‘Big Oil’ Budget Hit’s a Big Mistake

by Steve Maley

02/18/2011

The President’s proposal is a tax increase that would divert dollars to the federal Treasury and away from domestic drilling.  Less drilling means fewer discoveries.  Fewer discoveries mean higher prices for oil, natural gas, and gasoline, and more dependence on foreign sources.

Another path would be to realize that energy security is an achievable goal, thanks to recent advances in oil and natural gas extraction technology.  Achieving that goal would take a national commitment to support our domestic energy industry, no longer using it as a cash cow but as an engine of growth.  Ironically, Obama is the first President since Nixon to have a path to real energy security so clearly defined. Read more at www.humanevents.com