January 13, 2012
By Doug Ross
“Under my plan of a cap and trade system, [energy prices] would necessarily skyrocket. Even regardless of what I say about whether coal is good or bad. Because I’m capping greenhouse gases, coal power plants, you know, natural gas, you name it — whatever the plants were, whatever the industry was… [t]hey will pass that money on to consumers.” —Barack Obama, 1 November 2008
This graph depicts gas prices since the inauguration of Barack H. Obama.
After years of searching, I’ve finally discovered a campaign promise that Obama actually followed through with.
Instead, American’s get this:
Hatch: Obama Administration Fails on Energy Policy
May 13, 2011
By Hiram Reisner
GOP Sen. Orrin Hatch of Utah says oil companies are being singled out for attack because they are politically unpopular, and even Democrats admit that eliminating tax incentives would not reduce the price of oil. Hatch also said Friday on MSNBC’s “Morning Joe” that giving $2 billion to Brazil for offshore drilling while limiting it domestically shows the Obama administration has no energy policy — and “they don’t know what they’re doing.”
“This is selective and selective because they are politically unpopular,” said Hatch, the ranking member of the Senate Finance Committee, which convened hearings Thursday on a bill designed to strip oil companies of tax incentives.“For instance, almost the same tax benefits go to casinos and to gambling: Should we take that away? Well, we’re not going to take that away because there are people in the Senate that don’t want that to happen,” he said.
“I think we should look at these things in a fair way — not make a circus out of it like I think the Democrats tried to do yesterday — and I think they failed.”
Hatch was asked why the oil companies need tax help during a budget crisis.
“Well, one of the reasons is they can’t get permits — this administration has no energy policy whatsoever — they don’t know what they are doing,” Hatch replied. “You saw the president go down to Brazil — Do you know he gave $2 billion to Brazil for the development of oil, and said we are going to buy your offshore oil, while shutting down our own offshore drilling, where we know there is at least 30 billion barrels of oil?
Obama Underwrites Offshore Drilling
Too bad it’s not in U.S. waters.
You read that headline correctly. Unfortunately, the Obama Administration is financing oil exploration off Brazil.
The U.S. is going to lend billions of dollars to Brazil’s state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil’s Tupi oil field in the Santos Basin near Rio de Janeiro. Brazil’s planning minister confirmed that White House National Security Adviser James Jones met this month with Brazilian officials to talk about the loan.
The U.S. Export-Import Bank tells us it has issued a “preliminary commitment” letter to Petrobras in the amount of $2 billion and has discussed with Brazil the possibility of increasing that amount. Ex-Im Bank says it has not decided whether the money will come in the form of a direct loan or loan guarantees. Either way, this corporate foreign aid may strike some readers as odd, given that the U.S. Treasury seems desperate for cash and Petrobras is one of the largest corporations in the Americas.