A response to Obama's 'energy speech'
AFP:
..."We're not cheering higher gas prices, but we did foresee them as a consequence of Obama's policies. Obama's Interior Secretary Ken Salazar was held in contempt of court for imposing an unlawful moratorium on deep water exploration and production in the Gulf of Mexico. Obama's Energy Secretary has repeatedly called for gas prices at European levels of $8 a gallon and higher. When prices last topped $4 in 2008, Obama was asked if the high prices were a good thing and he infamously explained that he "would have preferred a gradual adjustment."
"Of course we can drill our way to lower gas prices. Oil production is booming on private lands thanks to the fracking revolution, but has collapsed on federal lands where the Obama administration has stalled, blocked, and even canceled leases. According to official government estimates, North America has a total of 1.79 trillion barrels of recoverable oil, about twice the total combined proven reserves of every OPEC nation. If we drill, drill, drill and pipe, pipe, pipe prices will drop considerably. Moreover, because markets are forward looking, even announcing a serious effort to allow production will drop prices considerably in the near term in anticipation of future supply.The markets do move to the beat of the supply drum as well as the demand. By restricting the supply, Obama is responsible for higher prices. Democrats have been restricting the supply of oil for years and the best way to stop them is to vote them out of office beginning with Obama.
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