Common Folk Using Common Sense

Most of the oil, and more than 40% of the natural gas, on government land is off limits to drilling.

There are huge deposits of energy-rich resources in the US, much on government land, and the very same government will not allow drilling to bring those resources to the surface.

But the government wants to impose stiff taxes on energy companies because they’re making too much money on the very limited resources we’re getting from foreign governments?

Opening up these resources would give energy companies access to 19 billion barrels of oil and 231 trillion cubic feet of natural gas. Based on current consumption, the inaccessible reserves amount to a 2+ year supply of oil and a 10 year supply of natural gas.

But here’s what Representative Maxine Waters (D-CA) said to the president of Shell Oil during a House hearing:

And guess what this Liberal would be all about? This Liberal would be all about Socializing — er, uh. [Pauses for several moments] …. would be about … [pause] … basically … taking over, and the government running all of your companies.

This is the same Los Angeles lunatic that voted “no” on scheduling permitting for new oil refineries (Jun 2006), voted “no” on authorizing construction of new oil refineries (Oct 2005), and voted “yes” on prohibiting oil drilling & development in ANWR (Aug 2001).

Add to this the words of Senator Chuck Schumer (D-NY):

If Saudi Arabia were to increase its production by 1 million barrels per day that translates to a reduction of 20 percent to 25 percent in the world price of crude oil, and crude oil prices could fall by more than $25 dollar per barrel from its current level of $126 per barrel. In turn, that would lower the price of gasoline between 13 percent and 17 percent, or by more than 62 cents off the expected summer regular-grade price - offering much needed relief to struggling families.

Wow. If Saudi Arabia were to increase its production by 1 million barrels per day that translates to a reduction of 20 percent to 25 percent in the world price of crude oil. But what if ANWR were to produce 1 million barrels per day, would that translates to a reduction of 20 percent to 25 percent in the world price of crude oil as well?

[drilling in the Arctic Wildlife Refuge would] take ten years and reduce the price of oil by a penny.

So, Senator Schumer, which is it? Does the additional production of 1 million barrels per day translate to a reduction of (1) 25%, or more than $25 dollars, or (2) one penny, in the world price of crude oil? It doesn’t take a Ph.D in economics to know that both figures can’t be right. You idiot.

Says Ed Morrissey:

We did not become the “wealthiest nation” through government confiscation and central economic planning. Our economic success came through the free flow of markets, a respect for private property, and a federal government that knew its Constitutional place. The decades-long impulse to solve every problem and redistribute wealth through the auspices of Washington DC threaten that long-term economic viability, and every additional giveaway program — no matter how well-intentioned — adds to the catastrophic collapse we or our children will experience through entitlements.

oil, natural gas, government, Maxine Waters, ANWR, Chuck Schumer

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