As of last March, the United States has become the largest oil producer in the world. Oil imports have dropped to 36 percent of our total oil consumption, down from 60 percent in 2006 and the lowest level since 1987.
No government planner could have ever dreamed of this type of miracle. It was not many years ago we were hearing about the world running out of oil.
According to Mr. Obama we are really dealing with different visions of how the world works. And he's right.
One is driven by government planning -- socialism. The other is driven by freedom and private ownership -- capitalism.
Our president seems to be genetically hardwired to the socialist view. And his portrayal of capitalism is harsh.
But as the new American oil boom attests, it is freedom and capitalism that releases the human spirit, taps human creativity and produces prosperity that could never come from any government planner.
Few things are harsher than a stalled economy. People wanting to work and can't.
Even Barack Obama's charisma is failing to mask the fact that if America is to recover, we need to restore the spirit of capitalism.