Posted by
brucetbo on Friday, May 23, 2008 8:05:33 PM
The Senate has seen fit to summon oil executives to what turned out be another scolding on the evils of oil for profit and the governmental grilling continued the following day with congressional representatives.
To the surprise of no one all the steam letting, again accomplished nothing. Were not one day closer to alternative fuels or lower oil prices. though drilling domestic oil seems a reasonable short term solution to most of us, the superior intellect in washington thinks not. For reasons i dont understand Washington says no to drilling at home and instead wants to steal profits from an industry that does more to keep this country moving than any other.
Accusations of collusion, fraud, and price fixing were hurled about as reporters filmed every second of the info gathering frenzy. The inquisitors then moved on to badgering their guests about their personal incomes knowing full well this information is a matter of public record. At least now they can say they "did something." While its no surprise that our elected officials would spend valuable time accomplishing nothing it does reveal the futility of blaming big oil for something they dont control.
Fortunately, big oil came prepared. "We cannot change the world market," said Robert Malone, chairman and president of BP America Inc. "Today's high prices are linked to the failure both here and abroad to increase supplies, renewables and conservation."
Malone's remarks were echoed by John Hofmeister, president of Shell.In addition, Hofmeister said access to resources in the United States has been limited for the past 30 years. "I agree, it's not a free market," he said.The executives pushed the idea that large parts of the U.S. that are currently closed to drilling, should be opened.
"The place to start the free market is in our own country," said one executive. The drilling ban sets the stage for OPEC to do what we are doing in our own country, and that is limiting supplies."
John Lowe, executive vice president of ConocoPhillips, said Congress should enact a balanced energy policy. In addition to lifting the drilling ban, such a policy could include measures to encourage alternative energy sources, remove the ethanol tariff, promote energy conservation, cut regulations around refining.
Well, there it is! The same thing that has been said time and time again. When will politicians realize that drilling our own oil will have to be part of any realistic energy plan? How long do we need to suffer until something is done?