Jul
Foundational Strategy for reducing foreign dependance
Filed Under (Business, Politics) by Jason Monastra on 15-07-2008
I have read continually over the past weeks about the reluctance of democrats to remove the ban on offshore drilling. They tout the fact that even with offshore drilling, the benefits will not be seen for 3-5 yrs and it will not fix the cost of gas today. How short sighted can one side be? We are not talking about 3-5 yrs, we are talking the next 10-20 yrs where this country continues to be held hostage to the foreign oil countries and their desire to unseat us as a world power. Offshore drilling as a pillar in the foundation to remove our sole dependence on foreign oil is certainly a strong pillar to employ.
President Bush today removed the ban from offshore drilling leaving the Congress to make the final decision to allow for offshore drilling plus additional drilling in Alaska and in the Pacific MidWest. Congress, democratic controlled, and with the national spotlight on their leader (Obama) will be certain to employ all blockades to keep the ban in place causing a stranglehold on our domestic economy and continuing to drive the US into deeper recession and reliance.
Let’s be serious, offshore drilling will not be the only way to relieve the cost of gas or the reliance on foreign oil, but as part of a broader strategy, it will be useful in the shaving of oil prices globally. With an additional oil source provided domestically, the global cost would decrease as the demand here was met without the need of foreign supply. In the immediate short term, deploy specific amounts of the national reserve in an effort to bring the cost per barrel down and penalize speculators that have profited from this ridiculous run up. Third, strategic investment and tax incentives for alternative fuel research and development, coupled with economic incentives and government contracts for successful business in this area. Lastly, raise the federal funds rate to reduce the weakening dollar, alleviating the rallying cost of oil as the commodity is traded in US currency.
I am not sure about you, but that seems the base for a plan…..
