But as the video above shows, the President and his Administration have repeatedly stated that they want higher energy prices. They want to use the pressure of higher energy costs as an excuse to force their green energy boondoggle on Americans.
In a new report, Heritage’s Nick Loris breaks down five half-truths in the President’s speech:
Half-truth #1: Oil production is the highest it has been in eight years. The increased production of oil and gas in the U.S. is largely a product of increased production on private land. The Administration could have encouraged much bigger gains by providing access to federal land.
Half-truth #2: Increasing oil production takes too long and would not impact the market for at least a decade. The sooner we make investments in domestic energy, the sooner those benefits will be realized. And with some serious reforms, some of this oil can reach the market in much less than a decade.
Half-truth #3: Oil is not enough. America has only 2 percent of the world’s oil reserves. President Obama frequently uses this number to push federal investments in alternative sources of energy that cannot stand the test of the market. The reality is that he uses this number deceptively.
Half-truth #4: Oil is not enough. The country needs an “all-of-the-above” approach to reduce its dependence on oil. While a familiar refrain from the President, it is a line that too often translates into wasteful subsidies for pet energy projects. A market-based strategy is the only all-of-the-above approach.
Half-truth #5: Speculators are driving up the price of gas, and they need to be reined in. While the President tries to blame the market, he ignores the power of supply and demand. By removing roadblocks to domestic energy production, the President can ensure that there is a healthy supply of American energy on the market, keeping prices competitive.
In addition, Loris lays out five things that Congress and the Administration could be doing to keep prices low.
- Get moving on permits
- Require lease sales when ready
- Create a sensible review process
- Remove regulatory delays and limit litigation
- Approve the Keystone XL Pipeline
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Read the full report for more excellent analysis.
Source material can be found at this site.