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Oil Shale: Another Sub-Prime Investment

(National Wildlife Federation)

FOR IMMEDIATE RELEASE                                                                       September 26, 2008

Oil Shale:  Another Sub-Prime Investment

Congress Must Extend Moratorium on Expensive, Dirty Fuel Development

WASHINGTON – The Senate today voted 52-42 in favor of an amendment to the Continuing Resolution that, among other things, would have extended the moratorium on the commercial development of oil shale, an expensive, polluting fuel source that would use up vast amounts of Western water resources. Despite support from a majority of the Senate, the amendment fell short of the 60 votes needed to be added to the Continuing Resolution.

Larry Schweiger, President and CEO of the National Wildlife Federation said in a statement:

“Allowing the commercial development of oil shale in the West is another sub-prime investment that America cannot afford.

“We applaud Senate Majority Leader Harry Reid for attempting to reinstate the oil shale moratorium because he recognizes how damaging oil shale development would be for Nevada and the West, and for America’s economy.

“Oil companies want subsidies to develop an expensive, un-tested technology to extract reserves of oil shale in the West that would use up vast amounts of precious water needed for our Western communities and fragile wildlife habitats.

“America deserves better energy choices that are clean, renewable and put Americans back to work. Clean technologies such as solar, wind and geothermal are a far better investment for Americans than oil shale or other carbon-heavy fuels that take more energy to produce than we ever get in return.

“We look forward to working with the next Congress and President to reinstate the oil shale moratorium and advance the urgent steps required to give consumers better energy choices, cut oil dependency, and cut global warming pollution.”