House OKs controversial drilling bill

CNN ^

[djharley67]

WASHINGTON (Reuters) - The House of Representatives Friday passed a broad energy bill, which includes the Bush administration's plan to allow oil drilling in an Alaskan refuge that may hold up to 16 billion barrels of crude.

The bill updates U.S. energy policy for the first time in a decade, with the most controversial provision in the legislation endorsing the White House's goal of giving oil companies access to part of the sprawling Arctic National Wildlife Refuge, or ANWR.

[djharley67]

>>>>>>>Most House Democrats opposed drilling in the refuge and said the legislation primarily benefited the oil industry.<<<<<<<<

They are maddening, perhaps if we drill for oil and actually use our own resources the prices will drop dramtically. According to my numbers a family with one auto will save $1300.00 a year when gas prices fall. multiply by 2....hey thats a mutual fund for "the children". Although the Dems probably realize most of their voting block will buy more blunts and 40's with the money.

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[WellsFargo94]

The timing is great as it would let the protestors know that we aren't after Iraq for their oil, plus it'll give the protestors a reason to buy new Sharpies and poster board.

[petuniasevan]

The House bill has to be reconciled with differences in Senate energy legislation, which is still being written and does not contain language opening ANWR to drilling.

Don't get too worked-up. To make it "mesh" with the Senate version, the ANWR portion will likely be dropped. Just wait and see.

[profmike23]

"No drilling for oil?" Doesn't have the same ring as "No blood for oil."

[profmike23]

16 billion barrels of crude, and 20 million barrels consumed a day - doing the math reveals 8,000 days worth of oil. And the envirowackos claim there is only enough for six months!

Unless there's a difference between what the article called "crude" and the oil we consume daily - processing, refinement, etc. Anyone know?

[BushMeister]

That 16 billion barrel figure is fairly new, and is a best case scenario. The earlier and more proven number is something like 2.5 billion barrels. Either way, it's a no-brainer to drill there.

[profmike23]

Comes out to 1250 days or 3.4 years. The six month claim the libs repeat seems like a dramatic lie (surprise, surprise).

Thanks for the info, though, I am doing a presentation on ANWR drilling in my public policy class.

[RightWhale]

perhaps if we drill for oil and actually use our own resources the prices will drop dramtically

Yeah, that could happen. Somebody will get rich, and it won't be Alaska. That part of the deal was negotiated years ago. Alaska will not benefit to the extent it did at Prudhoe. The price of oil will not be affected: the price must remain where it is or higher to justify developing ANWR.

Congress should allow any development of any resources. Why they block this or that development is simple favoritism. Coal development in Alaska for example is blocked in favor of eastern interests. Environmentalists are lobbying to block some development, especially in Alaska, and the result is the same as this congressional favoritism. Who funds the enviros? Might be disturbing to know.

[Southack]

Progress, but can we get this through the Senate...

[jd777]

Even if the libs were right and it was ONLY a six month supply. That would mean no, I repeat, no U.S. purchases of any foreign oil for six months. That would literally devastate OPEC.

[arielb]

the truth is that the strongest argument for drilling is to reduce our dependence on oil from Iraq. But it is free now so there is no problem with buying their oil. On the other hand look what's going on with Venezuela and Nigeria...

[yoe]

"The U.S. market consumes about 20 million barrels of oil a day..."

That can be cut in half by using fuel cells - we'll always have some need for oil but the use of fuel cells is the future energy source and the future is here! Convert, convert, and convert.

[Risa]

>>Comes out to 1250 days or 3.4 years. The six month claim the libs repeat seems like a dramatic lie (surprise, surprise). <<

I wonder what is the time frame and actual costs for extracting the oil? Are the osts of extraction greater than the value of the oil once it's extracted?

risa

[Risa]

>>Are the 'osts' of extraction greater ...<<

oops--a typo--'osts' is 'costs'<<

[farmfriend]

related thread:

Ose breaks GOP ranks -- opposes energy bill

[TheBattman]

Although the Dems probably realize most of their voting block will buy more blunts and 40's with the money.

I nominate this phrase for a "phrase of the day" award......and it's true!

[profmike23]

I think the costs of a potential embargo/drop in foreign production to our economy and security could justify allowing private companies to invest private dollars in extracting the oil.

[Republican Wildcat]

It is controversial only to the ignorant and the dishonest.