Dicky's Doodles &Scribbles

Cartoons,editorials and comment about current events and more.

Tuesday, August 05, 2008

McCain, Bush Lying About Need For More U.S. Off Shore Drilling



McCain, Bush Lying About Oil Situation

It should not surprise anyone but once again G.W. Bush is lying to the American people. The presumptuous Republican candidate, John McCain, is right in there with him, in spite of his characterization of his campaign as the "Straight Talk Express."
If you have been following the race to the White House you have heard McCain's calls for drilling, drilling and more drilling, including increased offshore drilling, even in ecologically sensitive areas. (Actually, when it comes to oil drilling I wonder what area is not an ecologically sensitive area?)
But these two Republicans are not being honest when they say more drilling is the key to lowering gas prices at the pump. They both fail to mention that the U.S. exports about half as much as it imports! Now what is going on here?
These exports have helped to drive oil company profits to new record high levels and certainly do not help U.S. consumers at the pump.
If all American drivers needed to see falling gas prices was an increased supply of domestic oil production then why in the world would we export so much oil?
Why for huge profits of course! This is one more reason why Barack Obama's plan to impose windfall profit taxes on the oil companies is a valid approach and it puts the lie to the Republican rhetoric!


For more information read this article from Reuters, published Wednesday, July 30, 2008.

Bush pushes oil drilling, but more US fuel exported

By Tom Doggett
WASHINGTON, July 30 (Reuters) - The White House on Wednesday made a new push for expanded offshore drilling to help lower fuel prices, days after new government data showed American petroleum product exports hit record levels.
Flanked in the White House Rose Garden by his cabinet after meeting to discuss energy issues, President George W. Bush called on Congress to pass legislation before its month-long August recess to allow more offshore drilling.
"To reduce pressure on prices, we need to increase the supply of oil, especially here at home," Bush told reporters.
Bush this month lifted an executive order that had banned drilling in most U.S. waters and wants Congress to end its own drilling ban before lawmakers leave town in August.
"The sooner Congress lifts the ban, the sooner we can get this oil from the ocean floor to your gas tank," Bush said.
Critics of the offshore drilling plan noted that the Energy Department released data this week showing that U.S. exports of finished petroleum products, including gasoline, diesel fuel and jet fuel, soared to 1.592 million barrels per day in May.
The exports set a record for the month and were up 31 percent from a year ago.
Jim Greeff, deputy legislative director for the League of Conservation Voters, said the export data shows it was "misleading" for the administration or the oil industry to suggest new offshore supplies would reduce U.S. pump prices.
"The oil companies pushing for drilling is nothing more than a land grab," Greeff said.
The Bush administration says the United States needs to develop more of its oil resources to reduce its addiction to foreign crude.
Exports were equal to about half the 3.204 million barrels a day in petroleum products that the United States imported during May.
In May, U.S. oil companies shipped 183,000 barrels of gasoline a day out of the country, even as Americans saw prices at the pump steadily rise.
May's gasoline exports were almost double year-earlier levels, the most for May since 1945 when America was providing motor fuel to other countries toward the end of World War II.
U.S. exports of diesel fuel reached 444,000 barrels a day in May, a record for any month and four times higher than a year ago.
Jet fuel exports of 76,000 barrels a day in May were the second-highest level ever for the month and almost quadruple shipments from a year earlier.
"There is a real misconception that proponents of drilling are fueling, implying that somehow this oil is going to go directly to U.S. consumers," said Julia Bovey, spokeswoman for the Natural Resources Defense Council. "The oil companies are the ones who are going to be the beneficiaries of this."
White House spokesman Scott Stanzel said oil is traded globally "so any changes we make impact the world oil market - not a separate domestic market."
John Felmy, chief economist for the American Petroleum Institute, said there was no shortage of oil products in the United States and companies were selling supplies, such as diesel fuel unable to meet U.S. clean air standards, that were not needed domestically.
"This is just rational economics," he said. "And the argument somehow that because we're exporting products that we can't use -- as being a situation that doesn't encourage domestic drilling, I don't buy one bit."

Below is information on the subject from the CIA fact book. This info is dated now but still interesting.
https://www.cia.gov/library/publications/the-world-factbook/geos/us.html#Econ

Oil - production:
8.322 million bbl/day (2005 est.)
Oil - consumption:
20.8 million bbl/day (2005 est.)
Oil - exports:
1.048 million bbl/day (2004)
Oil - imports:
13.15 million bbl/day (2004)
Oil - proved reserves:
21.76 billion bbl (1 January 2006 est.)

Natural gas - production:
490.8 billion cu m (2005 est.)
Natural gas - consumption:
604 billion cu m (2005 est.)
Natural gas - exports:
19.8 billion cu m (2005 est.)
Natural gas - imports:
117.9 billion cu m (2005)
Natural gas - proved reserves:
5.551 trillion cu m (1 January 2006 est.)

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