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Crude Mistake
IBD ^ | May 16, 2008

Posted on 05/16/2008 7:12:16 PM PDT by Kaslin

Energy: With the price of oil spiking above $127 a barrel, the search for scapegoats has begun. Some point to the Saudis, OPEC's No. 1 producer. Others blame the oil companies. We have a better candidate: Congress.


As President Bush traveled to Saudi Arabia to ask the House of Saud to open the oil spigots a bit wider, Congress showed once again how clueless it is when it comes to energy policy.

Underscoring its failure to grasp the nature of our current problems, the Senate Appropriations Committee on Friday refused to end its moratorium on oil shale development in Colorado.

"If we are really serious about reducing pain at the pump," Colorado's senior senator, Republican Wayne Allard, said, "this is a vote that would make a difference in people's lives." He's right.

But the shale proposal went down to defeat with Allard and 13 other Republican members in favor and 15 Democrats opposed. Once again, Democrats were on the wrong side, opting to keep oil in the ground and punish you with higher prices as a result.

This was no minor thing. Estimates put the amount of oil locked in shale in both Canada and the U.S. at more than 1 trillion barrels. Pulling out even a tenth of that would quadruple our current reserves.

This is the same Congress that refuses to allow drilling in Alaska's Arctic National Wildlife Refuge, which holds up to 20 billion barrels of crude, or offshore, where another 30 billion await.

Meanwhile, Brazil — which recently made a major oil discovery almost in sight of Rio's beaches — announced that it has leased 80% of the world's deep-sea offshore oil rigs. In other words, Brazil unlike the U.S., isn't dithering as prices soar. It's drilling.

(Excerpt) Read more at ibdeditorials.com ...


TOPICS: Business/Economy; Extended News; Government
KEYWORDS: 110th; congress; democrats; energy; oil; scumbags
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To: pctech
Yes. Starting with tyrants and terrorists.
21 posted on 05/16/2008 7:37:41 PM PDT by JasonC
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To: doc1019

It is rather hypocritical of us to ask them to despoil their “pristine” desert and endanger their sand fleas.


22 posted on 05/16/2008 7:42:13 PM PDT by broncobilly
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To: VRWC For Truth
How about some tax credits to build more refineries.

How about just getting out of the way?

I despise tax credits as social engineering or economic development tools.

23 posted on 05/16/2008 7:42:26 PM PDT by elkfersupper
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To: broncobilly

LOL!


24 posted on 05/16/2008 7:43:30 PM PDT by doc1019 (I was taught to respect my elders, but it's getting harder to find one.)
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To: Kaslin
This is the same Congress that refuses to allow drilling in Alaska's Arctic National Wildlife Refuge, which holds up to 20 billion barrels of crude, or offshore, where another 30 billion await.

WE had a republican president and a republican senate and republican house a few years ago and this problem didn't get solved either. - Tom

25 posted on 05/16/2008 7:47:08 PM PDT by Capt. Tom (Don't confuse the Bushies with the dumb Republicans - Capt. Tom)
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To: HangnJudge
The only excuse I can see for this for this is that the USA reserves are being kept in strategic reserve, until other countries use up their deposits

You can't use it up.

It is a self-renewing and self-sustaining resource.

Your fellow citizens have just stupidly restricted where people can go to exploit it.

It's kind of like the smoking bans - the end result of decades of propaganda-generated hysteria.

The electorate asked for it, the electorate got it. The chief danger of pure democracy.

We should all be happy that the "system" apparently works.

26 posted on 05/16/2008 7:51:22 PM PDT by elkfersupper
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To: shrinkermd
Agreed.

What congress needs to do is pay for their own gas. I'll bet they have never put any gas in there tanks that is not reimbursed by us taxpayers. (probably use a govmint credit card) That includes their staff and probably the family members as well. Although I admit the latter is just my feeling.

