Here's the latest from Sol Sanders. A version of this column is cheduled to appear Monday in The Washington Times. -- Chris
the Money No. 73 | Obama
energy strategy: one part black magic, two parts
and again, we must return to energy, the mother’s milk of the economy where the
Obama Administration’s ham-fisted tactics are strangling the baby of recovery in
his June 29th press conference, the President again singled out rebates to push
fossil fuel production in his demand for tax increases for an economy already
threatened by double-dip recession. The proposal compounds regulatory mischief:
blocking oil and gas in the Gulf
while Chinese and other foreign companies drill off
almost within sight of Florida
beaches, forfeiting 250,000 jobs. “Regs” threaten West
fields contributing 20% of U.S.
new production because of an obscure lizard. The White House dallies over a
pipeline to bring Canadian oil sands crude to Texas
refineries. While Moscow
pushes Arctic prospecting, Juneau
can’t get Washington
to open up 14.7 million acres of state land with the critical Alaskan pipeline
faltering from declining throughput.
Obama’s token strategic oil release – into the international crude pool rather
than reducing U.S.
pump prices – was one more feint in Mr. Obama’s ideological war on fossil fuels.
[Never mind ignoring the reserve’s national defense character; it was never
meant as a price instrument – nor political toy.]
this is done under the rubric of protecting the environment. “Junk science”, as
many highly qualified skeptics believe, may underpin claims fossil fuels
consumption decisively impacts climate change. It will take decades to know,
given our shallow data for changing climate through the
“junk economics” is all too evident in the Administration’s energy strategies.
Granted, impediments to cheap energy were inherited from previous governments
and imperfect markets. But Mr. Obama’s drive for “renewable sources” mimics
earlier Carter Administration’s abandoned “alternative energy” skeletons still
littering the landscape.
Obama’s wind power subsides are indeed producing jobs – for
– with transferred American companies' technology. Chinese windmills and solar
panels are exported to the U.S.,
often replacing American manufacture.
vignette of former Gov. Arnold Schwarzenegger entertaining the possibility of
Chinese “high-speed rail” proposals with federal stimulus funds – just before
all but bankrupted -- is quintessential of a mind set. High salaried
propagandists for tax free non-governmental organizations [NGOs] promote “the
environment” through advocacy of “mass transit”, citing
example. They fail to note deficit-ridden Chinese government railways – whose
two top executives recently were arrested for stealing tens of millions –
blackmailed European and U.S.
companies for technology transfers in exchange for a phantom Chinese market. Now
attempts exports while their own projects operate with anemic passenger loads --
at lower speeds because of faulty engineering. The misrepresentation is all too
typical of limitless, mindless propaganda pumped out on a daily basis, for
example on that other Washington
subsidized enterprise, National Public Radio, by the Obama cheering
fact, a whole new era in fossil fuels is beginning. So-called “peak oil”, the
crisis posited when diminishing reserves supposedly would meet rising
consumption, has vanished. New vistas have developed worldwide with expanding
deep-water drilling technology – a Norwegian billion-dollar floating platform in
deep water off Rio
a good example. New fields await discovery in our own Gulf
– the less than cataclysmic British Petroleum oil spill notwithstanding.
with the world’s second largest reserves, many yet untapped, is returning with
10 million barrels a day.
more spectacular, a new era for natural gas suddenly has emerged with new
technology exploiting vast shale reserves lying deep below rock formations in a
dozen countries, not the least the U.S. [An ironic comment on priorities:
is investing government billions into American companies to get at that
technology.] Of course, there already has been a half-baked university “study”
by enviromentalistas arguing “fracking” – the process of getting at that gas –
would poison ground drinking water. The study produces not a single instance nor
does it explain the risk with most such deposits lying well below
correct” spokesmen and the mainstream media promise black magic energy
solutions, for example, electric cars, ignoring almost three quarters of our
electricity for recharging batteries is met with coal and gas – much less the
enormous costs and problems of grid expansion required for a massive changeover.
conjuror’s trick has gone wrong; Mr. Obama is actually cutting the beautiful
young lady in half as he cripples the energy sector.