Everyone is feeling the pinch of high gas prices and energy costs. The major reason for the rising price of gas and energy is the exploding demand for gas and energy resources in countries with rapidly expanding economies, like India and China. This increased demand has put pressure on the worldwide supply of oil and other energy resources. As a result, America's energy security is at the mercy of cartels like OPEC and dictators like Venezuela's Hugo Chavez. To put things in perspective, the largest American oil company is only the 14th largest in the world. That’s right, other countries own the 13 largest oil companies, which illustrates why we are so dependent on foreign sources of energy. We need solutions that address this issue directly. Congress should not play partisan games like blaming our domestic energy providers for higher prices and threatening them with taxes that will end up further raising gas and energy prices. I have co-sponsored legislation that will allow America to become more energy independent by increasing domestic exploration for energy resources in the short term problem and investing in alternative sources of energy like nuclear, solar, and wind for our future. This will allow us to provide energy solutions over the long term that will reduce our dependence on fossil fuels and improve the environment for future generations.
ENERGY FACTS:
FACT
Total American Energy Resources Off-Limits:
(Leasing Prohibited)
Natural Gas: 175.28 Trillion Cubic Feet
Oil: 1.127 Trillion Barrels
Federal Revenue Generated if Congress Unlocked Off-limits Energy Resources: $60 TRILLION
Source: Department of Energy/Department of Interior
FACT
The mean estimate of technically recoverable oil in ANWR is 10.4 billion barrels – all of which is now economically recoverable.
· That’s more than twice the proven oil reserves in all of Texas.
· That’s almost half of the total U.S. proven reserve of 21 billion barrels.
· That represents a possible 50 percent increase in total U.S. proven reserves.
Source: U.S. Energy Information Administration
FACT
One million barrels of oil produce 27 million gallons of gasoline and diesel fuel.
Source: U.S. Energy Information Administration
