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Like many of you, I have often wondered why oil prices shot up last year. Was it a shortage? Was there a sudden increase in demand? What happened? The truth is quite sinister.
“The staggering 2008 run up in price, which beggared hundreds of millions of people throughout the world, was caused by the sinister machinations of a few dozen oil traders and speculators in the commodity pits and lush offices of hedge funds and investment banks. (Think Goldman, Sachs at its worst.) The shortage, which terrified innocent people and literally killed the U.S. automotive industry, made a few dozen or maybe a few hundred people very rich,” according to Ben Stein in a post at the American Spectator.
This finding was from President Obama’s Commodity Futures Trading Commission! But Obama benefited from the panic that oil was running out. He is now pushing a green agenda via the infamous cap and trade and energy control bill.
The fact is, we have a lot of oil here in the U.S. that the Democrats won’t let us tap into. Indeed Gov. Schwarzenegger just approved an oil drilling deal that will allow us to finally tap into the huge oil reserves off the coast of Santa Barbara. Here are a few excerpts about this deal from the L.A. Times:
After months of partisan bickering, the governor and legislative leaders hammered out a budget deal Monday night that would revive an offshore drilling plan with a long and tangled history. New oil extraction ventures would be allowed in state waters for the first time since a disastrous spill here in 1969 gave birth to the modern environmental movement.
Fifteen months ago, Plains Exploration & Production Co. reached a deal with local officials and environmentalists to stop offshore oil production off Santa Barbara County decades early in exchange for the right to drill into untapped undersea reserves from an existing platform.
It also promised to donate 200 acres of ocean-view property along the Gaviota coast and 3,700 acres in the region’s wine country for public parkland. The state would rake in $100 million in oil revenues this fiscal year and an estimated $1.8 billion over the life of the project.
There is so much oil off the California coast that for years it has been seeping into the ocean! Don’t take my word for it, here is an excerpt from an article about this in EV World, a website about electric vehicles.
“A sixty mile long stretch of coastline that reaches roughly from Ventura Country west north west to San Luis Obispo Country, well south of the Big Sur coast, has some 2,000 active sea floor oil seeps. According to former JPL physicist Bruce Allen, the tectonically active zone is estimated to have leaked some 800 million barrels of oil over the last 10,000 years.”
Of course California’s legislative Democrats are opposed to collecting this oil, even it it can help the state get out of fiscal problems. Who cares what they think? The latest polls indicate that our state legislators have a 17% approval rating! We should drill for that oil and sell it.