Friday, October 15, 2010

The Oil Issue That Nobody Has Addressed...

1) China and India are drilling 50 miles off the shore to Key West... Not only that but they can do "slant" drilling which will let them not only drill into the Cuban outer Continental Shelf but also drill our own legal off shore oil fields. China is also planning on using the same technology that we wanted to use for Anwar.

2) In 2007 congressional democrats led an effort which became law to prevent the department of interior from enacting new rules for commercial oil shale leases until at least October 2008. The republicans in May this year tried to get around it. But in the end they didn't go after the shale.

3) Drill off the coast of Florida and California, President Clinton, no, no, no we cannot drill anything off our shores until 2012.

4) Here is what's at stake: The outer continental shelf moratorium, the at LAN tack ocean, the outer continental shelf moratorium, Pacific Ocean, outer continental shelf moratorium, Gulf of Mexico.

5) There is even a congressional ban on doing an analysis of the resource potential for oil and gas in the Atlantic, Pacific and the eastern gulf. We can't even say can we look into it. Congress has said no. Then the Anwar. Back in 1995 President Clinton vetoed it. It is 700 miles away from a tree. Also LAX terminal is larger then Anwar.

6) Oil, when he vetoed this, was $19 a barrel. He said we didn't need the oil that much. New technology was right around the corner and it would be until 2007 until we got the oil.

7) Now oil is $125 a barrel, up from $19 a barrel. We would have been pumping that oil out now. They say, well, there's not that much oil to get, yet. Here's their solution: They don't want to go into Anwar. Let's not go in and take the shale in the mountains. Let's not go to the take coal. We're three times the size of Saudi Arabia in coal to oil. Here's their solution: Empty out the strategic petroleum reserves. Empty out the strategic oil reserves. It's now holding 700 million barrels of oil. We're at war in the Middle East. Empty out the strategic oil reserve? Are we intentionally trying to destroy ourselves?

8) If you go to buy a new car, it's going to cost you about $2,000 extra. Because the trains are overloaded, because we can't afford to ship products by air anymore, because the airlines are becoming obsolete, the airlines cost too much money to ship things. So, people think, well, I'll just ship it by train. Well, now the Chicago -- the backlog on the trains in Chicago is so enormous, it's costing $2,000 extra per car to get it onto a train.

9) The airlines announced last week, the people who sell the jet fuel to the airlines (the airlines are in such precarious positions for the first time ever) they're being told you have to pay cash for everything. They used to have a 20 day turn around. They would give them the jet fuel and the airlines had 20 days to pay it off. That means the people who are selling the airlines' fuel think they're not good for 20 days.

Now for the Cap and Trade bill congress is debating this week (Hillary, Obama and McCain all approve and support this bill).

1) The new cap and trade bill will make gas go up $1.50 a gallon right from the start.

2) The EPA estimates it will take 1.1 to $2.8 trillion out of our GDP. 70 percent of our GDP is consumer spending. That means to take $2.8 trillion out of the GDP it means that you have $2.8 trillion or about, what, 70 percent of that, 1.5, $1.8 trillion less to spend.

3) And it's not even sure how much this will help the environment. Even if the bill works exactly as promised, it would cut global CO2 concentration by only 4 percent, which wouldn't produce even a measurable drop in temperatures.

4) The bill would impose an average of more than $80 billion in new energy taxes every year

5) The bill aims to gradually cut US emission of greenhouse gases by 2050, to 60 to 65 percent below 2005 levels. That's an even more ambitious goal than the one in the 1997 Kyoto Treaty, which the Senate condemned 95-0, as far too burdensome for the US economy.

6) The bill's backers claim that it will create lots of new "green jobs." But there's no credible evidence to support that. To the contrary, a study conducted by consulting firm CRA International found that, in its first seven years, the bill could cause a net loss of 1.2 million jobs.

7) It also would mean higher energy costs for every American. The Heritage Foundation estimates that from 2012-2030 every household will pay on average $8,870 extra to buy energy - not including higher gasoline prices.

8) Sen. Barbara Boxer (D-Calif.) has already announced her plans for the windfall: Give a quarter of it ($800 billion) to the poor and half ($1.5 trillion) to pet Democratic projects (such as wildlife adaptation, international aid and mass transit) and special interests (such as alternative energy start-ups and auto-manufacturing retooling groups). The rest ($900 billion) she'd direct to "deficit reduction," DC-speak for "We'll do with it as we damn well please."

It should be no surprise that Congress approval rating is at 13% and it also makes me wonder why the Democrats are confident they will keep their seats and gain new ones with such a low approval rating.

By: Guest Writer Rob.