Obama’s Fake Energy Policy
April 18, 2011 4:00 A.M
Flex fuel is the solution to our reliance on foreign oil.
Last week, President Obama announced his “bold, new” goal to reduce America’s oil imports by one-third by 2025. While many critics have rightly objected that the administration offered no program of action to actually achieve that goal, there is a bigger problem. The goal itself is inadequate.
Obama wants to reduce oil imports by 33 percent in 14 years. But oil prices have risen by 44 percent in the past 14 fortnights, and 900 percent in the past twelve years. In 1999, Americans paid $90 billion for all their oil, less than 5 percent of what they paid in federal taxes. At current prices of $108 per barrel, Americans this year will pay over $800 billion for oil, an amount equal to 33 percent of all federal tax revenues, with two thirds of the take going to fill the coffers of foreign regimes. If current trends continue, there is every prospect that oil prices will more than triple by Obama’s 2025 target date, leaving us paying more for oil than we pay to the federal government.
Source: http://www.nationalreview.com/articles/264793/obama-s-fake-energy-policy-robert-zubrin
April 18, 2011 4:00 A.M
Flex fuel is the solution to our reliance on foreign oil.
Last week, President Obama announced his “bold, new” goal to reduce America’s oil imports by one-third by 2025. While many critics have rightly objected that the administration offered no program of action to actually achieve that goal, there is a bigger problem. The goal itself is inadequate.
Obama wants to reduce oil imports by 33 percent in 14 years. But oil prices have risen by 44 percent in the past 14 fortnights, and 900 percent in the past twelve years. In 1999, Americans paid $90 billion for all their oil, less than 5 percent of what they paid in federal taxes. At current prices of $108 per barrel, Americans this year will pay over $800 billion for oil, an amount equal to 33 percent of all federal tax revenues, with two thirds of the take going to fill the coffers of foreign regimes. If current trends continue, there is every prospect that oil prices will more than triple by Obama’s 2025 target date, leaving us paying more for oil than we pay to the federal government.
Source: http://www.nationalreview.com/articles/264793/obama-s-fake-energy-policy-robert-zubrin
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