President Barack Obama’s energy plan involves radically increasing gas prices to the European rate of $9-10 a gallon. And he’s well on his way by more than doubling prices at the pump since entering office in January 2009, when gasoline was only $1.79 per gallon. Here’s how he schemes to double prices again in his second term, with you footing the bill.
We’re all being gouged at the pumps.
And the reason for soaring gas prices?
According to President Obama, it’s not because of anything he has done: including devaluing the dollar via his disastrous economic decisions, closing federal lands for oil production opened by his predecessor, passing cap-and-trade legislation in the middle of the worst economy since the Great Depression, or refusing to stand strong against the regime in Iran, which controls 20 percent of all global oil supply via the Strait of Hormuz.
President Obama would do well to take the advice of former Sen. Obama, who said in 2006 about possible $3 a gallon gas: “The time for excuses is over.”
Last week in Part 1, I began to detail how President Obama’s dreadful economic strategies and initiatives, as well as global relations (or lack thereof), have contributed to higher gas prices – and that his administration continues to play duck-n-dodge when it comes to any mea culpas for our fuel fiasco.
To add injury to insult, President Obama has appointed some petroleum-pillaging politicians, like Secretary of the Department of Energy Stephen Chu, who, according to the Wall Street Journal, said in 2008 that in order to wean Americans off gasoline, they should punitively pay at the pump: “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe.”
And just two weeks ago, as reported by Politico, Chu again told Congress that Obama’s Department of Energy “isn’t working to lower gasoline prices directly,” but “is working to promote alternatives such as biofuels and electric vehicles.”
When Rep. Alan Nunnelee, R-Miss., specifically asked Chu if the Obama administration’s goal was to lower gas prices, he emphatically replied, “No.” (Out of the horse’s mouth!)
But I suppose the views of Obama-appointed officials like Chu don’t have any bearing on soaring gas prices either, right?
Washington and Wall Street prognosticators are now pondering, “Will higher gas prices derail the economic recovery?”
Their answer? “Not yet.”
(That’s comforting, isn’t it?)
Just two weeks ago, Federal Reserve Chairman Ben Bernanke also confessed to Congress in his semi-annual report that the job market was “far from normal” and that rising gasoline prices will likely push up inflation and reduce consumers’ purchasing power.
According to Carl Riccadonna, a senior economist at Deutsche Bank, “the rule of thumb among economists is that a 25 cent increase in gas knocks $25 billion to $30 billion off consumer spending in a year and lowers economic growth by 0.2 percentage points.”
The fact is, rising gas prices are actually a win-win for Obama. When gas prices go up, more fuel-efficient cars are purchased, and that means Obama takes the credit (your credit) for the boost in the automotive industry by doting over the success of his stimulus monies. In addition, when gas prices go up, Obama will take the credit (again, your credit) for the increase in renewable energy industries. All at your expense, literally.
This is what Obama meant two weeks ago when he repackaged and re-pitched his “new energy policy” from a gas station in Indianapolis, with the words on his podium: “Investing in Energy Independence.” (Notice he didn’t say who was doing the investing or with whose monies he was investing? It might seem like spending – I mean investing – your money is Obama’s forte, but to me it smells like more capitalistic-crushing SpreadingBO.com.)
In February 2011, Secretary Chu again embraced the strategy to raise gas prices in order to increase green alternatives to Chris Wallace, host of Fox News Sunday, when he said, “The price of gasoline over the long haul should be expected to go up just because of supply and demand issues. And so we see this in the buying habits of Americans as they make choices for the next car they buy.”
Increasing gas prices to wean us off gasoline to green alternatives is a ruse – a deceptive strategy laid on the backs of American citizens.
This president has mastered cloaking the truth in oratory rhetoric. Again, in last Saturday’s presidential address, Obama hailed his oft repeated petroleum apologetic: “While we consume 20 percent of the world’s oil, we only have two percent of the world’s oil reserves.” He repeated the same thing in early 2011. The problem is that two percent to which he refers is extant reserves not production. That’s deceptive!
Speaking of misleading, this past week Energy Secretary Chu was at it again as he testified before the House Subcommittee on Energy and Power. Dodging its question about whether he practiced what he preached by owning a Chevy Volt electric car, Chu replied sheepishly, “No, I don’t own a car at the moment.” (Before you commend him for his bio-walking, it should be noted that he’s chauffeured in U.S. government Cadillac Escalades, which of course run off of fossil fuel like his wife’s BMW.)
If you are ready for real hope and change, then I have the option for you.
I believe that we can continue to seek alternative energy solutions while lowering gas prices by implementing a super energy solution, the one that former Speaker of the House and GOP presidential candidate Newt Gingrich has proposed.
Gingrich’s plan? As I noted last week, it is the polar opposite of Obama’s: Newt is ready on Day 1 of his presidency to begin to implement his plan to expand leasing of federal lands for oil and gas development, condense regulations to make it easier for companies to build new extraction sites, tap shale reservoirs, start building the Keystone XL Pipeline, replace the EPA with a new, economically rational Environmental Solutions Agency and, as a result of these bold solutions, end our dependency on foreign oil, reduce the costs of gas (to $2.50 per gallon), increase millions of domestic American jobs and bring in billions of dollars of new revenue for the U.S. by becoming one of the largest global exporting sources for various fuels.
You can get many more details of Newt’s energy- and job-building plan at Newt.org, by watching his 30-minute TV address that is running in GOP primary states.
Newt, I, as well as millions of other American patriots, believe in aggressively pursuing renewable energy alternatives and development, but not at the risk of losing our petroleum and economic shorts while we’re doing it. As is often the case in life and politics, the answer is “both … and …”
It bears repeating that Bloomberg’s Businessweek reported in November 2011 that “Unlocking vast reserves of shale gas [alone] could solve the energy crisis, the jobs crisis, and the deficit.”
If you are ready for real change, if you want to stabilize our economy, increase jobs, lower gas prices and restore our republic simultaneously, then shout it out to Washington and the nation: “Get off your gas, drill and vote Newt Gingrich!”
For many more ways the Obama administration is actually contributing to higher gas prices, see the Heritage Foundation’s February 2011 report, “10 Things You Need to Know About High Gas Prices and Obama’s Oil Policy.”
(In next week’s column, I’m going to reveal “a video more incriminating than Breitbart’s.”)