Posted on 01/20/2012 4:58:00 AM PST by Lockbox
When asked why he robbed banks, infamous mid-20th century criminal Willie Sutton would reply in a matter-of-fact manner: “Because that’s where the money is.” Applying that logic to America’s current unemployment situation should lead the Obama administration to look to U.S. energy resources. Because that’s where the jobs are.
The Labor Department’s latest data makes this fact clear. While the total U.S. workforce has shrunk by over 4 percent since the recession hit in 2007, employment in the oil and gas sector has grown nearly 22 percent.
The industry employs about 2.1 million people directly and about another 7 million indirectly by purchasing their goods and services. And that figure is growing. It is counterintuitive, therefore, that the White House continually speaks about the need for job creation but then pushes to stifle one of the few industries continuing to create them.
Those stifling actions include the glacial pace of renewing lease permit in the Gulf of Mexico and Alaska, the decision to keep large portions of our onshore and offshore resources off-limits, and the recent agency actions calling into question the hydraulic fracturing responsible for recent economic booms in states like North Dakota.
The administration’s anti-jobs actions are now even calling in question a nearly 500 year-old truism: English author Samuel Johnson’s observation “when a man knows he is to be hanged in a fortnight, it concentrates his mind wonderfully.” With economy still suffering, voter approval stuck in the 40s, and Election Day only eight months away, the President opted today to reject another jobs opportunity: the Keystone XL pipeline.
Despite more than 3 years of careful environmental studies, the administration announced its decision to reject the Keystone XL project on the grounds that Congress’ requirement for a decision by February 21st of this year would rush the process. The denial calls for TransCanada to re-apply once its new route through Nebraska is established. This justification provides a weak veneer for the White House’s actual reason: punting the decision (and keeping the President’s far Left base happy) until after the election.
Today’s announcement represents political pandering to a radical environmental constituency at the expense of the rest of the nation. It cost U.S. jobs, at least $7 billion investment, and improved energy security.
The Wall Street Journal editorial board did discover one example of a recent endorsement that “runs against every energy policy pursued by the Obama Administration for three years.” It’s natural gas. The editorial explains that in its latest report on jobs, the White House includes a section on “America’s Natural Resource Boom,” which praises the development of hydraulic fracturing that has led to an incredible growth in reserves and low prices for consumers and industrial users.
Yet, despite this new glowing review, the editorial explains that there’s a catch:
The EPA recently issued a flawed report on groundwater contamination that could shut down the fracking process the President is now touting as a jobs producer. EPA’s political goal is to grab power to supercede state drilling regulation. The industry regards new EPA authority as a real threat to its future.
Each year Mr. Obama has also supported a $40 billion tax hike on the oil and gas industry because, as he put it in 2009, the tax code “encourages overproduction of oil and gas” and “is detrimental to long-term energy security.” Even the Securities and Exchange Commission has imposed extensive new reporting requirements on oil and gas fracking companies.
It’s certainly smart politics for Mr. Obama to distance himself from the anti-fossil fuels obsessives, and no doubt his political advisers are hoping it helps this fall in the likes of Ohio and Pennsylvania. On the other hand, this could be a one-year wonder, and if he wins Mr. Obama might revert to form in 2013. A good test of his sincerity would be to replace Ms. Jackson and Mr. Salazar.
For the past 3 years, the Obama administration has ignored evidence that increased oil and gas production leads to good paying jobs, a stronger economy, and greater national security. Today’s Keystone XL announcement shows no signs of a course correction. And we’ll see where that takes them come Tuesday, November 6th.
American businesses persevere in spite of the Commie in Chief.
Notice none of them have proposed a Reasonable Tax Board!
Wait a minute. Is it possible rejecting the Canadian Tar Sands oil actually will lead to more U.S. jobs longer term, producing our own oil and gas?
I believe you’re right, but the real key is to make more public lands open to drilling to unleash our real potential.
If you think about it the oil industry owes Zero big time for their growth. Single handed Zero pushed gas prices through the roof, cut off drilling in the gulf and made vast areas off limits to drilling.
...then the Dims turn around and hold investigations into the excessive profits of the oil companies and complain they’re ripping off the public. I was going to say, they can’t be this dumb, but I’d be so wrong.
Only if allowed to drill for our own oil and gas!
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