My last few articles have been centered around the price of oil and gas. This is essential to the health of our economy and how it is shifting more middle class wealth to the top through speculative trading.
The Financial Times is reporting that domestic oil production in 2010 was at a ten year high.
According to the US government’s Energy Information Administration, domestic oil and gas production rose 3% in 2010 to an average of 7.51million barrels a day – its highest level since 2002.
There are analysts out there that actually believe the United States was the largest contributor to the increase in oil supplies across the globe in 2010. They also believe we are on track to increase domestic production by 25% by the second half of this decade. This obviously isn’t enough oil to rip the United States away from importing oil, but this does allow us to question oil prices and the GOP’s recent push for more off-shore drilling.
The problem here is the main stream media (MSM) is not reporting this. The Republican party is hammering away and blaming President Obama for the rise in the cost of fuel due to the off-shore moratorium the administration imposed after the BP disaster. Remember, Drill, Baby ,Drill?
What is happening to oil and gas prices is pure and utter greed on Wall Street. The Republicans are in bed with these oil barons, as we witnessed with Texas Republican Congressman Barton defending billions in subsidies that could be going to local municipalities instead.
The Republicans are so worried about borrowing money, yet borrowing money from future generations to give to billionaires today, well that’s par for the course.
Image: Red Gecko