Arab Today, arab today rising gas prices and obama
Last Updated : GMT 15:22:03
Arab Today, arab today
Arab Today, arab today

Rising gas prices and Obama

Arab Today, arab today

Arab Today, arab today Rising gas prices and Obama

College Park - UPI

When Barack Obama assumed the U.S. presidency, gas prices were less than $2 a gallon. He proceeded to shut down deep-water drilling in the Gulf of Mexico, tightened federal restrictions on petroleum development and vetoed the Keystone XL Pipeline. Now, even with Americans driving not a lot more than three years ago and global growth slowing, gas is nearing $4 a gallon. The liberal theocracy in academia, the media and the Democratic Party leadership relentlessly expound that drilling for oil in the United States won\'t much affect U.S. gas prices because petroleum prices are set in global markets. And, more domestic oil production or U.S. access to Canadian petroleum won\'t much change global supplies, or the pace of economic recovery and unemployment. Balderdash! Oil prices paid by U.S. refineries in the Gulf of Mexico do move with global prices but not in lockstep. Increasing North American production would lower U.S. refinery acquisition costs because U.S. refineries, like others around the world, are built to handle the special characteristics of oil produced by their primary sources supply. And gasoline produced by individual refineries isn\'t wholly fungible either -- differing fuel characteristics are required across the United States and Europe to meet environmental standards. Although tensions with Iran are growing and pushing up oil prices everywhere, prices have diverged between, for example, U.S. and European markets. For years, prices for West Texas Intermediate and North Sea Brent moved closely but now WTI is selling for $17 less than its North Sea counterpart. This indicates the U.S. market is becoming somewhat separate and less wholly determined by global conditions. Hence, more domestic production and increased access to Canadian oil would lower U.S. oil and prices -- more drilling in the gulf and elsewhere in North America and the Keystone XL pipeline would significantly affect gas prices and employment. More importantly, whether Americans pay $115 a barrel for oil from Saudi Arabia and Nigeria or obtained from the Gulf of Mexico and other domestic deposits makes a huge difference. The annual trade deficit on petroleum is about $300 billion. Raising U.S. oil production to its sustainable potential of 10 million barrels a day would cut import costs in half, directly create 1.5 million jobs and, applying administration economic models for stimulus spending, create another 1 million jobs indirectly. Overall, attaining U.S. oil production potential would boost gross domestic product about $250 billion. Not bad, because it could be accomplished by increasing federal revenues from royalties and reducing the federal deficit instead of adding to it through additional stimulus spending and subsidies to questionable solar and wind projects. Recently, the president ridiculed GOP presidential candidates for urging more domestic petroleum development stating, \"Anyone who tells you we can drill our way out of this problem doesn\'t know they\'re talking about -- or just isn\'t telling you the truth.\" That\'s simply not so -- drilling for more oil in the United States could make a big difference. Under Obama\'s stewardship, the U.S. economy isn\'t recovering as it should. As per usual, the president distracts public attention from poor policy choices by blaming and ridiculing others. After three years, the president, who promised Americans millions of clean energy jobs in place of a thriving petroleum industry and much lower unemployment, should own up to his mistakes. Most Americans are needlessly paying too much for gas and foreign oil, while federally subsidized solar and wind projects are filing for bankruptcy. This November, poor judgment and weakness of character -- such as the president\'s repeated attacks on the petroleum industry and failure to take responsibility for the consequences of his actions -- make the most compelling case for change. Americans shouldn\'t expect a perfect president but at least one who bases decisions on facts not whimsy and learns from mistakes. Americans are simply not getting fact-based leadership and good judgment from President Obama. (Peter Morici is a professor at the Smith School of Business, University of Maryland School, and former chief economist at the U.S. International Trade Commission.) (United Press International\'s \"Outside View\" commentaries are written by outside contributors who specialize in a variety of important issues. The views expressed do not necessarily reflect those of United Press International. In the interests of creating an open forum, original submissions are invited.)

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today rising gas prices and obama Arab Today, arab today rising gas prices and obama

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday