Posted on 05/13/2014 5:00:38 PM PDT by jazusamo
After successfully bringing more than 30% of the U.S. economy — the health care and financial services industries — under political control during his first term, President Obama made it clear last week that a priority of his second term is to go after the energy sector — another 10.5%.
The purpose of the White House's orchestrated release of the National Climate Assessment on May 7 was to set the stage to drive energy markets and fossil fuels under the heel of more government regulation.
Most Americans would celebrate knowing that the U.S. is on the cusp of oil and gas energy independence and the lower prices that will follow — especially with memories of OPEC's oil embargo and the cartel's ongoing ability to manipulate markets.
So with Obama promoting more energy regulation and choosing to hold up construction of the Keystone XL pipeline — one of the three legs of U.S. energy independence — many Americans wonder what's going on.
First, some background. The primary purpose of Keystone XL is to transport crude oil from the oil tar sands of Alberta, Canada's Athabasca region to refineries on the Gulf Coast in Texas and Louisiana that are specifically designed to process and refine heavy crude into byproducts such as gasoline, diesel and jet fuel.
Radical environmentalists may have heightened opposition to so-called dirty oil from tar sands, but the end products are essentially the same as those refined from light sweet crude.
Travel by air, rail and ship require petroleum-based fuels, and with 94% of America's electric power coming from legacy sources — largely fossil fuels — and only 4% provided by solar and wind (made possible only by huge tax subsidies), it makes enormous sense to bring on more supply, lower prices and reduce OPEC's influence.
(Excerpt) Read more at news.investors.com ...
I expect to hear some day soon that he has nationalized the San Sebastian line and we’ll then be sure that we are living out Atlas Shrugged.
Can’t have the pipeline, Warren Buffett’s trains gotta keep om rollin’ doncha know.
Yep. He invested heavily in thousands of petro-transport railcars. That was our first clue that XL wasn’t happening any time soon. :(
You nailed that...I’d sure like to know just how much Obama and friends have profited from Buffett in one or more ways.
Pray for Ted C.
I bet the financial incest runs deep with the Obama/Buffett/Jarrett family.
Amen
Go Cruz!
Right you are, JL, No doubt about it.
I used to think that the pipeline from Canada was a good idea. But now I’m not so sure. The IEA (International Energy Agency) says that the USA will be increasing oil production by 1 million barrels @ day for each of 2014 and 2015. That’s an extra 2 million barrels @ day that has to be pumped to the gulf to be refined or shipped overseas. Does the USA have the infrastructure to handle the increased volume?
What’s more the IEA has been steadily raising their estimates. The likelihood is that they’ll raise their estimates for 2016-2018 to 1 million barrel @ day increases annually as the volumes from the permian basin, the Tuscaloosa Marine Shale the woodford formation and a few others accelerate. (currently the volume increases are coming from the baaken, eagle ford and the gulf of mexico.)
Can the US transportation and refining system take that extra oil plus the canadian oil?
I don’t know. Seems like the news about oil trains here and there catching on fire is coming more frequently. Won’t a pipeline from Canada displace American oil going to the gulf and force more oil onto the trains?
I just don’t know the answers to these questions. Bottom line. There’s a tidal wave of supply that’s going to come into the USA oil system even without Canadian oil.
The USA is going to become oil independent. There won’t be any weasel words like North American oil independence. The USA will become oil independent in five years or so. But its going to put one heck of a strain on the infrastructure which is not currently designed to handle this kind of volume.
The pattern seems clear to me. If it helps the US economy the Obamanation is against it. He is the mirror image of deregulation.
Yikes, Buffett has been investing big bucks in those new tank cars and I doubt he’d do it if he wasn’t assured of big returns.
Whatever he’s laid out in payoffs would be pocket change compared to those costs.
I only have one word to describe Obama: *sshole.
Sounds to me like the kind of problem that's worth having. If we can get crony capitalists and the damned leftists off our backs we can upgrade the infrastructure, and truly become the Saudi Arabia of oil for this century.
“The USA will become oil independent in five years or so. But its going to put one heck of a strain on the infrastructure which is not currently designed to handle this kind of volume.”
A Ted Cruz administration can change all that...with the ‘stroke of a pen’...
Quo issue tandem abutere Obama patientia nostra??
Quo usque tandem abutere Obama patientia nostra??
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