May 21, 2008
Male Voice: As we begin this discussion this afternoon, Americans take to the roads this Memorial weekend, they face skyrocketing energy prices that are dramatically affecting their families, at the pump, at home and at work. If we want to lower the cost of energy, we must be willing to use our own energy resources as part of a balanced, rational and realistic national energy policy.
The EPCA III report that we are releasing today, I think, points to part of that solution. The study and unbiased and scientific survey identified 31 billion barrels of oil and 231 trillion cubic feet of natural gas on federal lands, mostly in the west. That converts to 598 billion gallons of gasoline and 214 billion gallons of diesel.
The report indicates: of the natural gas resources, 41 percent are currently off-limits to development; of the oil resources identified, 62 percent are off-limits to development. That 62 percent represents almost 19 billion barrels of oil which converts to 372 billion gallons of gasoline and 133 billion gallons of diesel.
America has abundant energy resources domestically. We simply choose not to develop most of them, in the past. 60 percent of the oil that we currently use comes from foreign sources.
In setting national land use policies, we need to recognize that major technological advances such as directional drilling, well-pad design and placement have dramatically improved industry’s ability to develop energy resources while protecting the environment. But harvesting domestic resources and technological innovations are only part of the solution.
A balanced energy policy needs to include expanded nationwide energy conservation
and efficiency initiatives, rapidly developing alternative and renewable energy
sources. And in conjunction with emerging clean burning fuel technologies
and potential CO2 sequestration, we must expand domestic oil and natural gas
production.
Administration investments are spurring technology for cleaner and more effective
burning of oil and coal, in sequestering greenhouse gases through ground storage
and reforestation initiatives.
The EPCA III report can help make national policymakers make more informed decisions about land use planning to ensure that constraints are in place and those that are proposed do not erect unnecessary barriers for oil and gas production. The report also can serve the American public in renewed national discussion of how we can most effectively reduce the cost of energy and meet the nation’s critical energy needs