Climate Bill Could Increase our Dependance on Foreign Oil

[Ringel05]

API study: Climate bill could significantly reduce U.S. output by 2030

API SmartBrief | 08/24/2009

The climate-change bill, which would put a price on carbon emissions, could lead to a 17% decline in U.S. fuel production by 2030, according to a study commissioned by API. Average output could fall to 12 million barrels a day from the current level of about 14.5 million barrels per day, and the country could turn to foreign sources for 19.4% of refined oil to compensate for the shortfall. Without the restrictions of the measure, domestic production would climb to an average of 16.4 million barrels a day by 2030, the study found. Wall Street Journal, The (08/24)

http://www.reuters.com/article/environmentNews/idUSTRE57N13320090824

 

[Mr. H.]

Not to mention massive job losses in several industrial sectors.

U.S. oil production has not been a priority since the Eisenhower administration.

In the meantime, China and Cuba will soon be drilling closer to the shores of Florida than is currently allowed domestic companies. Obama sent $2billion to Brazil to bolster its offshore industry.

There is a definite bias against oil, and hydrocarbons in general. Oil and natural gas ARE the original biofuels.

 

[Mr. H.]

This is the oldest "watched" thread on my list.

Interesting how since this thread was started that domestic oil and natural gas production has skyrocketed, and imports have fallen thanks to...

hydraulic fracturing.