No Oil for Blood

Here is a question for you. Why, after all the assistance we've given to Iraq over the past five years, was the first major Iraqi oil deal signed with China and not with an American or even a western company? The answer is, in part, because three Democratic senators intervened in Iraqi domestic politics earlier this year to prevent Iraq from signing short-term agreements with Exxon Mobil, Shell, Total, Chevron, and BP.

Frederick Kagan has written a report for The Weekly Standard that should tick you off. It documents how three U.S. senators (Chuck Schumer, John Kerry, and Claire McCaskill) torpedoed Iraq’s plans to sign no-bid contracts with American oil companies that would help boost Iraq’s oil industry, providing Iraq with more stability and bringing more oil onto the market.

Think about that the next time you fill up.

Arctic May Hold 90 Billion Barrels of Oil

Drill! That's what I say.

The Arctic may hold 90 billion barrels of oil, more than all the known reserves of Nigeria, Kazakhstan and Mexico combined, and enough to supply U.S. demand for 12 years, the U.S. Geological Survey said.

One-third of the undiscovered oil is in Alaskan territory, the agency found in a study released today. By contrast, a geologic formation beneath the North Pole claimed by Russian scientists last year probably holds just 1.2 percent of the Arctic's crude, the U.S. report showed.

CONGRESS EVALUATES OIL DRILLING

They moved an inch but Pelosi and other Democrats are still in the way. (CNN)

From Hewitt: I understand the immense reluctance of Democrats to do anything to help the economy in advance of the fall elections, but this refusal to act is shameful. It is causing enormous harm to real people, and eating away at the foundations of the economy. When you hear Democrat after Democrat on television to intone "we can't drill our way out of it" without explaining why, when you hear Democrat after Democrat intone the nonsense about the oil company's unused federal leases --truly the stupidest talking point of all time-- and when you hear about the need for new sources of energy in the far off future, know that you are actually hearing a chilling resolve to crater the economy for the perceived benefit of Obama and other Democratic office holders. (Townhall)

Meanwhile, Al Gore is preparing another sky-is-falling speech in Washington. Democrats aren’t thrilled with the timing. (The Hill)

BUSH SAYS “DRILL” AND OIL PRICE DROPS

From the story: Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime. (NRO)

Newt Gingrich offers 3 ways to drop the price of oil:



Check out American Solutions for Winning the Future, a unique non-partisan organization designed to rise above traditional gridlocked partisanship, to provide real, significant solutions to the most important issues facing our country.

BUSH LIFTS EXECUTIVE BAN ON OFFSHORE DRILLING

Now it’s up to congress. (FOX News) From another story: Democratic leaders have refused to schedule even a single hearing on the topic. House Appropriations Chairman David Obey recently shut down the annual budget process rather than allow Republicans to offer drilling amendments. He and the Speaker know that if they allow a vote, moderate Democrats are sure to defect and the offshore moratorium could end. (WSJ)

From Obama’s camp: “It would merely prolong the failed energy policies we have seen from Washington for thirty years." (Reuters)

OPEC: WAR WITH IRAN COULD CAUSE UNLIMITED OIL PRICE

From the story: OPEC's secretary general acknowledged that dangers to steady supply exist. Addressing one — the threat of a U.S. or Israeli attack on Iran because of its nuclear defiance — he warned that his organization was unprepared — and unable — to make up for resulting oil shortfalls. (FOX News)

From another story: Arab governments are deeply worried about the prospect of war between Iran and Israel and/or the US for the very good reason that several of them would be directly in the firing line if hostilities erupted. Any fallout could have devastating consequences. (Guardian)

DURBIN SUDDENLY OPEN TO OFFSHORE DRILLING

It's amazing what angry voters can do. Dick Durbin said Harry Reid may be open as well. But then there’s this from the story: Durbin said his support for opening new areas to drilling was contingent on setting requirements that oil and gas companies begin production within a specified time frame on acreage they have leased from the government.

Reuters