Quote:
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Originally Posted by aceventura3
The real answer to reducing the price at the pump is for government to regulate in a manner that will allow increased supply of oil and gas in the market.
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Ace..where will that increased supply come from...particularly short term?
Much of the blame, aside from habitual reliance on (and infatuation with) gas ]guzzlers (ie SUVs), rests with the Saudis (who have turned down the spigot), increased demand worldwide (India, China) and the decline of the dollar.
Arctic National Wildflife Refuge? ....10 years down the road, if some have their way...and then, would only increase supply by an insignificant amount.
THE SPIN:
Bush has long called for opening the Arctic National Wildlife Refuge in Alaska to oil development, and on Tuesday he chastised Congress for repeatedly blocking the proposal.
"If Congress is interested, they can send the right signal by saying we are going to explore for oil and gas in U.S. territories, starting with ANWR," said Bush, adding that opening the Alaska refuge to oil companies "likely will mean lower gas prices."
FACT:
Energy experts believe ANWR's likely 11 billion barrels of oil - pumped at just under 1 million barrels a day - would send a signal of increased U.S. interest in domestic energy production. However, in the long run, it likely would not significantly impact oil or gasoline prices. And it likely would have little impact on today's prices.
In 2005, the Energy Information Administration estimated that it would take about 10 years before oil would flow from ANWR if drilling were approved. By 2025, it said, the additional oil would have only a slight impact on global oil prices and cause a decline in gasoline prices of less than a penny a gallon, using constant 2003 dollars. Oil imports would drop from an expected 68 percent of U.S. demand to 64 percent, the EIA said.
fact check: Bush remarks earlier this week.
A willingess to sacrifce environmental quality for minimal savings in other areas? ..most Americans say NO.
More refineries? ...the oil company execs showed no interest in their recent testimony.
IMO, the only viable short and long term solution....change our consumption habits and intensify efforts (and govt support) for alternative energy development.