The Financial Times is reporting that the price of oil is now up over $100 per barrel thanks to the instability in Egypt.
Oil prices broke through the $100 a barrel level for the first time in more than two years, amid market fears that Egypt’s turmoil will hit oil flows.
Although both the Suez Canal and a pipeline linking the Red Sea with the Mediterranean continue to operate, the popular uprising to unseat Hosni Mubarak, Egypt’s president, has brought much of the rest of the economy to a halt….
It’s a shame we can’t extract our own oil here at home. Thanks to Obama’s permatorium on drilling, we’re more reliant than ever on OPEC. And we’re still spending billions on expensive and inefficient green energy, while punishing oil companies.
Competitiveness is important, especially when facing the large international players. For this reason, “dual capacity” tax status has been written in to the tax code for U.S. multinationals.
The president would eliminate this status for oil and gas companies only, taxing them twice on foreign income and ensuring there inability to compete in the global marketplace.
“I challenge you to join me in setting a new goal: By 2035, 80 percent of America’s electricity will come from clean energy sources.”
This renewable energy mandate nationalizes a policy that has proven to be economically destructive in individual states across the nation as well as European nations. A recent study by the Institute for Energy Research shows that in the 29 states that have enacted a renewable energy standard like the one proposed by the president, energy prices are on average 40 percent higher.
And why isn’t the media calling out Obama for high gas prices, like they did to George W. Bush? I haven’t heard anything from the media about the oil rigs leaving the Gulf of Mexico for Egypt, of all places! If I were more conspiracy minded I might think the president was trying to drive up the price of oil by playing both sides of the fence over there.
On a related note: Newt Gingrich has been pandering about the corn belt touting ethanol subsidies, and bashing those with whom he disagrees. Something to keep in mind when the 2012 GOP primaries roll around.