Obama's Oil War - Investors.com: "Oil prices are surging to levels that will soon crimp economic growth. And what's our government doing about it? Just making it worse.
Since President Obama took office in January 2009, the price of oil has rocketed 117% to $90.41 a barrel and gasoline has jumped 67% to $3.07 a gallon. In the 34 industrialized nations, oil imports have surged 34% in the last year to $790 billion. The U.S. alone has seen a $72 billion jump.
All this imperils a fragile recovery from the financial crisis. 'Oil prices are entering a dangerous zone for the global economy,' says Fatih Birol, chief economist at the International Energy Agency.
Given the clear threat, it's economically irrational to sit on our hands and fail to develop our own energy resources. At least 130 billion barrels of oil and trillions of cubic feet of natural gas lie offshore, and hundreds of billions of barrels more are locked in shale deposits in the Northeast and West. Yet our policy remains leaving this wealth alone.
- Sent using Google Toolbar"
Life, Liberty, & the Pursuit of Happiness
No comments:
Post a Comment