uhhh.. Just exactly what did he say....? Steven Chu U.S. Secretary of Energy on Gas Prices.
Steven Chu, the U.S. Secretary of Energy. “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe,”
Some criticize the President for having no Energy Policy. I firmly disagree. I think he has a policy and it is well into effect and going strong.
President Obama's dream for this Country for Green Energy may be laudable and even I will give him kudos for wanting it. However, those dreams
are quickly turning into a nightmare for Millions of Americans that have to commute everyday to earn a living.
President Obama backed the wrong Horse and has cost us over $24 Billion dollars in his "Clean-tech" loan program so far and is expected to lose
even more in the following years.
Another issue is Ken Salazar's moratorium on new Uranium mines for the next 20 years, a source of power for advanced Nuclear Power generation plants. At every turn this administration
is either hobbling the Oil market or frustrating private investors attempts to invest in alternative energy.
So what can the President do? Well for one thing make better decisions about energy and the future of this Country. Another is change the rhetoric he and his Cabinet issues almost daily.
Such a change would help correct the futures market.
"Last week saw more than 350,000 gasoline contracts were opened (each contract represents 1,000 barrels of oil) as hedge funds and commodity investors placed heavy bets that the price at the pump will continue climbing. Traders bet $10 billion more that prices would increase, than that they would fall, which represents the third-largest skew of all time", according to Tom Kloza, president of Oil Price Information Service, as quoted by John Schoen of MSNBC.
One sure fire way to drive down the cost of oil would be catch the speculators betting on higher prices, when the real world price drops.This would force them to sell their over-bid oil on the open market and thus reduce the end cost to the consumer.
All this of course assumes he actually wanted to drop the price of gas for Americans. We must all remember what he said...
"Jun 10, 2009 ... "Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket," Obama told the Chronicle "
President Obama has no such plans to lower cost. He needs cost to go higher. The only way his dream of "Green" Fuels can be priced competitively is for Petroleum fuels to skyrocket.
So does President Obama have an Energy plan. Well yes he does and the current prices reflect that the plan is working very well indeed.