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Home Front Economy
U.S. President Bush calls for oil drilling in offshore waters
2008-07-12
(Xinhua) -- U.S. President George W. Bush called for Congress on Friday to approve oil drilling in offshore waters and in the Alaskan wildlife refuge to push American through "tough economic times."

Bush said at a meeting at the Energy Department that one option to deal with skyrocketing oil price is to tap the vast potential crude oil reserves on offshore waters and in Alaska as well as in the western part of the country. He noted that technological development has made it possible to recover the oil while protecting the environment.

The president urged the Democrats-dominant Congress to address the issue before they begin a recession in August. "They have a responsibility to explain to their constituents why we should not be drilling for more oil here in America to take the pressure off of gasoline prices," he said.

The U.S. economy suffers from gasoline prices hike that has reached over 4 U.S. dollars a gallon (3.785 liter), and U.S. Congress and the White House are stressing different ways to ease the oil crisis. "Crude oil prices are up and one reason crude oil prices are up is because demand is outstripping supply," the president said.

On the other hand, Democrats in the House of Representatives are trying to pass an energy package as early as next week aiming at increasing domestic oil production, also as a way to counter Republicans' charges that they are anti-drilling. Let's be clear: Democrats support increasing the domestic production of petroleum and other energy resources," House Majority Leader Steny Hoyer told reporters on Wednesday.
Not Nancy Pelosi ...
He said the legislation would speed up development of the National Petroleum Reserve in Alaska, and reimpose a ban on foreign export of Alaskan oil.

Earlier this week, House Speaker Nancy Pelosi renewed her request to President Bush for more government-held oil in the Strategic Petroleum Reserve to be released onto the market to check prices, which has been always resisted by the president. "Right now the president has 700 million barrels of oil. He can release a small percent of it, less than 10 percent of it; have immediate impact on the price at the pump now, within 10 days, not within 10 years," Pelosi said.
Posted by:Fred

#15  "There is no reason we can't move our economy off of oil completely. "

Really? How many things made of plastic or synthetic fibers are you touching right now? How many painted or dyed surfaces can you see from where you are sitting.

69% of our oil consumption is for transportation. We can not convert that to electric because

1. we don't have the generation capacity or the distribution capacity. It would require doubling our power plants and power lines. The grid would melt if everyone plugged in their cars.

2. Have you ever seen an electric airplane that can carry any appreciable amount of passengers and freight?

No, we CANT get our economy off oil. It would require eliminating the aircraft industry for one that and that is only the beginning. That is the kind of crap that "pie in the sky" ninnies say without really thinking it through.

Painful? Yeah, eliminating all airlines, the Air Force, and all US aircraft manufacturers and their supplies would indeed be painful. And insane.
Posted by: crosspatch   2008-07-12 23:37  

#14  Drilling WILL help. How does increasing domestic production and increasing supply and keepign the money here instead of in Venezuela and Saudi Arabia and Mexico NOT work?

Care to explain that?

30 years of Democrat obstructianism says your absolutism is simply dumbassery and denial.
Posted by: OldSpook   2008-07-12 23:22  

#13  There'll be nothing left of the American economy in the long run if we continue on our current anti-oil path for a few more years. The Democrats are on the verge of making people yearn for the good old days of the 1970s.
Posted by: AzCat   2008-07-12 19:04  

#12  Sorry, drilling will NOT help. Ever. There is no reason we can't move our economy off of oil completely. Sure it will be expensive and painful in the short term, but the long run will be worth it.
Posted by: AllahHateMe   2008-07-12 18:52  

#11  A substantial portion of the current price of oil is speculation. The prospect of large quantities of oil coming on-line in the next few years, would cause current oil prices to drop.
Posted by: DMFD   2008-07-12 17:45  

#10  I'm salivating over the prospect of all the great fishing spots up and down the coast that will result from these platforms.

Cost of gas be damned - I want the improved fishing!
Posted by: no mo uro   2008-07-12 15:23  

#9  Actually the US does need a civilian oil reserve. The oil companies used to keep several weeks supply on hand but not anymore. It lowers their costs and they can also take advantage of much wilder price rises that a large inventory would dampen.
Posted by: ed   2008-07-12 12:02  

#8   "Right now the president has 700 million barrels of oil. He can release a small percent of it, less than 10 percent of it; have immediate impact on the price at the pump now, within 10 days, not within 10 years," Pelosi said.

That's why not releasing it will have the desired effect in November as you're feeling the hate of obstructing access to the source of the stuff for over 30 years. It's for military emergencies not your political emergency. Since its been all about power for you, and you don't give a crap about the nation's economy or welfare, just votes from the usual suspects, as they say - feel the power. George has no reason to accommodate you. He's not up for reelection. He'd better get an incredible deal from you and yours before he'll do anything after your games for two years. Oh, and if he's learned anything from his father's experience with Donk promises, you'd better deliver first, no IOUs. Enjoy.

Posted by: Procopius2k   2008-07-12 11:49  

#7  Do they think the oil in the strategic reserve came from the oil fairy instead of drilling _somewhere_?
Posted by: Abdominal Snowman   2008-07-12 11:19  

#6  Banning the export of oil, when you are a huge importer is very dumb idea.
Posted by: phil_b   2008-07-12 08:19  

#5  And Japan's other source of oil? Iran.

Stuck on stupid.
Posted by: Nimble Spemble   2008-07-12 07:43  

#4  Yep, inefficent, Japan is the natural destination.
Posted by: .5MT   2008-07-12 06:49  

#3  reimpose a ban on foreign export of Alaskan oil.


This will drive up the cost of oil.
Posted by: Nimble Spemble   2008-07-12 06:42  

#2  "Right now the president has 700 million barrels of oil. He can release a small percent of it, less than 10 percent of it; have immediate impact on the price at the pump now, within 10 days, not within 10 years," Pelosi said.

I had no idea that this was somehow gating Dems voting for drilling offshore and in Anwar.
Posted by: gorb   2008-07-12 02:16  

#1  OK George, show some cojones and make the first move: Remove the EXECUTIVE ORDER that bans it. Put the blame squarely in the Democrat's hands.

Why haven't you done it already George? All it takes a a signature.
Posted by: OldSpook   2008-07-12 01:50  

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