A energy proposal by Congressman McHugh was posted a few posts back, click here for a review.
Karen Harbert, executive vice president and managing director, Institute for 21st Century Energy, writes a piece titled "Dear 44: Taking Back Our Energy Future" to read it, click here.
Here is a highlight.
What most Americans do not realize is that many of our nation’s energy troubles are self-inflicted and that they can responsibly be remedied right here at home. A substantial amount of our nation’s resources lie beneath federal lands and off the coasts of the United States. Recent estimates indicate that approximately 116 billion barrels of undiscovered recoverable oil resources and more than 650 trillion cubic feet of recoverable natural gas resources lie in these areas. To put these figures in perspective, that's enough oil to replace U.S. oil imports for 40 years and enough natural gas to warm all American households, heated with natural gas, for well over a century.
Daniel J. Weiss, a senior fellow and director of climate strategy at the Center for American Progress Action Fund puts out an opposing viewpoint on an energy plan title "Dear 44: Drilling only benefits Big Oil" to read it, click here.
Here is a highlight.
With only 2 percent of the world’s oil reserves, and one-quarter of its consumption, we cannot drill our way to lower prices. Instead we must reduce demand to reduce costs. Mass transit can reduce gasoline use. But transit remains inaccessible or too costly to many people. The Highway Trust Fund provides only 16 cents of every gas tax dollar for transit while the rest goes for highways. Congress should significantly increase the transit share. These funds could expand rail and bus availability and reduce costs.Weiss points out
What’s more, big oil companies have failed to develop their existing offshore leases. The Natural Resources Committee found that they produce oil or gas from only one-quarter of the 44 million acres of leases held in the western Gulf of Mexico. Before giving Big Oil access to our shining seas, they ought to develop what they already have.
One note to clarify this point made in his article.
It is existing law that a company forfeits their lease within 10 years if they fail to produce and imposes mandatory penalties if they do not start drilling. There is a price to pay for Big Oil companies failures.
Further exploring and surveying needs to be done in order to determine if sufficient quantities exist to drill for, this combined with paying billions to lease the land from the federal government is enough prompt oil companies to act in a timely manner before the lease expires.
Leasing the land and spending billions for a defensive posture in order to drive consumer prices higher, would be an irrational position.
Most of the energy rich areas are currently off limits for exploration, that is what needs to change.
McHugh is on track with his proposal!