Friday - March 16, 2012

yeah, there’s that

Gasoline prices are zooming past $4 a gallon and the United States is hardly freer from the grip of imported oil or closer to robust economic recovery. With his approval ratings dropping precipitously, U.S. President Barack Obama is blaming speculators and investigating fraud and at the pump when this mess is the direct result of failed federal energy policies.

By word and deed, the Obama administration has sought to limit off-shore oil exploration and development and hasten the commercial viability of solar, wind and alternative vehicle technologies.

The annual trade deficit on petroleum is about $300 billion. Raising U.S. oil production to its sustainable potential of 10 million barrels a day would cut import costs in half, directly create 1.5 million jobs. Applying Obama administration models for assessing the consequences of stimulus spending, it would indirectly create another 1 million jobs.

Overall, attaining U.S. oil production potential would boost gross domestic product about $250 billion. Not bad, considering that it could be accomplished by reducing dependence on foreign oil, increasing federal royalty and tax revenues and cutting the federal deficit.

If there was no other reason to increase domestic oil supply and refinery capacity, this alone is more than sufficient. Keep the money in the USA and it builds jobs. Send the money to sandland and it funds terrorists. Good enough for me.

Posted by Drew458     on 03/16/2012 at 02:01 PM   
Filed Under: • Economics • Oil, Alternative Energy, and Gas Prices •  
• Comments (6) • Trackbacks(0)  Permalink •  

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Not that very many people ever read this far down, but this blog was the creation of Allan Kelly and his friend Vilmar. Vilmar moved on to his own blog some time ago, and Allan ran this place alone until his sudden and unexpected death partway through 2006. We all miss him. A lot. Even though he is gone this site will always still be more than a little bit his. We who are left to carry on the BMEWS tradition owe him a great debt of gratitude, and we hope to be able to pay that back by following his last advice to us all:

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It's been a long strange trip without you Skipper, but thanks for pointing us in the right direction and giving us a swift kick in the behind to get us going. Keep lookin' down on us, will ya? Thanks.

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