DPC REPORTS
FACT SHEET | October 2, 2008
National Energy Index: The Bush-McCain Energy Record
Approximately seven years after Vice-President Cheney began his secret energy meetings with special interests, the rising costs of the failed Bush-McCain energy policy continue to be felt by middle-class families. The failed Republican energy policies have also threatened America's national security because America has become increasingly dependent on oil from foreign nations. The following Fact Sheet outlines the Bush-McCain record on energy since 2001 and includes references to measures considered by Senate Democrats that would have increased America's production of renewable energy and reduced America's dependence on oil.
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Top Ten Bush-McCain Energy Statistics |
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Percentage increase in gasoline prices since President Bush took office[1]: |
155% |
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Percentage increase in oil prices since President Bush took office[2]: |
231% |
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Increase in wealth sent from America to OPEC countries per month since President Bush took office[3]: |
$22 billion |
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Increase in oil imports per day from OPEC countries since President Bush took office[4]: |
500,000 barrels |
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Percentage increase in residential electricity prices since President Bush took office[5]: |
21% |
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Percentage increase in residential natural gas prices since President Bush took office[6]: |
81% |
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Percentage increase in diesel prices since President Bush took office[7]: |
163% |
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Increase in oil profits for the five largest oil companies since President Bush took office[8]: |
$85 billion |
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President Bush's proposed cuts for renewable energy and energy efficiency research and development in his last budget[9]: |
$467 million |
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Number of times Bush Republicans in the Senate have voted against renewable energy and energy efficiency tax credits[10]: |
8 |
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Price of a barrel of oil, September 23, 2008[11]: |
$106.61 |
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Price of a barrel of oil, January 22, 2001[12]: |
$32.21 |
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Percentage increase in price between January 22, 2001 and September 23, 2008[13]: |
231% |
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Highest closing price for a barrel of oil in nominal dollars, set on July 3, 2008[14]: |
$145.31 |
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Amount estimated by Moody's Economy.com that excessive oil market speculation adds to the price of a barrel of oil[15]: |
$30 |
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Number of Republican Senators who voted against having adequate regulation of excessive oil speculators[16]: |
43 |
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Total amount spent on oil and petroleum product imports in 2007[17]: |
$319 billion |
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Total amount spent on oil and petroleum product imports in 2001[18]: |
$101 billion |
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Percentage increase in total amount spent on oil and petroleum products imports between 2001 and 2007[19]: |
216% |
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Net crude oil and petroleum imports per day in 2007[20]: |
12 million |
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Net crude oil and petroleum imports per day in 2001[21]: |
10.9 million |
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Percentage increase in net crude oil and petroleum imports between 2001 and 2007[22]: |
10 percent |
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Total amount spent on oil and petroleum products per month in 2007[23]: |
$39.5 billion |
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Total amount spent on oil and petroleum products per month in 2001[24]: |
$9.1 billion |
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Percentage increase spent on oil and petroleum products between 2001 and 2007[25]: |
331% |
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Number of Republican Senators, including Senator McCain, who petitioned the Bush Administration to curtail our nation's use of home-grown renewable fuels[26]: |
24 |
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Amount of profits the five largest oil companies have made since President Bush took office[27]: |
$647 billion |
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Amount of profits the five largest oil companies made in 2007[28]: |
$124 billion |
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Amount of profits the five largest oil companies made in 2001[29]: |
$39 billion |
