{"id":23427,"date":"2006-03-15T01:01:01","date_gmt":"2011-05-19T06:30:24","guid":{"rendered":""},"modified":"2011-05-19T06:30:24","modified_gmt":"2011-05-19T06:30:24","slug":"where_s_outrage_over_mexico_oil_drilling","status":"publish","type":"post","link":"https:\/\/www.rushlimbaugh.com\/daily\/2006\/03\/15\/where_s_outrage_over_mexico_oil_drilling\/","title":{"rendered":"Where\u2019s Outrage Over Mexico Oil Drilling?"},"content":{"rendered":"
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RUSH: I was joking around about this yesterday but I really do have some serious questions about it. President Vicente Fox climbed aboard a drilling platform in the Gulf of Mexico yesterday to formally announce<\/a> a new deep water oil discovery that he said could eventually yield about ten billion barrels of crude oil. This is the mother lode. It\u2019s even bigger than the main field that they have now with offshore Cantarell Mexico. Luis Ramirez, chief executive of Mexico\u2019s government-run monopoly on oil, said that this is the fourth deep-water well explored by their government-run monopoly, and they\u2019re 3,000 feet down. They\u2019ve got to go 13,000 feet, and they\u2019re going to get there. I really am curious about this. We talk about security, we talk about independence, we talk about all kinds of things. How is it that the Mexicans can be drilling all over the Gulf of Mexico for oil and we can\u2019t? <\/line>Where is the outcry? This is supposed to upset people. Seems they\u2019re not dogged by the same environmentalist wackos that we are. They\u2019re not dogged by a bunch of legislators that cower in fear every time some environmentalist wacko pops up to oppose something. We can\u2019t even drill up in ANWR and ANWR doesn\u2019t have anywhere near this kind of quantity, we can\u2019t even do that. We got people in Florida and all through the Gulf coast saying, “You can\u2019t drill here.” You can\u2019t drill off the coast of California. We may as well just give up. If we\u2019re going to have policies that make us dependent on foreign oil, if we\u2019re going to have people support policies that make us dependent on foreign oil, I don\u2019t want to hear anybody else ever again complain about high gasoline or petroleum prices. I\u2019m not going to have any patience for it. You can\u2019t sit there and say we\u2019re going to be good stewards of the earth, and we\u2019re not going to pollute and we\u2019re not going to run of risks of oil spills and kill the animals, and then get mad when gasoline jumps a nickel or a dime or whatever. You can\u2019t start complaining at the oil companies when we tell them where they can and can\u2019t drill. We force them to go around the world where they can find other oil that\u2019s not ours. That increases their costs. We drag them before Congress like happened yesterday and demand that they explain to us and justify why it is that they\u2019re making all these profits and their prices are so high and so forth. You\u2019ve got these blowhards pontificating. The very people that are telling these oil company people where they can and where they can\u2019t drill, how they can do it, how they can\u2019t do it. If I were the oil companies, I\u2019d call my own hearing and I\u2019d bring these congressmen and senators in, and I\u2019d bring every environmentalist wacko in and I\u2019d televise it, put it on this show: Why are you trying to harm our ability to do business in this country?<\/line>BREAK TRANSCRIPT<\/line><\/p>\n

I need to correct myself. I got an e-mail from a subscriber at RushLimbaugh.com<\/a> from Midland, Texas. He\u2019s a petroleum geologist. He says, “Rush, ANWR has at least the ten billion barrel potential of the Mexican discovery. Many estimates at ANWR are 15 billion barrels.” To put that in perspective, I think the Mexicans right now are pumping out of their other field 1.6 million barrels a day. So it\u2019s a pretty big number here, ten to 15 billion barrels. “Also, the DOE just made an estimate that the United States has a potential 50-year supply of oil at current production rates, if we\u2019ll explore for and do development for our own resources. Did you know that the US is the third largest oil producing nation in the world right after Saudi Arabia and Russia?” Well, I didn\u2019t know that. If you\u2019re counting Saudi Arabia and the whole Middle East, I mean, the Emirates put out 10% of the world\u2019s oil I read today in a scathing piece designed to discourage us from getting anywhere near them in any future ports deals. But the point is I still sand by this. If this geologist, if this petroleum geologist is right, and I\u2019ve heard — by the way, I forget the name of the company, some oil company CEO in a trade magazine of their industry, said some of the largest reserves, untapped, would be hard to get under current technology that\u2019s there, is right here in the Gulf of Mexico. It\u2019s shocking how much oil is down there and around the Gulf coast. But that\u2019s neither here nor there. <\/line>Once again, I get frustrated. We contradict ourselves. We have all this talk about we\u2019re too dependent on oil, especially from the Arabs, especially from the Saudis, where 15 of the 19 hijackers on 9\/11 came from. “Why, we\u2019re too dependent! We\u2019ve got to do something about it! Let\u2019s all drive Priuses and hybrids!” It\u2019s not the answer right now, maybe down the road, but it\u2019s not the answer right now. As long as there\u2019s a drop of oil on this planet it\u2019s going to be the engine that fuels commerce on this planet, until it\u2019s gone. It just is. The infrastructure is already built on it.