I’m sorry to water down so much opinion with a few facts:
• The first and foremost fact is that Neither Congress or the President (any President) can repeal or veto the Law of Supply and Demand.
• American Petroleum Institute statistics show that world oil production currently stands at 85 million barrels per day while worldwide demand is currently 86.4 million barrels per day, a 1.4 million barrel daily shortfall.
• Exxon, the largest domestic oil producer controls only 2% of the daily world production.
• Recent profit margins from Yahoo finance – Exxon 10.85%, Bank of America 21.03%, Google 24.89%, and one of the greens, First Solar, a nice 31.54%. Coca Cola’s profit margin in over twice that of Exxon, but there is no outrage over the price of Coke.
• In 2007 Exxon made 40 billion dollars in profits, but paid 105 billion dollars in taxes, and ultimately, you know who pays those taxes.
• This country is estimated to be sitting on as much as 80 billion (with a “B”) barrels of easily recoverable oil counting ANWR, the coastal areas, the outer continental shelf, the great lakes region and other areas where we are banned by congress from drilling.
• Additionally, the Rocky Mountain oil shale reserve is estimated at 1.5 trillion (with a “T”) barrels.
• At current domestic consumption levels, the above two figures alone equal enough to power the nation for 200 years with NO imports.
• With 27% of the world’s coal supply, we are the Saudi Arabia of coal, and we possess the technology to produce a synthetic coal carbon liquid fuel that could power the nation for generations.
Now I will add some opinion of my own. As a recent creator of a new small business (RV Park) after retirement from a previous career, I am terrified by the number of people who look to the government to solve these problems. In my view the government is the problem, not the solution. Canada currently drills under the Great Lakes, but we can’t. China currently drills within 60 mile of the Florida coast, but OH NO not us. France currently produces a large majority of their electricity from Nuclear Power plants, and they don’t have the vast Nevada wasteland to bury their nuclear waste. We are prevented from drilling in ANWR, a huge tundra wasteland that is several hundred miles from the nearest tree and that very few people have ever seen or ever will. If congress would only loosen the shackles and let our people drill, the announcement alone would immediately place downward pressure on the oil futures market; this would lower oil prices long before any production would come on line. When the current party in control of Congress took over in 2006 and announced that they had a plan to lower oil prices, gas prices averaged $2.25/gal – this is a perfect example of how government “solves" our problems. I very much prefer the free market solution to problems. The government has never produced one iota of energy, and taxing the profits of those that do produce energy will only drive prices higher.