Thursday, May 14, 2009

Environmental Radicals Are Obama's Achilles Heel: Blocking New Oil Drilling Will Bring Back $3-4 a Gallon Gas

/PRNewswire / -- President Obama has put America into the hands of "environmental radicals." It is only a matter of time before "his vast popularity runs aground on his energy policies," according to a column by Jon Basil Utley posted at Reason magazine's site,

"In the name of saving the planet from global warming, [Obama] has delayed new oil drilling, an action that will have major political repercussions once the world economy recovers. Instead of using some of the stimulus billions to produce more gas and oil, Obama's appointees dream of 'renewable' energy derived from corn, wind, sunshine, and even grass," Mr. Utley says in an article entitled "Obama and the Alternative Energy Fiasco."

"It's essential to remember that so-called renewable energy cannot replace oil and natural gas in any significant way. For example, corn-based ethanol production 'costs' nearly as much to produce as it saves in oil and can only exist with the help of costly and unending subsidies. ... In contrast, oil and gas drilling could provide hundreds of thousands of solid, well-paying, blue-collar jobs -- and would produce millions in new tax revenue," Mr. Utley says.

"Instead of producing more of the cheap, abundant energy that fueled America's dynamic growth, the extremists ... dream of drastically cutting American consumption. All of these things are happening at a time when natural gas is abundant and cheap. ...The new technology of horizontal fraccing has made it economically feasible to drill into vast shale deposits in many states."

"Windmills depend upon a two-cent-per-kilowatt taxpayer subsidy to remain competitive. They also require backup gas generators (in case the wind isn't blowing when needed). Solar power is even more expensive and also would need billions for back-up generators and new transmission lines," Mr. Utley explains.

"It's little more than socialist Malthusianism to argue that the world is running out of energy. Science will always find and harness new sources." Producing from America's vast oil reserves could "transform our trade deficit and ... (prevent) lower living standards for most Americans."

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