Obama’s War is not on Fossil Fuels

President Obama has just announced (but not yet published) his new plan, the so-called 21st Century Clean Transportation System.  The centerpiece of this plan is a $10 per barrel tax on oil production by American companies, apparently both in the US and offshore.  According to the press release, the proceeds will be spent on “clean transportation” projects, of varying degrees of absurdity and corruption.  But the central justification for the plan is reducing what Obama calls “carbon pollution.”  The background to this attack is that America is approaching oil self-sufficiency, thanks to the hard work and ingenuity of the workers, executives, and investors of the oil companies, who had to overcome not only natural difficulties, but also administration resistance and OPEC’s manipulations.  The gas prices at the pump are at record lows.  This is good for consumers, but risky for the oil companies.  In the current...(Read Full Article)