As stated in this LTE at the RRL:
The representative from Exxon, John Carter, in his latest spin attempts to smokescreen why he and Exxon are enjoying record excessive profits at all our expense. They do this while not paying us royalties for drilling on our federal lands and tidelands.
The representative from Exxon also tells us the Bush-Cornyn-Carter regime’s gross misadventure in Iraq has nothing to do with our collapsing economy, despite most economists telling us the trillion dollar (and going toward $3 trillion) borrowed from the Chinese Communists has no doubt been a major factor in our falling dollar.
The Bush-Cornyn-Carter regime is spending billions each month for Iraq. Meanwhile, Iraqis pay $1.35 per-gallon for gas (subsidized by the American taxpayers), while our military forces in Iraq are forced to pay market rate, which of course is nearing $4 per gallon.
Meanwhile, these chickenhawks continue to sneak in and out of Iraq for photo-ops with our heroic soldiers and Marines, while at the same time refusing to support the “New G.I. Bill.”
Here’s the deal on ANWR:
The Energy Information Administration, which is the Energy Department’s independent analytical arm, estimated that if Congress had cleared Bush’s ANWR drilling plan the oil would have been available to refiners in 2011, but only at a small volume of 40,000 barrels a day — a drop in the bucket compared with the 20.6 million barrels the U.S. consumes daily.
At peak production, ANWR could have potentially added 780,000 barrels a day to U.S. crude oil output by 2020, according to the EIA.
The extra supplies would have cut dependence on foreign oil, but only slightly. With ANWR crude, imports would have met 60 percent of U.S. oil demand in 2020, down from 62 percent without the refuge’s supplies.
Oh yeah and the gas tax holiday is a bad idea too.
Economists said that since refineries cannot increase their supply of gasoline in the space of a few summer months, lower prices will just boost demand and the benefits will flow to oil companies, not consumers.
“You are just going to push up the price of gas by almost the size of the tax cut,” said Eric Toder, a senior fellow at the Urban-Brookings Tax Policy Center in Washington.
Anyway, John McCain has a really bad idea on gasoline, Hillary Clinton is emulating him (but with a twist that makes her plan pointless rather than evil), and Barack Obama, to his credit, says no….The Clinton twist is that she proposes paying for the revenue loss with an excess profits tax on oil companies. In one pocket, out the other. So itâ€™s pointless, not evil. But it is pointless, and disappointing.
Hillary Clinton has decided to line up with John McCain in pushing to suspend the federal excise tax on gasoline, 18.4 cents a gallon, for this summerâ€™s travel season. This is not an energy policy. This is money laundering: we borrow money from China and ship it to Saudi Arabia and take a little cut for ourselves as it goes through our gas tanks. What a way to build our country.