Obama Supports Additional Offshore Drilling

As we suggested yesterday, President Obama, he of green jobs, will announce today that the Department of the Interior will allow drilling for oil 50 miles off the coast of Virginia.


The Associated Press is reporting today that Obama and DOI Secretary Ken Salazar will announce their approval of exploration off the coast of Virginia, and in the eastern bloc of the Gulf of Mexico within 150 miles off the Florida Gulf coast.


Why the reversal?  Obama had clearly stated that offshore drilling would not be allowed to escalate in federal lands and waters during his administration.


One explanation recently offered would suggest that this is simply an effort to create a psychology that will help hold down oil and fuel prices that traditionally rise during the summer months when increased travel increases demand.  That may be, but from a practical standpoint, additional oil produced from new exploration won’t find its way into the marketplace as refined products for quite some time.


We think there’s more to this.


As we have often reported previously, Senators Graham (r-SC), Kerry (D-MA) and Liebermann (I-CN) are once again pushing their climate change legislation that will raise gasoline prices to $7 a gallon by taxing its carbon emissions.  We believe that one of the primary reasons for Obama’s reversal is to garner bipartisan support for this legislation.


“Green jobs” are bad for the economy.  We have provided data to support that statement several times recently, and we stand by that data.  Yet Obama and his administration continue to push for such legislation, though it will further undermine our economy, not unlike their healthcare legislation is proving to do. 


Increased domestic drilling activity will be good for America if it isn’t handcuffed by climate change legislation.  We mustn’t allow conservative representation in Congress to fall into that trap.



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