Burned Again By the Oil Companies
by Texas Nate, Thu Jun 19, 2008 at 04:54:09 PM EDT
Jerome's pointing out some scary polling about oil prices and offshore drilling. The public wants it and the GOP is lining up to give it to them.
One -- the NYT notes that there aren't enough modern oil tankers to drill for the offshore oil that's already legally cleared to be pumped:
Mr. Bush called on Congress Wednesday to end a longstanding federal ban on offshore drilling and open the Arctic National Wildlife Refuge for oil exploration, arguing that the steps were needed to lower gasoline prices and bolster national security. But even as oil trades at more than $135 a barrel -- up from $68 a year ago -- the world's existing drill-ships are booked solid for the next five years. Some oil companies have been forced to postpone exploration while waiting for a drilling rig, executives and analysts said.
Two -- its been thoroughly documented that because of lax oversite and corruption in the Bush DOI, the oil companies mostly don't even bother paying Uncle Sam for the oil they take off public lands -- which includes the vast majority of offshore drilling.
A 2007 Inspector Generals report found that:
So even as we learn that the oceans are overheating much faster than expected we find out that the big four oil companies are carving up Iraq. Once again the oil companies have created another heads we win, tails you lose game.