Think again if you believe drilling oil here won’t work.
Blistering article in the Wall Street Journal: ‘Stupid’ and Oil Prices
Why is it so hard to believe that drilling for oil domestically would improve oil prices? It’s a basic tenet of economics. You know, supply and demand. Everything this administration has been doing is hurting gas and energy prices, not helping. Let’s do a short list:
- Drilling moratorium: Drilling permits were allowed, but then the Gulf Oil Spill happened, and everything came to a halt. True, this administration has started issuing permits, but at a much slower rate, and it takes a lot more time. This doesn’t help keep the rigs in the Gulf, and in other areas.
- Keystone Pipeline: This was halted by this administration. Forget about them blaming the Republicans, it is all on them. It could have been approved, and work could be going on it right now, but it has been halted. It looks like a connection to Warren Buffett’s rail companies, but the result is clear. The administration isn’t interested in a supply of oil from a domestic source, and a friendly neighbor
- Bakken Shale: The supply of oil coming from North Dakota is a bright spot for the Obama administration, except it isn’t being utilized. This development started under the Bush administration, not Obama. He could take credit for it by making it easier to develop, but they have thrown up roadblocks at every opportunity. The only reason this is being developed is because it’s on private land, and the permits have already been issued. Complete fumble on the Obama administration.
- ANWR: This could be developed, and started, but it isn’t. Same old suspects, same old story. No, previous administrations haven’t developed it either, but this is a chance for Obama to take the lead and do something positive. He hasn’t. Keep in mind we already have a pipeline in Alaska, and it isn’t being utilized to it’s full potential, any more.
Of course there’s more, but like I said, short list. If drilling were to commence, oil prices would begin to fall. It’s happened before, and it will happen again. Canada isn’t going to sit and wait for us to build a pipeline. They will build their own to the west coast, and ship the stuff to China. Venezuela will sell to China, also, rather than send it to us. Middle East countries also will jump at the opportunity to bite the hand that feeds them. Remember, there’s a lot of American money being sent over to the Middle East. Money isn’t growing on trees over there, except maybe in Israel.
How much more proof do we need that his policies don’t work? How much higher does oil have to go, before we figure out the path we are going down is the wrong one? Green energy will come, but you can’t legislate innovation. We need proven energy sources, and there’s a lot of it, right under our feet.