Tackling Our Energy Crisis

TACKLING OUR ENERGY CRISIS

by Senator Jim Bunning

Mar 10, 2005 - The next time Kentuckians pull into a gas station, they are going to notice an increase in fuel prices. With the summer driving season coming sooner than you think, prices will continue to rise. The price of oil is hovering around $55.00 a barrel this week. Estimates by officials from the Organization of Petroleum Exporting Companies (OPEC) say it is possible that within two years the price of oil could jump to $80.00 per barrel.

I wish we did not have to rely on oil so much, especially foreign sources of oil. But the reality is oil keeps our nation's economy moving each and every day. Last week, I traveled with a Congressional Delegation to Alaska's costal plain to see firsthand the Arctic National Wildlife Refuge (ANWR). ANWR is a beautiful area of our country, and it is also home to one of our country's last significant oil fields.

In 1970, our oil imports constituted only 17 percent of our domestic consumption. Today the United Sates imports nearly 60 percent of its domestic consumption. That is a drastic change, and a dangerous trend that affects our national security.

A 1998 United States Geological Survey of Alaska's coastal plain found that there is possibly 10 billion barrels of oil that can be recovered with today's technology. It is possible that with future technology there is 27 billion barrels of oil that can be recovered. The bottom line is the United States has a great energy resource within its own borders.

Once developed, this resource will provide the United States with nearly 1 million barrels a day or 4.5 percent of today's consumption for the next thirty years. This alone matches the oil that is imported by Saudi Arabia each and every day. We must not let the opportunity to diversify our oil supply go by the wayside.

After visiting sites in Alaska, there is no doubt in my mind that we can develop ANWR in a safe and effective manner. Exploration will leave only a small "footprint" on the surface that can be engineered in an environmentally sound manner. We can use directional and multilateral drilling techniques to lessen the impact on the environment in ANWR significantly.

During my tenure in the Senate I have been pushing for alternative energy sources such as clean coal and ethanol. America has to look for other sources of energy so we can decrease our dependence on foreign oil. America also has to take advantage of the energy resources we have here at home.

It is estimated that the oil recovered from ANWR could fuel the oil needs of Kentucky for the next 80 years. We must open up ANWR for energy exploration. America cannot rely solely on foreign sources of oil.

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