My last column took Big Oil off the list of those possible groups responsible for the present oil crisis. Excessive profits made by them is simply propaganda spewed by the liberal Democrat leadership.
The facts (yes, liberals, an inconvenient truth) show that their return on investment is right in line with or less than that of other industries.
In fact, between federal, state and local governments, the revenues produced for them exceed the net profits of the oil companies several times over. The liberal Dems certainly don't see this return as excessive and have no intention of reducing these taxes. Remember, they did absolutely nothing for these dollars.
So now the Democrats and their special-interest lobbyists turn to the president and claim he is also the problem. They claim he has no energy plan. What are they, deaf as well as dumb? Since 2003, he has repeatedly brought sound plans before Congress, and these were voted down every time.
His plans make total sense. No. 1, he wanted to build refineries at former military bases. Because of our lack of refineries, we have to import refined product that costs twice as much as if it were refined domestically.
No. 2, he proposed lifting the present ban on leasing federal lands and offshore drilling sites where abundant supplies exist.
The Democrats refuse to allow this, claiming the danger of oil spills and negative environmental impact. Valid, except there hasn't been a major oil spill since 1969.
Also, there are thousands of oil rigs in the Gulf of Mexico and hundreds were either destroyed or severely damaged during the 2005 hurricane season that included Hurricane Katrina.
Guess what? No oil spills. Stop living in the '60s, Dems. There have been very impressive gains made in extraction technologies and safety measures.
A February 2006 study done by the Interior Department's Mineral Management Service estimated potential offshore resources of approximately 85.9 billion barrels and 419.9 trillion cubic feet of natural gas.