Oil Prices Soar As Inventory Falls– Update: AMAZING! Dems Block Drill Plan… Again
Oil Prices Soared Today As Inventories Dropped–
Do you think the Democratic plan of raising taxes on oil companies will help?
How about the Democratic plan to sue OPEC over gas prices?… Do you think that will help increase inventories?
Oil prices regained their stunning upward momentum Wednesday, soaring as crude’s biggest drivers — a weak dollar and supply and demand concerns — brought buyers back in force. At the pump, gas prices rose to a new record over $4.05 a gallon.
The Energy Department’s Energy Information Administration said oil inventories fell by 4.6 million barrels last week. Analysts surveyed by energy research firm Platts expected a much smaller decline of about 1.4 million barrels; any sign that oil supplies are falling has tended to send oil climbing.
Hmm. Do you think Republicans should seize on this issue?
It looks like they are doing just that…
Republicans today are pushing for offshore drilling after being blocked several times by the Democrats:
Rep. John Peterson, R-Pa. is leading the charge Wednesday, when he’ll push for an amendment to a spending bill that would open up U.S. waters between 50 and 200 miles off shore for drilling. The first 50 miles off shore would be left alone.
“For 27 years, Congress has deliberately locked up vast offshore oil and natural gas reserves,” Peterson said, according to USA Today. “With the price at the pump increasing daily — with no end in sight — and the cost of natural gas trading at record levels, Congress needs to unlock these reserves.”
Most oil production and exploration has been banned since 1981.
According to Peterson’s office, the U.S. Minerals Management Service estimates that 86 billion barrels of oil and 420 trillion cubic feet of natural gas can be found along the U.S. outer continental shelf, the area affected by the ban.
Peterson is not alone in his desire to open up the shelf. An effort to unlock the resources has been underway in Congress in recent years, and several interest groups are backing the effort, too.
Let’s see a vote!
DEMOCRATS BLOCK REPUBLICAN DRILL PLAN!!
FOX News reported:
A House subcommittee on Wednesday rejected a Republican-led effort to open up more U.S. coastal waters to oil exploration.
Rep. John Peterson, R-Pa., spearheaded the effort. His proposal would open up U.S. waters between 50 and 200 miles off shore for drilling. The first 50 miles off shore would be left alone.
But the plan failed Wednesday on a 9-6, party-line vote in a House appropriations subcommittee, which was considering the proposal as part of an Interior Department spending package.
With record oil prices and gas prices projected to hover around the $4 mark for the rest of the summer, Republicans have ratcheted up their efforts to open up oil exploration along U.S. coastline. But the long-sought change has so far been unsuccessful.
Thank you Democrats!
Let’s hope that plan to SUE OPEC works out!
Hat Tip Dave White