The Political Whore

Congresswoman Kathy Castor, who has helped lead the fight in Congress against oil drilling off Florida’s Gulf coast, released this statement today, which I present in full:

“The Bush/McCain proposal to severely expand drilling for oil in the coastal waters of the State of Florida is a political gimmick that will not lower gas prices for consumers but will have real and tragic consequences for Florida’s economy and natural environment.”

First, let us examine the fallacy of the argument that this policy would lower gas prices.  Currently, 68 million acres of leased federal lands and waters are currently open to drilling but are not being tapped. Most offshore oil and gas reserves are already available. Since President Bush took office in 2000, the number of wells in federally-leased areas has increased exponentially, but gas prices have risen just the same. In fact, gas prices have more than doubled since President Bush took office in 2000.
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John McCain claims ending a 26-year ban on oil drilling in some areas of the Gulf of Mexico would help Americans by lowering gas prices and moving the U.S. away from dependence foreign oil.

But would it? Will this strategy really work to end the $4 a gallon (and rising) prices? The evidence is overwhelmingly against it.

There are an estimated 15 billions barrels of oil in the Gulf of Mexico. According to the Energy Information Agency, in 2007 Americans consumed 20.7 million barrels of oil per day (this number includes all oil-based products, including production of plastics and the like). To give you an idea of how long the Gulf reserves would last, at that rate of consumption, if we sucked out all the estimated 15 billion barrels of oil from the Gulf and eschewed all foreign oil, we could be completely energy independent for around 724 days. Less than two years.

Now, the Gulf reserves are not the only ones McCain is talking about opening up, so it is possible we could be energy-independent for more than two years. But still, can we make huge advances in alternative energy sources and implement them in anything under five years, or even 10 years? Unlikely. And since billions of dollars would need to be invested in order to get to all the oil in the Gulf, a process that could take a decade, lower gas prices in the near future as a result of the McCain plan are just as unlikely.

And that left McCain’s plan open to partisan attack today.

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Today is Firefox 3 release day. If you’re still using Internet Explorer, we really have to talk.

• “Crist. Oy. Brought in as the keynote speaker because he’s on the short list of potential McCain running mates, his performance Friday night truly did help his party. By showing unequivocally he would be a complete disaster for the GOP – the worst running mate since Dan Quayle.”
• The Dems cave on Iraq. Again.
• McCain’s plan for energy independence: Tap that coastline!
• Hi, I’m the nation of Iran and I’d like to close my account today.
• The AP seems ready to tell bloggers “hands off our text.” But first, the news organization will meet with a “blogging group” to make it look like they’re actually seeking council from those they wish to restrain.
• “George W. Bush is behind the Phish breakup.”
• Legendary: Tiger Woods wins his third U.S. Open. (By surviving a 19-hole playoff. On a bum knee. After not walking a golf course in months).
• R.I.P. Stan Winston.