Friday, June 24, 2011
Oil is Money
Oil is money.
That is a common enough term and there has even been talk of pinning our currency to the price of oil. Well it seems President Obama has taken that term to heart.
He is doing with oil what he is doing with the money supply and to the same disastrous effect.
By releasing 30 million barrels of oil from our Strategic Reserve he is in effect spending the last of our savings instead of creating more. Like his use of the money supply he is squandering our safety net and not curing the root problem. Once that is gone he will find it harder to “Print” more oil, than it is to print money out of thin air.
He is in effect increasing our dependence on foreign oil. As with so much of his bargaining strategy in all he does from politics to foreign policy and now to the price of oil; the President seems to walk into a negotiation and immediately give up what leverage we have before starting to negotiate.
This might fit into his “Arab Spring” thing just fine but leaves those for whom he is legally negotiating for at a loss. Hopefully we will understand that come 2012. Hopefully the Republicans will too.
If he was one of our children we would not put up with such slothfulness. We would simply say to him what the Republicans are saying: “Drill Baby Drill”, or as we might say to our kids. “No you can’t spend your college fund – get a job”.
Regards, Live Dangerously Be A Conservative
Newsmax’s Martin Gould wrote the linked article below explaining the Obama move.