Posted on 05/14/2006 10:19:05 AM PDT by thackney
In a close vote last December, liberals in the U. S. Senate blocked efforts to open the Arctic National Wildlife Reserve (ANWR) to oil and gas exploration.
Alaska Sen. Ted Stevens called it the "saddest day of my life," but the vote was a sadder day for American consumers. It was another missed opportunity to pursue more domestic exploration and greater energy independence.
President Bill Clinton vetoed legislation in 1995 to allow drilling in ANWR, saying it provided no short-term solution to the crisis. Perhaps the nation's current energy problems would not be so acute if he had signed the bill 11 years ago to begin the process and add one million barrels of oil per day to our domestic supply.
Most House members recognize the hardship created by increased energy prices and have been working on short-and long-term solutions. Passage of a comprehensive energy bill last year created incentives for more domestic production, development of alternative sources, and conservation.While the new law will not lower gasoline prices overnight, it was an important step toward U.S. energy self-sufficiency.
The House passed a bill to address price gouging, imposing stronger civil and criminal penalties against violators. I voted for the bill, but I doubt it will result in price reductions. Numerous investigations already under way in several states have failed to uncover evidence of illegal activity.
A second measure encouraging new refining capacity to increase the gas supply and drive down prices was defeated when it failed to get the necessary two-thirds majority for expedited passage. I expect the bill to be approved this week when it comes to the House floor under regular order, requiring a simple majority for passage.It is disappointing that only 13 Democrats voted for this measure to ease government regulation that has prevented construction of any new refinery in the U.S. in 30 years.
On another front, Joe Barton, chairman of the House Energy and Commerce Committee, sent a letter asking the five largest oil companies for information that will be used in an investigation to determine whether they are reinvesting enough of their profits in refinery production. He also announced plans for hearings to "look at the entire energy economy, from A to Z."
Soon we will again send the U. S. Senate a bill allowing oil and gas drilling in Alaska and the Outer Continental Shelf. With modern technology, these areas can be explored without any harm to the environment.It should be noted that there were no spills from Gulf oil wells or platforms even after being hit by record-setting Hurricanes Katrina and Rita.
The lack of domestic crude oil production is chief among a number of factors that has led to higher prices at the pump.Crude oil represents 55 percent of the cost of each gallon of gasoline. Exploding economies in China and India and their need for energy have greatly increased worldwide demand for oil. Uncertainty about the oil supply from Nigeria, Venezuela, and Iran has also upped prices on the world market, and more than 22 percent of oil production in the Gulf of Mexico remains off-line after last summer's hurricanes.
The traditional shift from winter to summer blends of gasoline has disrupted the supply chain, and meeting requirements for differing gasoline blends in specific regions of the country, so called " boutique fuels," has been a major problem, producing shortages and higher prices.The switch to ethanol as an additive has added five cents to each gallon.
But for the most part it still comes down to the need for more oil exploration and gasoline refinery production.As Washington State Attorney General Rob McKenna said, "Gas prices are influenced by the basic laws of supply and demand."
While some of the reasons for higher energy costs are beyond our ability to influence in the short-term, President Bush and this Congress are working to bring relief as soon as possible. We also continue to focus on long-term initiatives designed to make the U.S. energy independent.
Sadly, even some FReepers have Bush Derangement Syndrome.
Build and fill your own "oil reserve" and then stop buying any retail gas for a few months.
"The Alaska purchase from Russia by the United States occurred in 1867 at the behest of Secretary of State William Seward. The territory purchased was about 600,000 square miles (1,600,000 km²) of the modern state of Alaska."
The Russians would be drilling for sure.
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