Thanks mainly to the shale revolution, oil production in the U.S. hit a 28-year high last month while imports were at their lowest levels since 1995. Consequently, prices have fallen 15% since June, and Saudi Arabia has cut production by 400,000 barrels a day — providing further evidence that OPEC no longer has the power to set prices.
Tagged: keystone XL pipeline
Despite the war-like hostility of the Obama administration to the traditional carbon based energy that fueled the industrial revolution, the entrepreneurship and modern technology of America’s private economy is producing a boom in oil and gas production that is overwhelming President Obama.
I could write every day about some new obscene Environmental Protection Agency (EPA) effort to thwart energy the nation needs, forcing the shutdown more coal-fired plants and the mines that supply them. Goodbye thousands of jobs, goodbye electrical energy. The White House has delayed the construction of the Keystone Xl pipeline to transmit oil from Canada to the U.S. Gulf Coast.
If Obama truly wanted to “create jobs and opportunities for the middle class,” he could tell the U.S. Forest Service (USFS) to work with—instead of against—those ready to risk their capital in the development of our natural resources and create jobs.
“They want to see this country being a nation that does not have affordable energy, that is getting away from carbon-based energy sources regardless of whether there is environmental impact or not.”
Heartland’s Jay Lehr predicts Obama will ultimately reject the Keystone XL pipeline. But that will not slow development of Canada’s tar sands, a supposed goal of the environmental activists.