Thursday, February 24, 2011

$100 Oil Is Devil's Due For Drilling Bans

Investor's Business Daily
February 24, 2011

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.

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