America’s future under ‘Drill, Baby, Drill’

  When it comes to Big Oil, the latest news clips say it all—soaring gas prices topping $4 a gallon; a record-high $33.5 billion, or $368 million per day, in 2012 first-quarter profits for BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell; the industry sitting on more than $58 billion in cash reserves as of the end of 2011 but still receiving $2 billion in government subsidies; and a continued practice of bankrolling the campaigns of conservative lawmakers who then demand more drilling and less federal regulation and oversight.

  These almost-daily news stories, however, are the tip of a much larger iceberg. Today the American Petroleum Institute (API) launches their long-term vision for the future, which to no surprise centers on “unleashing the full benefit of developing U.S. oil and natural gas resources.”