Showing posts with label Drilling. Show all posts
Showing posts with label Drilling. Show all posts

Wednesday, March 31, 2010

McConnell Statement On Obama's Energy Plan

Senate Republican Leader Mitch McConnell doesn't always say no to the Obama administration's ideas. Take Obama's plan to drill off-shore, at least a little. McConnell applauds the administration's first step and urges more exploration:

“Senate Republicans have long supported efforts to find more American energy, and use less; we believe we must do both. While supporting conservation, electric cars, clean coal and nuclear energy, we also pushed for lifting the Congressional ban on offshore exploration, which was removed more than a year ago. Since then, we have been waiting to see whether the administration would follow through and open more areas for the development of American energy.

“Today’s announcement is a step in the right direction, but a small one that leaves enormous amounts of American energy off limits. And the proof of the administration’s announcement will be in the implementation: will the administration actually take concrete steps to finish the studies, approve the necessary permits, and open these areas for production? Will they stand by as their allies act to delay the implementation in the courts?

“The American people believe that to strengthen our national and energy security we should rely more on America’s energy resources, and less on those of the Middle East. It’s time to put America’s energy to work for the American people, without the threat of a new national energy tax.”

Saturday, July 19, 2008

Oil Prices

I find it interesting that after President Bush rescinds the Executive Order on off-coast drilling that oil prices have started to drop. You won’t read about this observation in the media.

Yet, it seems that if we send out signals to the “speculators” that we are even considering drilling that they get the message that speculating in oil may not always be profitable and they leave the market. This is another example of the “Free Market System” that has worked so well for the past two hundred plus years for our country. Alexander Hamilton was a very smart man for the vision he had on the Free Market System.

President Bush’s rescinding the Executive Order has no real power on allowing us to drill but it does send a signal to the speculators that the future of oil is changing and cause the effect of lower oil prices. So we see that the Free Market system does have power over the speculators. We don't need controls on the oil companies because the Free Market System works.

We have all heard that if we start drilling now it would take ten years to get it to the market. My thought is that if it is going to take ten years then we should have started drilling yesterday!