John W. Olver: “the cornerstone of the Bush-McCain plan to lower gas prices is to open every acre of the Outer Continental Shelf between…”

“the cornerstone of the Bush-McCain plan to lower gas prices is to open every acre of the Outer Continental Shelf between 50 and 200 miles offshore to oil leasing, drilling and production. That plan is a surefire failure. You can bet your house and your children's college education as well that the most promising areas would be leased for long terms at bargain prices, but there is no guarantee that those new leases would be producing a drop of oil even 10 years from now. That's been the history. The Minerals Management Service estimates 66 billion barrels of oil are recoverable on already-leasable areas of the continental shelf. Sixty-six billion barrels equals 10 years of America's need without any foreign oil at all. Yet less than a quarter of the area actually leased is in production. The oil companies are simply banking their cheap, long-term leases for future higher prices and profits. And we, the Congress and the country, will really be left over the barrel.”