At the very same time that the shale revolution is saving the economy hundreds of millions of dollars per day, directly creating tens of thousands of jobs, decreasing the need for foreign oil, and spurring growth in manufacturing that will lead to billions of dollars of new investment and still more jobs, the president is bashing the oil-and-gas sector. Not only that, but in Obama’s new budget, he continues to insist that “clean energy” will drive America’s future competitiveness.
Obama is ignoring the essentiality of domestic oil and gas production, and he’s doing so at a time when gasoline prices are spiking because of the specter of a military strike against Iran — some analysts are predicting a national average gasoline price of $4 or more by April. And while his budget extols the benefits of “energy independence,” Obama wants to eliminate a relatively minor set of tax preferences for the oil-and-gas sector that are helping the U.S. attain record production levels.
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