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Thursday, February 24, 2011

Obama Perfectly Happy With $100+ Oil?

It doesn't take a genius to figure out that Obama is not disappointed with $100 or perhaps even $200 oil per barrel. Throughout the campaign, Obama has said that Americans need to reduce their carbon footprint and the only real way to do that is to jack energy prices through the roof. He said that under his plans, energy prices would "necessarily skyrocket." Now that Obama has a huge investment in GM and Chrysler and has pushed them to smaller cars, he is incentivized to see an increase in demand for smaller cars, which Americans generally hate. And expensive gas is just the catalyst he needs.

Finally, as the WSJ points out, the Obama administration is in contempt of a federal judge's ruling on drilling and it refuses to acknowledge the law. It is, of course, a constitutional crisis that the media refuses to recognize - and it is only going to add to Obama's oil crisis.

Federal Judge Martin Feldman ordered the Interior Department's Bureau of Ocean Energy Management to act on five pending deep water permit applications within 30 days.

...Since finally lifting its blanket ban in October, the Administration has failed to issue a single permit, blaming strained resources and new regulations...

Judge Feldman wrote that permits had been approved within two weeks prior to the spill, and he dismissed the notion that Interior lacks the ability to issue permits expeditiously. The Bureau of Ocean Energy Management, he wrote, is up and running, the spill well has been contained, the new regulations "are no longer new," and the threat of rigs leaving Gulf waters becomes "more forceful each day"—all of which means that "nearly a year after the spill occurred, delays, particularly those of the length at issue here, become increasingly unreasonable."