As the GOP mantra echoes across the hall where John McCain accepts his nomination, the sound you hear is “DRILL DRILL DRILL” and “END DEPENDENCE ON FOREIGN OIL“.
The Facts that prevail here are stunningly deceptive. We are currently exporting more than we intend to drill, and the prevailing administration and its party, have utterly failed us. Energy as an investment for many producers has the mechanism of sale by bid, meaning that the highest bid gets the oil, as opposed to the highest local need gets the oil. The time may be near to impose some level of regulation.
Article: http://ctngreen.com/2008/oct/?page=94 for graph of the relative value derived from drilling offshore.
Markey to Bush: Keep Our Oil At Home
WASHINGTON (August 19, 2008) – Even as calls to open up large swaths of America’s offshore areas to oil drilling continue, America is setting new records for exports of domestically produced oil and petroleum products. Today Rep. Edward J. Markey (D-Mass.), Chairman of the Select Committee on Energy Independence and Global Warming, sent a letter to the president asking him to explore stopping the exports of U.S. oil to foreign nations.
“Mr. President, keep our oil at home. While American families have been shelling out big bucks at the pump, we’ve been shipping American oil and petroleum products abroad to places like China, Singapore and Venezuela,” said Markey. “If we want to help America become energy independent, we should first look to American oil being shipped to foreign countries.”