The Democrats recently had the oil executives up on the hill again for 2 days of grandstanding (by Congress, not the oil executives). Senator Dick Durban (D-IL) was practically apoplectic in a grand piece of political theater. The ultra-liberal Maxine Walters (D-CA) actually threatened the oil companies with nationalization.
Now there are calls from some within the Democratic Party to nationalize our nation's refineries. Rep. Maurice Hinchey (D-NY), member of the House Appropriations Committee, and a strong opponent of off-shore drilling, stated last week that, “We (the government) should own the refineries. Then we can control how much gets out into the market.”
Maybe we should check with Hugo Chavez and see how that’s going. Oh, that’s right. Venezuela’s oil is heavy, high sulphur stuff that is hard to refine. The country’s oil fields are in decline and will need major investment and sophisticated technology and know-how to maintain production going forward. But now El Presidente has guaranteed that no one who has the technology and know-how will touch Venezuela with a 39 ½ foot pole.
It was quite clear from the give and take during the hearings that none of the Democrats had the slightest idea about how oil markets work - frightening and discouraging.
Here’s the best part. Most people know that new domestic oil exploration has been largely prohibited for 30 years, and that we have not built a new refinery for 35 years. But what you may not know is that India is close to putting the finishing touches on a brand new refinery that will be the largest in the world. It is a short tanker ride from the Persian Gulf to India. So now not only will we have to send an ever increasing amount of money to our enemies for oil but we will then send even more money to India to refine it before they ship it to us.
Brilliant!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment