John Sununu: In Case You Missed It

In Case You Missed It: Shaheen "Has No Idea What She Is Talking About" When Discussing Energy Editorial The Union Leader August 4, 2008 "When it comes to reducing the price of oil, U.S. Senate candidate Jeanne Shaheen simply has no idea what she is talking about. The last few weeks have perfectly illustrated this fact. "On July 23, Shaheen released her five-point plan to 'lower gas prices.' Her first point is: 'Close the Enron loophole. The Enron loophole allows billion-dollar traders to evade speculation limits and manipulate oil markets anonymously, artificially driving up prices in an attempt to make huge profits.' "Her second point is: 'Close the London-Dubai loophole.' She claims that speculators have used markets in London and Dubai to bid up the price of oil. "First, Congress closed the Enron loophole earlier this year. Second, the day before Shaheen announced her plan, the Commodities Futures Trading Commission issued its preliminary report on rising oil prices"The task force's preliminary assessment is that current oil prices and the increase in oil prices between January 2003 and June 2008 are largely due to fundamental supply and demand factors.'" "So the first two of Shaheen's five points would have no impact on oil prices because they seek to fix problems that do not exist. "Point No. 3: 'Demand that refiners increase their production of oil.' But lowered refinery output is not a cause of high gas prices; it is an effect of high oil prices." "Point No. 4. 'Stop filling the Strategic Petroleum Reserve and release 30 million barrels of oil.' The federal government stopped filling the Strategic Petroleum reserve two months ago. And the United States consumes 20.6 million barrels of oil a day. Releasing slightly more than a single day's worth of oil will not lower prices. "Point No. 5: "Pressure OPEC to increase production." President Bush has already pressured Saudi Arabia to increase production. The Saudis said no. OPEC will, too. This not only won't work, but it does nothing to reduce our dependence on foreign oil. "Shaheen has embraced a sixth point: Force oil companies to drill on land they already lease. But that won't work either. From 2002 to 2007, more than half of the exploratory wells drilled on leased federal land came up dry. Shaheen portrays the leases as having oil under them, when most of them probably don't. "In summary, not a single point in Jeanne Shaheen's energy plan would lower oil prices or significantly increase domestic production. And one would probably increase gasoline prices. "Meanwhile, she continues to oppose the best and quickest way to lower oil prices: open the outer continental shelf to drilling. "If you think about it, it really is incredible that on the most pressing issue of the day, Jeanne Shaheen has no solution. She should go back to the drawing board and try again. She's still got a few months until the election; maybe she'll come up with something." www.TeamSununu.org

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