Administration Policies to Blame for High Energy Prices
Report Finds Administration Policies to Blame for High Energy Prices
A new report from the House Committee on Oversight and Government Reform details a disturbing "pattern of evidence" indicating that not only are the Obama administration's energy policies responsible for higher oil and gas prices, but that the administration's energy policy, in fact, is higher gas prices, says the National Review.
Among the report's findings:
- Key administration officials, including President Obama and Energy Secretary Steven Chu, have gone on record in support of higher energy prices as a means to promote "green" technology by making it more economically viable.
- The United States currently boasts the largest domestic energy resources on earth -- "greater than Saudi Arabia, China and Canada combined." New technology has allowed for greater access to these resources -- with the potential to increase domestic production by up to 40 percent -- but government regulations threaten to severely limit or restrict development.
- Current administration policies have limited the domestic production of oil by restricting access to resources located along the outer continental shelf, even before the Gulf oil spill.
- President Obama's proposal to increase taxes on the energy industry (and transfer some of the money to "green" energy) will severely impact the independent operators responsible for 95 percent of domestic oil and gas production. The proposed tax hikes would cost these firms a combined $12 billion in the first year alone.
- Many of the "green" energy sources promoted by the administration "create unintended environmental, security and economic consequences," for example, by increasing the demand for Chinese "rare earth" materials, which subsequently boosts harmful coal production because that's where more than two-thirds of China's energy comes from.
Source: Andrew Stiles, "Report Finds Obama Policies to Blame for High Energy Prices," National Review, May 23, 2011.
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