The Obama Oil Embargo

From canceling oil leases in his second week in office to denying the XL Pipeline this year President Obama and his administration have offered up a non-stop assault on affordable energy. Now that high gasoline prices have come home to roost, the president is flailing around for an energy policy.

His recent attempts at energy policy include:
•Nobody can do anything about high gasoline prices.
•Maybe I should release crude from the Strategic Petroleum Reserve.
•There is a lot of drilling that I haven’t been able to stop. Don’t I get credit for that?

The latest attempt is to blame everything on speculators. And why not? Previous polling shows that 80 percent of Americans believe petroleum price spikes are caused by speculation, which means no more than 20 percent believe it is caused by the fundamentals of supply and demand.



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