Jun 24 2008

What Politicians Don’t Like to Admit About Domestic Drilling and Gas Prices

Feature Stories | Published 24 Jun 2008, 9:47 am | Comments Off on What Politicians Don’t Like to Admit About Domestic Drilling and Gas Prices -

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the wilderness societyGUEST: Dave Alberswerth, Senior Policy Adviser for the Wilderness Society

President Bush gave a speech last week in which he called for more domestic oil drilling in order to relieve record high gas prices. As part of his energy proposal, Bush called on Congress to lift a 27 year ban on offshore oil drilling and also to allow for drilling in the Arctic National Wildlife Refuge. Pressing Democrats to act swiftly before the July 4th holiday, Bush warned that his critics will be left to explain why they failed to act to alleviate the public from soaring gas prices. However, an assessment by the Energy Information Administration in 2007 found that offshore drilling would not bring about a drop in oil prices until 2030 and that effects of such a drop would be insignificant. Despite this, a Reuters/Zogby poll recently found that nearly 60 percent of Americans favor domestic drilling and refinery construction. In reversing a previous stance taken in 2000, presumptive Republican nominee John McCain pledged his support for lifting the moratorium on domestic drilling should states allow for it. His rival, Barack Obama, criticized the policy and instead called for taxing windfall oil profits while closing an energy trading loophole.

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