ASTRONOMIC RISES IN OIL PRICES ARE THE RESULT OF THE BAN ON DRILLING!!!
http://www.investors.com/NewsAndAnalysis/Article/564048/201102231857/The-Devils-Due.htm
Editorial: $100 Oil Is Devil’s Due For Drilling Bans
Energy: President Obama talks much of moving to sustainable energy. But as he blocks domestic drilling, the reality is he’s outsourced U.S. oil needs to mad-dog dictators like Libya’s Moammar Gadhafi. That’s even less sustainable.
Oil prices hit $100 a barrel Wednesday as thousands of Libyans marched in Tripoli. The crazed Gadhafi vowed to fight to “the last bullet,” denouncing his own countrymen as “greasy rats” and turning his weapons of war on 1,000 of them.
He also threatened to incinerate his nation’s oil wells as he goes down, an unsubtle suggestion to Big Oil companies operating in his country that they should act to save his regime.
As a result, oil is soaring because markets worry that a string of petro-tyrants will go down like Gadhafi and energy may soon become scarce.
How did it come to this? U.S. dependence on imports — from dictators like Gadhafi — is a big factor.
The problem is that we have no political will to drill. The U.S. has plenty of oil resources. Yet our president seems set on pursuing boutique alternative energy schemes dependent on huge public subsidies.
As that happens, U.S. dependence on imports grows.
It’s not just Gadhafi who supplies oil, but so many others — from the oligarchs of Saudi Arabia, to the satraps of the Gulf, to the lunatic running Venezuela. All are at high risk of ending up on the business end of revolution, making them unreliable suppliers.
“The situation in Libya and the Middle East should serve as a wake-up call to the Obama administration to stop its uprising against domestic oil production,” said Dan Kish of the Institute for Energy Research.
“Instead of rushing towards expensive and unreliable ‘green’ energy sources that rely on American taxpayer dollars,” he said, “it is time to stop the embargo against our own American oil supplies.”
This includes Obama’s moratorium on oil drilling in the Gulf of Mexico and Alaska, and his subsequent refusal to issue Gulf permits, putting him in contempt of court.
America’s energy needs are 17 times greater than they were 50 years ago, according to the Energy Department. But U.S. output of domestic energy has fallen by 40% in the same period.
That’s a sorry picture given that the U.S. is surrounded by offshore oil and has 200 years’ worth of shale oil on the mainland. Fact is, Obama’s suppressing oil production here. And whether he knows it or not, he’s outsourcing our energy future to the devil. Now we’ve been handed the bill, and the devil wants his due.
Energy: President Obama talks much of moving to sustainable energy. But as he blocks domestic drilling, the reality is he’s outsourced U.S. oil needs to mad-dog dictators like Libya’s Moammar Gadhafi. That’s even less sustainable.
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