Deroy Murdock | May We Drill Now, Please?
Petroleum futures Thursday reached $103.41 per barrel, their highest price since September 2008. Unleaded gasoline averages $3.35 per gallon – up 66 cents, year-on-year. Summer road trips may push prices higher.
Amid all of this, the Obama administration treats America’s domestic-petroleum supply like the Smithsonian’s Hope Diamond: something to be observed and admired, but not touched.
“The Bureau of Land Management has created a lot of uncertainty related to onshore leases,” says the American Petroleum Institute’s Erik Milito. “They have added redundant steps in the land-use-study process. They are adding layers that delay opportunities for oil and gas development on federal land.”
President Obama can bow before windmills, and Vice President Biden can cheerlead for a shiny, new, national train set. But none of that changes the fact that – like it or not – America relies heavily on oil today, for jobs, commerce, and our very existence. As bad luck would have it, oil comes mainly from an area that is as stable as a prison riot. “Precarious” barely describes America’s predicament. And yet, a huge part of the solution – domestic oil and gas – lies just beneath our feet, if only Uncle Barack would let us open the basement door and light this dormant furnace.
May we drill now, please?