…or at least until Donald Trump becomes president next month. That sound you may hear is the Obama sycophants patting themselves on the back. Yea, we did it, we’re going to stick it in the eye of Big Oil. We’re not going to let them drill for oil in the Arctic or off certain areas of our Atlantic coast.
As reported in the Washington Examiner, The White House called this step “historic.” Also, gaining vital oil resources from these areas is “indefinitely off limits to future oil and gas leasing.”
Must be marvelous to be a lefty enviro. What they are telling us is that fossil fuels are a doomed industry, a thing of the past. The business geniuses in the Obama administration can also predict the future: “at current oil prices, significant production in the Arctic will not occur.”
Perhaps. But if so, why the need to ban it? Oil prices can and will swing up again. Who knows, maybe they’ll go so high as to make the taxpayer subsidized electric cars and hybrids worth buying. Let’s hope not. And let’s hope that President Trump’s administration can put an end to the crony capitalism that shovels money at unprofitable enterprises. Like all electric cars.