Thursday, January 22, 2009

President Barack Obama may stop Offshore Drilling.

White House may put hold on offshore drilling plan | Markets | Reuters

WASHINGTON, Jan 21 (Reuters) - U.S. President Barack Obama may order a hold on a proposal issued in the final days of the Bush administration to expand offshore drilling in previously banned areas, an Interior Department official told Reuters on Wednesday.

Shortly after being sworn in on Tuesday, Obama ordered all federal agencies and departments to halt pending regulations until they can be reviewed by incoming staff.

An Interior official said the department is waiting for clarification from the White House on whether a proposed draft of a five-year plan to lease areas in the Atlantic and Pacific waters for oil and natural gas drilling can go forward.

Off Shore Gulf Oil Rig.

Wait, President Barack Obama may order a hold, a stop, to expand offshore drilling. This is on a proposal issued in the final days of the Bush administration by the Democrat House. Under the Democratic legislation, adopted by a vote of 236 to 189, oil companies would lose some tax benefits, utilities would be required to produce 15 percent of their electricity from renewable sources by 2020 and a ban on developing fuel from Rocky Mountain shale would be lifted.

Now Barack Obama is saying, even though the Democrat House studied this, I will stop this until I get to look at it closer. Why stop this before you get to look at it? Because Barack Obama doesn't want any more offshore drilling. "When I'm president, I intend to keep in place the moratorium here in Florida and around the country that prevents oil companies from drilling off Florida's coasts," Obama told reporters in Jacksonville in late June. "That's how we can protect our coastline and still make the investments that will reduce our dependence on foreign oil and bring down gas prices for good."

Please explain this to me, h
ow are we going to prevent oil companies from drilling off our coast and reduce our dependence on foreign oil? Americans Import 11.5 Million barrels of oil a day in 2004. In 1973, the United States used 76 quadrillion BTUs of energy to run a $4.1 trillion economy.
The economy of the United States is the largest national economy in the world. Its gross domestic product (GDP) was estimated as $13.8 trillion in 2007. Over three times the size it was in 1973. Explain to me which product will replace oil?

As you can see energy is the fuel that drives our economy. Limit the fuel, limit our economy. Yes, we will need alternative fuels in the future along with oil. But right now wind power supplies only one half of one percent of our electricity and solar less.

Does President Barack Obama and the Democrats understand that when they limit our energy they limit our economy? Or maybe they just don't care.

More post on energy.
Pelosi OK's Drilling Vote, Snubs Republicans.
US Massive Oil Deposits Could be 10x Increase to Supply.

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