Fails to Reduce U.S. Dependency on Foreign Oil
For Immediate Release.
April 29, 2002 If
the U.S. is to continue to grow economically and maintain its national
security, it must become a nation that is more energy-independent by
promoting policy that encourages increased domestic energy exploration.
However, contrary to this on April 25, 2002, the Senate passed
the Energy Security Policy bill (S.517), a bill that will make the U.S. more dependent
on foreign sources than it would be without the bill.
Sponsors of the measure
say that it has a variety of new rules and small tax breaks that could
encourage the development of energy sources like wind and solar power
and ethanol and in some areas could lead to more efficient use of fuel. However, resulting in only a 1.5 percent of the market share for
these alternatives to fossil fuels has been the 25-year government campaign
to promote renewable energy that has cost consumer between $30 and $40
billion. Failing to make uncompetitive
technologies competitive and unlikely to do so in the future are government
subsidies and preferences for alternatives to fossil fuels.
Working to the detriment
of oil and gas technologies but to the benefit of nuclear, coal, and
renewable energy has been the government’s intervention in the energy
marketplace over the course of the twentieth century.
“In the future, to
provide for a reliable and affordable supply of energy the government
should promote free market principle that continually reduces government
intervention in the energy markets and promotes domestic energy exploration,”
said Dr. Joel P. Rutkowski, president of the American Voice Institute
of Public Policy.
As consumption of fossil
fuels reaches record levels, its availability has been increasing. Compared to when records started to be kept
in 1948, current world oil reserves are more than 15 times greater. Also, greater than they were three decades
ago are world gas reserves which are four times greater. And in the last two decades, world coal reserves
have increased 75 percent. Current
reserves and resources estimates are a minimum, not a maximum.
Depending on technology
developments, capital availability, public policies, and commodity price
levels, reserves could be higher or the same at the end of the forecast
period. For example, Alaska’s Arctic National Wildlife Refuge (ANWR)
using current technology could produce about 10.4 billion barrels of
oil or for the next 30 years could produce 1 million barrels daily.
Furthermore, ANWR is so oil rich, it could substitute the oil
that the U.S. would otherwise have to import from Saudi Arabia over
the next three decades. However,
this field could be even vaster than currently predicted.
Continuing to substantially
improve finding rates and individual well productivity are technological
advances. For example, off shore drilling currently reaches
depths of several thousand feet which once was confined to fields several
hundred feet below the ocean surface.
And drilling beyond 12, 000 feet
designs are being considered.
“That is why the U.S.
needs to encourage exploration in the Gulf of Mexico as well as other
areas because the potentially of such areas is not known at this time,”
added Dr. Joel P. Rutkowski.
Joel P. Rutkowski, P.h.D.
President, The American Voice Institute Of Public Policy
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