For years we have heard from president Obama and the Obamacrats that opening up federal lands both on and offshore would not bring down the price of oil. After all, they tell us, it will take years until that oil begins to flow. THIS IS WRONG! THIS IS IDIOTIC! Oil prices depend as much on the expectations of future supplies and demand as they do on the present actual supply and demand. Were Obama to order the full opening of America's oil resources and to approve the Keystone Pipeline, the expectation of more than two million barrels of oil per day being produced two years from now would drive down current prices.
Well, today in his latest speech of Obama's Energy Excuse Tour, the great and powerful Ob admitted that he has been wrong. It is true that Obama did not use those words, but here is what he actually said: “The main reason gas prices are high right now is people are worried about what’s happening in Iran.”
Let's translate this Obamaspeak into English. Obama had admitted that even though tensions with Iran have not removed a single barrel of oil from the world supply, prices have soared due to fears of future supply disruptions. That's right, Obama has admitted that expectations as to future supply and demand are driving the world price of oil. Simply put, Obama can no longer tell us that a major drilling drive in the USA will have no effect on the price. Such a move to increase drilling will necessarily cause the price to fall.
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