Day By Day

Wednesday, May 14, 2008

Irresponsible and Incompetent

From IBD, via Betsy:

• For the past 31 years, Congress repeatedly prevented us from building any new oil refineries that we now badly need.

• More recently, congressional Democrats defeated and discouraged any bill that would let us drill in the deep sea 100 miles out. However, it's somehow OK for China to drill there.

• As a further indictment of our Congress, since the 1980s it has continually stopped all building of nuclear power plants while France, Germany and, yes, Japan, plus 12 other major nations, did build plants and now get 20% to 80% of their energy from their wise and safe nuclear plant investments.

• From 1990 to 2000, U.S. crude oil demand rapidly accelerated by 7.41 quadrillion BTUs, according to Department of Energy data. And our rate of foreign oil dependency dramatically increased while our domestic oil production steadily declined.

Under the eight Clinton years alone, U.S. oil production declined 1,349,000 barrels per day, or 19%, while our foreign imports increased 3,574,000 barrels per day, or 45%.

During this time, President Clinton vetoed ANWR drilling bills that would have clearly made Alaska our No. 1 state in the production of our own vitally needed oil supply, not only for all Americans but also for national defense emergencies.

So were Democrats and members of Congress together merely short-sighted, with only a few having any real business experience?

Or were they just ignorant about economics — the fact that the law of supply and demand determines the price of all commodities such as oil, steel, copper and lumber?

Or were they simply and utterly irresponsible and incompetent in their actions that led us to become dangerously dependent on increasing oil imports from foreign countries?

We think it was "all of the above."

Read it here.