Setting the record straight on America’s oil

Lisa Murkowski
The Washington Post

With gasoline prices in many areas above $4 a gallon, energy concerns are once again making headlines. Prices have more than doubled since the start of 2009 and are projected to remain at excruciating levels for the foreseeable future.

We know from experience that high energy prices harm American families and businesses. Aside from pain at the pump, it’s harder to balance budgets or even buy groceries when transportation costs soar. Many experts have concluded that if prices remain high, economic growth will languish. At stake is our fragile recovery from the recent recession.

High energy prices therefore demand a strong policy response. For years, however, federal lawmakers have routinely ignored the supply side of the equation and the fact that — if we chose to — we could absolutely produce more oil here in America.

For that reason, I welcomed President Obama’s recent pledge to increase domestic production. It was a big step, and I hope his administration heeds the message. But I’m also deeply concerned by some of the information presented about America’s energy potential. Left unchallenged, it will contribute to a mistaken belief that increased domestic production is not truly possible…

…Government officials have claimed since 1919 that America is “running out of oil.” Nearly a century later, we are still the world’s third-largest oil producer, behind Saudi Arabia and Russia. Our consumption levels may seem high, but in fact they’re directly proportionate to America’s share of the global, petroleum-based economy…

The entire article is at The Washington Post.

H/T Jared Law, The 9.12 Project Network

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