Posted by
On the Right on Wednesday, May 21, 2008 10:24:23 PM
It's now a cliche: fat-cat oilmen control our destiny by holding
back supplies, letting prices soar, then pocketing the profits. But if
any fat cats are to blame for the energy crisis, it's those on Capitol
Hill.
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Funny how so few, especially our friends in the mainstream media, seem
to notice Congress is the culprit. When it's not stopping the
development of the energy resources we need, it's busy demonizing the
very entities — such as the oil companies — that can go get them.
"Do market forces alone explain the skyrocketing price of oil and gas?"
Kohl wondered. We'll take that one: No, senator, market forces alone
don't explain it; congressional incompetence does.
"When energy prices are high, the urge to point fingers at oil
companies is strong," said J. Stephen Simon, senior vice president of
Exxon Mobil Corp. "But undercutting the ability of American companies
like Exxon Mobil to compete in a huge global marketplace only makes it
harder for Americans to secure the energy they need at competitive
prices."
The problem is clear: We now pump about 5 million barrels on our own
and import 12 million, making us vulnerable to market blackmail by
foreign producers. As recently as 1985, we pumped 9 million on our own
and imported just 4.3 million.
This is our energy deficit, created by congressional incompetence
and inaction. It's time to stop the blame and start the drilling.