According to a story in USA Today this week, 80% of economists who were surveyed said they are now less optimistic about the nation’s economic outlook this year. They further opined that the biggest threat to the economy is high energy costs. That should come as no surprise to anyone who’s been to their local gas station to fill up lately as we’re now seeing $4 per gallon. How far away can $5 per gallon be if this insanity continues?
The Obama Administration has been feckless in dealing with our nation’s energy policy. Rather than push seriously for drilling more oil the United States would have control over, the Obama Administration, after the Gulf spill called for a six month moratorium. As a direct result, many of these critical oil rigs headed overseas. The Administration has still done virtually nothing about increasing drilling in the Outer Continental Shelf or in Alaska. And in fact, they are now pushing to lend billions of dollars to Brazil to drill off the Brazilian coast, but won’t permit us to drill off our own coasts.
But this Administration’s policy toward energy, to the extent that there is one, really shouldn’t surprise us. One of the major goals of the new Administration was to jam Cap and Trade down our throats. Here is Candidate Obama speaking just prior to his election: “Under my plan of a cap and trade system, electricity rates would necessarily skyrocket.” He got his legislation through the House, but fortunately for us, he was unable to find the necessary 60 votes in the Senate to get into law.
But he’s found other ways to drive up energy costs. One was by picking for the Secretary of Energy cabinet position, the person most responsible for U.S. energy policy, none other than Steven Chu. This is the guy who said, a few months before Obama picked him for the job, the following: “Somehow we need to figure out how to boost the price of energy to European levels.” Well, we’re well on our way.
And finally, let’s not forget that the day Barack Obama was sworn in as our President, the average price of gasoline in this country was $1.84 per gallon. The average price a little more than two years later now stands at $3.85, and appears to be headed even higher.
It’s time for a change.