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IN DEFENSE OF BIG OIL, AGAIN

What you are NOT going to hear from the news media today...

Major oil companies today called on members of the US Senate to help ensure a growing supply of US oil and gas by allowing expanded energy exploration in the US, and avoiding higher taxes on oil companies that would limit their ability to invest in energy development.

John Hofmeister, president of Shell Oil, said his company and others are prohibited from exploring for more energy resources in the majority of US lands and offshore, and prohibited from even analyzing potential resources in several areas.

'The cumulative effect of these policies has been to discourage US investment and send US companies outside the United States to produce new supplies,' Hofmeister said. 'As a result, US production has declined so much that nearly 60 percent of daily consumption comes from foreign sources.'


Source: Forbes.com