President Obama Can’t Wait to Buy More Foreign Oil

The Obama Administration has already presided over the steepest rise in gas prices since the Carter Administration. And like President Jimmy Carter, PresidentBarack Obama has restricted traditional domestic energy development at every turn. According to the Energy Information Administration, President Obama’s Gulf drilling moratorium will cause domestic offshore oil production to fall 13% this year . Absent the Obama moratorium, the EIA had predicted a 6% increase in offshore production from 2010 levels. That means President Obama’s Gulf moratorium alone will cost American consumers 220,000 barrels of domestic oil production a day.

But President Obama is not against all offshore oil drilling. When other countries are the ones developing their natural resources, President Obama is all for it. This Sunday in Brazil, President Obama highlighted that country’s recent offshore oil discoveries: “We want to help you with the technology and support to develop these oil reserves safely, and when you’re ready to start selling, we want to be one of your best customers.”

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