Will Democrats taking power feed the oil inflation spiral?
*Investor's Business Daily, April 23, 2008:
"Back To The '70s?
Oil Shock: When it comes to energy policy, Democrats always talk a good
game. But look at their actual record while in control of Congress in
the last year and a half. It's been nothing short of disastrous.
Wasn't it two years ago that then-Minority Leader Nancy Pelosi vowed,
if her party took over Congress, to cut energy prices — especially
gasoline?
'Democrats have a common-sense plan to help bring down skyrocketing gas
prices by cracking down on price-gouging; rolling back the billions of
dollars in taxpayer subsidies, tax breaks and royalty relief given to
big oil and gas companies; and increasing production of alternative
fuels,' Pelosi wrote back in April 2006, as part of her efforts to
convince Americans to elect Democrats.
How's that working for you? As the chart below shows, the cost of
energy — measured by the price of West Texas Intermediate crude — is up
more than 70%.
Under Pelosi's 'common-sense plan,' Congress has achieved nothing.
Actually, less than nothing, considering that what little has been done
has hurt, rather than helped the U.S. to become more self-sufficient.
This year alone, we'll spend $431 billion to buy 3.7 billion barrels of
imported oil to run our economy. And in so doing, we are enriching some
of the world's most unsavory regimes.
Ironically, we have plenty of oil — at least 10 billion barrels in
Alaska's National Wildlife Reserve, 30 billion or so offshore and a
whopping 1.2 trillion in Rocky Mountain oil-shale. But Democrats'
extreme green ideology keeps us from drilling for it.
Clean coal technologies likewise have been put out of bounds. So is the
most logical answer to our energy problem — nuclear power plants that
can be run safely with spent rods reprocessed. France already does this
to meet 80% of its energy needs.
Democrats have focused instead on an insane global warming plan that
would cost $1.2 trillion. Subsidies and other breaks for biofuels have
helped send food prices soaring."
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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