The Left is determined to wreck the US Economy...

...in order to push the Liberal agenda and ensure Barry O'Bama's election.

It'll happen, unless we stop it.

Excellent article in Human Events. Read the whole thing.

Oil at $300

by Terry Easton
Posted: 07/04/2008

You would think that this story is right out of science fiction. But the facts appear to be that the US Democrat-controlled Congress intends to destroy the Republican middle class with $11 per gallon gasoline.

The Democrats’ base -- wealthy white “limousine liberals”, and very poor people -- won’t be harmed, but the families who live in suburbia will be devastated.

The multi-millionaires like billionaire Senators John Kerry & Jay Rockefeller, financial speculator George Soros, filmmaker Michael Moore, and actors George Clooney & Meg Ryan can easily pay for their auto and private jet fuel. Poor people are forced to take public transit.The so-called “Global Oil Crisis” is an invention of the US liberal ruling class, which has successfully managed to export their disastrous ideas worldwide. Oil supply and demand has been on knife-edge balance for years. With the growth of the newly well off Chinese and Indian car-consuming populations, oil consumption has been rapidly increasing in the developing world even as it has been dropping in the US. No wonder India and China, with nearly half the world’s population, refused to sign on to the Kyoto “global warming” treaty.

Cheap energy -- and specifically oil -- is what made America the powerhouse of the 20th century. When gasoline was $1 a gallon in the US, it was $2-3 a gallon in high-tax Europe. Low US excise taxes enabled the country to grow and our vast middle class to prosper. Even today, the American consumer is paying $4-$5 per gallon of gasoline while his European counterpart is paying $10-12.

To meet this new energy shortfall, economists would assume that the rational market would increase the supply of oil and other oil-substitute energy supplies. But they would be wrong.

First, US the anti-nuclear lobby got the nuclear power industry banned from building new safe and clean fifth-generation power plants, abandoning the field to countries like France, which runs its super-fast trains on nuclear plants scattered throughout the country. In fact, fully 90% of France’s electricity comes from 59 non-polluting “carbon neutral” nuclear; they also recycle 99% of the spent fuel into new fuel using a breeder reactor at the La Hague chemical complex. We don’t do this either.

Next, the eco-greens got the drilling for new known American oil reserves in the barren wasteland of the Alaska ANWR’s near-coast sites, and along the east and west-coasts of the continental US, and in the Gulf of America. Now China & Venezuela are set to start drilling off the coast of Cuba - but not Exxon or Chevron. They’re forbidden by law.

Then, the construction of new modern and efficient US-based refineries has been halted for 40 years. So there is a perennial shortage of heating fuel in the winter and gasoline in the summer. One hurricane can take out 5% of the nation’s refining capacity for months. A 5% shortfall can now easily cause a $25 price increase.

Meanwhile, the nation’s electricity generators, primarily fuelled by coal-burning plants, were forced to convert to natural-gas, previously mostly used in industry, agriculture and home heating. This has, in turn, driven the price of natural gas through the roof, from $3 per thousand cubic feet to over $11.

Finally, the hundreds of older existing oil fields and pumping derricks were closed and not allowed to re-open due to “environmental concerns”. California alone has scores of older fields just waiting to be re-opened to increase the US oil supply. And these could be re-opened in a matter of months, not years.

But wait, there’s more...