Obama May Be Right about Oil Prices, But Only Partially
Al Ritter
Obama went on the offensive last week to proclaim that Republicans will have three objectives to lower the price of oil….drill, drill, and keep drilling. Oil drives the economy of this country and not just to fuel our houses and cars. Everything we have around us uses oil. The petro chemical industry uses oil for production of plastics and other uses. In fact oil is used in the production in 80% of the items sitting close to you right now.
Oil is also a national security problem, as the oil we import usually comes from countries unfriendly to the U.S. For these countries to use this product as a wedge between something we need for the furthering of their cause challenges our security.
Reducing our dependence on foreign oil secures our future as a sovereign nation. This should be our #1 aim as a nation, to reduce our dependency on foreign oil.
President Obama claims that it’s the unstable Middle-eastern fear that drives up the price of oil and that in part is true. The big question is what has our president done to calm those fears? Supporting Hamas while pledging allegiance to Israel? We have supported the over throwing of foreign governments and the subsequent establishment of the Muslim Brotherhood? We have supported the removal of one regime for the installation of a worse regime. We have sat by and tried to put in economic sanctions against Iran while they build a nuclear weapons program to annihilate Israel.
What exactly has Obama done to calm the Middle East?
If you are like many Americans you see the price per barrel of oil and you think, well the price of gasoline wasn’t this high the last time a barrel of oil cost this much what has happened? The last time oil was this high per barrel our dollar bought more. We have printed so much money to accommodate our national debt and deficit that our dollar is worth much less now.
When our country defines what is or isn’t inflation, two things are taken from that equation, food and gas prices. Why is that you ask? Obviously it’s to bolster the politicians in office. Eric Bolling from Fox news has surmised that if food and gas were figured into the equation that inflation would stand right now at 5 to 7%. That’s radically different than the government claimed 2.9% isn’t it?
Obama claims that the cry from Republicans is out of his control, that may be partially true but all the situations leading up to it have been within his reach, and yet he has taken an active role to drive that price up whether he admits it or not.
