“We have less than 2% of the world’s oil reserves. We’re running out of places to drill. We’re running out of oil. We need to end our $4 billion in annual taxpayer subsidies to oil companies. We need to invest in clean, renewable energy.”
As Congressman Joe Wilson would say, That’s a lie! Or at least a deliberate distortion of facts.
Oil “reserves” are what can actually be produced at today’s prices, with existing technologies, and under current laws and regulations. America has vast oil, gas and coal resources – several centuries of potential hydrocarbon energy. We certainly have the technology to extract it, especially at $100 a barrel. What we don’t have are laws and regulations that allow us to do so.
If the President were honest, he would say: “We’re running out of oil that Democrats, my Administration and our radical environmentalist allies will let this country produce. We’re running out of places we’ll let companies drill. We have 2% of world oil reserves, because we’ve made most of our resources off limits.”
If he were honest, he would also say: “We will demonize, penalize, hyper-regulate, tax and kill hydrocarbons. But we will mandate and subsidize wind, solar and ethanol, ignore their environmental and human costs, and extol the measly, expensive, unreliable energy they produce.
“We oppose subsidies for oil and coal companies (even in the form of tax deductions for actual expenses), because they promote drilling – and their CEOs and workers rarely vote for us. We support huge subsidies for wind, solar and ethanol, because those guys keep us in power and force a transition to renewable power.
“We know oil, gas and coal generate royalty and tax revenues, and provide 85% of the energy that powers America and supports jobs, commuting, factories, transportation, tourism, hospitals, ambulances, churches and living standards. But we don’t care about revenues, except when they come from higher taxes on corporations – or rich families that make over $250,000 … $150,000 … $65,000 a year. We detest free enterprise, and want government to control more of your energy, economy and lives.
“And we love the way supply and demand laws drive prices up. DC area gasoline is now $4.25 a gallon. That’s about half of what Energy Secretary Chu and I would like it to be, just like in Europe. And we know restricting energy supplies even further will send all prices skyrocketing even higher.”
As crazy as they sound, these ideologies are even more frightening and demented in practice.
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