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High Gas Prices

HIGH GAS PRICES: Can oil subsidies and offshore drilling make gas cheaper? Gas is hitting $4.00 per gallon nationwide and Offshore Drilling Oil Subsidies everybody's talking about how to make gas cheaper. Lots of politicians are talking about trying to lower gas prices with oil subsidies and offshore drilling. Are these Lots of politicians are proposing that we open The oil industry gets about 41 billion up more area for offshore drilling as a way to dollars per year* in government subsidies good ideas? lower gas prices. and tax breaks. By the year 2030, increasing offshore drilling will only lower gas prices by: Do oil companies need that taxpayer money to keep gas prices down? How much No would this 5.20 per gallon lower gas prices? Oil companies are making record- breaking profits. Why? The U.S. has a very, very small amount of offshore oil. The U.S. Treasury says we don't need oil subsidies. Here's what the top U.S. oil compa- Why? nies made in 2010, in billions: ".even in the unlikely case that the How much offshore oil do we have? ExonMobil $52.9B It takes a long costs of removing the subsidies were passed on directly to consumers, the $30.2B time to start increase in prices would certainly be trivial compared to normal fluctuations." New offshore drilling pumping oil. ConocoPhillips $19.7B U.S. Department of the Treasury on the effects of cutting oil subsidies, in an official report. 2010 operating profits in billions of dollars 2 Offshore drilling is compli- cated and expensive. It can take anywhere from 2-4 years to build an offshore oil rig, and several years after that to reach maximum oil 12 mb/d ExxonMobil just posted their second highest quarterly profit ever, $14.1 billion. Who else is against subsidies? production.5 But even once you start drilling.. (see next) But regardless of how much profit they make.. (see next) 8 mb/d ".with high oil prices, such subsidies are not necessary." Ex-CEO of Shell Oil John Hofmeister, February 10th 2011." U.S. Crude Oil "You can't change the Consumption "[Oil companies] ought to be paying their fair share." price of oil very much in millions of barrels per day" "If you're already paying them at the pump, we don't need to pay them through a with U.S. ploration." 2010 2020 2030 Douglas Holtz-Eakin, Chief White House Economist under George W. Bush House Speaker John Boehner (R). April 25h 2011. He later retracted the statement under pressure from fellow Republicans. tax code." President Barack Obama, in speech on May 6 2011. What's the worst that could happen, though? On top of all this... Federal programs and services are being cut drastically due to budget shortages. With an extra 41 billion dollars per year, America could... npr build 11,700 wind turbines, doubling the amount of wind pay salaries for 732,273 power the U.S. generates" new high school teachers.12 Fund 783 NPRS.1 .instead of padding oil company profits. The Deepwat cost more than $40 billion in cleanup costs Horizon oil spill is estimated to and damages to the regional economy.10 Offshore drilling and oil subsidies won't lower gas prices. Also, burning more oil (which heats our planet's climate and pollutes our air) is a really bad idea. How do we get affordable energy for the long term? RENEWABLE ENERGY Renewable energy is clean, abundant, and can make the U.S. 100% energy independent. Yet we aren't investing in renewable energy like we need to. Why? Because the oil industry is flooding politics with hundreds of millions of dollars of dirty money. Let's do something about that. Take action at 350.org/gas Sources: 350.org + The Christian Science Monitor, http://www.csmonitor.com/USA/Politics/2011/0309/Budget-hawks- Does-US-need-to-give-gas-and-oil-companies-41-billion-a-year 1. Energy Information Administration: http://www.eia.doe.gov/oiaf/aeo/tablebrowser/, High OCS resource use vs. baseline 2. MarketWatch, http://www.marketwatch.com/ 3. U.S. Department of the Treasury, http://www.treasury.gov/press-center/press-releases/Pages/tg284.aspx4. TreeHugger, http://www.treehugger.com/files/2008/09/oil-offshore-drilling-graph-us-consumption.php 5. The Oil Drum, http://www.theoildrum.com/story/2005/9/28/115543/198 6. "Hardball with Chris Matthews", http://today.msnbc.msn.com/id/42783906/ns/msnbc_tv-hardball_with_chris_matthews/ 7. National Journal, http://www.nationaljournal.com/daily/ex-shell-ceo-says-big-oil-can-live-without-subsidies-20110211 8. Politico, http://www.politico.com/politico44/perm/0511/cooking_with_gas_Od185b7c-ed98-4263-8b79-d4fb20042392.html 9. ABC News, http://abcnews.go.com/Politics/boehner-gas-prices-cost-obama-election-cutting-oil/story?id313451597 10. The Guardian, http://www.guardian.co.uk/business/2010/nov/02/bp-oil-spill-costs-40-billion-dollars 11. Windustry, http://www.windustry.org/how-much-do-wind-turbines-cost, http://www.energymatters.com.au/index.php?main_page=news_article&article_id%3D535 12. Bureau of Labor Statistics, http://www.bls.gov/oes/current/oes252031.htm, using an avg. median salary of 55,990. 13. National Public Radio, Inc Financial Statements, http://www.npr.org/about/aboutnpr/statements/fy2010/ 38373_NPR%20CONS%20fs.pdf.

High Gas Prices

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In this infographic they analyze whether off shore drilling or oil subsidies will ultimately make the price of gas go down. They determine that neither will ultimately reduce gas prices, therefore ren...

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