Boy, some folks think we'll buy anything. Rigzone is featuring this release from the American Petroleum Institute (API) bemoaning the proposed Congressional actions on the petroleum industry, HR 6, the "CLEAN Energy Act of 2007,". Knowing our Congress, I am not convinced they are being saintly, but API goes over the top with this comment:
"Repeal of these tax provisions designed to encourage investment in the United States will discourage new domestic oil production and refinery investments, threaten American jobs, and make it less economic to produce domestic energy resources – thereby increasing our dependence on imported crude oil and gasoline." Emphasis is mine.
Yeah right. We import 60% of our oil now, not to mention natural gas. That proportion will rise regardless of anything the industry does. At best, the industry can hope to hold the line at 60% imports, but that's it. Declining supply is declining supply, and today's article at the Oil Drum about horizontal drilling makes it abundantly clear that more efficient technology results in faster extraction, thereby faster depletion, and ultimately a steeper cliff to fall off of once permanent decline sets in. The Oil Drum also chimes in with a graphic explanation of the volume of oil taken out of the ground and how that translates into alternative energy sources. Interesting reading.
So whine API, whine to your heart's content. In the long run it will all come out to the same conclusion.