Political Quotes

“It answers specifically what the Senator just raised, and I would like to read a portion of it. Domestic crude oil production is actually up from 5.4 million barrels a day in 2004 to 5.59 million now; imports have dropped by more than 10 percent in the same period. Despite a temporary slowdown in exploration in the Gulf of Mexico after the BP oil disaster, the number of rigs in American oilfields has quadrupled over 3 years. There have been new discoveries, and the administration has promised to open more offshore reserves. To say that Mr. Obama has denied industry access is nonsense. Equally nonsensical is the Republican claim that Mr. Obama's proposed repeal of $4 billion in annual tax breaks for the oil and gas industry--whose five biggest players posted $137 billion in profits last year--would drive prices upward. As is Newt Gingrich's claim that a proposal now taking shape in the Environmental Protection Agency, and fiercely opposed by refiners, to lower sulfur content in gasoline would add 25 cents to the cost of a gallon. Agency experts say it would add a penny. The truth is that oil prices are set by world markets by forces largely beyond America's control. Chief among these is soaring demand in countries like China. The Times noted fears in some quarters that gas could jump to $5 a gallon if the standoff with Iran disrupted world supplies. The editorial continues: Therein lies the biggest weakness in the Republican litany.…”