Thursday, February 05, 2009

Jacking Up the Price of Oil: Obama's Boyzzz

Oil's cheap--today.

Maybe not tomorrow.

In a high-profile reversal of the Bush administration, Interior Secretary Ken Salazar said Wednesday the government is scrapping the leases of 77 parcels of federal land for oil and gas drilling in Utah's redrock country.

"In the last weeks in office, the Bush administration rushed ahead to sell oil and gas leases near some of our nation's most precious landscapes in Utah," Salazar said from Washington in a teleconference call with reporters.


Salazar has a reputation for being anti-coal, anti-petroleum, and anti-development in general.

HT: Gateway


Scott said...

I thought everyone understood that new domestic drilling won't do anything for prices for years and years--and when it does, it would be like a couple percent in total effect. Doesn't that make the yes/no on domestic drilling a red herring?

Dad29 said...

There are two separate effects of domestic drilling, and one of them is psychological--current suppliers think twice about hiking prices.

The second is far more important: no matter when, we WILL have a domestic supply.

Remember the term "investment," Scott?

Billiam said...

Every time I hear a Politician or one of their bots say that we won't see any return on domestic drilling for years. Well, if those same morons had been told to go pound sand up their rears DECADES ago, we'd be realizing said returns right now! Scott, most people I know are all for looking for new sources of energy. UNTIL such a one, or combination, is found, it is ultimately stupid to not tap your own resources. Pols need to stop bitching about our dependency when their the ones perpetrating it! Man, I'm sick and tired of people that won't THINK this through.

Anonymous said...

Let us not forget that domestic oil and gas production would also create lots and lots of JOBS.

But hey - who the hell needs those right now.