Business News
GOP Drill Bill is Wrong Rx for the U.S.
2008-07-23 11:32:00
GOP Drill Bill is Wrong Rx for the U.S.
Statement of Betsy Loyless, Senior Vice President for Policy
WASHINGTON, July 23 /EMWNews/ -- "After millions of acres
have been surrendered to oil companies by the Bush administration in recent
years, with no positive impact for consumers, must we really now sacrifice
the safety of our beaches and our last wild places?
"The U.S. has an energy crisis on its hands. It's disappointing that
Big Oil is dictating the GOP leadership's response in the face of this
crisis. It's stunning that rather than putting consumers first, the
response from the industry's allies in Congress is to pursue the same tired
policies that have lucratively served the oil industry while running up gas
prices.
"The energy crisis is profoundly painful, but it is also an
opportunity. We have an opportunity to truly get off of oil and reinvent
our economy with clean renewables that will end our addiction, clean up our
skies, create jobs and solve global warming."
MORE INFORMATION
Audubon believes today's announcement is emblematic of the oil
industry's strategy to leverage high gas prices to gain ever more drilling
rights. This bill introduced by some of the industry's chief allies in
Congress comes just days before second quarter profits are announced by the
industry. The heart of the GOP bill calls for expanded drilling offshore
and in the Arctic National Wildlife Refuge.
Millions of acres have been made available already for oil development
by the Bush administration in recent years, and that activity has only
padded industry profits as gasoline prices have doubled for consumers.
Audubon is recommending policies that lessen the nation's addiction to
dirty fossil fuels, such as rapid expansion of renewable energy development
in areas like wind and solar.
Recent studies by the Bush Administration's own Energy Information
Administration (EIA) have shown that expanded drilling offshore and in the
Arctic Refuge would have little impact on supply before 2030 and an
"insignificant" impact on prices at the pump. For example, in a May 2008
study, "Analysis of Crude Oil Production in the Arctic National Wildlife
Refuge," the EIA found that if Congress authorized drilling this year, no
oil would be available before 2018. What's more, the price impact
translates to just a penny or two at the gas pump. As the study concludes,
Arctic Refuge "oil production is not projected to have a large impact on
world oil prices." The report also notes that even this extremely minor
price impact could be neutralized by OPEC reducing its oil exports by an
equal amount.
CONTACT: Tony Iallonardo
202-861-2242 x3042
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