Who Needs A Department of Energy with a President Like Obama

President Obama has single-handedly destroyed our nation’s energy production while increasing funding to Muslim extremists through increased oil profits. The Gulf of Mexico shutdown of oil and gas production coupled with an almost complete shutdown of exploration licenses has resulted in a two fold increase in the price of gasoline in just three years. Obama’s arbitrary excuse to deny the Keystone Pipeline yesterday once again shows us that this president will stop at nothing to destroy any chance of an economic recovery.

David DeGerolamo

Obama’s Keystone Denial Prompts Canada to Look to China Sales

President Barack Obama’s decision yesterday to reject a permit for TransCanada Corp.’s Keystone XL oil pipeline may prompt Canada to turn to China for oil exports.

Prime Minister Stephen Harper, in a telephone call yesterday, told Obama “Canada will continue to work to diversify its energy exports,” according to details provided by Harper’s office. Canadian Natural Resource Minister Joe Oliver said relying less on the U.S. would help strengthen the country’s “financial security.”

The “decision by the Obama administration underlines the importance of diversifying and expanding our markets, including the growing Asian market,” Oliver told reporters in Ottawa.

Currently, 99 percent of Canada’s crude exports go to the U.S., a figure that Harper wants to reduce in his bid to make Canada a “superpower” in global energy markets.

Canada accounts for more than 90 percent of all proven reserves outside the Organization of Petroleum Exporting Countries, according to data compiled in the BP Statistical Review of World Energy. Most of Canada’s crude is produced from oil-sands deposits in the landlocked province of Alberta, where output is expected to double over the next eight years, according to the Canadian Association of Petroleum Producers.

Harper “expressed his profound disappointment with the news,” according to the statement, which added that Obama told Harper the rejection was not based on the project’s merit and that the company is free to re-apply.

More…

      
Plugin by: PHP Freelancer
This entry was posted in Editorial, Energy, Financial and tagged , , , , , , , , . Bookmark the permalink.