ABQJOURNAL OPINION/GUEST_COLUMNS: Drill Now, Leave Oil Reserves Alone

Sunday, March 13, 2011

Drill Now, Leave Oil Reserves Alone

By Gerges Scott
Director, New Mexico Energy Forum
          I recently awoke to news that President Obama is considering tapping the nation's strategic oil reserves in response to gas prices. If I was advising the president, I would tell him this is not a wise move.
        Basically, taping into the 726.6 million barrels of crude, which is just enough to meet the nation's needs for more than a month, won't bring prices down and in the long run will do more harm than good. The strategic oil reserves are national security, and should only be used when our national security is in danger.
        Instead, the president should announce that the Interior Department is fast-tracking permits to drill for oil. The answer to the current gas price surge is access. Drilling for domestic oil will help our economy rebound faster than any federal stimulus.
        Access will allow the country to wean itself off our foreign oil addiction and create jobs here in America.
        It's crazy that we here in New Mexico and the rest of the county are being affected by the turmoil in Libya. In reality, Col. Moammar Gadhafi's oil is just a small contribution to the global oil supply. According to the International Energy Agency, Libya exports 1.6 million barrels of oil a day. America's appetite for oil is over 20 million barrels a day; Gadhafi's contribution is a drop in the bucket.
        So why are we paying a high price for gas in March, and can you just imagine what we will be paying for gas this summer when demand for fuel is higher?
        I shudder to think what that effect will have on our economy in the coming months. Think about it for a minute, air fares will go through the roof, food prices will set records and the rhetoric from our elected leaders will do nothing but fill a hot-air balloon, which come to think of it may be a cheaper way to travel.
        The answer is access, we have the natural resources here in North America, between the United States and Canada there is an ample supply of oil. There is enough oil in the gulf, in Alaska and in oil sands to satisfy our needs.
        Besides that, drilling technology has dramatically improved — ensuring that we can balance concerns for the environment and still provide affordable fuel for our current and future needs.
        So Mr. President, don't do it! Don't put a Band-Aid on a gushing wound.
        The only gushers that will work need to come from an oil well. Let American oil companies do what they do best, responsibly drill.
        Even environmentalists need fuel for their vehicles; it's a win-win situation that will show the voters that Obama can truly lead us out of this crisis.

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