Obama sort of reverses himself on energy and now Ok’s offshore drilling and at the same time expalins why it will not do any good. It seems as if he can easily be pushed around.
Obama advocates a special tax on oil companies, which will ulitmately be a tax on oil consumers. He want to punish oil company profits while at the same time we need them to put their profits into extracting more domestic oil if only Congress will allow them.
This is a terrible idea. It has been done before under Jimmy Carter and it was a disaster. The people spoke loudly about it at the ballot box and ushered in the age of Ronald Reagan.
Obama also joined Pelosi in recommending that we tap into the strategic reserve. This is an even worse idea. Just the existence of the strategic reserve is enough to pressure the markets. If we use the reserve and prices then go up afterwards a possible price restraint will be lost and prices could go even higher. Until we develop more domestic resources or alternatives we need the reserves. Using them is short sighted and dangerous.
Obama’s tax plan is a disaster and his energy policy is resurgence of our worst failed policies of the past.
The more I hear Obama’s plans the less impressed I am with him. I hope the voters come to their senses.