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June 21, 2008
One Million Americans Petition Congress to Drill for American Oil
Topics: Oil.... the 'Drill Here, Drill Now, Pay Less' movement is shaping the national debate, and the Dems are on the wrong side of the issue.
Gas prices were at roughly $2 a gallon in 2006 before the Democrats took over. They have doubled in a single year. He should ask the question: What has the Congress, controlled by Obama's party, done about it? Nothing. What does Obama propose to do about it? Nothing. McCain wants to begin drilling offshore. Obama's response is that this will not reduce the price of gas immediately. This is patent nonsense. The price is artificially high now. There are no shortages, and it is driven up by the speculation that has gripped the markets that oil prices will continue their rise unabated. If the Congress were to open up America's own huge reserves of oil, not only offshore but in ANWR and oil shale, the speculation that has fueled this price rise would begin to abate, perhaps rapidly, because those who purchase oil futures would be afraid to purchase them at $150 a barrel when in a year or two, America's massive new production could drive the price drastically lower. The fear which drove the price up rapidly will drive the price down just as rapidly. The consequences for the economy, needless to say, would be nothing short of spectacular.Related:
Only Action Can Put America Back in Drive
Obama rejects offshore drilling
Bush Calls Out the Dems
Obama, The Democrats and Offshore Oil Drilling
Posted by Abdul at June 21, 2008 11:26 AM
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