The White House's War Against Fossil Fuels
From my editorial in today's Investor's Business Daily (with Thomas Hemphill): "At a critical time for America's energy future, Obama's proposed energy platform is likely to damage the economy, drive energy prices higher, and move us further away from energy independence and economic security.Behind Obama's recent claim that he supports a "sustained, all-of-the-above strategy that develops every available source of American energy," lays a war against traditional fossil-based energy sources like oil, which he has publicly stated to be a "fuel of the past."For example, Obama continues to demonize and target the oil and gas industry for punitive tax treatment, while showering the politically favored "green" energy sector with preferential tax subsidies, tax credits, and public funding increases.The reality is that our economy will continue to rely overwhelmingly on traditional energy sources in the 21st century.Obama might wish for an energy future of alternative energy, but the scientific and economic realities suggest that the "fuels of the future" will mostly be the same as the "fuels of the past" — dependable and low-cost oil, natural gas, coal and nuclear."
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