Posted on 06/11/2008 11:00:12 PM PDT by Fred
Dems Kill Chances for Energy Independence? A congressional subcommittee struck down an important bill, which could have opened up reserves worth billions of barrels of oil and trillions of cubic feet of natural gas, on Wednesday, Cramer said.
The measure would allow drilling between 50 miles and 200 miles off the U.S. coastline. Estimates for the reserves there were as high as 8.5 billion barrels of oil and 29 trillion cubic feet of natural gas, in addition to potential undiscovered resources of 86 billion barrels of oil and 420 trillion cubic feet of gas.
Needless to say, Cramers a bit perplexed. Especially since increased supply is the only way to bring oil prices down from almost $137 a barrel. American consumers need that. So do American businesses. And not just the users of oil, but those service companies involved with bringing it to market. The measure would have been a boon to Transocean , FMC Technologies , National Oilwell Varco and Schlumberger . Not to mention, Cramers favorite nat-gas names: Apache , Anadarko , Chesapeake , Devon and others.
Rep. John Peterson, a Republican from Pennsylvania, had high hopes for the bill. He was surprised it didnt pass, he told Cramer today. Theres a lot of members of the committee that were learning toward voting for it, Peterson said. There were some who had voted for it in the past. But in the end Pelosi power prevailed, the congressman continued, referring to Democratic majority leader Nancy Pelosi of California.
She has great control of her caucus, Peterson said. And when they decide not to vote for something, they all vote no. I was disappointed in that.
The bill has two more chances to pass. While it did not make it past the Subcommittee on Interior and the Environment, the full Appropriations committee still has a chance to push the bill through next Wednesday. Then theres the floor of the House.
Itll be interesting to see if all the Democrats will follow her lead there, Peterson said.
Whats at stake here? Americas dependence on foreign oil.
Were really lagging. Were not producing, Peterson said. We are now 67% dependent on foreign [oil]. And every time we vote not to produce energy, we are now more dependent on foreign. And those same people say, We must wean ourselves away from foreign dependence. Well, were going to be 80% foreign dependent if their policies prevail.
The outer continental shelf was blocked off from drilling 27 years ago. With oil and gas prices so low then, it might have made sense. But with the price per barrel for oil near $137 now, its foolish policy, Peterson said. U.S. companies could be forced to send business overseas where prices are as low as a tenth of what they pay here. Case in point: Dow Chemical . Back in 2002, that company paid $8 billion a year for natural gas. Now Dow is paying $8 billion a quarter.
Another factor worth mentioning: The U.S. used to hold 8 million to 10 million barrels of oil for emergencies. Thats not there today, Peterson said. So if a major hurricane strikes, a oil-producing country topples or terrorists attack the supply system, were talking $200 tomorrow for prices for oil.
Cramers call: We cannot see lower prices until we do far more drilling. But the big places to drill are off limits. Rep. John Peterson makes sense. I think you should write your congressman and say that.
Here is the video interview on Mad Money with Congressman John Peterson, who introduced the bill
A guy who works for an oil company said that since ANWR is so close to the pipeline in Alaska that’s already built, we could easily add the ANWR oil to the market in less than three years.
In the meantime, we can supplement with NUKE power.
“pelosi stops latest house drill for oil bill...”
scu&bag(s) extraordinaire that belong in institutions for the criminally insane or jails as traitors.
(imho with a big barf)
She has great control of her caucus, Peterson said. And when they decide not to vote for something, they all vote no. I was disappointed in that.
So Republican lawmakers take another 14 year snooze:
The RNC should be screaming bloody murder!
Really? Where do we flip the switch?
It’s a good thing some of us either voted Democrat or didn’t vote at all back in 2006. That ought to teach the Republicans a lesson!
Just listened to the video. That guy Cramer is really annoying. I can’t forward that link to anyone. They’d think I’m a whack job.
Ping.
LOL. I can’t listen to Cramer. I used to catch his show occasionally, he does sometimes say interesting things, but he got wackier and wackier. I don’t know if he’s losing his mind or if he thinks hysteria = ratings, but I got sick of him quickly and never listen to him anymore.
And people are getting killed
Today Dems rejected a plan to open US waters to drilling>
Gateway Pundit says:
Oil Prices Soared Today As Inventories Dropped
Do you think the Democratic plan of raising taxes on oil companies will help?
How about the Democratic plan to sue OPEC over gas prices? Do you think that will help increase inventories?
Yeah! Raise taxes! That will make more oil! Sue OPEC! Theyll listen to a court!
How about we just, finally, allow Americans to have access to their own oil and oil shale deposits?
Gateways helpful chart on Democrat and GOP energy plans:
Had enough, yet?
Yes, its absolutely true: if we started drilling today, it would take years to get the oil refined and into the market we should have started 30 years ago...
As Atlas Shrugs likes to say, "Read the whole thing" at the link-- the Anchoress is quite a good writer.
The RATS won’t give any kind of ‘victory’ to Pres Bush or to the Republican Party, especially during an election yar..The House and Senate DimocRATS have acted in the most disgraceful behavior since the Vietnam era...Their anti-war, anti-American sentiment has worn American’s patience to a thin edge and we hope they are all booted out in Nov ‘08 along with their cowardly, know nothing pres candidate..
What they are doing is affecting the rest of the world along with the USA..Gas prices are through the roof because OPEC and foreign countries control the price of oil..Every country in the world is paying higher prices and many countries are suffering as a result..This could result in a world wide depression...So much for the RATS caring for the poor and the impoverished..Their first and only care is for their backside...
I just don’t understand how the dems can pick up more seats after this. I can’t believe my fellow Americans are that ignorant.
She was really a skank.
DRILL and REFINE....NOW!
In the meantime, we can supplement with NUKE power.
“Really? Where do we flip the switch?”
That’s the problem, NO SWITCH. Call your reps.
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