Organization of Petroleum-Exporting Countries

The GOP Still Putting Big Oil Over The Consumer

August 12, 2008 by buckeyestateblog

Even as the price of oil continues to fall and is now $35 a barrel below its peak, even as a "Gang of 10" is forming in the Senate to include lifting a ban on offshore drilling as part of a comprehensive energy plan, the House GOP is planning an all out assault on this issue when Congress returns from recess Sept. 8th.

Because a new federal budget is not in place, a continuing resolution must be passed by the end of the federal fiscal year on Sept 30th or the government will shut down. The House GOP is planning to attach an amendment to the CR calling for lifting the offshore drilling ban.

This would force an up-or-down vote on the issue. If the Dems try to pass the CR under a rule prohibiting amendments, that would require a

2/3 majority which obviously won't happen because it would require 55 GOP votes.

Now, I think the smart thing to do would be for Obama and all the Dems to get behind the compromise, comprehensive energy bill in the Senate, while painting the House GOP as beholden to the oil companies.

Why Have Gas Prices Gone through the Roof?

July 23, 2008 by Blue Virginia

Those big signs at gas stations along every major road in the sixth district shout our dilemma. We can't afford to drive the vehicles we own. In a few short months, gas prices have destroyed the family budget and now threaten our entire economic health.

Over the past few weeks in parades, at fairs, and on doorsteps, I have heard the same concern: the price of gas. We are in a crisis, and families need help today.

What happened? And will things get better or worse? First, let's talk about why the price escalated.

Not everyone agrees on why the prices rose as quickly and as high as they did. I'll take you through the conventional explanation, which offers no quick solution. Then, I'll end with a possible dilemma we can fix with the appropriate legislation and effective energy policy.

One reason for increases in price is simple supply and demand. However, supply and demand didn't hit the wall overnight. There's no doubt demand has escalated. Americans use 25 percent of the oil produced worldwide, and developing countries, especially China and India, are trying to catch up to our pace. Right now the world demands 87 million barrels a day, while oil production lags behind at 85 million barrels a day. OPEC, with two thirds of the world's oil reserves, could produce more but has no incentive to do so while reaping such healthy profits.

Obama Speech on Energy Policy in Dayton Today

July 11, 2008 by Ohio Daily Blog

After the break is the complete text of remarks on energy policy prepared for delivery by Barack Obama in Dayton today. Notably, Obama frames U.S. dependence on fossil fuels as a national security issue, pins McCain with the failure of Congress to address the issue over the last 26 years, says that "the history of gas tax holidays is that the prices go up to fill in the gap, and the big winners end up being the retailers and oil companies," and notes that additional offshore drilling wouldn't produce oil for seven years and even then would have little impact. He then describes his own energy plan, which includes:

* A second, $50 billion stimulus package that would send energy rebate checks to every American.

* A $1,000 middle-class tax cut that will go to 95% of all workers and their families.

* A crack down on oil speculators who may be artificially driving up the price of oil.

* A fast-track $150 billion of investment in a clean energy fund to help create the fuel-efficient cars and alternative sources of energy that will secure this nation and jumpstart a green economy.

* Doubling fuel mileage standards over the next two decades utilizing much of the technology we have on the shelf today – a step that will save this country half a trillion gallons of gasoline, the equivalent of cutting the price of a gallon of gas in half. And I will provide tax credits and loan guarantees for our automakers to help them make this transition.

* A Venture Capital Fund that will provide $50 billion over five years to get the most promising clean energy technologies out of the lab and into the marketplace.

* Requiring that 25% of U.S. electricity comes renewable sources by 2025, and that the U.S. produce two billion gallons of advanced cellulosic biofuels by 2013. (Pointedly, he says that the U.S. will "also invest in finding cleaner ways to use coal, our nation’s most abundant energy source, and safer ways to use nuclear power and store nuclear waste."

* Using the U.S. clean energy fund to invest over $1 billion a year to re-tool and modernize our factories and build the advanced technology cars, trucks and SUVs of the future.

* Calling on businesses, government, and the American people to make America 50% more energy efficient by 2030.