The Patriot Post® · Thank Private Sector for Cheap Oil

Stephen Moore: “No doubt, the plunge in gas prices from $4 per gallon to just over $2 has benefited the economy. Drivers enjoy the cost savings at the pump each week; many families are saving upwards of $400 monthly in lowered fuel costs. Lower energy costs also bolster employment growth as goods can be produced less expensively. As transportation costs decline, retail prices decline as well. But can the president claim credit for these savings? Not so much. … In word and in deed, Obama has made no secret of his abhorrence of the oil, gas and coal industries. Through regulation at EPA, through a virtual drilling moratorium on federal lands, and by not building pipelines, the president has done almost everything imaginable to stop domestic oil production. For him to take credit for cheaper energy is like Brandon Bostick taking credit for the Seattle Seahawks going to the Super Bowl. Just compare the figures for crude oil and natural gas production on federal lands in fiscal year 2013 (the latest data available) vs. 2009. On federal lands, crude oil production declined more than 6 percent; natural gas production plunged nearly 30 percent. Meanwhile, on private land crude oil production skyrocketed 61 percent while natural gas production increased nearly 33 percent. And make no mistake. Even these gains in private sector production were realized in spite of the Obama administration’s best efforts.”