And then there is this twisting of logic.
“The American people aren’t stupid,” Obama said (Feb. 23), mocking “Drill, baby, drill.” The “only solution,” he averred in yet another major energy speech last week, is that “we start using less — that lowers the demand, prices come down.” Yet five paragraphs later he claimed that regardless of “how much oil we produce at home . . . that’s not going to set the price of gas worldwide.”But no. Obama has to give in to the environmentalist extremists in his party. So we will continue to be more dependent than we need to be to oil being drilled elsewhere and controlled by those who are not our friends. That situation will only worsen if Obama is reelected. His EPA is on track to decrease domestic production with proposed new regulations.
So: Decreasing U.S. demand will lower oil prices, but increasing U.S. supply will not? This is ridiculous. Either both do or neither does. Does Obama read his own speeches?
Obama says of drilling: “That’s not a plan.” Of course it’s a plan. We import nearly half of our oil, thereby exporting enormous amounts of U.S. wealth. Almost 60 percent of our trade deficit — $332 billion out of $560 billion — is shipped overseas to buy crude.
Drill here and you stanch the hemorrhage. You keep those dollars within the U.S. economy, repatriating not just wealth but jobs and denying them to foreign unfriendlies. Drilling is the single most important thing we can do to spur growth at home while strengthening our hand abroad.
Domestic production of both fuels could plummet if proposed Environmental Protection Agency regulations, designed to limit emissions from well sites, go into effect later this year, according to an extensive new study commissioned by the American Petroleum Institute.And while he's blocking oil production at home, he pours away tax dollars subsidizing his chosen "green energy" businesses because he thinks his wisdom outweighs that of the markets.
The natural gas extraction technique known as “fracking” would be hardest hit, and fuel extracted via the popular process would drop by about 52 percent, according to a new study commissioned by API. Total gas production would decrease by about 11 percent, while domestic oil production could fall by as much as 37 percent, the report says.
Let us hope that he is indeed correct that the American people aren't stupid.