An Energy Policy To Make Obama Look Like A Genius

[Geee]

Investors Business Daily:

In his quest for more revenue, President Obama seems willing to push us off the fiscal cliff. But there is a way to generate massive new revenues without raising taxes.

Sitting under federal land right now, begging to be tapped, are hundreds of billions of dollars — and only the president can approve it.

While campaigning for re-election, Obama repeatedly claimed that oil and natural gas extraction had increased during his first term. That statement was technically correct, but almost all of that growth came from drilling on privately owned land, which the federal government does not control.

Where the federal government does have control — federal lands and offshore, as in the Gulf of Mexico — the president has opposed, delayed or slow-walked any efforts to expand energy extraction.

How bad has it been? Nobel Royalties Inc., an oil and gas acquisitions company, has released a study examining the decline in drilling on federal lands under the Obama administration. Using Bureau of Land Management statistics, the study found that in the lower 48 states there were 126.6 million cumulative federal acres leased in 1984 compared to just 38.9 million in 2010. That's a 30-year low.

The study also asserts that on federal lands, 91% of resources are either inaccessible or restricted due to the government.

[Argyle58]

In his quest for more revenue, President Obama seems willing to push us off the fiscal cliff. But there is a way to generate massive new revenues without raising taxes.

 

Even supposedly savvy publications like IBD still fail to recognize that higher taxes do NOT necessarily equate to more revenues. The opposite is usually true and history shows this to be true.