From Prof Bernard Weinstein.
Sir, Thirty years ago, America was importing about 30 per cent of its oil. Today, we import more than 60 per cent, some from countries that aren’t necessarily friendly to the US. The good news is that domestic oil production actually increased in 2008 and 2009, mainly due to deep-water drilling and production by BP and other operators.
Though it is currently fashionable for politicians and pundits to beat up BP because of the serious oil spill in the Gulf of Mexico, they should keep in mind that not only is BP the largest operator in the Gulf but that half of BP’s stock is owned by US individuals and institutions.
Banning BP from future offshore lease auctions, as some members of Congress are advocating (“ Bid to block BP oil leases gains support”, July 15), will simply accelerate the out-migration of drilling platforms to other locations, furthering the economic misery of Gulf coast residents and increasing America’s dependence on imported energy.
Maguire Energy Institute,
Southern Methodist University,
Dallas, TX, US
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