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Via The Corner:
The president likes to say that America is producing more oil than ever before, but that’s due entirely to shale oil (e.g., fracking) and oil sands. The boom in production from private sources is currently shielding the administration from the political consequences of taking such a huge amount of oil off the market.
Two millions barrels per day of oil production would affect not just the price of gasoline in North America, but also the economics of world oil production: The president is preventing the U.S. from increasing oil production by an amount nearly equivalent to Iran’s total oil exports. He insists that gasoline prices are rising because of “fears” about a disruption in Iranian supply, but he wants you to believe that gasoline prices would be unaffected by a 30 percent increase in domestic U.S. oil production in the next two years.
If you’re gullible enough to believe that, consider this: The recession drove world oil demand from a peak of 86 million barrels per day in 2007 to a low of 85 million barrels per day in 2009. In the same period, the price of gasoline fell by half. We are once again entering a period of scarcity, where slight fluctuations in demand or supply will have a disproportionate impact on gas prices — but this time the scarcity is largely the product of Obama’s policies.
The direct results of Obama’s anti-domestic oil policies?
- Loss of jobs
- More expensive energy prices for Americans
- Increased reliance on oil from countries who are not our friends