It fits, because the president’s energy speech yesterday was, in fact, ridiculous.
Krauthammer is hardly alone in recognizing how badly the effects of Obama’s anti-energy policy could be to his presidency as gas prices rise…
And the thing is, the Obama administration doesn’t have the facts on its side where domestic production is concerned. The Institute for Energy Research has crunched the numbers and found that oil and gas production on federal lands – not private lands (most notably the Eagle Ford and Bakken shale formations), which the federal government is powerless to stop – is in decline.
Some graphs from IER…
This one’s a little confusing, since it reads right to left rather than the normal left to right…
This also reads right to left, but from it you can see that natural gas on federal lands is in the same decline as oil is…
The peaks of FY 2009 and FY 2010 on oil and gas were, as Krauthammer and Morris both noted, the product of leasing and permitting done in the Bush administration. And the trajectory we’re on is downward.
The people in the oil futures markets are not oblivious to this trend. They’re also not oblivious to the fact that production is down in quite a few other places.
Those are major exporters of oil and they’re not exporting as much.
If you’re Obama, you can throw those facts out as excuses for why oil prices are up. But the problem is that he’s been in office for three years and it’s hardly a surprise that production is down in a number of countries where the state-owned oil company is being run into the ground by kleptocrat politicians; that’s been going on for quite some time. If you’re the president and you want to keep energy prices from scuttling your economy, you have a responsibility to do what you can to boost production of energy resources. And when it becomes patently obvious you can do that through production of domestic resources, you do it.
Obama instead has engaged in a program of strangling domestic energy. The markets see that and it’s part of the price at the pump. Middle East factors are part of it as well, but there’s no escaping the White House’s role here.
And algae won’t fix it.