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Petronomics 101
By Oliver North
May 9, 2008
Page 2 of 2
The majority in Congress has responded by proposing tax increases for domestic energy production, suggesting new mandates on producers, demanding that coal-fired electric plants be shut down, and whining that foreign governments need to increase oil production -- while opposing exploitation of reserves here at home. In a news conference two weeks ago, President Bush criticized Congress for blocking efforts to expand domestic oil production in the Arctic National Wildlife Refuge. And this week, in a noteworthy understatement, White House spokesman Scott Stanzel observed, "We have here, in this nation, resources that we are not utilizing."
No, really? The newest oil refinery in the United States was built by Marathon in Garyville, La., in 1976. Since then, every effort to construct new facilities has been thwarted by protests and lawsuits from "environmental" groups and government red tape. It has been 12 years since the last nuclear reactor came on line to generate electrical power in the United States.
Time and money are wasting. Sen. Kay Bailey Hutchison of Texas has proposed a realistic solution: the Domestic Energy Production Act of 2008. Her bill would permit exploitation of more than a trillion barrels of U.S. territorial oil and nearly 600 trillion cubic feet of natural gas -- more than the combined hydrocarbon reserves of Saudi Arabia, Mexico, Nigeria, Venezuela, Libya and Iran. The measure also would streamline the process for building new refineries and clean, safe nuclear power plants, as well as funding to develop alternative fuels.
But none of that -- and the consequent reduction in energy costs -- ever will benefit American consumers, unless Congress acts. Until they do, we will have to plan on spending our tax refund checks -- and a whole lot more -- at the pump.
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Oliver North is the host of "War Stories" on Fox News Channel and the founder and honorary chairman of Freedom Alliance. Excerpts from his new best-seller are available at www.AmericanHeroesBook.com.
COPYRIGHT 2008 CREATORS SYNDICATE INC.
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Note -- The opinions expressed in this column are those of the author and do not necessarily reflect the opinions, views, and/or philosophy of GOPUSA. >> Back -- Page 1 2

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