President Obama said yesterday that there is no light at the end of the tunnel:
You know there are no quick fixes to this problem. You know we can’t just drill our way to lower gas prices. If we’re going to take control of our energy future and can start avoiding these annual gas price spikes that happen every year — when the economy starts getting better, world demand starts increasing, turmoil in the Middle East or some other parts of the world — if we’re going to avoid being at the mercy of these world events, we’ve got to have a sustained, all-of-the-above strategy that develops every available source of American energy. Yes, oil and gas, but also wind and solar and nuclear and biofuels, and more.
Treasury Secretary Tim Geithner said pretty much the same thing this morning on CNBC. This is the phrase from Obama that I really can’t get past: “You know we can’t just drill our way to lower gas prices.”
How would he know? Give us the damage report, Conn Carroll of the the Washington Examiner:
– Immediately after taking office in 2009, Obama canceled 77 leases for oil and gas drilling in Utah.
– In January 2010, Obama issued new regulations making it more difficult to develop energy resources on federal land.
– After the BP oil spill, Obama needlessly instituted, not one, but two outright drilling bans in the Gulf of Mexico.
– After rescinding his outright offshore drilling ban, Obama then refused to issue any new drilling permits in the Gulf, a policy that the Energy Information Administration estimated would cut domestic offshore oil production by 13% that year.
– Under Obama, in 2010 the federal government issued the lowest number of onshore leases since 1984.
– Under Obama the federal government has leased less than half of the offshore acres that President Clinton did.
– The Obama administration held just one offshore lease sale in all of fiscal year 2011. President Bush’s energy plan called for five.
– Obama is also blocking access to 19 billion barrels of oil in the Pacific and Atlantic coasts and the eastern Gulf of Mexico, another 10 billion barrels estimated in the Chukchi Sea off the Alaskan coast, and another 10 billion barrels of oil in the Arctic National Wildlife Reserve.
Don’t drill, baby, don’t drill! Indeed, if we increased drilling every time someone in Washington said no “quick fixes,” we’d be pumping a lot more oil today.