Obama’s Plan to Lower Gas Prices Stinks

Eye Roll 19

barack obamaWe’ve all been feeling the pinch at the pump, as gas prices have steadily and rapidly increased in recent years due to higher worldwide demand and a decrease in supply. The drilling moratorium in the Gulf, the U.N.’s decision to no longer purchase from Iran, and developing nations discovering a thirst for industry and oil have translated to $4 a gallon gasoline.

A Gallup poll in March found that 85 percent of the public believes that the president and Congress “should take immediate actions to try to control the rising price of gas.” I am among that 85 percent. I would love for President Obama to green light the Keystone Pipeline, sell off federal lands to oil companies that want to drill, and generally get the heck out of the way of stopping progress and production.

President Obama has a completely different idea about ‘helping’ lower the cost of gas. He wants to spend $52 million to regulate the oil industry and impose harsh penalties on oil speculators. A speculator is someone that invests in a commodity (in this case, oil), holds onto it until the price goes up, and then sells it for a tidy profit.

The president also slammed Republicans for voting against legislation that would end tax breaks to U.S. oil companies. Because, you know, making it more expensive to produce a product always makes it cheaper to buy (insert eye roll here).

Side note – President Obama’s tax rate is 20.5 percent while ExxonMobile’s is 45 percent. Who’s getting the tax break, again?

Are spectators really to blame for the high cost of fuel? Fred Rozell of the Oil Price Information Service doesn’t necessarily think so. He said,

Oil is a good bet for investors who are looking to reap a solid return on investment. This is especially true in the current economic climate, as a slowly improving economy points to increased consumption and tensions in the Middle East are fueling fears of a supply disruption.

In fact, Rozell notes, many of these oil speculators are 401(k) plans that benefit middle-class consumers. (Emphasis mine)

Maybe Congress could stop ‘speculating’ with taxpayer money on the green energy market before it tries to mess up the oil market even more with extra regulation that will make it even harder to do business. $535 million was thrown away on Solyndra. Solar Trust of America, LLC got $2.1 billion in federal money before declaring bankruptcy. Another $2.4 billion went into the electric car industry, which produces a product that no one really wants.

In other words, maybe Congress should stop fooling around with our money and let the free market work.

 

Image via Pete Souza/Wikimedia Commons

barack obama, corporations, economy, in the news, law, politics, taxes

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Nicole Marie

This article is ridiculous, I for one am not in favor of just selling off land so oil companies can drill where and whenever they want. Whether you want to believe it or not, our precious resources are dwindling fast. It would be in our best interest to fund heavily into alternative methods of energy before we lose even more of the ozone layer, land and other important things.

Freela Freela

You lost me at selling off federal lands to oil companies and allowing them to drill wherever the hell they want.  The truth is that oil is a finite resource.  There is only so much of it.  Destroying further portions of the planet to extend our oil dependency for a couple more years is not going to make much difference in the long run.  I'm willing to support alternative energy research if it means my kids and grandkids have a planet to live on a few decades from now. This seems extremely short-sighted, to say the least!

nonmember avatar Sooooo

So you want to totally irreparably screw the environment for future generations just so you can fill your SUV for less?

nonmember avatar Michelle

This article is spot on, if the alternative fuels were viable in out market they would have taken off hundreds of years ago. Im sure windmills have been around a long time. It is not the governments job to fund new fuels, its the private sector. Maybe freela and nichole marie should give up everything that has benefitted by oil or fossil fuels and only use items produced by wind and solar. Except if that happened, they would have no cars, no home, no clothes, and no food, unless they grew their own and only used tools made from wood with their own hands. And why is the fed gov have all this land, except to use it politically for gain, not for the environment. Which if any of u libs actually did research instead of talking points u would realize this.

JAIRA... JAIRATRACI

Do you write anything other than Obama is horrible blogs? I have yet to see one. Gas has been expensive since Bush was in office. It's not Obama's fault that it is expensive. Using all the oil the world has to offer as quickly as possible isn't the answer to our problem.

Jessy Roos

First of all, gas is not expensive at $4/Gallon. That is the lowest price in the G8. Second, I think we should make a drinking game: take a shot everytime Jenny mentions Solyndra or Keystone, links to an erroneous or obviously biased source or writes "insert eyeroll."

butte... butterflymkm

Agreeing with most of the others here. If we just keep screwing up federal land it will hurt us more in the long run. From hunters to fishing market to tourism and more.

Procr... Procrastamom

I think Jenny must have some article generating software that she just plugs key words into and then the hamster wheel turns for a while and spits out a page of drivel. The trouble with that is her keywords NEVER change.



OBAMA, GAS, EYEROLL.



"Okay kids, Mama's done her jurn-nal-ist-ing now. Let's go to the park, where we can kick some hobos and poke fun at the welfare kids! "

Nicole Marie

Well Michelle it's nice that you think I am dependent on oil even though I don't drive (that's one thing I don't use oil/gas for, and it's by choice completely that I choose to walk), two, I buy locally, eliminating the need for my food to be driven/shipped to where I live, and three I am an American immigrant living in Sweden, and believe me, we use wind turbines like there is no tomorrow. I bring this up because the country I live in currently is much more environmentally progressive and it's doing very well in that sense, and there is no reason America can't try to take the same steps to preserve what little land we have unmarred by oil drills, fracking, and shopping mall centers to buy and sell things we don't need to begin with.

omgitsjo omgitsjo

Okay, so what happens when the oil from those federal lands that we sold and the oil from the keystone pipeline runs out? then what?

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