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Percentage increase in oil profits of the five largest oil companies since President Bush took office[30]: |
218% |
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Number of times Senate Republicans blocked legislation to revoke subsidies for the major oil companies in the 110th Congress[31]: |
4 |
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Retail price of a gallon of regular gasoline, September 23, 2008[32]: |
$3.72 |
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Retail price of a gallon of regular gasoline, January 22, 2001[33]: |
$1.46 |
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Percentage increase in regular gasoline prices between September23, 2008 and January 22, 2001: |
155% |
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Weeks in 2008 when the average retail price for a gallon of regular gasoline was at least $3[34]: |
34 |
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Weeks in 2008 when the average retail price for a gallon of regular gasoline was at least $4[35]: |
7 |
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Weeks in 2001 when the average retail price for a gallon of regular gasoline was below $2[36]: |
52 |
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Record retail price of a gallon of regular gasoline, July 11, 2008[37]: |
$4.11 |
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Number of Republican Senators who voted against legislation that would punish gasoline price gougers[38]: |
42 |
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Average residential price for a kilowatt of electricity in 2006[39]: |
8.58 cents |
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Average residential price for a kilowatt of electricity in 2001[40]: |
10.4 cents |
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Percentage increase in residential electricity price for a kilowatt of electricity since 2001[41]: |
21 % |
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Average monthly residential electricity bill in 2006[42]: |
$95.66 |
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Average monthly residential electricity bill in 2001[43]: |
$80.98 |
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Percentage increase in monthly residential electricity bills between 2006 and 2001[44]: |
18% |
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Number of Republican Senators who voted against an energy bill that contained a 15 percent renewable electricity standard[45]: |
39 |
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Estimated percentage increase in wind power that could be achieved by a 15 percent renewable electricity standard[46]: |
50 |
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Estimated price increase for the national average price per kilowatt hour for electricity if a 15 percent renewable electricity was achieved by 2030[47]. |
.1 cents |
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Average residential price per thousand cubic feet of natural gas in 2001[48]: |
$9.63 |
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Average residential price per thousand cubic feet of natural gas in 2008[49]: |
$14.35 |
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Percentage increase in monthly residential natural gas prices[50]: |
49% |
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Number of Republican Senators who voted against an energy bill that contained a 15 percent renewable electricity standard[51]: |
39
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Estimated cumulative decrease in residential expenditures on natural gas if a 15 percent renewable electricity standard was achieved by 2030[52]: |
$1 billion |
Sources
[1] EIA, U.S. Regular Retail Gasoline Prices, http://tonto.eia.doe.gov/oog/info/gdu/gasdiesel.asp?featureclicked=2& and http://tonto.eia.doe.gov/dnav/pet/pet_pri_gnd_dcus_nus_w.htm
[2] EIA, Cushing, OK WTI spot price, http://tonto.eia.doe.gov/dnav/pet/hist/rwtcm.htm and http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD93CL3QO1
[3] U.S. Census Bureau Federal Trade Division, Monthly Trade Highlights, January 2001 and July 2008, http://www.census.gov/foreign-trade/Press-Release/ft900_index.html#2001
[4] EIA, Petroleum Trade: Overview, Table 3.3a. http://www.eia.doe.gov/basics/quickoil.html
[5] EIA, Average Retail Price of Electricity to Ultimate Customers by End-Use Sector, http://www.eia.doe.gov/cneaf/electricity/epa/epat7p4.html
[6] EIA, Monthly U.S. Natural Gas Residential Price, http://tonto.eia.doe.gov/dnav/ng/hist/n3010us3m.htm
[7] EIA, U.S. No 2 Diesel Retail Sales by All Sellers, http://tonto.eia.doe.gov/dnav/pet/hist/ddr001w.htm
[8] Based on ExxonMobil, Shell, BP, ChevronTexaco, and ConocoPhillips company financial reports for 2000-2008.
[9] Congressional Research Service, Renewable Energy: Background and Issues for the 110th Congress,
RL34162.
[10] New York Times, "Eight Strikes and You're Out," http://www.nytimes.com/2008/08/13/opinion/13friedman.html?_r=2
[11] Associated Press, "Oil prices trade lower a day after huge rally," http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD93CL3QO1
[12] EIA, Cushing, OK WTI Spot Price, http://tonto.eia.doe.gov/dnav/pet/hist/rwtcd.htm
[13] Calculated from 10 and 11.
[14] Ibid.
