At American Thinker Jeffrey Folks writes ” The Obama Energy Fiasco.”

While America is restricting energy production through legislative penalties the rest of the world is seeking new energy sources, drilling new well (including 90 miles off our shores), to prepare for growth. Many American producers are relocating overseas.  The result is that we will become even more dependent on foreign energy than ever.

Excerpts:

The world’s great energy companies, known as the “super majors,” were once largely headquartered in the United States, but now they are being challenged, and soon, if our government’s policies fail to be corrected, will be supplanted by foreign suppliers like Petrobras and Sinopec. Already, several important oil exploration and drilling companies have announced plans to leave the United States. Halliburton, the nation’s largest driller, has set up dual headquarters in Dubai, while smaller companies have relocated entirely to Switzerland and other low-tax nations. As the burden of taxation and regulation becomes even more onerous, especially with the threat of a punishing cap and trade bill,

The fact is that Obama’s energy policies are making us look like the world’s suckers, and for good reason. The rest of the world talks of climate change legislation while, quite sensibly, it goes about its business buying up all of the oil and gas leases it can find. Only in this country, and with this administration, does the obtuse idea prevail that one nation should proceed with unilateral carbon reduction.

The academic smucks, including one Nobel prize winner (other than the president) who directs our energy policy, think that we can impede our oil and gas businesses, lay ruin to our coal industry, block the building of new dams and nuclear plants, and still compete with countries like China and India. These countries are making prudent provision for their future energy needs by buying up vast tracts of resources that the Obama administration has, in effect, placed off-limits for domestic oil companies.

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