Friday, July 18, 2008

A Welcome Comment on Oil Drilling

Sen. Feinstein adds to the chorus of boos over opening up new areas for offshore drilling. Money quote, not discussed on this blog earlier:

The vast majority of the outer continental shelf is already open to oil exploration: Areas containing an estimated 82% of all of the natural gas and 79% of the oil are today available to energy companies through existing federal leases. Federal agencies are issuing drilling permits at three times the rate they were in 1999 -- but that hasn't slowed oil prices during the climb from $19 to beyond $140 a barrel.

Meantime, energy companies haven't fully utilized their existing permits to drill on another 68 million acres of federal lands and waters. Exploiting these areas probably could double U.S. oil production and increase natural gas production by 75%.

And still the US only accounts for 3% of the world's supply of oil. Even with doubling production on oil, we won't make a dent in the world price.

Repeat these stats with anyone who thinks McSame is right.

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