[15] US News and World Report, House Panel Mulls Oil Speculation Curbs, http://www.usnews.com/usnews/politics/bulletin/bulletin_080624.htm
[16] Senate Roll Call Vote, 110TH Congress 2nd Session, Vote 184,
[17] U.S. Census Bureau, Foreign Trade Statistics, U.S. International Trade in Goods and Services - Annual Revision for 2007, http://www.census.gov/foreign-trade/Press-Release/2007pr/final_revisions/exh16.pdf
[18] U.S. Census Bureau, Foreign Trade
Statistics, U.S. International Trade in Goods and Services -
Annual Revision for 2001,http://www.census.gov/foreign-trade/Press-Release/2001pr/Final_Revisions_2001/
[19] Calculated from 12 and 13.
[20] EIA, United States Crude Oil and Petroleum Products Net Imports,
[21] Ibid.
[22] Calculated from 15 and 16.
[23] U.S. Census Bureau, Foreign Trade Statistics, U.S. International Trade in Goods and Services - Annual Revision for 2007, http://www.census.gov/foreign-trade/Press-Release/2007pr/final_revisions/exh16.pdf
[24] U.S. Census Bureau, Foreign Trade
Statistics, U.S. International Trade in Goods and Services -
Annual Revision for 2001,http://www.census.gov/foreign-trade/Press-Release/2001pr/Final_Revisions_2001/
[25] Calculated from 19 and 20.
[26] Senator Hutchinson Press Release, Sens. Hutchison, McCain Urge Ethanol Mandate Relief from EPA, http://www.senate.gov/~hutchison/pr050208b.html
[27] Source: Based on ExxonMobil, Shell, BP, ChevronTexaco, and ConocoPhillips company financial reports for 2000-2008.
[28] Ibid.
[29] Ibid.
[30] Calculated from 21 and 22.
[31] Senate Roll Call Votes, First Session, 110TH Congress, Votes 223, 416, 425. Senate Roll Call Votes, Second Session, 110th Congress, Vote 146.
http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=1&vote=00223, http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=1&vote=00416, http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=1&vote=00425, andhttp://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00146
[32] AAA, Daily Fuel Gauge Report, http://www.fuelgaugereport.com/
[33] EIA, Gasoline and Diesel Fuel Update, History, http://tonto.eia.doe.gov/oog/info/gdu/gasdiesel.asp
[34] EIA, Weekly U.S. Regular All Formulations Retail Gasoline Prices, http://tonto.eia.doe.gov/dnav/pet/hist/mg_rt_usw.htm
[35] Ibid.
[36] Ibid.
[37] AAA, Fuel Gauge Report, http://www.fuelgaugereport.com/
[38] Senate Roll Call Vote, 110TH Congress 2nd Session, Vote 146,
[39] EIA, Average Retail Price of Electricity to Ultimate Customers by End-Use Sector, http://www.eia.doe.gov/cneaf/electricity/epa/epat7p4.html
[40] Ibid.
[41] Calculated from 31 and 32.
[42] EIA, U.S. Average Monthly Bill by Sector, Census Division, and State 2006, Table 5, http://www.eia.doe.gov/cneaf/electricity/esr/table5.html
[43] EIA, Back Issues: Electric Sales, Revenue, and Price, 2001, Table 5, http://www.eia.doe.gov/cneaf/electricity/esr/backissues.html
[44] Calculated from 34 and 35.
[45] Senate Roll Call Vote 416, 110th Congress First Session, http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=1&vote=00416
[46] EIA, Impacts of a 15-Percent Renewable Portfolio Standard, http://www.eia.doe.gov/oiaf/servicerpt/prps/pdf/sroiaf(2007)03.pdf
[47] Ibid.
[48] EIA, Annual U.S. Natural Gas Residential Price, http://tonto.eia.doe.gov/dnav/ng/hist/n3010us3A.htm
[49] EIA, Averaged Monthly U.S. Natural Gas Residential Price, http://tonto.eia.doe.gov/dnav/ng/hist/n3010us3m.htm
[50] Calculated from 45 and 46.
[51] Senate Roll Call Vote 416, 110th Congress First Session, http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=1&vote=00416
[52] EIA, Impacts of a 15-Percent Renewable Portfolio Standard, http://www.eia.doe.gov/oiaf/servicerpt/prps/pdf/sroiaf(2007)03.pdf