It's not drillling that is the problem, it's taking the crude and refining it and producing enough to fill our needs after it gets drilled that is the problem.
They had a lady (Karen Matusic) on CSPAN the other night explaining that the amount coming out of Alaska (they are pumping a lot out of Alaska) was even being sold to Japan because there was no way for us to refine it all - we are already at refinery capacity and that doesn't even satisfy half of what we consume.
She also said our high consumption makes us rely on foreign sources for 50% of our oil - and Venezuela makes up a big chunk of that.
Here's the video:
Karen Matusic, Editor, Oil Daily
Karen Matusic, Editor of the Oil Daily, discusses gas prices and the gas supply in light of OPEC's expected production cut in April.
3/6/2004: WASHINGTON, DC: 40 min.