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With gas prices at record highs, Obama halts more drilling

Oct. 15, 2012 1:33pm Meredith Jessup

President Obama is campaigning as a champion of the oil and gas boom he’s had nothing to do with, and even as his regulators try to stifle it. The latest example is the Interior Department’s little-noticed August decision to close off from drilling nearly half of the 23.5 million acre National Petroleum Reserve in Alaska.

The area is called the National Petroleum Reserve because in 1976 Congress designated it as a strategic oil and natural gas stockpile to meet the “energy needs of the nation.” Alaska favors exploration in nearly the entire reserve. The feds had been reviewing four potential development plans, and the state of Alaska had strongly objected to the most restrictive of the four. Sure enough, that was the plan Interior chose. [...]

The Interior power play couldn’t come at a worse time for Alaska, whose economy and government are heavily reliant on oil jobs and revenues. As recently as the 1980s, the Trans-Alaska Pipeline carried some 2.2 million barrels of oil a day from the North Slope to the port of Valdez. Yet as the once-rich fields of Prudhoe Bay and the Kuparuk River have declined, oil flow has dropped to one-third of that volume. North Dakota recently passed Alaska as the second highest oil-producing state behind Texas.

The problem isn’t that Alaska is running out of oil but that federal rules are preventing the state from developing those resources. No matter what Mr. Obama says now, in a second term his great Alaska energy shutout will continue.

Maybe it’s time to revisit, “Drill, baby, drill!”

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Comments (3)

THKLVBRO
Posted on October 15, 2012 at 3:17pm
Think this stinks, read about OHB and Feds plan 284-bill. To loan Columbia 284 Billion $ of taxpayer dollars for oil drilling and refinery. See CNSNews.com…or read about it in… Obama’s America book, by Dinesh D’Souza. (a great book) also, read The Manchurian President, by AAron Klein…..and everything OHB is doing will fall into place. Trust me I have read everything about OHB that is out there. Truth is Knowledge, He who is knowledged will find the way……..put your seat belt on….

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KidCharlemagne
Posted on October 15, 2012 at 2:57pm
Maybe it’s time to revisit, “Drill, baby, drill!”
====================================

Maybe it’s time to stop printing money….

The price of gas (expressed in terms of gold) is actually pretty cheap right now from a historical standpoint:
—————————

“During the 493 months since January 1, 1971, the price of WTI has averaged Au0.0732/bbl. It has been higher than that during 225 of those months and lower than that during 268 of those months. Plotted as a graph, the line representing the price of a barrel of oil in terms of gold has crossed the horizontal line representing the long-term average price (Au0.0732/bbl) 29 times.

At Au0.0602/bbl, today’s WTI price is only 82% of its average over the past 41+ years. Assuming that gold prices remained at today’s $1,759.30/oz, WTI prices would have to rise by about 22%, to $128.86/bbl, in order to reach their long-term average in terms of gold. As mentioned earlier, such an increase would drive up retail gasoline prices by somewhere between $0.65 and $0.75 per gallon.

At this point, we can be certain that, unless gold prices come down, gasoline prices are going to go up—by a lot. And, because the dollar is currently a floating, undefined, fiat currency, there is no inherent limit to how far the price of gold in dollars can rise, and therefore no ultimate ceiling on gasoline prices.”
http://www.forbes.com/sites/louiswoodhill/2012/02/22/gasoline-prices-are-not-rising-the-dollar-is-fallin

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JustAnAverageCitizen
Posted on October 15, 2012 at 2:52pm
Energy prices are high everywhere!
I decided to follow Beck’s example and am also fasting and praying.
Then it occurred to me to buy some Coal stock as a mode of putting my money where my mouth is in my belief that Romney will win and will put all those coal miners back to work. So far, I’ve made $170 on $6.50/share stock. I believe this is a sign that other investors believe Romney will win also.
It’s better than reading all the stupid mainstream media press constantly taking ‘polls’.

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