In my column last week, I focused on how the Obama Administration’s energy policies harm the economy by subsidizing “clean fuels” that are not viable at market while handicapping the energy sources that actually work (and are affordable) in the here and now. An editorial in today’s Washington Examiner drives the point home:
The number of approvals for drilling in the Outer Continental Shelf in the Gulf of Mexico — which accounts for a third of all U.S. oil production — under Obama has plunged from more than seven per month to only three. Measured in terms of how long is required for the government to consider a permit application, the average for the five years before Obama was 60.6 days. The average is now almost 110 days, according to the Institute for Energy Research. Viewed in terms of the percentage of all permits sought that are approved, the five-year average before Obama was 73 percent. Today under Obama, it is 23 percent and falling. In other words, it is almost certain that the oil-drilling rig count will head back down in coming months, but it will be in response to government interference rather than as a result of price fluctuations. And the price of gas at the pump will continue to go higher.
Read that again. A 2/3 reduction in the number of permits issued and a doubling of the time it takes to get said permits. And the president really wants us to believe he doesn’t have any “silver bullets” for gas prices?