And now that people are feeling the pain at the pump, he blames oil speculators for high gas prices, which are now double what they were two years ago. Remember, that’s about the time President Obama took office. And, he says there is nothing that can be done in the short term to ease the pain at the pump.
With all due respect, Mr. President, there is something you could do to ease the pain at the pump.
Namely, declare and implement a “drill here drill now” strategy. And remove the ridiculous restrictions on shale oil deposits available out west.
The very speculators you are blaming for the run-up in gas prices would quickly retreat if they thought you were serious about an energy independence plan to maximize all of our existing natural resources. The problem is supply and demand, and expectations about the changes in those dynamics. That’s what drives gasoline prices at the pump.
It was recently reported by Fox News that the United States of America has the largest fossil fuel reserve in the world, due to the shale oil deposits discovered out west, plus the oil we have available in the Gulf of Mexico, Alaska and the outer continental shelf.
We have the energy resources to achieve energy independence if the government would just get out of the way. Unfortunately, government is the problem.
The Obama Administration has used the Gulf oil disaster of a year ago to limit oil exploration in the Gulf and elsewhere. As a result, the oil production in the Gulf is down 13 percent versus a year ago. That also means that there are a corresponding number of people out of work, who are denied productive and well-paying jobs.