Rep. Thompson on President's Move to Lift Ban on Oil Drilling Along the Outer Continental Shelf

Statement

Rep. Thompson on President's Move to Lift Ban on Oil Drilling Along the Outer Continental Shelf

Congressman Mike Thompson (D-CA) released the following statement:

"This may be good politics, but the policy falls short of the mark. Opening new areas to drilling will do nothing to lower the price of gas today and very little to lower it in the future. And it does nothing to help our country forge a long-term path toward energy independence.

"Our district's coast is rich in marine resources that have tremendous value to our local economy. An oil spill would be devastating to the coastal economy and its unique ecosystem. In addition, the rocky terrain would make a spill almost impossible to clean up. Despite new drilling technology, there is still a significant risk of spills, especially during transport.

"Moreover, drilling along the Outer Continental Shelf would not increase the oil supply for many years. The President's own Energy Information Administration (EIA) stated that production would take years to begin and 20 years before production was large enough to even produce small price impacts at the pump - less than a nickel a gallon. And remember, oil is traded globally and there is no guarantee Americans would see a drop of any new oil.

"If the President - who's had eight years to develop a national energy plan, but hasn't - is serious about reducing the price at the pump, he would:

* Allow for additional withdrawals from the Strategic Petroleum Reserve (SPR) to increase domestic supply. The SPR is currently at 98% capacity, and reducing it slightly to 90% would immediately increase supply, reduce prices and still maintain a substantial amount of reserve;
* Work with Congress to take aim at speculators who are artificially increasing the cost of oil, and;
* Require oil companies to use existing oil and gas leases, which according to the Department of Interior covers nearly 70 million acres - roughly the size of Colorado - and are estimated to have billions of barrels of recoverable oil.

"These are short-term solutions that will help bring down the price of gas. However, we also need a long-term strategy that reduces our dependence on oil. Even though President Bush only has a few months left in office, it's not too late for him to work with Congress to begin to create the long-term energy plan our nation desperately needs."

Source