27 posted on 05/16/2008 7:52:46 PM PDT by 386wt (Be free and don't die!)
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To: 386wt

there —> their


28 posted on 05/16/2008 7:54:00 PM PDT by 386wt (Be free and don't die!)
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To: stockpirate
The reason OPEC is pushing prices up like this is to affect our election. During bad economic times tje party in the WH looses. If they are successful, we end the WOT.

Nice conspiracy theory. Just not true. This is a global commodity bubble. Thank Alan Greenspan for keeping rates too low for too long.

29 posted on 05/16/2008 7:57:37 PM PDT by G.Love (Romney '12)
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To: Kaslin

And what a pity it is that our sitting president is so inarticulate that he cannot, even with all the facts currently available, and the price of energy and food, he still cannot effectively articulate the part the Democrats and environment extremists have played in causing the current problems.

There is a gold mine of material, but seemingly no one to make use of it to the Republicans and the nation’s advantage.


30 posted on 05/16/2008 7:57:43 PM PDT by Will88
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To: Sgt_Schultze
The freakishly far left whines that it will take some 10+ years to realize any benefit from new domestic production.

And the freakishly far left Clinton vetoed ANWR drilling 14 years ago...

31 posted on 05/16/2008 7:58:11 PM PDT by Onelifetogive (Simple-minded conservative...)
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To: Kaslin

for reference — thanks for the post


32 posted on 05/16/2008 8:02:03 PM PDT by EverOnward
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To: Kaslin

Here is the event that set the sixties era environmental extremists on their current course, one oil spill from an offshore rig and they’ve been stark raving mad ever since, making their contribution to our energy problems while gaining great influence inside the Democrat party:

http://www.latimes.com/news/science/environment/la-santa_barbara1969_oilspill-pg,1,1520308.photogallery


33 posted on 05/16/2008 8:03:19 PM PDT by Will88
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To: 386wt
What congress needs to do is pay for their own gas. I'll bet they have never put any gas in there tanks that is not reimbursed by us taxpayers. (probably use a govmint credit card) That includes their staff and probably the family members as well. Although I admit the latter is just my feeling.

Odds are that you are right. They don't even pay for their cars.

34 posted on 05/16/2008 8:03:59 PM PDT by Lijahsbubbe
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To: ALPAPilot
Lindsey Williams knows what the deal is. He has a good video series on You tube.

Oil prices are not decided by Arabs they are decided by commodities brokers on wall street.

35 posted on 05/16/2008 8:15:55 PM PDT by ColdSteelTalon
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To: doc1019
In the meantime, the leader of the free world goes begging to some fat overbearing raghead potentate. Sad day in the life of America.

If he hadn't asked them, you'd be the first on to bitch about it

36 posted on 05/16/2008 8:17:58 PM PDT by Kaslin (Peace is the aftermath of victory)
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To: stockpirate

I don’t think it OPEC alone that is pushing the prices up.. It’s those darned speculators who do


37 posted on 05/16/2008 8:20:31 PM PDT by Kaslin (Peace is the aftermath of victory)
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To: Will88
I hope you realize that the President can only do what Congress allows him to do
38 posted on 05/16/2008 8:27:28 PM PDT by Kaslin (Peace is the aftermath of victory)
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To: Kaslin
moratorium on oil shale development in Colorado

Oil shale development moratorium? When did this happen? I knew that the Dems were blocking ANWR and offshore development, but I hadn't heard that they were blocking shale development.

39 posted on 05/16/2008 8:27:42 PM PDT by Rocky
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To: Capt. Tom
WE had a republican president and a republican senate and republican house a few years ago and this problem didn't get solved either.

Oil exploration was blocked by almost all rats and a few Rinos. The rats march in lock step against energy development except for the alternatives they prefer. They are leading us into an energy nightmare. In 10 years, we will have shortages of peak power, dramatic movement of industries to other countries, and much higher fuel costs. I cannot understand how the average individual complains about fuel and energy costs but votes for rats.

40 posted on 05/16/2008 8:28:07 PM PDT by businessprofessor
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