23 Jun '11, 9pm

Why selling off the Strategic Petroleum Reserve is a good idea

Why selling off the Strategic Petroleum Reserve is a good idea

Mr. Chairman, members of the Committee. I have three main points. First, we tried offshore drilling in 2006 and oil prices doubled. Second, the only plausible remaining strategy for reducing oil prices fast is opening up the Strategic Petroleum Reserve or SPRO while making a major push for oil conservation. Third, we're going to sell off the SPRO by mid-century anyway. Why not do it now when consumers need the relief, and we can use the money to help end our oil addiction. We must be honest with the public. Oil prices are headed much higher over the next 5 to 10 years unless we jumpstart the transition to low-cost alternative fuels, something even oilman T. Boone Pickens has said. Conservatives insist that more offshore drilling will lower prices. But that is the one strategy we know has failed. We tried opening up most of the Gulf of Mexico to offshore drilling two years ...

Full article: http://www.grist.org/oil/2011-06-23-why-selling-off-strat...

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