Faced with the approaching loss of its eight-year hold on the White House, Big Oil is making one last push to increase domestic oil drilling with a false promise. North Carolinians should see right through it.
When President Bush and Vice President Dick Cheney entered office, oil was at a fraction of today's price. In 2001, Americans could actually afford to both fill their tanks and buy groceries. But not anymore.
With oil prices at $135 a barrel, Bush is once again calling for increased domestic drilling. Sen. John McCain, who opposed such calls in the past, has just reversed his long-voiced opposition to drilling off the American coastline.
Americans can't be fooled by the false hopes raised by proposals for increased domestic drilling. This country retains about 3 percent of the world's known oil reserves but uses about one quarter of the world's supplies. We cannot drill our way out of our oil addiction.
Even if the entire Congress were to immediately flip-flop on drilling as McCain has done, there would be no short- or medium-term relief for American consumers. We don't have the infrastructure to reduce gas prices.
Gasoline and diesel fuel have risen in price in significant part over the last three years because there is limited refining capacity in this country.
Refineries are big and ugly, and most communities don't want them. We're only one good hurricane away from disaster if a major refinery is hit.
The New York Times reported Thursday that even if offshore drilling were to be allowed tomorrow the industry doesn't have the tools to do the job. Deep-sea drilling requires expensive drill-ships, and they are in very short supply around the world.
There is considerable commentary around the world that the run-up of oil prices has nothing to do with supply. Even the Saudis claim that the price of oil should be significantly lower based on supply and demand.
Speculation, fueled in large part by the weakness of the American dollar, is creating an oil bubble that, at least in the short term, promises to keep prices high.
The United States must not fall back into its old affection for oil. Drilling for more of it off the North Carolina beaches is not the answer. The solution to high gasoline prices is an effective transition away from dependence on oil for energy. Alternative forms of power production, new fuels for cars and far more efficient use of oil are the answer.
Oil is not our future. The old days are not coming back. We don't have enough oil to make 2008 into 1965. Our future lies in new fuels that are abundant and renewable.
Calls for more drilling rights are just a last-gasp plea from the oil industry for a final chance to wring more dollars out of the American public before there's a change in the White House.
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