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Obama Kills the US Oil Industry

The End of Another US Job SectorThe news that the unemployment has jumped again to 9.8% just hit the wires.

No doubt, the American people and the economy will not react well to the news that Obama's economic recovery program is just a big scam that has wasted trillions of dollars (borrowed from China or Ben Bernanke) and done nothing but hurt the private sector economy.

The fact is, there are three things the government can do to help or hurt the economy, and Obama and the dems have been consistently hitting on all three.

They can raise taxes on private sector "investors," which inhibits the growth of new businesses and the jobs they provide. Obama and the dems seem to be hellbent on passing the largest tax increase in history in 28 days, but I an optimistic that Mitch McConnell will be able to stop this as long as he doesn't lose his nerve.

The second thing the government can do to help or hurt the economy is to create unsustainable deficits that must be paid back by our children and grandchildren. Obama and the dems have set new records in deficit spending, but I am optimistic that Speaker John Boehner will be able to put the brakes on spending.

The third and final thing that the government can do to help or hurt the economy is to create obtrusive regulations on industry. Obama and the dems have a nearly religious faith that increased regulations are always good, although there is little evidence that this is true. In 2010, the dems passed a massively obtrusive set of regulations in the name of Financial Reform and we have yet to feel the full brunt of the economic damage this bill will cause.

Although the House has some ability to restrain overzealous federal regulations, the president retains incredible powers that can damage the economy and there is little the Congress can do.

The Death of the US Oil Industry

On Wednesday, Obama used the regulatory power of his office to effectively ban offshore oil drilling for nearly a decade into the future. This will kill the US Oil Industry and the careers of the 115,000 Americans who work in this sector.

The loony environment whack jobs on the left will cheer this as best way to promote their holy grail -- alternative energy. Unfortunately, this unlikely to be the outcome. The sad truth is that Obama's Green Economy strategy is a disaster and has zero chance of replacing the energy capability that will be lost due to this ban (see "What Happened to Obama's Green Economy.")

What it will do is to dramatically decrease the supply of oil in the US and force us to buy more foreign oil. This will drive up the cost of energy and virtually everything in the economy. It will also stifle the recovery and drive up unemployment -- wonderful!

The Gulf Oil Spill Lie

Of course, Obama will point to the Gulf Oil spill as the rationale for dropping this economic bomb, but that's bunk. The truth is, his people lied about the recommendations from the experts to justify the ban.

Even democrats like Jim Webb, a Democrat, said in a statement today that the Obama administration has "over-reacted" to the BP oil spill.

"A much more sensible response could have been found in making sure that industry employ the best technology and proper safeguards, and that government take more seriously its oversight role in order to make this happen," Webb said.

"Enhancing our nation's energy independence and answering our emerging energy needs demand that we keep all options on the table, including conservation, renewable energy and energy efficiency, domestic offshore oil and gas development, clean coal, and nuclear power," he said.

Source: The Charlotte Observer

The Offshore Drilling ban that Obama issued on Wednesday is an unconscionable act of economic distruction.

I once again find myself wondering is the US can survive 23 more months of Obama.

Dave

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Obama Kills the US Oil Industry
Friday, 03 December 2010

Who Stole My Career?

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