This week President Bush lifted the Executive Ban on offshore drilling. It’s a move that’s designed to allow energy companies to start looking for oil and gas about 50 miles off of much of this country’s coastline, in what’s known as the “Outer Continental Shelf.”
Everyone acknowledges, even the President’s Press Secretary, that lifting the ban won’t do anything to relieve gas prices right now — despite the fact that Bush blamed our too-high gas prices on the Democrats when he announced this move.
Under the most favorable circumstances, lifting the offshore drilling ban might produce more resources for America… in about 10 years.
But because the price of gas is among the top 2 issues for voters this summer, politicians will be doing whatever they can to give their side the best talking points on how they’re trying to ease our pain.
BUT, with all this talk of how much we’re paying at the pump, we would do well to remember that once the cold front comes, Americans will be looking back on the summer gas prices with longing.
Reuters reports that residential heating oil is expected to average $4.68 a gallon in December and $4.67 a gallon in January. This is about 20 cents more than the federal Energy Information Administration forecasted, and represents a $2 dollar per gallon increase from last year.
What’s driving these prices? The rising cost of crude oil, which because its so expensive to refine accounts for more than 70 percent of the cost of making the petroleum products. That cost is, of course, passed on to you and me.
So, next time you’re at the pump cringing as the price meter rolls past $50, consider yourself lucky that it’s not yet time to heat your house.
Lark
shadow campaigner
