So he’s in a panic at rising gasoline prices — because there’s nothing worse than angry voters furious at what it costs to fill up the tank, especially at the start of the summer driving season. In a letter sent to congressional leaders Tuesday Obama put part of the blame for the sharp spike in gas prices on “increased global demand” compounded by “unrest and supply disruptions in the Middle East.” Well, China’s demand didn’t spike overnight and any disruptions from the serial crises in the Middle East have far more impact in Europe than here.
So the president notes — again — that “there is no silver bullet.” However, when in doubt blame Big Oil and propose to “eliminate unwarranted tax breaks to the oil and gas industry,” which he insisted were “wasteful subsidies.” Now if you take away $4 billion in tax breaks from the oil industry, what do you suppose that will do to the price of gasoline? Make it go up or down?
I think this end badly no matter what. We should follow his crazy-assed policies, let the US economy crash and then clean up the mess after November 2012 when the rock star starts working on his library in Pakistan.
Obama's lax dollar is to blame for oil's spike, not bankers
If President Obama is to be believed, "speculators" are responsible for the rise in oil prices that threatens the global recovery. However, for the real drivers of the oil price, the President needs to look closer to home.
http://www.telegraph.co.uk/finance/oilp ... nkers.html
