In response to OPEC’s inability to come to agreement on boosting oil production, the White House indicated that it would not shy away from tapping into the Strategic Petroleum Reserve (SPR), which holds 700 million barrels of unrefined petroleum reserves in underground salt caverns, in order to smooth over oil supply disruptions originating from the Libyan conflict. A temporary oil price increase, however, is not a valid reason to tap into the U.S. emergency oil supply, which is, after all, a national security asset. Although President Obama’s approval ratings have …
If General Motors CEO Dan Akerson had anything to say about it, you would be paying a dollar more a gallon for gas. Yes, with $4/gallon prices hitting consumers in a tough economy, Akerson told the Detroit News: “You know what I’d rather have them do — this will make my Republican friends puke — as gas is going to go down here now, we ought to just slap a 50-cent or a dollar tax on a gallon of gas.” Akerson, 61, was appointed CEO of GM last fall, having …
With gas prices hovering at $4 per gallon, politicians are trying to sell quick fixes that will inevitably end up hurting consumers. The latest attempt is an open fuel standard that would require a certain percentage of new vehicles to be flex-fuel (a combination of gasoline and ethanol or methanol), electric, natural gas, biofuels, or any other power source that is an alternative to your traditional internal combustion engine. Policymakers will attempt to convince the public that open fuel standards encourage competition and will benefit consumers. Consumers won’t be paying …
As Americans across the country gas up their cars for their Memorial Day getaways this weekend, their wallets will take a bigger-than-usual hit. That’s because gas prices are up $1.06 from last year according to a study by AAA. In fact, prices have more than doubled since President Obama took office. And while the media has been slow to demand answers of the President, he has been busy trying to deflect attention away from his incoherent energy policy with a number of gas price-related myths. Our latest video takes several …
Last week, Members of Congress called big oil executives to the stand to defend the high profits their companies are making. Some in Congress are using high oil profits as a reason to propose eliminating what they label “oil subsidies,” despite the fact that what they call subsidies are broadly available tax breaks. You can get a breakdown in this paper: “What’s an Oil Subsidy?” President Obama did the same in his weekly address. Even actor Leonardo DiCaprio is getting into the action, recently tweeting, “Big oil is making huge …
The invaluable Alaskan oil pipeline isn’t doing well these days. A remedy to help fix this precious resource is available but overzealous environmentalists and over-regulatory politicians are standing in the way. The ever-decreasing amount of oil flowing through the pipeline is disrupting its effective operation — and threatening its very existence. This problem could easily be solved by opening up more domestic drilling in Alaska. This would allow more oil to flow through the pipeline, maintain the correct temperature (which falls to dangerous levels with insufficient supply). But access to …
It’s easy to take shots at oil companies, especially when gas prices are rising over $4 per gallon. Playing the role of David against an enormous corporate Goliath is a great way to score political points, so it’s no wonder that President Barack Obama and liberals in Congress have issued a clarion call for the end to oil subsidies as a way of wreaking revenge against those they say are responsible for the high cost of energy. The truth, though, isn’t as simple as the good-versus evil fable the left …
The White House released an infographic entitled “The Obama Energy Agenda & Gas Prices” that highlights a number of facts with regards to domestic oil production, improved fuel efficiency, improved transportation fleet and a clean energy future. While a picture may say a thousand words, this graphic conveniently omits critical facts and points that demonstrate that this Administration is choking off oil production and trying to use taxpayer money to force uncompetitive energy sources and technologies into the market. “Increasing Domestic Oil Production.” The facts on the infographic highlight that …
If you’re an average American, your monthly gasoline bill is a humongous $368.09. That comes to nine percent of a household’s total income, more than double what it was just two years ago, according to a CNNMoney report. And as a percentage of income, the poor are getting hit the hardest. In parts of the country where mass transit isn’t an option, driving is the only way to go. So while higher gasoline prices might not matter as much to someone living in New York City where subways are king, …
One year ago today President Obama imposed a moratorium on offshore drilling in the Gulf of Mexico. It banned shallow-water and deepwater operations, setting the stage for a year of delays in permitting. Now a U.S. senator wants to put a moratorium on federal agencies. Sen. David Vitter (D-La.), an outspoken critic of the administration’s anti-drilling policies, introduced the Agency Overreach Moratorium Act, which would require congressional approval for federal regulations that restrict energy exploration on federal lands and offshore. Vitter said the legislation would expand domestic energy resources and …
