Obama’s Oil & Gas Plan Is a Middle Class Tax

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STOPOILAND-GASOBAMA

In a Live5 News interview yesterday, President Obama said this:

“Gas prices continue to be an ongoing problem,” said Obama. “I’m proud of the fact that under my administration, oil production is higher than it has been in a decade or more. We have seen a doubling of fuel efficiency standards on cars over the next several years, so that is saving people money at the pump.”

The president said one of the things that must happen in order to lower gas prices is to make the “overall economy use less oil.”

“Unfortunately because of world-wide demand, oil prices are going to keep going up and down until we put in place some of the energy saving proposals I talked about in the State of the Union,” Obama said.

When President Obama says, “one of the things that must happen in order to lower gas prices is to make the “overall economy use less oil,”  he means he will implement the failed cap & trade  system via the EPA, ignoring Congress and the balance of powers.

He said he would put his cap & trade system through via regulations and the EPA in his SOTU.

Cap & Trade is a tax on usage. The rich can afford it, corporations will pass the costs down, and the middle class will suffer. This is a tax on the middle class so they, the bulk of the population, use less of it. That was always the intent. The elite will be fine.

Efficiency standards on cars have not yet taken hold and have saved nothing. His comment in the Live5  interview about the standards lowering gas prices is disingenuous.

Oil production is up despite him because of shale development on private lands.

In his SOTU, President Obama said he would back shale development but first he has to develop a “roadmap” for responsible shale gas production, adding that there will be more regulations for drillers. Regulations have been stifling every industry  and it would be better if the President just stayed out of the way. The shale industry is heavily monitored and regulated by the EPA now.

What he said in those three short paragraphs is important information. His plan will have the opposite effect by driving up prices and he does know that.

Industry groups were hoping he would streamline the burdensome oversight but that is not what he does.

Obama again called for ending tax breaks given to the oil and gas industry so he can use the money for solar, wind, algae and electric car projects – more Solyndras! That would cause a steep rise the prices of oil and gas and those costs which would be passed down to consumers. Another middle class tax.

His  plan will have the opposite effect of expanding oil production. The oil production increase to date is despite Obama’s burdensome regulations and it is due to fracking. His plans will slow down production. He will in actuality increase costs by raising taxes.

Keystone would lower prices but he is still on the fence and will likely not allow it.

Coal is all but gone now and electricity will necessarily skyrocket under his cap & trade plan. In his SOTU, he did say he would implement cap & trade via Executive Order if Congress fails to do so, which they will. There is bipartisan opposition to it because of the deleterious effects it will have on our weak economy.

 

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