Thursday, June 05, 2008
The Gas Prices We Deserve
George Will believes Americans deserve high gas prices because many of us vote for people like Sen Charles Schumer. Schumer wants to pressure Saudi Arabia to produce 1 million additional barrels of oil per day while simultaneously blocking new exploration in this country:
One million barrels is what might today be flowing from ANWR if in 1995 President Bill Clinton had not vetoed legislation to permit drilling there. One million barrels produce 27 million gallons of gasoline and diesel fuel. Seventy-two of today's senators -- including Schumer, of course, and 38 other Democrats, including Barack Obama, and 33 Republicans, including John McCain -- have voted to keep ANWR's estimated 10.4 billion barrels of oil off the market.If only Republican Senators had the guts to call him on this.
So Schumer, according to Schumer, is complicit in taking $10 away from every American who buys 20 gallons of gasoline
In September 2006, two U.S. companies announced that their Jack No. 2 well, in the Gulf 270 miles southwest of New Orleans, had tapped a field with perhaps 15 billion barrels of oil, which would increase America's proven reserves by 50 percent. Just probing four miles below the Gulf's floor costs $100 million. Congress's response to such expenditures is to propose increasing the oil companies' tax burdens.And its an arrogant, hypocritical energy policy, thanks largely to the Democrats.
America says to foreign producers: We prefer not to pump our oil, so please pump more of yours, thereby lowering its value, for our benefit. Let it not be said that America has no energy policy.