There must be something in the White House water.
For decades presidents have been promising to cut oil imports and still nothing much happens. President Barack Obama’s promise of a one-third cut by 2025 is squarely in that unworthy tradition.
The president got his headline but in fact hardly mentioned imports, except to note a small decline in recent recession years. He made no argument that cutting imports would be beneficial in itself, just airy genuflections to the security of supply, a non-problem since nobody can block U.S. access to the world oil market.
The emphasis was on a vast expansion of “clean energy.” The familiar pipe dreams were unfurled again: Bio fuels. Further increases in fuel economy requirements. Electric cars. Flexible-fuel vehicles. High-speed rail. Public transit.
Sure all nifty ideas, their regulatory quirks notwithstanding. And all are costly, many to the point of wiping out any possible benefits. If the president sought increased oil production to hold down prices, he’d do a lot more good.
Here and there a project might be worthwhile. Encouraging use of abundant natural gas as a fuel (for truck fleets, say) with modest subsidies could produce far greater benefits than the current $7,500 subsidy for electric cars.
The president’s increased production scenarios are too rosy. He wants holders of federal oil leases to develop their leases faster and produce more. Producers produce what they want to produce. If forced to develop one lease — assuming there’s oil there — instead of holding it for later, they may idle another well elsewhere.
If the president were serious about increasing domestic production, he would urge exploration of promising no-drill areas like the Arctic National Wildlife Refuge in Alaska and the Atlantic and Pacific continental shelves.
Fat chance.
Commentary
As the Herald just stated we need to cut our alliance with foreign oil producers.DRILL BABY DRILL as the Great Sarah Palin once said
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