<\/line>BREAK TRANSCRIPT<\/line>RUSH: Here\u2019s Brett in Ann Arbor, Michigan<\/a>. Welcome to the program Brett. Nice to have you with us.<\/line>CALLER: Thank you, Rush. Quickly, I disagree with you about the oil prices. I am in favor of drilling off the coast of Gulf of Mexico or California, ANWR, wherever we need to drill to retrieve these resources. However, by doing so there will be absolutely no incentive for the oil companies to reduce the price structures. Investors will want a return on their money. It\u2019s going to take capital investment to produce the drilling mechanisms –<\/line>RUSH: Wait a second.<\/line>CALLER: — and they\u2019re going to want their return.<\/line>RUSH: Wait. I have to make sure I heard you correctly. You say that the oil companies, if we allow them to drill here, are going to have to recoup that investment and prices will go up?<\/line>CALLER: I\u2019m not saying they\u2019re going to go up, but I will argue they will not go down.<\/line>RUSH: Trying to maintain my composure here. Do oil companies not drill for oil anywhere else in the world and bill us back or bill those costs into their pricing structure?<\/line>CALLER: Exactly. But we have to look at —<\/line>RUSH: So why —<\/line><\/p>\n

CALLER: — we live in a capitalistic society, which I\u2019m in favor of, by the way. But with that being said, that any time you invest, you\u2019re going to want investors to get a return on their investments, even though we have the availability of drilling oil off the coasts and things, we are still going to want to recoup as a company, we want to recoup what we put into it, plus a profit. So just because there\u2019s more supply doesn\u2019t mean the prices are going to fall. The only reason prices are going to fall is more competition.<\/line>RUSH: Wait a second, wait a second. My support for domestic drilling has nothing to do with price falling. I don\u2019t live in false illusions. Prices generally go up over the years, they don\u2019t generally come down. They cycle; some things do, depending on how they go, but overall the cost of living always goes up. But I\u2019m talking about dependence on foreign oil and making ourselves less dependent on people that we think are our enemies. Do you know how much money we send to the Saudis a day? I\u2019ve got to get the number, I read it this morning and I didn\u2019t print this out. It\u2019s in a Ralph Reiland<\/a> piece at American Spectator Online. Grab me that thing while I\u2019m still talking so it\u2019s ready for me in the next break. It\u2019s a column, the AmericanSpectator.com. Something like $30 billion a day we\u2019re sending over there, you and I, taxpayer dollars being used, well, yes, and a number of other sources for those dollars as well, to buy oil to import here. Now, you don\u2019t think that\u2019s built into the price, too, try this. The more domestic drilling we have, the more domestic oil, the less cost in shipping it. The loss cost in shipping it around to be refined, and the less cost to distribute it after it\u2019s been refined. But I\u2019m sorry you misunderstood me. I was not talking about finding a way to ensure that prices fall because I don\u2019t know how to guarantee that. <\/line>BREAK TRANSCRIPT<\/line>RUSH: This is a piece, actually a piece by Ralph Reiland in the American Spectator<\/a> today. He\u2019s an associate professor of economics at Robert Morris University, which is near Pittsburgh. This is actually a piece warning us against the dangers of the UAE and allowing them to run our ports. It\u2019s a piece that ran today and it\u2019s got some interesting data here at the beginning. “Former CIA director James Woolsey points to the clear danger: ‘Two-thirds of the world\u2019s oil reserves are in the Persian Gulf and as time goes on, the world is going to rely more on the Gulf, rather than less, and you can\u2019t bet on this part of the world making a smooth, easy path that will allow all of us to happily continue to drive our SUVs and use that part of the world as our filling station.\u2019 Worse, you can\u2019t bet that the billions of dollars we\u2019re sending to that part of the world for oil imports won\u2019t be used to develop an arsenal that will threaten much more than our SUVs. All told, we\u2019re sending approximately $30 billion a year to Persian Gulf countries for oil purchases, including nearly $20 billion to Saudi Arabia, the home of 15 of the 19 al-Qaeda-trained terrorists who hijacked the four American jetliners on Sept. 11.”