Spill panel co-chair: 'Drill, baby, drill' will drain oil reserves

If the United States embraces a so-called “drill, baby, drill” philosophy, the country’s oil will run out by 2031, the co-chairman of the national oil spill commission said Wednesday.

Former Sen. Bob Graham (D-Fla.) said efforts to curb U.S. dependence on foreign oil by expanding domestic production would quickly deplete state oil reserves.

“If we were to adopt that and if the current estimates of reserves are accurate, we will drain the last drop of oil out of the United States in the year 2031,” Graham said.

Graham’s comments are a stern warning to Republican lawmakers who are pushing for expanded domestic oil production amid concerns about rising gas prices and the economy. For example, Sen. David Vitter (R-La.) sent a letter to Office of Management and Budget Director Jack Lew on Tuesday asking for information on the administration's projections for expected revenue from oil drilling and renewable energy in an effort to highlight the money that drilling generates for the federal government.

Meanwhile, House Republicans have already begun raising questions about the spill commission’s report, which was released last week. Their lukewarm response to the report indicates that oil-spill legislation could face an uphill battle in the chamber.

The commission's report calls on Congress to pass legislation addressing a number of what it calls “systemic” problems in the oil industry and the federal government. Graham acknowledged Wednesday that the call for legislation may face resistance from the new House Republican majority, which is largely resistant to increased regulations.

But Interior Secretary Ken Salazar promised that the Interior Department would move forward with offshore drilling reforms despite pressure from industry groups and Republicans to roll back the measures.

“Now is not the time to retreat from our efforts,” Salazar said, adding later, “We will not succumb to pressure to roll back the clock on our reforms.”

Still though, Salazar said the department is not able to implement many of the commission’s recommendations without Congress, including a recommendation that an independent entity be established within the department to oversee offshore drilling that is led by a director who serves a fixed term.