President Bush today called for lifting of the 27 year old restriction on offshore oild drilling and for drilling in the Arctic National Wildlife Refuge. He blamed Congressional Democrats for the high price of gasoline. The falling value of the dollar and speculative buying of oil and other commodities futures due to the tanking of the real estate and stock markets seem to have escaped the President’s notice. Runaway speculation in all areas of the economy due to lack of regulation under the Bush administration, sweetheart deals for Bush cronys in the o’l bidness and total lack of economic policy may have had some impact over the last seven years. That’s just my opinion of course.
Drilling for oil in every conceivable place in the continental US and, indeed on the continental shelf could yeild about 18 billion barrels of oil, which would supply the US for about 28 months at the current rate of consumption. Surely two and a third years’ supply of oil is a good swap for our natural heritage? Well, maybe not. I believe that an oil rig in the White House rose garden would be appropriate, though, as long as the mess is cleaned up by January 20th.