PrintJuly 8, 2011
Obama's Plan for $10 Gas
American drivers are angry at having to pay $4 a gallon for gas, and understandably so. Their anger is often directed at the oil companies that supply the gas. It should be directed at Barack Obama instead.
From the beginning of his appearance on the national stage, Obama has focused on the goal of driving up energy prices with the idea of "weaning" America off fossil fuels. He has succeeded in driving up prices, all right, but not in reducing dependence on fossil fuels. According to "The Outlook for Energy 2011," fossil fuels now supply 80% of global demand. That percentage will remain unchanged through 2030 despite hundreds of billions in subsidies squandered on wind and solar.
Nor has Obama succeeded in reducing our dependence on foreign sources of oil. According to the American Petroleum Institute imports now amount to some 11 million barrels per day or 56% of deliveries. That compares with 35% in 1973 and 42% in 1990. Despite...(Read Full Article)
