prices. Under McCain's assumption of 21 billion barrels of oil in the banned areas -- higher than the Department of Energy's estimation of 18 billion barrels -- there is still only enough to support America's total consumption, at 7.5 billion barrels per year, for three years. The bottom line is that America consumes 25 percent of the world's oil but has just 3 percent of the world's reserves, as Senate Majority Leader Harry Reid (D-NV) pointed out. "We cannot drill our way out of this problem," he said. David Sandalow, a Brookings Institution energy expert, said of offshore drilling, "It's like walking an extra 20 feet a day to lose weight. It's just not enough to make a difference."
Read on more via the link above!
Via the link above - in the "Think Fast" box at the bottom;
The New York Times reports that there is currently a "shortage of ships used for deep-water offshore drilling," meaning that any attempts to lift the offshore drilling ban would have little near-term effect. The "world's existing drill-ships are booked solid for the next five years," and shipbuilders have raised prices since last year "by as much as $100 million a vessel to about half a billion dollars."
"Former Gov. Jeb Bush, who negotiated the federal-state compromise to keep drilling away from Florida shores, said in an email to the Miami Herald" that he now supports drilling off Florida with restrictions.
John McCain's bet on offshore oil - The Week (<-- click here to read more)
What happened
John McCain on Tuesday called for lifting a 27-year federal moratorium on new offshore oil and gas drilling. The presumptive Republican presidential nominee, reversing his support for the ban, said the nation needs to reduce its dependence on foreign oil and “assure affordable fuel” for Americans hurt by soaring gas prices. (Los Angeles Times) President Bush, also reversing a longheld position, wants Congress to lift the offshore drilling ban. (The New York Times)
Read on more via the link above
President Bush, "reversing a longstanding position," called yesterday for an end to the federal ban on offshore oil drilling and reaffirmed his call to drill in the Arctic National Wildlife Refuge in Alaska. Bush's flip-flop followed an even more egregious policy shift by Sen. John McCain (R-AZ), who pushed for offshore drilling in a speech before oil executives in Houston on Tuesday, though he had campaigned against it as recently as three weeks ago. Following Bush and McCain's lead, a number of conservatives reversed their former opposition to offshore drilling, including Florida's Gov. Charlie Crist (R), Sen. Mel Martinez (R) and Rep. Connie Mack (R). Former House Speaker Newt Gingrich has been leading the charge to expand domestic drilling, with his "Drill Here, Drill Now, Pay Less" campaign. Yet the election-year gimmick of expanding offshore drilling does nothing to solve America's energy crisis, nor will it have an ameliorating effect on soaring gas prices. Under McCain's assumption of 21 billion barrels of oil in the banned areas -- higher than the Department of Energy's estimation of 18 billion barrels -- there is still only enough to support America's total consumption, at 7.5 billion barrels per year, for three years. The bottom line is that America consumes 25 percent of the world's oil but has just 3 percent of the world's reserves, as Senate Majority Leader Harry Reid (D-NV) pointed out. "We cannot drill our way out of this problem," he said. David Sandalow, a Brookings Institution energy expert, said of offshore drilling, "It's like walking an extra 20 feet a day to lose weight. It's just not enough to make a difference."
Read on more via the link above!
Via the link above - in the "Think Fast" box at the bottom;
The New York Times reports that there is currently a "shortage of ships used for deep-water offshore drilling," meaning that any attempts to lift the offshore drilling ban would have little near-term effect. The "world's existing drill-ships are booked solid for the next five years," and shipbuilders have raised prices since last year "by as much as $100 million a vessel to about half a billion dollars."
"Former Gov. Jeb Bush, who negotiated the federal-state compromise to keep drilling away from Florida shores, said in an email to the Miami Herald" that he now supports drilling off Florida with restrictions.
John McCain's bet on offshore oil - The Week (<-- click here to read more)
What happened
John McCain on Tuesday called for lifting a 27-year federal moratorium on new offshore oil and gas drilling. The presumptive Republican presidential nominee, reversing his support for the ban, said the nation needs to reduce its dependence on foreign oil and “assure affordable fuel” for Americans hurt by soaring gas prices. (Los Angeles Times) President Bush, also reversing a longheld position, wants Congress to lift the offshore drilling ban. (The New York Times)
Read on more via the link above
