White House
12 July 2008
U.S. President George Bush wants Congress to expand offshore oil drilling to help bring down record high gasoline prices. VOA White House Correspondent Scott Stearns reports, opposition Democrats say oil companies should start by using the offshore leases they already hold.
"Scientists have developed innovative techniques to reach this oil with virtually no impact on the land or local wildlife," he added. "With a drilling footprint that covers just a tiny fraction of this vast terrain, America could produce an estimated 10 billion barrels of oil. That is roughly the equivalent of two decades of imported oil from Saudi Arabia."
Van Hollen says the Energy Department estimates that drilling today in the Alaskan wildlife refuge would not deliver any petroleum to U.S. pumps for ten years. He says more drilling in Alaska would save consumers about two cents a gallon 20 years from now.
"When Americans are getting sticker shock every time they pull into the gas station, we don't have 20 years to wait. We need action, real action," he said.
Van Hollen says Democrats want President Bush to release some of the gasoline in the nation's Strategic Petroleum Reserve and focus more on alternative sources of energy.
Oil touched a record high of more than $147 per barrel Friday before closing at just over $145 per barrel. U.S. stocks fell for their sixth straight week, averaging loses of about 16 percent for the year so far.