American Gas Pains
by Greg Haegele, Sierra Club on 05. 7.08
Last week, three of the world's biggest oil companies reported record-breaking quarterly profits in excess of $27 billion. It's pretty hard to fathom that kind of money - but what is easier for the rest of us to see in real terms is also breaking records: the cost of a gallon of gas.
And of course as the gas prices skyrocket yet again, rather than getting the energy leadership our country really needs, we hear the same old calls to drill for more domestic oil - especially in some of our last wild places, like the Arctic National Wildlife Refuge and the Polar Bear Seas (the Chukchi and Beaufort Seas off the coast of Alaska).
We aren't hearing national leadership call for more conservation, nor are we hearing any plans that would help stop our addiction to oil. I find this shocking and not shocking. Why should we be surprised that Big Oil wants more? Despite racking up billions in profits ("Since 2001, the major oil companies have amassed close to $600 billion in profits "), they still ask for and receive billions in taxpayer-funded subsidies every year.
Conservation has to be part of our solution. Senate Majority Leader Harry Reid said in a release last week, "Americans consume 25% percent of the world's produced oil, but our nation holds less than 3% of the world?s proven oil reserves."
Here's the information I like to share: Data from the most recent U.S. Energy Information Administration (a division of the U.S. Department of Energy) assessment reveals that alternative technologies and reduced consumption have ten times the power to reduce oil imports than potential Arctic National Wildlife Refuge production. (PDF)
Drilling in our treasured, wild places won't do anything to ease pain at the pump or create energy independence. Even at peak production, which could take 20 years, the Arctic Refuge would produce roughly a year's supply of oil.
Besides reducing our consumption, we also need better fuel efficiency and renewable energy. We need an auto industry that does not fight fuel economy increases every step of the way. We need an EPA that allows states to create stronger fuel economy/emissions standards.
It's time to stop calling for more oil drilling and it's time take back the giveaways to Big Oil. Let's invest those subsidies in clean, renewable energy and energy efficiency - choices that will protect the environment, save us money and create jobs.
Image credit::US Energy Information Agency, Lower 48 Crude Oil Reserves and Production
Ditto. Any industry making year-over-year record profits does NOT need taxpayer-funded government subsidies, tax credits, or other handouts.
And of course the "solution" is more drilling. That way they can continue to overcharge us for THAT oil too.
I wonder what would happen to the oil industries if Congress cut them off cold turkey from subsidies, and then further restricted the american produced oil to American sale only, instead of exporting it so they can import more from Canada and Opec. THAT's what Harry Reid should be finding out.
I wonder what would happen if the oil companies all decided to go on strike and leave every griping moron to scratch his head and finally shut the hell up. Everything we are now, everything we have, every wonderful technology we enjoy today, has come from the house of petroleum. we all owe a huge debt to the heroes of the oil industry down through the years, the tough workers, bold engineers, skilled innovators, gritty businessmen and finance guys. But no, that doesn't mean it continues forever...nor should it, though it was necessary. Believe me, we'll get there--battery or fuel cell powered electric cars and trucks, charged by clean coal, nuclear, gas, wind, and solar electric sources... yes we'll get there, though oil in the meantime is the bridge until then and thank god for it. A very bright future whose foundation has been laid by heretofore inexpensive energy and the amazing system of global free-market capitalism that it enabled...
George Bush hates green people.
It's still much cheaper overthere than here in the Netherlands... so stop complaining and get used to it... the cheapest petrol you get here is about 2.35 dollars (1.54 euros) per litre and one litre is about 0.2 gallons so do the math
Chris,
3.785411 liters per gallon (US).
4.54609 liters per gallon (UK).