Posted by
On the Right on Tuesday, July 15, 2008 9:54:39 PM
Policy paralysis in Washington keeps fuel prices high and the
economy sluggish. The Democratic-controlled Congress refuses to act —
which means the voters may act against it come November.
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On Tuesday, the president went much further in showing his
ex-oilman's knowledge of the dynamics of the domestic oil industry and
the global energy markets.
Drilling for more domestic oil, he said, would "change the
psychology that demand will constantly outstrip supply." Although "it's
going to take a while to get these reserves on line," he added "it
won't take a while to send a signal to the world that we're willing to
use new technologies to find oil reserves here at home."
The president described how the oil market currently sees that
"supplies are going to stay stagnant while demand rises. And that's
reflected somewhat in the price of crude oil," which affects the price
at the pump.
It therefore makes sense "to say to the world that we're going to
use new technologies to explore for oil and gas in the United States —
offshore oil, ANWR, oil shale projects — to . . . send a clear message
that the supplies of oil will increase."
Increased conservation, which already is happening, can also help,
he added. But the president emphasized that "There is no immediate fix
. . . . It took us a while to get here and we need to have a good
strategy to get out of it."