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Normally, we don’t bother with blog posts from the Center for American Progress on oil issues because, to borrow from an old saying, there’s no point in fact-checking someone who puts out propaganda by the barrel. But since this post yesterday sought to “debunk” our “claims,” let’s have a look at CAP’s. Warning: These point/counterpoint, counter/counterpoint things can get a little long.
From CAP:
CLAIM: “More domestic production is critical to putting downward pressure on gasoline prices — supply matters.” – Jack Gerard, American Petroleum Institute President and CEO, March 26, 2012
TRUTH: To test whether more U.S. domestic production would lower gasoline prices, the Associated Press just completed an exhaustive analysis of 36 years of monthly U.S. oil production and gasolin... more »
Update: The U.S. Senate failed to reach the 60 votes needed to invoke cloture and the motion failed 51-47. (29 Mar 2012)
Today the Senate will vote to advance S.2204 sponsored by Sen. Menendez (D-NJ). This bill will raise taxes on major integrated oil and natural gas companies to subsidize other forms of energy and will do absolutely nothing to lower gasoline prices.
A new poll conducted by Harris Interactive, from March 9-13 of registered voters nationwide, found that 76% of voters believe that increasing energy taxes could increase consumer costs on a wide variety of products, including higher gasoline prices.
American voters overwhelming oppose higher taxes!
Additionally, this bill claims to end alleged “subsidies” for a handful of oil and natural gas companies. However, nothi... more »
The Marshall Institute’s William O’Keefe has a must-read on Fuel Fix for folks puzzled by the recent AP analysis that discounted the effect of domestic drilling on global crude pricing, which is the key component (76 percent) in fuel costs.
Remember, the AP said its statistical analysis of 36 years of monthly, inflation-adjusted, gasoline prices found no correlation between the level of production from U.S. wells and prices at the pump.
O’Keefe:
“The AP attempts to use a disconnected statistic, domestic production, to make an erroneous correlation to counter arguments in favor of more U.S. exploration and development. In doing so, the wire service offers the public a political statement in place of objective analysis.”
O’Keefe continues:
“To begin with, domestic oil prod... more »
Earlier this week, API hosted a conference call with bloggers to discuss rising gasoline prices and to correct misinformation about the factors that figure into the prices Americans pay at the pump. API Chief Economist John Felmy explained that crude oil costs account for 76 percent of the prices Americans pay for gasoline. Although crude oil is a global commodity, Felmy said that the United States is not powerless in dealing with global markets because, in fact, “we’re energy rich and have lots of options.”
In his opening statement, Felmy called for the United States to help put downward pressure on fuel price:
“America’s oil and natural gas companies believe a preemptive surrender to the global marketplace and world events is absolutely the wrong policy…Although the president re... more »
Why did energy supporters in the U.S. Senate stand aside to allow consideration of legislation they oppose – raising taxes on America’s oil and natural gas companies? After all, there were more than enough votes to keep the proposal from coming to the floor.
Simple, in politics you choose the fights you think you can win, and Senate opponents of higher energy taxes feel like they’ve got the American people behind them.
Here’s why. A spate of surveys shows that strong majorities of Americans favor more production of oil and natural gas here at home. Both Gallup and Rasmussen have new polls showing Americans support construction of the Keystone XL pipeline, which would bring up to 830,000 barrels of oil per day from neighbor and ally Canada. Another Rasmussen survey indicates 2-1 suppo... more »
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