Monday, June 23, 2008
Beating back the offshore drilling hysteria
Aside from McCain's own flip-flop on this, the new call to open up offshore drilling will NOT do a thing to really change current gas prices--and does nothing to get us off Big Oil longterm except to go broke giving Big Oil another windfall:
As Crooks and Liars notes:
... The oil industry has drilled in only 19 percent of the more than 40 million acres they already can that are not covered by the current ban — 40 million acres that represent 79 percent of America’s technically recoverable offshore oil reserves. Using generous estimates from the latest analysis from Bush’s own Department of Energy, allowing unlimited drilling both offshore and in ANWR “would lower the price at the pump by less than 6 cents by 2025.”
As Sen. Reid correctly pointed out, this recent push by George Bush & John McBush represents “nothing more than a cynical campaign ploy that will do nothing to lower energy prices, and represents another big giveaway to oil companies already making billions in profits.” and the NYT went further to note that “the only real beneficiaries will be the oil companies that are trying to lock up every last acre of public land before their friends in power — Mr. Bush and Vice President Dick Cheney — exit the political stage.“
As Crooks and Liars notes:
... The oil industry has drilled in only 19 percent of the more than 40 million acres they already can that are not covered by the current ban — 40 million acres that represent 79 percent of America’s technically recoverable offshore oil reserves. Using generous estimates from the latest analysis from Bush’s own Department of Energy, allowing unlimited drilling both offshore and in ANWR “would lower the price at the pump by less than 6 cents by 2025.”
As Sen. Reid correctly pointed out, this recent push by George Bush & John McBush represents “nothing more than a cynical campaign ploy that will do nothing to lower energy prices, and represents another big giveaway to oil companies already making billions in profits.” and the NYT went further to note that “the only real beneficiaries will be the oil companies that are trying to lock up every last acre of public land before their friends in power — Mr. Bush and Vice President Dick Cheney — exit the political stage.“
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