Monday, August 4, 2008

Obama Touts Plan to End Imported Oil Reliance Within 10 Years

The micro-manager is at it.

Barack Obama put forward a broad energy plan today designed to end U.S. reliance on imported oil within 10 years. If anyone thinks this is actually going to happen, I have some mortgage-backed securities I would like to sell them.

The scary part, Obama said:

"It will take nothing less than a complete transformation of our economy."

As we pointed out earlier today, as the price of gasoline goes up, people figure out their own ways to conserve. When a politician says "complete transformation", think higher taxes, more regulation and a lower standard of living.

Obama has an early price tag on this madness, $150 billion.

Of course, somewhere around 70% of the oil price increase is a direct result of money printing by Alan Greenspan and Ben Bernanke, but not a word from Obama about the major role played by the Fed.

Further, if the great fear is that Middle East or Venezuelan oil producers may cut off supplies at some future date, wouldn't it make sense to conserve U.S. supplies now and use up as much Middle East oil and Venezuelan oil now, while we still can?

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