The most astonishing event this week was President Barack Obama endorsement of more oil production—in Brazil. In a speech to a CEO Business Summit in Brasilia, the President said:
By some estimates, the oil you recently discovered off the shores of Brazil could amount to twice the reserves we have in the United States. We want to work with you. We want to help with technology and support to develop these oil reserves safely, and when you’re ready to start selling, we want to be one of your best customers. At a time when we’ve been reminded how easily instability in other parts of the world can affect the price of oil, the United States could not be happier with the potential for a new, stable source of energy.
This is the same President who has spent the last two years doing everything he can to reduce oil production in the United States. Cancelled and delayed exploration leases on federal lands in the Rocky Mountains; the re-institution of the executive moratorium on offshore exploration in the Atlantic, the Pacific, most Alaskan waters, and the eastern Gulf of Mexico; the deepwater permitting moratorium and the de facto moratorium in the western Gulf. The result is that domestic oil production is about to start a steep decline. An article on Red State by Steve Maley summarizes the future effects of the Obama Administration’s war against oil.
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