It should be self-evident to even a casual observer that access to sustainable supplies of affordable energy are fundamental for economic expansion and job creation. Literally everything we rely on in our daily life requires energy to grow, harvest, manufacture, power, or transport. Scarcity causes prices to rise, and rising prices destroy jobs and restrict economic growth.
Yet, when faced with an economy already in a deep recession, Barack Obama inexplicably implemented policies that would cause energy costs to "necessarily skyrocket."
While waging war for the last four years against the hydrocarbon industry that currently supplies about 85 percent of all the energy consumed in the U.S., Obama was squandering billions on green-energy fantasies like Solyndra, BrightSource Energy, Abound Solar, and Ener1. Obama's green loan program was sold in large part as a job creating stimulus. But, where?
In addition to the long list of now bankrupt companies, SunPower got a $1.2 billion loan for a solar energy production ranch in California that will only employee 15 permanent workers. The vast majority of jobs created will be in Mexico, where SunPower will manufacture the photovoltaic panels in a 320,000 square foot facility and ship them north. At least the Mexican economy got stimulated.
Technological advances in drilling and fracturing (fracking) have unleashed enormous previously trapped oil and natural gas reserves. However, the Obama administration has done everything imaginable to discourage and eliminate more energy production, including imposing moratoriums, cancelling leases, slashing permits, adding punitive regulations, and keeping millions of acres of offshore reserves and federal land off limits to production.
Today, Americans are paying more than twice the price at the pump as when Obama took office in January, 2009. This is consistent with the twisted stated objective of his Energy Secretary Stephen Chu: "Somehow we have to figure out how to boost the price of gasoline to the levels in Europe."