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HISTORICAL QUOTE OF THE WEEK - "Always bear in mind that your own resolution to succeed is more important than any other." ABRAHAM LINCOLN

Tuesday, June 17, 2008

JOHN MCCAIN SAYS DRILL !

The above graphic was borrowed from Mike's America
(click here for full size graphic)

In an energy statement being made today Republican nominee John McCain is calling for the federal ban on off shore drilling to be lifted and The United States allowed to finally tap into the vast oil reserves that are available to increase domestic oil supplies and lesson our dependency on foreign oil.

While many will tout this move by McCain as a flip flop because of his opposition eight years ago to drilling in the Anwar preserve in Alaska, McCain's announcement accepts the fact that US dependency on foreign oil is a major reason for the escalating energy prices in our country, especially at the pump, and that we have an oil based economy therefore the only real answer in the short term to our , "energy crisis, " is to drill for new sources of oil.

The futures speculators have had a considerable control over the price of a barrel of oil of late , enough so that last week the Saudi Oil Minister called for calm in the market to attempt to quell the speculation panic that is driving the futures market and the price of gas at the pump.

Supplies are not low but the panic over that possibility because of speculation concerning the effect on supplies as China continues to increase their oil consumption is driving the market and prices. This is just adding to the problem that we in The United States have concerning foreign dependency on oil and the only way to curb this problem in our own country is to limit or end that dependency by drilling for oil from our own sources.

Thus McCain's call for lifting the off shore drilling ban. The graphic above indicates oil reserves that are currently known under our own soil. This graphic does NOT include most of the off shore sources and the total reserves under our own soil are 48.5 BILLION barrels of oil.

McCain's response to the rising fuel prices shows a marked difference from that of Barack Obama who in an interview on June 10 stated, "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." Rather than suggesting as McCain has a solution to combat higher prices, Obama prefers a more, "gradual adjustment, " which keeps the US in line with the rest of the world rather than easing the pain at the pumps with real solutions.

In other words Obama says, "get used to it, " rather than looking for ways to combat the price at the pump. This once again shows how out of touch this liberal Democrat is with the American people. McCain is at least proposing a way of relieving the price pressure by decreasing our foreign oil dependency and tapping domestic sources which will force the price down.

Simply lifting the ban on off shore drilling will have an immediate effect on the futures market as speculators will see additional sources for oil especially coming from The United States and as such will begin to balance the market. Once those sources are tapped another adjustment will follow and all of this BEFORE the first barrel is taken from off shore sources.

While alternative ideas for solving energy problems are good these will not have any real effect for another 20 to 30 years if then. With an oil based economy the only real answer now is to drill. McCain understand this, Obama does not and that is yet another reason why BHO has no business in The White House.

Ken Taylor

13 Comments:

Blogger Rob said...

Ken, drilling won't increase the value of the dollar which is a major reason for the rising price of commodities, including oil. Oil is transacted on the world stage but it is done in dollars. Oil producers and big oil companies are increasing prices at a rapid rate to build in a hedge against the falling dollar.

Second, there is plenty of supply - there are not real disruptions in supply. Our refineries are full and don't need any more oil. It is possible that drilling for more oil will make this more clear to the market makers that oil supply is not a problem. That may bring about the pop that is sure to happen in the oil futures market - but that is going to happen anyway. There is no reason to drill for more oil.

Finally, the big oil companies have significant drilling backlogs already. They are the ones who want to take advantage of the current situation to get their hands on oil on federal lands. They are getting this oil at a discounted price relative to the world market prices which is boosting their profits.

This is a fact - the U.S. is exporting 1.8 million barrels of oil per day. If we are in such a dire situation, we could stop exporting oil.

4:19 PM, June 17, 2008  
Blogger Rob said...

The big oil corporaton here in the U.S. are not going to stop exporting oil.

WE DO NOT HAVE A SUPPLY AND DEMAND PROBLEM.

If we did, we would be seeing a shortage of gas at the pumps here and around the world. There isn't anyplace in the world that doesn't have adequate oil supply.

4:21 PM, June 17, 2008  
Anonymous Anonymous said...

Does McCain offer anything more than a very poorly thought out short-term solution?

I think we should hold on to our oil reserves for at least 50 more years. Then we can sell the rest of the world our oil at $2000 a barrel.

Our gas prices have been artificially low for so long that it has encouraged overuse of a very limited resource.

11:17 PM, June 17, 2008  
Anonymous Anonymous said...

Our oil is a NATIONAL resource ... we need to manage it nationally, not at a state level.

In any case high gas prices are a good thing since we are finally learning the definite of NON-Renewable resource.

11:20 PM, June 17, 2008  
Anonymous Anonymous said...

With the Saudis charging us $138.00 per barrel of oil, and we are selling our grain for $7.00 per bushel, Why not charge them $138.00 a bushel for our grain?

9:37 AM, June 18, 2008  
Blogger Rob said...

I am assuming this last comment is a lame attempt at being funny.

The Saudis aren't setting the price - $138 per barrel is what the global market price is. Exxon Mobil (and every other oil producer) is getting the same price per barrel that it produces as the Saudis are getting for their oil. That is why American companies are exporting 1.8 million barrels of oil per day OUT OF THE U.S.

Why not ask yourself why Exxon Mobil charges $138 per barrel? Because that is what the market price is.

10:38 AM, June 18, 2008  
Blogger The New Conservative said...

Drilling will bring the prices of oil down. However we need to realize that just because the price goes down doesn't mean we shouldn't still be finding alternative energy. Drill now, switch to alternatives ASAP.

http://www.thenewconservatives.blogspot.com/

9:09 PM, June 19, 2008  
Blogger Rob said...

Drilling will not bring the price of oil down. There is no supply problem.

Besides, even if drilling were approved by states - that is what McCain and Bush are calling for, a lift on the federal ban so that states could decide - it would be 10 years before any new oil were extracted.

We could drop the price of oil by 30 percent tomorrow if we got rid of the "Enron loophole" and the commodities markets were regulated.

9:51 PM, June 19, 2008  
Blogger E in MD said...

John McCain also said:

“But I also have to tell you, that with those resources which would take years to develop it would only postpone or temporarily relieve our dependency on fossil fuels” - May 29th 2008.

and

"In the short term I'd like to give you a little relief for the summer on the gas tax," McCain began, referring to his controversial proposal to temporarily suspend the federal tax on gasoline. But then he made a surprisingly candid admission: "I don't see an immediate relief, but I do see that exploitation of existing reserves that may exist -- and in view of many experts that do exist off our coasts -- is also a way that we need to provide relief. Even though it may take some years, the fact that we are exploiting those reserves would have psychological impact that I think is beneficial."

- June 23rd 2008

11:51 AM, June 29, 2008  
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