Domestic Oil: Let’s Access It, Encourage It

By April 1, 2008Energy

From the Dow-Jones coverage of today’s House Energy Independence and Global Warming Committee’s hearing on oil prices:

Stable tax and regulatory policies are essential to encouraging needed investments,” said J.S. Simon, senior vice president of ExxonMobil Corp., in prepared testimony before a House panel. “Imposing punitive taxes on American energy companies, which already pay record taxes, will discourage the sustained investments needed to continue safeguarding U.S. energy security.”

Chevron Corp. Vice Chairman Peter Robertson said the oil industry has been “urging greater access to U.S. resources — onshore and offshore.” But he said that “instead, we have been increasing our demand on exporting countries,” and warned that “any serious measures toward energy security must seek to reverse this equation.”

Robertson has been speaking on an API-sponsored conference call with bloggers, and domestic supply recurs as an important topic.

He agreed with the observation that the hearing was generally productive, less hardball than perhaps expected, and provided some good, intelligent questions and discussions.

And kudos, as usual, to Popular Mechanics, which has oil as is cover story this month, “America @ $100/Barrel: How Long Will the Oil Last?”

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