President Barack Obama has backed new drilling for oil and natural gas off parts of the US coastline as a short-term, but necessary, solution to the country's massive energy needs.....Source: Sify News
President Obama is a Nobel Peace Prize winner that is into expanding war. He is also an environmentalist President that has recently given the green light to oil companies to expand drilling in coastal areas of the US and in Alaska. For his environmental work, he ought to receive a Global Environment Award. After all, he is President Obama and he makes us all so hopeful.
He makes us feel so good.
So our peace prize winning, environmental President has to do what he has to do.
But what is not being mentioned by the managed sound bites and the spin in the media is that the oil that will eventually come from the coast or in Alaska will be sold by oil companies on the world market. Oil speculators can then drive up the prices for a barrel of the oil by reselling it over and over and over. The new American coastal oil, like our domestic oil does now, will likely end up all over the world because there is no rule on keeping the oil in this country. This is called capitalism and trade.
Doesn't this make you want to go shoot a moose or some other critter?
Seattle Times columnist Jon Talton explains some of the economic realities:
B)ecause oil tends to trade in a world market, we will find ourselves bidding against every other nation. Some will also try to protect domestic supplies, as was happening before the Great Recession. In any event, most oil is controlled by national entities, leaving the American majors -- who sell in the world market -- with a small share....Source: mlive.com
Thus coastal and Alaska oil is going to be sold globally, so the drilling won't have anything to do with limiting American energy dependence on foreign oil.
But what is an environmental President to do?
Or he could tell the American people a little white lie. Like we have to kill marine life and destroy the natural habitats of many sea creatures, while polluting the coastlines, because we need to make America energy independent.
Barack Obama, being a good politician, has decided to do the bidding of his corporate masters while lying to the American people. But we expect that here in America.