Thursday - May 22, 2008
Senate subpoenas oil execs once again. SSDD.
John Lowe, Executive Vice President, Conoco Philips Company:
I cannot overemphasize the access issue. Access to resources is severely restricted in the United States and abroad, and the American oil industry must compete with national oil companies who are often much larger and have the support of their governments.
We can only compete directly for 7 percent of the world’s available reserves while about 75 percent is completely controlled by national oil companies and is not accessible.
While all oil-importing nations buy oil at global prices, some, notably India and China, subsidize the cost of oil products to their nation’s consumers, feeding the demand for more oil despite record prices. They do this to speed economic growth and to ensure a competitive advantage relative to other nations.
Meanwhile, in the United States, access to our own oil and gas resources has been limited for the last 30 years, prohibiting companies such as Shell from exploring and developing resources for the benefit of the American people.
Senator Sessions, I agree, it is not a free market.
According to the Department of the Interior, 62 percent of all on-shore federal lands are off limits to oil and gas developments, with restrictions applying to 92 percent of all federal lands. We have an outer continental shelf moratorium on the Atlantic Ocean, an outer continental shelf moratorium on the Pacific Ocean, an outer continental shelf moratorium on the eastern Gulf of Mexico, congressional bans on on-shore oil and gas activities in specific areas of the Rockies and Alaska, and even a congressional ban on doing an analysis of the resource potential for oil and gas in the Atlantic, Pacific and eastern Gulf of Mexico.
The Argonne National Laboratory did a report in 2004 that identified 40 specific federal policy areas that halt, limit, delay or restrict natural gas projects. I urge you to review it.
No kidding. Gosh, you mean the oil companies don’t have free reign to drill willy-nilly and suck the lifeblood of dear Gaia whenever and whereever they want? I’ve heard that taxes make up 6 times as big a slice of the price of a gallon of gas as do oil company profits. Could this be true???
As usual, the anal ostriches of the Senate are doing something about the high price of gas. They’re yelling at the oil companies and threatening windfall taxes. This is nothing new. I swear they do this every 3 or 4 years, and have been doing it since I was 11 years old. And it’s always the same questions, and the same answers, and the same awareness of issues: The oil companies make a lot of money because they sell an enormous amount of product. If there is any price fixing going on, it’s in the international market; profits on oil are lower than profits in most other businesses. Oil prices could be lower if the companies could exploit more of the resources we know we have, but a zillion federal laws are in the way. This is the exact same song and dance that’s been going on for generations.
Go read the rest if you want, at Power Line. Or at Malkin. I’m just throwing up my hands. Michelle reminds us that this is a standard Democrat tactic, but for extra fun, now we have John McCain getting on board with them. Such a Republican old Maverick is. Not.
Posted by Drew458
on 05/22/2008 at 09:16 PM
Filed Under: • Miscellaneous •
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