Democrat's Plan to Sue OPEC Does Not Bring Down Gas Prices
America Challenged Democrats on Gas Prices and Democrats Responded….
Democrats decided to sue OPEC.
Surprisingly, the Democrat energy plan to sue OPEC did not bring down gas prices today.
And, it won’t help with the developing supply crunch.
Instead, oil hit another record above $135 a barrel over supply worries.
For decades, Democrats have blocked effort after another to responsibly develop the energy resources our country possesses, transforming vast areas of opportunity into “The No Zone.” Just last week- Senate Democrats blocked legislation that would have allowed development of shale oil deposits in the Western United States.
Oil prices hit a record above $135 a barrel before falling back in Asia Thursday, with supply worries, rising global demand and a slumping dollar keeping crude futures on an upward track.
With gas and oil prices setting new records nearly every day, many analysts are beginning to wonder what might stop prices from rising. There are technical signals in the futures market, including price differences between near-term and longer-term contracts, that crude may soon fall. But with demand for oil growing in the developing world, and little end in sight to supply problems in producing countries such as Nigeria, few analysts are willing to call an end to crude’s rally.
…Crude prices blew past $130 on Wednesday amid concerns about demand, supplies and a weaker dollar, and then they just kept going. The rise accelerated when the U.S. Energy Department’s Energy Information Administration said U.S. crude inventories fell by more than 5 million barrels last week. Analysts had expected a modest increase.
Democrats frequently attack American oil companies and block them from drilling off our coasts. It does not seem to bother them that China and Cuba are drilling for oil in these same areas 50 miles from Key West.
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More… The Wall Street Journal is reporting, “The world’s premier energy monitor is preparing a sharp downward revision of its oil-supply forecast, reflecting deepening pessimism over whether oil companies can keep abreast of booming demand.”
The U.S., with a legal moratorium barring exploration in 85% of its offshore waters, is struggling to keep its output steady –WSJ.
I cannot overemphasize the access issue. Access to resources is severely restricted in the United States and abroad, and the American oil industry must compete with national oil companies who are often much larger and have the support of their governme
We can only compete directly for 7 percent of the world’s available reserves while about 75 percent is completely controlled by national oil companies and is not accessible.
…Exxon Mobil is the largest U.S. oil and gas company, but we account for only 2 percent of global energy production, only 3 percent of global oil production, only 6 percent of global refining capacity, and only 1 percent of global petroleum reserves. With respect to petroleum reserves, we rank 14th. Government-owned national oil companies dominate the top spots. For an American company to succeed in this competitive landscape and go head to head with huge government-backed national oil companies, it needs financial strength and scale to execute massive complex energy projects requiring enormous long-term investments.
To simply maintain our current operations and make needed capital investments, Exxon Mobil spends nearly $1 billion each day.
It’s worth repeating– All of the hot gas blowing from Congress won’t produce a drop of oil.