Barack Obama recently joked about high gas prices but the reality is that Obama is all about limiting production to satisfy his lunatic base. He canceled leases on federal lands in Utah, suspended them in Montana, delayed them in Colorado and Utah, and canceled lease sales off the Virginia coast.
His administration has been slow-walking permits in the Gulf of Mexico, approving far fewer while stretching out review times, according to the Greater New Orleans Gulf Permit Index.
The Energy Dept. reports that Gulf oil output will be down 17% by the end of 2013, compared with the start of 2011. Swift Energy President Bruce Vincent is right when he says Obama has “done nothing but restrict access and delay permitting.”
When you believe, as he does, that capitalism is evil you also know that oil is the fuel of capitalism. If he can raise the price of oil, he can cripple capitalism.
Unfortunately for him, he apparently forgot that high gas prices are guaranteed to bring down his presidency.