Posted on 04/17/2016 4:17:05 AM PDT by doldrumsforgop
In a version of "hit 'em while they're down,' the Obama administration has unleashed a slew of new regulations targeting U.S. oil and gas production. These include costly methane emission rules on all new and existing wells, reversals of promised offshore acreage leasing, a de facto freeze of leasing on federal lands, and burdensome EPA restrictions of fracking. Then there is Obama's recent budget proposal of a $10-per-barrel surtax on top of the high taxes and royalties already paid by oil companies. Just as low oil prices are driving hundreds of oil companies out of business, Obama is piling on in an apparent effort to drive even more into bankruptcy.
Restrictions on drilling don't hurt consumers so much when the world is awash in oil, as it has been since 2014. The problem is that prices don't remain low for long. Low prices result in reduced investment, which results in less production. And less production results in higher prices. As every economist knows, commodities are cyclical businesses. A wise national energy policy would anticipate volatility by promoting lower production costs in both good times and bad, thereby reducing future price shocks. Obama's energy policy has pursued the opposite path.
Oil prices appear to be at an inflection point, and the administration hasn't a clue as to how to respond. With cuts in non-OPEC production of 730,000 barrels per day in 2016, according to an OPEC report issued Wednesday, global surplus production is expected to end within two months. After that, stockpiles may begin to decline, unless global demand continues to lag, as it has of late. On the demand side, the OPEC report simply states that "there is great uncertainty."
(Excerpt) Read more at americanthinker.com ...
The GOP will back Obama against Americans and America.
It is the way of the GOP, liars, scum, and EXEMPT.
GOP for ObamaCARE.
GOP for ObamaTRADE.
GOP for TREASON.
GOP for IRS coverup.
GOP for LYING TO THE AMERICAN PEOPLE.
See?
Ed
I can see the arc of this:
1) Gas was $1.70 a gallon.
2) Gas moves up to $5 a gallon.
3) Obama blames Republicans — mostly Bush.
4) Republicans agree with him.
5) Obama says gas will be $8 a gallon if Trump is elected.
6) Republicans agree with him.
7) Hillary gets elected.
8) Gas goes to $10 a gallon.
9) Republicans say — at least Trump wasn’t elected: it would be $12 a gallon then!
Affordable energy equals freedom for ordinary citizens;and none of the statists want that!
pre-stone age ...
there will never be implementation. any sane person will drag feet and just run out the clock
The actions are patting ones self on the back with a smile and the thought that “ I made a difference”
Losing the power for those in the administration will likely actually kill a few that can’t cope
Folks on the right side of the aisle better come together during this primary season and formulate a strategy to defeat the left.
Hillary or Bernie takes the reigns of this country and we are freaking doomed for another four/eight years of this sort of mess.
Cruz and or Trump.
Obama is sure determined to destroy American oil production and help OPEC.
Saudi and the Opecers are on the ropes. We may be seeing a megatrend developing with shale. It is plentiful and wide spread. Everywhere there is / has been oil there is shale with oil or gas in it. Oil and gas could be as plentiful, widespread and easy to get as it was at the turn of the last century a hundred years ago. Opec may be losing their moxy and the saudis their leverage.
The only thing that remains to know is will shale production hold up, can it self-fund?
I’d say the saudis think it will since they are ushering a new age of fiscal controls and hope to diversify.
We get almost no oil from saudi. The massive amounts of money and treasure of our young people should be coming to an end.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.