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Wednesday, March 31, 2010

Obama opens up offshore drilling, but he's investing in the future

Obama opens up offshore drilling, so what?

People, I was completely against offshore drilling during the Bush administration for a really good reason, Bush was hellbent on staying the course with 19th and 20th century energy technology and gave no thought to investing into 21st century energy technology.

Obama HAS started to invest into 21st century technology and I'll bet he'll continue to do so.

I became very resentful of the oil companies because George W. Bush was allowing oil and natural gas companies to drill and extract energy without paying royalties while gas prices were at peak levels, this was in short a $7 billion dollar give away to some of the world's wealthiest companies at the American citizen's expense. Things were out of control, go figure you put an oil man in the White House and he gives the oil companies free reign to make as much as they can at the expense of the consumers. We need fossil fuels until we develop something better, but we also need regulation to prevent price gouging and a fair price for the American people to keep our economy humming along. Somethings are too vital to benefit the stockholders over the consumers and energy is one of those things.

That being said, simply drilling for more oil isn't necessarily going to keep oil prices down. Remember back in 2008 when oil prices were through the roof, oil speculation was partly to blame. Congress needs to reenact some of the Great Depression era regulations that pipes down on commodity speculation. The Commodity Futures Modernization Act of 2000 led not only to the Enron fiasco but also helped to drive the price of oil to record prices.

While oil is a useful evil, we need to be investing in oil alternatives.

Above there's a good NPR interview on the book 'The Tyranny of Oil' the book illustrates how oil binds our foreign policy and economy to the fossil fuels acquisition and refinement, we need some more "hopey changey" stuff President Obama, that's why we elected you in a landslide and I do believe you're looking ahead to what could be and not just what has been.

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