Rep. John Peterson seems to be taking a big step towards addressing the nation's energy problem.Peterson has long favored increasing domestic supply by lifting the offshore drilling ban, so he was particularly pleased with Bush's recent decision to lift the moratorium.
On Tuesday, he wasted no time reacting to the news. He joined with Neil Abercromie (D-HI) to form the House's Energy Working Group. The group aims to establish a bipartisan compromise which would increase supply for the current crisis by drilling offshore while at the same time encouraging alternative energy sources as a background for future transitioning.
The group is shooting to have comprehensive legislation produced before the August recess, but preferably in the next week.
The Republicans will not include ANWAR in the proposal as it is seen as too much of a "lightening rod" likely to break apart any potential compromise.
Abercrombie said the group is "evolving" and couldn't announce the member list yet because it might cause some members a political headache, but hopefully it will include other members of the Pennsylvania delegation.
It's great to see Peterson take the lead on this issue. Furthermore, the approach he is using to address this problem is commendable and impressive. In an election year, it could be tempting to play politics with the topic and use it as a bludgeoning object against the opposition. Instead of subjecting this time-sensitive issue to unneeded political scrutiny, he's recognized the importance of working across the aisle to successfully get any offshore drilling program implemented.
2 comments:
There is a big hole in this arguement. The oil companies already have all the leases they need to drill for additional oil, but aren't doing it. They have the capital and the leases to expand the flow of oil into the market. But they won't do so as they would be driving the prices down and losing money in the process.
Also, offshore drilling requires special equipment that is just not available right now. The floating platforms they use are all in production. They would need to build this equipment which takes years before they even start drilling. And why didn't the oil companies have spares built or new construction in progress for existing leases? Because they are happy with the current production level and have no reason to increase it.
Simply saying,
Wynter
Economically speaking, there are two ways to ease the pain at the pump: increase supply or decrease demand. Either way you attack it, bringing down the market price of gasoline will take time. Peterson is obviously in favor of the increased supply route.
There is merit to what you are saying. Obviously, drilling offshore would not produce noticeable supply gains for five or ten years, and there are several unknowns that go hand-in-hand with it. However, with some estimates of automobile ownership retention at close to ten years, it is unlikely that we will relinquish our gas habits overnight, and it will take years to fully transition to alternative fuels. So working to increase domestic supply with that in mind is a respectable goal.
That said, I thought it was important to highlight Peterson's willingness to get something done on the energy issue. He formed a bipartisan working group and is serious about tackling the issue.
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