FOR IMMEDIATE RELEASE
August 26, 2009
Patrick Creighton, 202.870.0850
Laura Henderson, 202.380.5758
IER: 150th Anniversary of Drake’s Well Should Renew America’s Leadership to Access, Deliver Energy
After world-leading efforts a century and a half ago, U.S. energy priorities must be refocused on increasing supply, stabilizing costs
Washington, DC – One hundred and fifty years ago, “Colonel” Edwin Drake struck oil in Titusville, Pennsylvania, helping to set the nation – and the world – on a path toward economic growth, expansion and prosperity. Thomas J. Pyle, president of the Institute for Energy Research (IER), a free-market energy think-tank, issued the following statement:
“The year was 1859. The town was Titusville. In Pennsylvania’s rural northwestern Crawford County, the economics of the world as we knew it were completely realigned. Oil was found, paving the way for unprecedented economic growth, and helping to improve the quality of life for hundreds of millions across the globe. Without oil – arguably the most critical resource available to us – technological advancements in agricultural, medicine, manufacturing and transportation would not have been realized. From the time of the Roman Empire through the early 1800s, a human could expect to live not longer than 30 years. Thanks to advancements in technology and the affordable energy that helped make them possible, today – just 150 years later – we now live well into our 70s.
“Unfortunately, President Obama and members of Congress in both parties are now working to ration, tax, and slash our most affordable and reliable energy supplies at a time when they are needed most. This milestone in the world’s energy history should serve as a reminder to us all: energy has been, and will continue to be, the driver, protector and linchpin of America’s economic and strategic success. And if we desire to remain competitive in the global economy, and maintain our high quality of life, we must work to remove the government halting energy production – oil and gas offshore, along Alaska’s North Slope, in ANWR, shale in the intermountain-West, coal and Appalachia.
“In today’s interconnected global economy, the demand for oil has never been more competitive. Developing nations are understanding, and accessing, the benefits of affordable energy. And as a result of increased demand, supplies have tightened, and prices have risen accordingly. So as we mark this momentous anniversary, and pay thanks to the ingenuity of Col. Drake, we must also work to continue to safely expand our domestic energy resources, of every form.”