Michele Bachmann blames the gas price increase on President Obama, and promises to lower gasoline prices to under $2 a gallon. Once again Republicans throw out promises they cannot fulfill. Here is the truth:
- Exxon Mobil’s CEO testified to Congress that oil would be selling for $65 a barrel instead of $100, if it weren’t for commodities speculators. Obama’s every attempt to stop these speculators has been thwarted by oil owned politicians like Roy Blunt.
- Big Oil Blunt, as he is affectionately known, is one of the leading recipients of oil and gas money according to Center for Responsive Politics. A large portion of that has come from the oil barons, the infamous Oklahoma Koch brothers. The Koch brothers are funding all the anti-union fervor in Wisconsin. Remember Roy, we are judged by the company we keep.
- With the U.S. using 26 percent of world oil production and having only 2.2 percent of the world’s known oil reserves, ‘drill, baby, drill’ is a misleading mind opiate for the misinformed. The longer we wait to develop alternative sources, the more dependant we become and the more severe the recession.
- Former Shell Oil executive John Hofmeister, author of “Why We Hate the Oil Companies”, points out that China is wisely buying up world oil fields in order to secure long-term price stability for their energy. Meanwhile, the US is subject to the volatile day to day fluctuations of commodities markets where a bomb going off in the Middle East one day can mean $10 more for a tank of gas the next day. Yet, any attempt to reform our ‘rich get richer’ trade system is a third rail to Ed Martin and the wrong wing Republicans beholding to Wall Street and the oil barons.
The world is fast approaching the end of fossil fuels. The country that is first to implement a system of alternative energy will automatically become the world leader.