The administration says about the price of oil, “We actually think we’ll be able to ride out the Libya situation and it will stabilize.” That’s not much of a plan. In 2008 oil went to $147 a barrel. Now it’s back to $100 and we have a 7-year moratorium on offshore drilling. America has learned nothing over the last three years. (The SPR is a mere 35 days.)

Even though we don’t import most of the 11 million barrels a day of oil from the Middle East, the US is needlessly sending more dollars overseas than is necessary. Imagine if the US had the will to decrease oil imports by 5MM bpd through increased oil and gas drilling, and use of coal and nuclear, etc. That’s $500 million dollars a day (at current prices) that we wouldn’t be spending overseas. Of course that’s less than $200 billion a year, but $200 billion here and $200 billion there could ultimately add up to some real money.

This entry was posted on Saturday, February 26th, 2011 at 8:23 pm and is filed under business, Democrats, General, Republicans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.