<\/line>Thirty billion a year. And this is my whole point. You go back to the ports deal, everybody is so concerned, everybody is so terribly concerned about allowing a UAE company to have access to the ports, lead to a terrorist attack, and yet we\u2019re funding terrorist acts against us if you believe that all these terrorists are in league with governments and Saudi Arabia, the United Arab Emirates and so forth. I don\u2019t care if you do believe that, that\u2019s fine, hypothetically if you want to believe that, that\u2019s fine. Where is the concern? Where is the equivalent concern over who\u2019s running our ports and terminals? <\/line><\/p>\n

So when I see this Mexico deal, and they\u2019ve got this big find, I\u2019m assuming that there are not too many radical leftists out there trying to stop them. We got radical leftists trying to stop us from discovering oil in our own continental shelf and up in Alaska, and it burns me up. You can talk Prius and you can talk hybrids all you want, but until we\u2019re down to the last drop of oil, it is going to be the fuel that powers this world. It just is, folks, we\u2019re not going to drop oil, even if we came up with a bunch of Priuses that could run. It\u2019s not going to happen. It\u2019s not going to happen \u2019til we start to run out of it, and who knows when that will be, but it\u2019s long beyond the life span of us, your children, I don\u2019t have any, and your grandchildren, I won\u2019t have any. I have nieces and nephews. Back to this guy that called, he\u2019s very concerned, and I know he\u2019s trying to do the right thing. The reason I was so incredulous, and didn\u2019t quite know what to say was because I\u2019m still floored when people don\u2019t understand the more of something you add to the market, the cheaper it becomes. Laws of supply and demand. (Interruption) Well, I\u2019ll get to that in a second. H.R. is whispering in my ear about government. But you add more oil to the supply, and then you also create a competitive environment amongst the suppliers. The Saudis and OPEC set the price these days, folks. If we were able to drill all the oil that we have here and we wouldn\u2019t need them, what do you think would become of the price? With that added competition and the added quantity, the added supply, what do you think would happen to the price. Meanwhile, let me tell you what just happened. The housing boom that has just been going on here for the last four or five years, local governments made out like bandits in most places. I can sure tell you mine did. They increased property taxes 20, 30, sometimes 50% due to increased assessments based on the housing boom. The oil companies make about ten cents per dollar of gasoline sold at the pump. <\/line>Why all this focus on gasoline and not property taxes? How come nobody is focused on government windfall tax profits? Why aren\u2019t these towns and counties and states accused of windfall taxes? The first chance they get to raise the price of owning a home in the form of property taxes they do it. I don\u2019t hear any of you complaining. Let the pump price of gasoline go up a dime and I hear sheer outright panic and rage. And, frankly, it frosts me. You have no clue how much they\u2019re already raking in at state, federal levels in taxes on a gallon of gasoline every time you buy it. But apparently if the money goes to a privately held company or a publicly held company, if money, if the price, if the profit goes to a company, why, we can\u2019t have that, no, no, no, these companies ought to be more concerned for America and they should forego their profit, just make their costs back, have the prices low for everybody, but forgo profit, that would be the American thing. Well, if you\u2019re going to tell that to the American business community, tell that to the government. Windfall tax profits out the wazoo for these people every year, and you don\u2019t complain about it. When all the taxes on these things go up and government gets the money, I don\u2019t hear any complaints, but when the oil companies or when Wal-Mart does something, I hear people raising holy hell, and I\u2019m fed up with it. Because it\u2019s sheer idiocy and ignorance, and I\u2019m going to teach you that before I leave this program today.<\/line>END TRANSCRIPT<\/line><\/p>\n

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RUSH: I was joking around about this yesterday but I really do have some serious questions about it. President Vicente Fox climbed aboard a drilling platform in the Gulf of Mexico yesterday to formally announce a new deep water oil discovery that he said could eventually yield about ten billion barrels of crude oil. 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