The Fernando Poniente Show

House Subcommittee Rejects Plan to Open U.S. Waters to More Oil Exploration

The way I see it: if we started to drill for oil on our own land, even if it takes 7 to 10 years to benefit from this drilling, wouldn’t the oil prices go down? Wouldn’t the people whom we get oil from now lower it’s prices to keep America as one of their customers?

WASHINGTON — A House subcommittee on Wednesday rejected a
Republican-led effort to open up more U.S. coastal waters to oil
exploration.
Rep. John Peterson, R-Pa., spearheaded the effort. His proposal
would open up U.S. waters between 50 and 200 miles off shore for drilling. The
first 50 miles off shore would be left alone.
But the plan failed Wednesday
on a 9-6, party-line vote in a House appropriations subcommittee, which was
considering the proposal as part of an Interior Department spending
package.

…According to Peterson’s office, the U.S. Minerals Management Service
estimates that 86 billion barrels of oil and 420 trillion cubic feet of natural
gas can be found along the U.S. outer continental shelf, the area affected by
the ban.
Peterson is not alone in his desire to open up the shelf. An effort
to unlock the resources has been underway in Congress in recent years, and
several interest groups are backing the effort, too.
“Tapping America’s huge
reserve of deep ocean energy helps us fight terrorism and increases our domestic
energy supply, which will help put downward pressure on gasoline prices,” Greg Schnacke, President of Americans
for American Energy, said in a news release, adding: “With Americans suffering
at the gas pump and with higher energy bills, it’s a no-brainer that the OCS
should be developed.”

The comments that McConnell referred to were given during an interview with CNBC. Discussing rising gasoline prices, Obama said: “I think that I would have preferred a gradual adjustment. The fact that this is such a shock to American pocketbooks is not a good thing.
Obama also said that “if we take some steps right now to help people make the adjustment, first of all by putting more money into their pockets, but also by encouraging the market to adapt to these new circumstances more quickly, particularly U.S. automakers, then I think ultimately, we can come out of this stronger and have a more efficient energy policy than we do right now.

I’m sorry…I must be mistaken…I thought the gasoline prices were gradually adjusting. A shock would be going from $1.79 per 9/10gal and the next day $4.05 per 9/10gal. May God Bless Barack Obama

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