From Investors Business Daily.
Shell has fought the administration to begin drilling in the Chukchi Sea off Alaska.
The federal government estimates there are 26.6 billion barrels of recoverable oil and 130 trillion cubic feet of natural gas in the Arctic Ocean’s Outer Continental Shelf but repeated safety reviews and designation of much of the region as critical polar bear habitat has slowed development to a crawl.
Only 2.2% of federal offshore land is currently being leased for production.
Then there are the 10 billion barrels locked up in the Arctic National Wildlife Reserve, which would require drilling in just 2,000 acres out of 19 million.
The Obama administration recently rescinded 77 oil and gas leases in Utah and stalled oil shale research and development in Utah, Colorado and Wyoming, where the federal government owns most of the world’s oil shale reserves.
Out West, we may have a “Persia on the Plains.” A Rand Corp. study says the Green River Formation, which covers parts of Colorado, Utah and Wyoming, has the largest known oil shale deposits in the world, holding from 1.5 trillion to 1.8 trillion barrels of crude — most of it locked up by federal edict.
Under President Obama, the American Petroleum Institute notes, leases on federal lands in the West are down 44%, while permits and new well drilling are both down 39% compared to 2007 levels.
After the BP oil spill, President Obama shut down most Gulf of Mexico drilling and there’s been a 57% drop in monthly deepwater permits since 2008, according to the Greater New Orleans Gulf Permit Index.
The demand for oil is increasing as India and China grow their economy. That means there are more people bidding on the supply of oil. In order to keep the price low, the supply would have to increase. But Obama has done everything in his power to reduce the supply. Increased demand and reduced supply means higher gas prices.
Despite some green energy failures, such as the bankrupt Solyndra solar panel company and weak-selling Chevy Volt, President Barack Obama said that he wanted to “double down” on green energy spending, and would do what he could even without Congress to subsidize these companies.
Obama’s assertions, at the University of Miami on Thursday, come after numerous reports of green energy firms that received large sums of federal loans and grants but which have either declared bankruptcy or hit financial problems.
[…]CBS News has reported that the administration directed $6.5 billion in taxpayer dollars to a dozen different green companies that now face financial ship. The most notable of these is Solyndra, the solar panel firm that got a $535-million Energy Department loan guarantee before declaring Chapter 11 bankruptcy and being investigated by the FBI.
Among the 12 companies, five others besides Solyndra have filed for bankruptcy. These are Beacon Power of Massachusetts; Evergreen Solar, of Massachusetts; SpectraWatt of New York State; AES’ subsidiary Eastern Energy of New York State and Ener1 of Indiana.
Obama acknowledged that not all companies backed by the federal government will succeed, but said he would not be deterred.
“The payoffs on these public investments don’t always come right away. Some technologies don’t pan out; some companies will fail,” Obama said.
“But as long as I’m president, I will not walk away from the promise of clean energy,” he said. “I will not cede the wind or solar or battery industry to China or Germany because some politicians in Washington refused to make the same commitment here in America.”
As CNSNews.com earlier reported, the Chevy Volt, touted by Obama as being the future of the government-owned GM and bailed-out Chrysler, was among the biggest market flops in 2011.
Please read this article and share it with your friends. It’s important to understand what Obama’s plan was, and what he did to achieve it. He wanted gas prices to be higher, and that’s what he achieved.
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