WASHINGTON, D.C. - U.S. Senator Jim Inhofe (R-Okla.), Ranking Member of the Senate Environment and Public Works Committee, today joined several of his Senate Republican colleagues at a hearing focused on bringing down the price of gas at the pump. The Senate Republican Conference invited witnesses to testify regarding the enormous reserves that the Outer Continental Shelf (OCS) holds - 18 billion barrels of oil and 76 trillion cubic feet of natural gas. These oil reserves are equivalent to 33 years' worth of oil imports from Saudi Arabia and over 36 years' worth of oil imports from Venezuela.
"Today I was pleased to join my Republican colleagues in a hearing to discuss the critical issue of increasing our domestic supply of oil and natural gas through expanded offshore development," Senator Inhofe said. "In addition to opening the OCS, I believe that Congress must allow the moratorium that bars leasing of oil shale to expire and believe that we must produce from ANWR as well.
"Republicans have consistently proposed measures to address high gasoline prices by increasing our domestic production. A vast majority of Americans now support offshore drilling and greater use of domestic energy resources. By consistently raising the issue of increased domestic production, now even some Democrats who just a few weeks ago adamantly opposed increased drilling now say they're for it. However, proposals to open only small portions of the OCS fall short on an issue the American people support and on which we are making substantial progress.
"America is not running out of oil and gas or running out of places to look for oil and gas. America is running out of places where we are allowed to look for oil and gas. The American public is demanding that the Democrats in Congress allow us to produce from our own resources. I think we are all hearing their message loud and clear."
Oklahoman Editorial Supports Inhofe CNG Bill - "The Senate should be talking about big solutions to the big problem. One we like is Oklahoma Sen. Jim Inhofe's proposal to help make compressed natural gas more readily available as a transportation fuel. But that's not on the Senate leadership's agenda. Neither is drilling offshore or in Alaska. Most Democrats are against adding new supply, but their excuses are having a harder time with the gasoline-buying public..."
Inhofe Praises Pickens Call For Increasing Use Of Natural Gas, Wind Power - "The Pickens Plan is a bold and achievable approach to meeting our nation's energy challenges," Senator Inhofe said. "Like Pickens, I believe tomorrow's energy mix must include the development and expansion of natural gas and wind energy production. Importantly, however, I believe we must utilize all domestic energy resources including not only natural gas and renewable energy, but also oil, coal, and nuclear energy. Developing and expanding domestic energy resources will translate into energy security and will ensure stable sources of supply and well-paying jobs for Oklahomans and Americans.
Marginal Wells In Okla. Key To Oil Production, Says Petroleum Geologist- Lawton, Oklahoma United States Senator Jim Inhofe (R) and Congressman Dan Boren (D) have introduced a new bill, designed to give tax break and loosen regulations on low producing oil and gas wells. Oklahoma has more than 65,000 marginal wells that only produce 15 - sometimes less - barrels of oil per day. Those wells are responsible for 80% of the oil supplied by Oklahoma. "It really helps the economy in Oklahoma," said Petroleum Geologist David Moore. "There's probably 30,000-35,000 jobs that are created by these marginal wells that are producing today."
Oklahoman Editorial Supports Inhofe-Boren Marginal Wells Bill - "New federal legislation that would help low-producing oil and gas wells makes good sense as the United States considers all options to meet its energy needs. Sen. Jim Inhofe, R-Tulsa, and Rep. Dan Boren, D-Muskogee, are co-sponsoring the bill they say would help protect a key source of domestic production - marginal or "stripper" wells producing fewer than 10 barrels of oil a day....Although there's little meaningful time left for legislating this year, Congress should find a way to pass this bill and keep oil and gas flowing from all available sources."