Tags: Steve Forbes | Obama | energy | industry

Steve Forbes: Obama Shows Nothing But Contempt for Energy Industry

By    |   Sunday, 01 February 2015 07:53 PM

Steve Forbes, editor-in-chief of Forbes Media, is none too pleased with President Barack Obama's energy policy.

"The oil and gas industry has been the economy's top workhorse in the past several years, helping to bring the nation out of the recession," he writes in USA Today.

U.S. oil production has reached its highest level in at least 31 years.

"But despite the president falsely taking credit for the energy boom to boost his flagging popularity, the only award the hard-working people in petroleum industries may expect from this administration is contempt and anti-energy-production rules and regulations," Forbes says.

That includes everything from Obama's stance against the Keystone XL pipeline to blocking energy investment in the Arctic National Wildlife Refuge.

"An array of catastrophically costly initiatives would raise the cost of energy for consumers while crippling" the energy industry, Forbes writes.

"In aligning his administration with the fringe of the anti-fossil fuel jihadists, the president makes it clear that ideology will trump a responsible energy policy for the balance of his term."

Meanwhile, the 58 percent plunge in oil prices since late June will cause major hardship for many companies in the energy industry. But that will provide tasty investment opportunities for private equity firms and restructuring specialists, CNBC.com reports.

"You're pretty much in the top half of the first inning in the oil and gas sector," George Koutsonicolis, managing director at SOLIC Capital Advisors, told CNBC. "Definitely, I expect there to be a pretty significant round of restructuring."

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Steve Forbes, editor-in-chief of Forbes Media, is none too pleased with President Obama's energy policy.
Steve Forbes, Obama, energy, industry
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2015-53-01
Sunday, 01 February 2015 07:53 PM
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