President Bush asked Congress Wednesday to permit drilling for oil in deep water off America’s coasts to combat rising oil and gas prices.
Bush also renewed his demand that Congress allow drilling in Alaska’s Arctic National Wildlife Refuge, or ANWR, clear the way for more refineries and encourage efforts to recover oil from shale in areas such as the Green River Basin of Colorado, Utah and Wyoming.
Bush said that the basin potentially contains more than three times as much recoverable oil as Saudi Arabia’s proven reserves, and that the high price of oil makes it profitable to extract it.
At the Beeb
President George W Bush has called on Congress to end a 27-year ban on drilling for oil in US coastal waters, to reduce dependence on imports.
Look at the numbers:
18bn barrels of recoverable oil
77 trillion cubic feet of natural gas
US annual energy usage:
7.6bn barrels of oil
21 trillion cubic feet of gas
As McCain said,
…speaking in Houston on Tuesday, Mr McCain called for the ban to be lifted to help counter US dependence on foreign oil.
“This was a troubling situation 35 years ago. It was an alarming situation 20 years ago. It is a dangerous situation today,” he said.
“And starting in the term of the next president, we must take control over our own energy future and become once again the master of our fate.”
We also need to increase refining capacity.