As He Leaves Office, Obama Makes A Last-Ditch Effort To Kill Off Fossil Fuels

Investors Business Daily ^ | Dec. 20, 2016 5:51 PM ET | Editorial

[expat_panama]

Energy: You have to give President Obama credit. Knowing well that much of his legacy is soon to be erased, he's not going quietly. One of his final acts as he hits the door will be to take one last swing with government's giant mallet at the fossil-fuel industry.

For his biggest swipe at the oil business, Obama hopes to block the sale of new offshore drilling rights in both Alaska and parts of the Atlantic...

...to cement his reputation as a champion of climate change.

"If true, millions of people around the world will be grateful to President Obama for permanently protecting the Arctic and Atlantic coasts from catastrophic oil exploration and development," said Greenpeace spokesdude Travis Nichols.

The problem with this is that Obama is president of the United States, not the rest of the world. And Americans have made it abundantly clear in poll after poll: They don't give fig about climate change...

...prices low due to the fracking revolution — which Obama has tried to take credit for...

...U.N. Secretary Ban Ki-moon's comment this week, without a shred of scientific proof, that abandoning the Paris Climate deal will "condemn future generations to untold suffering."

Actually, what will condemn future generations, including in the U.S., to untold suffering will be denying them the cheap and plentiful energy they need to develop their economies fully, and to pull hundreds of millions of people around the world out of dire poverty. We hope that Trump's Cabinet, filled with energy experience as no Cabinet before, will undo this madness.

[snoringbear]

Exporting lots of inexpensive natural gas to China to enable them to phase out coal fueled power plants would be one of the most environmentally beneficially things we could do. We need to drill baby drill in order to do that though....

[mazda77]

We have endured 8 years, and more, we can handle 30 days. Ironic that it may be on record as the coldest period in decades. People in the coal states are just starting to realize the economic environment for starting up mothballed business and the bright outlook for new startups is very bright indeed. Especially if they repeal Dodd/Frank which will also let the future for local banks to come back.

[Jack Hammer]

...and does it in the middle of winter, naturally.

What an utter tool.

[expat_panama]

Good morning and a beautiful first day of winter, the solstice (Latin for "sun stands still") and stocks are up a steady 1/2% in steady volume --all while the distribution day count falls again   Stock index futures are totally flat/sideways and for metals they're not off too much (-0.27%) and at least gold/silver's stopped falling and are setting up new trading ranges.

Our econ report week finally begins:

7:00 AM MBA Mortgage Index
10:00 AM Existing Home Sales
10:30 AM Crude Inventorie

look-at-dats:

Wall Street points to higher open; Dow poised to break 20,000

Will President-elect Donald Trump rip up the DOL fiduciary rule?

Barron's couldn't find anyone that thinks the stock market will tank in 2017

Trump in 2007: Hiring people that are smarter than you is...

How much market experts expect stocks to rise next year

'The Big Short' star says go long and load up in new 'golden age' for financial stocks

[Paladin2]

Hussein needs to have his personal use of “fossil” fuels limited to no more per year than his brother in Africa uses. MooseShell needs to have her diet li ited to just what she can raise in a garden on her new property. These grifters have NO idea about what they do to others. Learn the Golden Rule they should, with prejudice.

[Paladin2]

Hussein needs to have his personal use of “fossil” fuels limited to no more per year than his brother in Africa uses. MooseShell needs to have her diet limited to just what she can raise in a garden on her new property. These grifters have NO idea about what they do to others. Learn the Golden Rule they should, with prejudice.

[elhombrelibre]

Whatever Obama has done without Congressional approval, Trump can reverse in the same manner. Obama has gone on record, once again, showing he prefers to play to the nostrums of Liberals more than the economic needs of our nation.

[stockpirate]

What most don’t realize is Soros was busy buying coal businesses.

[SoFloFreeper]

.... the White House asserts, Obama's act can't be undone by Donald Trump...

This same group of hacks said Trump couldn't do a lot of things.

[servo1969]

I find it hard to believe any President can issue an order that another President can’t undo.

[expat_panama]

My understanding is that an executive order can be withdrawn in say, a hundred days but after that it’s law and takes an act of congress to undo. Not sure what the exact limit is.

[Rashputin]

I wouldn't export a thing to anyone until US fuel and energy prices are the lowest of all our competitors. Take half or all of the tax off of diesel, too, because trucks and trains use diesel and that higher tax passes through to everything individuals buy as well as making it more difficult for independents to compete as much as they used to.

Bleeding competition to death is what all this BS about fossil fuels is about anyway, a scam that benefits the big boys who buy Congress critters to do their bidding.

JMHo

[ProtectOurFreedom]

In related news, Pre-Christmas melt? North Pole forecast to warm 50 degrees above normal Thursday. Is this common? Or rare?

[vette6387]

You need to read this:

http://www.forbes.com/sites/jeffmcmahon/2016/11/28/what-trump-can-undo-on-day-one-according-to-the-congressional-research-service/#323f96a53fbc

[Truth29]

Obama is a soldier of Allah striking at the Great Satan in every way that he can. Extraordinary actions on his part need to be met with extraordinary responses. From the down thread CRS analysis of Presidential authority to revoke some of Obama’s actions, it seems the Administrative Procedures Act is a major impediment. Congress could repeal or suspend the Act during the transition to a new Administration if they really want to help Trump.

[Original Lurker]

I want to vomit whenever I hear the words “fossil fuel”.

[wita]

You ain’t alone.

[Right Wing Assault]

MooseShell needs to have her diet li ited to just what she can raise in a garden on her new property.

MooseShell needs to have her diet limited to just what her white boy gardeners can raise in a garden on the new property supplied to them by 'friends.'

[jdsteel]

“My understanding is that an executive order can be withdrawn in say, a hundred days but after that it’s law and takes an act of congress to undo. Not sure what the exact limit is.”

Nope. Any executive action can stay in force as such unless removed by another executive action, written legislation by congress or the courts. The first of those is, of course, the fastest and easiest.