American oil exported daily

Sen. Richard Durbin (D-Ill.) discussed energy prices and promoted an economy run by renewable energy sources at an event hosted by progressive think-tank NDN. Durbin said gas at $4 per gallon is killing the US economy and that gas prices are shipping $700 billion to foreign suppliers of oil. He said Republicans in Congress, in the last two months, have blocked 12 Democratic attempts to debate bills that would lower gas prices and create green jobs. He added that Republicans have used a record number of filibusters this session, frustrating Democrats and the American public.

Durbin said in the first four months of 2008, 1.6 million barrels of US oil were exported daily. He also stated that since the United States only has three percent of the world’s oil supply, OPEC could react to increased American supply by lowering their production in an effort to keep gas prices high. He added that 700 million barrels of oil in the Strategic Petroleum Reserve are ready for use and that 34 Senate Democrats sent a letter to President Bush asking him to release 10 percent of the reserve. Durbin suggested that a partial opening of the reserve would show the international community that the US is tired of inflated oil prices.

Durbin cited a report that says three million jobs can be created in the next decade if greater investments are made in green technology. He said following the Arab oil embargo in the early 1970s, oil imports from the Persian Gulf fell 87 percent and GDP grew 27 percent. He suggested that the United States can benefit once again by making energy security a priority. He added that increased energy security is a technology deal and that Republicans have opposed tax incentives that promote increased technology, energy conservation, and renewables.