Patrick McHenry: Fighting for Energy Independence & Lower Gas Prices

Jul 14

Patrick McHenry: Fighting for Energy Independence & Lower Gas Prices

Why are gas prices rising? Supply is not keeping pace with demand.

» In 2007, global oil production fell by 126,000 barrels a day but consumption grew by 1 million barrels a day.

» Global demand is rising largely because of the emerging middle class in China and India. By 2020, China will match the current U.S. oil consumption rate of 20 million barrels a day.
» But the Democrat-controlled Congress is blocking the use of American energy resources, forcing the U.S. to import 59% of our oil.

Patrick McHenry is fighting to overturn federal bans on the exploration and production of America’s abundant energy resources.

» One day, America will be powered by alternative sources of energy – and Patrick McHenry is working to make that happen. But until that day comes, we must use American resources to become more energy independent and lower gas prices.

» The U.S. possesses 116.4 billion barrels of recoverable oil – enough to power 65 million cars for 60 years.

• Alaska possesses 18 billion barrels of American oil, which is the equivalent of 30 years of Middle East imports – but this is off-limits under current law.

• There are 86 billion barrels of American oil deep at sea along the Outer Continental Shelf – but this is off-limits under current law.
» The Rocky Mountain West has the world’s largest oil shale deposits – 800 billion barrels of oil – which is 3 times greater than the proven oil reserves in Saudi Arabia – but this is off-limits under current law.

Patrick McHenry is working to move us toward alternative sources of energy.

» Patrick McHenry authored the Independence Price Act of 2007, which would award up to $1 billion to any U.S.-based private enterprise that creates workable products or technologies such as alternative fuels that help break our dependence on foreign oil.
» Technological advances have made nuclear power safe, environmentally-friendly and cost-effective. Patrick McHenry continues to support streamlining the permitting process for nuclear power.