It’s time to explore and drill
POSTED: May 17, 2008
Reducing gasoline prices by 18.4 cents per gallon will provide little more than a psychological boost for American motorists. Fuel prices, averaging about $3.60 a gallon, can fluctuate by 18.4 cents — up or down — within just a few weeks.
That is why proposals that the federal tax on gasoline, 18.4 cents a gallon, should be suspended for the summer don’t make much sense.
President Bush, in telling reporters this week that he is open to considering any ideas that may help motorists, including suspension of the tax, pointed out what ought to have been obvious for years: Congress simply hasn’t taken actions with reasonable likelihood of decreasing U.S. dependence on foreign sources of oil.
Allowing exploration and drilling for oil in the Arctic National Wildlife Refuge and making it easier for oil companies to build new refineries are two things Congress could do to affect gasoline prices, Bush pointed out.
But lawmakers have been unwilling to take such actions. It is time for them to reconsider — to make a real impact on fuel prices.
Member Comments
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Anderson
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05-20-08 5:23 PM
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Discounted for inflation, gas is about the same price today as in 1946! Use of petroleum products has been subsidized every way from Sunday in the US and we suffer in multiple ways from the economic dislocations that have resulted. That's what happens when governments intervene in what free markets do best, i.e. ration goods and services according to purely market factors (Econ 101).
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bartath
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05-19-08 8:33 PM
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If we start drilling in the arctic refuge today we could have it ready in 4 years. The oil is there ready and new refineries in three years ready to go. I lived in Alaska in the 70' and saw the pipe line being build. It's time to take actions today. If the world knew we were starting to drill and build new refineries the price of oil would drop overnight. Sorry Jimmie its not redundent we do it now. I expect alot from my government that is why Im voting for mcCain.
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