Save America

October 13, 2009 By Save America

Remember the Drill Here, Drill now contingent?

On the campaign trail, Barack Obama pledged to wean the United States off foreign oil. “I will set a clear goal as President: In ten years we will finally end our dependence on oil in the Middle East”, he said when he accepted the Democratic nomination for President.

Well, he has quasi followed his statement by committing $2 billion in loans to exploit off shore oil resources in hopes of extracting a major source of petroleum.  Despite the White House pursuit of a cap and trade scheme to limit our usage of fossil fuels, etc., this commitment shows their support of exploration and flexibility on energy policy, right?

Oh yes, did I say American resources…..that’s correct, however South America. Obama plans on lending billions of dollars to Brazil’s state owned oil company Petrobras to finance exploration of huge off shore drilling in Brazil’s Tupi oil field in the Santos Basin near Rio de Janeiro.  The U.S. Export-Import Bank has revealed it has issued a preliminary contract letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount.

Doesn’t this seem quirky since the U.S. isn’t allowed to explore in Alaska or along the East and West Coasts, which could be our equivalent to the Tupi oil fields…..which are now set to make Brazil a leading oil exporter.  More importantly, why is Obama underwriting in Brazil what he won’t allow here in the US?

So, how are we going to get off foreign oil if we can’t drill our own? Weaning the U.S. off imported oil by drilling for known reserves off our coasts and under federal lands is a no-cost economic stimulus which would create numerous high paying jobs and new tax revenues. If we were to tap into our own resources we could stop the flow of US dollars to Middle Eastern sheikdoms, Hugo Chavez and other OPEC outposts.

And yet the beginning of October, Secretary Ken Salazar announced the sale of more than 40 oil and gas leases in the Gulf of Mexico.  Salazar only approved leases in areas already designated for drilling. He then ordered a 180 day review of off shore drilling, which is clearly an obstructionist move to prelude a bureaucratic re-establishment  of the drilling moratorium. Further, he went on to cancel 77 leases in Utah.

So, why can China drill our oil off the Florida coast? Why can Ahmadinejihad have nuclear energy and we cannot? Could be because Iran has the third largest oil reserve in the world.   Two thirds of our trade imbalance comes from imported oil. We have a choice, it is within our power to release huge domestic petroleum reserves by dropping the ban on offshore and Arctic drilling. The only reason that we have to import any oil is because Congress is not letting us use our own. Found in our own fields the US has, 200 billion barrels: Bakken oil formation, 1.5 trillion barrels: Shale oil, 75 billion barrels: Tar Sands, 100 BBN: outer continental shelf and 10BBN: ANWAR.

Add up these fields and you have 1.885 trillion barrels of oil.  Does it make sense to continue to send $750 billion dollars a year to other countries? Clearly not when we have enough oil here on our own soil that will last 258 years of usage at 20 million barrels a day.

And if the Waxman-Markey (Cap and Trade) Bill is passed in its present form it will affect your costs of gasoline, pharmaceuticals, medical supplies, heating oil, diesel, kerosene, jet fuel, electricity, coal, natural gas at a cost of more than 100% per household over what your paying now.

Obama insists that we would only keep enabling our oil addiction if we started drilling off of our own coasts. This is some Presidential leadership with the cartels announcing they no longer want to sell in U.S. currency.

So, here’s a proposal Mr. President: Let American companies do what your paying Brazilian companies to do for us…….. drill offshore.  Rather than empty out our Treasury, how about creating hundreds of thousands of high paying jobs in the U.S. along with creating more tax revenue? We should develop all available energy resources and stop continuing to buy 70 percent of our oil from foreign nations. Let’s develop our own natural energy resources and keep our jobs here in America……..in a free market environment contrary to Obama and Maxine Water’s Socialist agenda.

Tags: Obama’s broken promises, Oil drilling in Utah, Ken Salazar, Maxine Waters, Foreign Oil