U.S. pays price for untapped oil

Last Updated (Thursday, 13 March 2008 20:21) Written by Administrator Thursday, 06 March 2008 11:36

With oil prices hitting record levels above $100 a barrel, the economy in either a slowdown or recession, and with Venezuela threatening to end oil exports to the United States and Nigeria's oil production held hostage to internal strife, the case for tapping more domestic oil is getting stronger every day. Unfortunately, Congress continues to resist the idea, preferring to hold substantial domestic energy resources on Alaska's North Slope and the U.S. Outer Continental Shelf off-limits to production.