Good Report
Thanks for the analysis of the conflicting statements on both sides. It is clear that we will not be able to drill our way out of dependence on foreign oil and oil demand is growing in China and India causing world oil prices to rise. The political rhetoric only clouds the problem and does not present good information to the voters to make informed decisions. The information given in the article is helpful to weed out the hype and leave the actual data.
It would help for everyone to know the time period between getting an exploratory drill permit to producing oil; as well as how long it takes for the well to become depleted. Most people think that the oil is delivered to the refiners faster than reality. The oil industry can be trusted to find and produce oil although the costs of that are also increasing. New techniques for extraction also come at a higher cost that is passed onto the consumer.
My fear is that it will take a crisis before people will take action to dealing with ever increasing cost of oil. The strategic oil reserves should be left alone for future needs instead of a draw down to appease the people and letting them continue to believe that the right political party will keep oil cheap and abundant.
We need to take a hard look at a future where the cost of oil approaches the ability to pay for that oil. If our fuel prices are going up now because China and India are bidding up on oil futures and securing firm multi-year supplies. These are factors that are out of any political control. National energy policy should include research on alternative fuels, alternative ways of producing energy and ways to improve the efficiencies of energy use. There should also be a public plan on how to allocate oil for use to grow crops and balance that with heating and transportation. None of this is easy and it is much harder to do with bad information.
