Obama encourages the formation of this team to debate US oil drilling
In spite of the fact that Republicans led by John McCain are robustly
favouring the lifting of the moratorium on drilling in the US and trying to garner public support on the issue, the fact that Democrats are against such a lifting of restrictions, has created a new loggerjam of a debate between the two parties and their representatives.
Even if the energy policy has led to an impasse in the Senate between the two parties in the past, the latest encouraging remarks by Obama, where he has found righteousness in offshore drilling, is a major shift in the otherwise rigid stand of the Democrats. The formation of a bipartisan team, called ‘Gang of 10’, is being encouraged by Obama himself to look into the matter, and with a common broad based viewpoint (it consists of 5 Democrats and 5 Republicans).
By government’s own admission, 18 billion barrels of crude remain untapped in America’s restricted hinterland. Yes, the Democrats claim they do not want to be stooges of oil behemoths, about which they often blame the Republicans. But beyond this, is the fact that there is little chance of cutting down on oil prices even if such drilling were allowed. Firstly, the actual output will take more than a decade to flow, and the cost is colossus. Secondly, America in all has only 3% of world’s oil reserves, whereas annaully it consumes 20% – another reason why, as the Dems argue, drilling might not influence the price of oil. On the other hand, Republican’s have a meaty issue for their flagging electoral cause. The gasoline price rise is hurting the US middle class, and this issue has got an immediate media attention, with Democrats on the defensive. Notwithstanding reality, studies now reveal that nearly half of the electorate believes in the fact that oil prices will subside if crude is drilled in their own country. Didn’t we tell you Obama is the bright spot in Dem county?
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Source : IIPM Editorial, 2008
In spite of the fact that Republicans led by John McCain are robustly
favouring the lifting of the moratorium on drilling in the US and trying to garner public support on the issue, the fact that Democrats are against such a lifting of restrictions, has created a new loggerjam of a debate between the two parties and their representatives.Even if the energy policy has led to an impasse in the Senate between the two parties in the past, the latest encouraging remarks by Obama, where he has found righteousness in offshore drilling, is a major shift in the otherwise rigid stand of the Democrats. The formation of a bipartisan team, called ‘Gang of 10’, is being encouraged by Obama himself to look into the matter, and with a common broad based viewpoint (it consists of 5 Democrats and 5 Republicans).
By government’s own admission, 18 billion barrels of crude remain untapped in America’s restricted hinterland. Yes, the Democrats claim they do not want to be stooges of oil behemoths, about which they often blame the Republicans. But beyond this, is the fact that there is little chance of cutting down on oil prices even if such drilling were allowed. Firstly, the actual output will take more than a decade to flow, and the cost is colossus. Secondly, America in all has only 3% of world’s oil reserves, whereas annaully it consumes 20% – another reason why, as the Dems argue, drilling might not influence the price of oil. On the other hand, Republican’s have a meaty issue for their flagging electoral cause. The gasoline price rise is hurting the US middle class, and this issue has got an immediate media attention, with Democrats on the defensive. Notwithstanding reality, studies now reveal that nearly half of the electorate believes in the fact that oil prices will subside if crude is drilled in their own country. Didn’t we tell you Obama is the bright spot in Dem county?
For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2008
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