Tags: Obama | oil | gas | production

Obama's Energy Policies Cost Consumers at the Pump

By    |   Friday, 09 May 2014 08:10 AM

Heading into the summer driving season, financially stressed families might be paying in yet another way for Obama administration policies — gas prices could be heading higher.

The Keystone pipeline is only one of the energy projects being delayed by the administration. Allowing offshore drilling near the Mid-Atlantic States could generate production of 1.3 million barrels per day and add 280,000 jobs to the nation's economy. North and South Carolina would be the largest beneficiaries of this growth.

Mid-Atlantic production could be greater than the 1 million barrels per day produced in the Bakken field of North Dakota.

In the short term, additional oil could be produced if the administration would approve leases more quickly for projects on federal land. It currently takes more than six months to complete the process for an application to drill on federal land, while it takes less than two weeks to complete the process in Texas.

Given the delays and uncertainty, it's not hard to see why oil production on federal land has dropped in the past few years, while production on non-federal lands grew by more than 60 percent. This wouldn't be as big a problem if the government didn't own vast amounts of land in western states with oil reserves.

Domestic oil production is at a 25-year high, according to a recent research report from The Heritage Foundation. If it weren't for Obama's policies, it could be even higher. And with increased supply, the price of gas could be significantly lower.

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MichaelCarr
Heading into the summer driving season, financially stressed families might be paying in yet another way for Obama administration policies — gas prices could be heading higher.
Obama, oil, gas, production
248
2014-10-09
Friday, 09 May 2014 08:10 AM
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