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Obama makes Another Reckless Election year Promise, this Time it is on Energy
US President Barack Obama Thursday promised to keep developing new sources of energy, blaming instability in Middle East, and increasing demand from emerging markets for the recent Gasoline price hike.
According to the US Energy Information Agency (EIA), the US average retail price for a gallon of regular gasoline was 3.591 on 20 February 20, + 0.402 from a year ago.
Republican presidential candidate Newt Gingrich seized on the issue to try to re-energize his campaign. He asserted that if becoming President, he could drive gasoline prices as low as 2.00 gal.
"The biggest thing that's causing the price of Crude Oil to rise right now is instability in the Middle East," said Obama in Miami, Florida, adding that "over the long-term, the biggest reason Crude Oil prices will rise is growing demand in countries like China, India, and Brazil."
America is now pumping more Crude Oil than it had in the past 8 years thanks to a rise in onshore drilling. And Americans' gasoline consumption is at an 11-year low, the EIA data indicated. And the price is at a 4 yr high.
In Y 2010, the US dependence on foreign Crude Oil was under 50% for the 1st time in 30 ys and in Y 2011, the Country relied less on foreign Crude Oil than in any of the last 16 yrs.
Mr. Obama attributed the increased energy independence to his energy strategy which had made the use of clean, renewable energy in the Country nearly doubled.
"There are no short-term silver bullets when it comes to gas prices," said the US President. America needs a "sustained, all-of-the-above strategy that develops every available source of American energy, oil, gas, wind, solar, nuclear, biofuels," said Obama at the University of Miami, pledging that he will not "cede the wind or solar or battery industry to China or Germany."
In Y 2008, Miami became the 1st major American city to power its City Hall entirely with solar and renewable energy.
Mr. Obama also proposed to end subsidies to Oil industry and to " double-down on a clean energy industry that has never been more promising."
In addition, Obama stressed the importance of fuel efficiency that would help achieve in average 55 mpg i 15 yrs, nearly doubling the current level. Not likely IMO. stay tuned...