We are losing leverage daily with the Obama regime, how much more are we going to concede to China? How much more are we going to destroy the business foundation on which we built America? PetroChina has surpassed Exxon as the largest publicly traded oil producer. PetroChina has created long term, 25 or 30 year deals with other countries. Obama is not only regulating businesses but firewalling big oil from doing what they do, producing oil.
Obama has been crying for an end to subsidies for oil companies, what he eludes is his definition of subsidies. All companies are permitted write-offs for new equipment, Obama, without saying so, is attempting to deprive oil companies of just that. Only oil companies.
Basic economics, the laws of supply and demand, tells us that high demand during low supply will inflate prices. It was just the opposite when price per barrel dropped so low rigs closed. Oil companies are making huge profits today as a result of the supply demand situation, totally out of their control.
Look at the percentage difference in oil imports from January 2009 through today. The cost to import last year alone was almost half a Trillion dollars. Why won’t Obama change what he has created? Who wants to be #2?