On the 16th of March President Obama signed a new Executive Order allowing the President complete control over all US Resources. Click to read the detail. The rising price of gasoline is considered to be one of the major threats to the reelection of Obama. He is trying to dodge the blame by pretending that he really wanted the XL pipeline with his sham endorsement today in Oklahoma of the lower portion. His approval is not needed for this section of the pipeline. His approval is only required for pipelines that cross the US borders. He has rejected the upper section of the XL pipeline, which brings in the oil from Canada, because his environmentist campaign fund donors oppose it. His sham of caring about our energy security is trumped by his need for campaign monies.
So if these tricks don’t fool the public, what is his next act? Read my July 13 2011 posting titled OBAMA PLANS TO NATIONALIZE THE ENERGY COMPANIES. He will say he is just doing this for our own good. That he must step in and stop these out-of-control corporate robbers. His action will be cheered by the media.
If Big Oil is driving up the prices how do they do it? The American Petroleum Institute (API) listed the 20 Largest Oil and Gas Companies based upon their 2009 oil reserves. It shows that 72% of the world’s oil reserves are owned by nations (not privately owned companies) such as Iran, Saudi Arabia, Venezuela, and Libya. The biggest US Company to make the list was Exxon-Mobil at #17. The Exxon-Mobil reserves as a percent of the world reserves are 0.68%. Think about this situation where the OPEC type state owned companies have reserves 100 times greater than Exxon-Mobil. Do you really believe that Exxon-Mobil is able to dictates the price of crude to OPEC? Of course they can’t do that.
h/t to Steve Glaser