Outside the Box
Pete du Pont:
"The good news is that the world is not running out of oil. In spite of such predictions that it would--in the 1880s, after both world wars, by the wildly inaccurate but politically correct Club of Rome in 1972 and by today's pessimists--oil reserve estimates are increasing. Offshore drilling is producing oil that wasn't there a few decades ago. Alaska has untapped oil reserves; more oil is being found in Russia, the North Sea and the Gulf of Mexico. Technology is making products available from oil sands and liquids derived from natural gas.
In short, we have access to oil; what we need is the ability to refine it, and that is a major political problem. We need refinery construction incentives to keep our gasoline production process up with market demands. Price controls, more additive requirements, ethanol politics, increasing refinery construction regulations and the 50-cent-a-gallon gasoline tax increase John Kerry once endorsed would make things worse.
But failing to increase our refining capacity will make things much worse-- fewer trips to visit Mom at the hospital, shop at Staples or Wal-Mart, or see the kids at Christmas. The good news is that an inexpensive supply of gasoline has given us the opportunities we have enjoyed for half a century. We need to keep enjoying them."
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