As developments in the Middle East and a wayward monetary policy send gas prices consistently north, President Obama — no friend of hydrocarbons he — seems to be turning over a new leaf on the topic of oil exploration. The only problem? He wants other countries to do the heavy lifting so that we can then import the black gold. An editorial in today’s Investor’s Business Daily has the POTUS dead to rights:
Now, with a seven-year offshore drilling ban in effect off of both coasts, on Alaska’s continental shelf and in much of the Gulf of Mexico — and a de facto moratorium covering the rest — Obama tells the Brazilians:
“We want to help you with the technology and support to develop these oil reserves safely. And when you’re ready to start selling, we want to be one of your best customers.”
Obama wants to develop Brazilian offshore oil to help the Brazilian economy create jobs for Brazilian workers while Americans are left unemployed in the face of skyrocketing energy prices by an administration that despises fossil fuels as a threat to the environment and wants to increase our dependency on foreign oil.
Despite some of the more emotional pleas for energy independence, there’s nothing inherently wrong with importing fuel from foreign sources. In fact, developing new oil production anywhere lowers the price everywhere. However, someone might want to tell President Obama that this maxim applies to U.S. sources as well.
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