During a recent trip to Washington DC, I heard that “by the end of his second term, President Obama wants 40% of our natural resources to be imported.” Like Harry Reid’s “Bain Capital investor,” my source is reliable: a Capitol Hill staffer. While I do not have a secret White House memo to validate the premise, it explains a lot.
During his 2008 campaign, candidate Obama made it clear that he doesn’t have a problem with $4-a-gallon gas. His Energy Secretary is on record as having said that he thinks our gasoline prices should be more in line with those of Europe—which are typically more than double ours in the US. We know that supply issues are one of the leading drivers of higher gasoline prices, yet Obama’s policy decisions—such as Keystone—lead to reducing the resource.
In his first campaign ad of the season, President Obama touted his record on oil, claiming that we have more domestic production in America than at any time in recent history. While this is true, it is not thanks to his policies. The majority of the oil extraction is on private land, mostly thanks to North Dakota’s Bakken Field. The development that is being done on federal lands is thanks to leases made and wells permitted during the Bush administration.
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for January 28th 2014 | John Ransom
NEW TIME Today, at 9:30 AM PT: Get the Market Movements in Advance; Williams Edge Webinar for January 26th, 2014 | John Ransom