Obama Must Drop Green For Real Energy

 

WASHINGTON- In his State of the Union address tonight President Obama will call for more “investments” in green energy to help the economy, according to White House sources.

Green energy might create some jobs-the Labor Department counted 3.1 million green jobs in the U.S. economy last year-but it makes energy more expensive, raising utility costs for consumers. Instead, for economic growth, the president should focus on oil and natural gas.

To show the effects of oil and gas development on the economy, look no further than new data on the U.S. trade deficit, released on Friday. The Commerce Department showed the trade balance shrinking from $49 billion in November to $38 billion in December, the smallest in three years, mostly due to increases in petroleum exports and declines in imports.

This will likely turn fourth quarter GDP growth into positive territory, a reversal from the Commerce Department’s announcement on January 30, when it was estimated that GDP growth shrank by one-tenth of one percent.

Due to new hydrofracturing (known as “fracking”) technology, the oil industry set new records in December. Petroleum exports rose 9 percent from November to $12 billion, the highest on record, and imports declined 11 percent to $30 billion. Companies such as Shell, Valero, and Nobel Energy are expanding their plants or building new ones due to lower natural gas prices.

Read more at RealClearMarkets.com. By Diana Furchtgott-Roth

Comments

  1. Obummer is not interested in oil development, he wants every body to be riding a bicycle, get healthy, or die with heart failure from peddeling a bicycle. look at the present fuel prices, as long as he has plenty of jet fuel to tramp around the globe, which is pritorty of course, the rest of us can go freeze to death.

  2. pookieamos says:

    What a bunch of junk those supposed jobs created !!! They have so inflated green job numbers by numerous means ! They actually count a driver of a truck retrofitted for natural gas as a "new job " ! People who are hired for a temporary job to fix houses are counted too . How reDiculous !! Liars and commies, every one of them. Spain , who was once a prosperous country tried this same tired lie and lost 2.1 jobs for every job created. They now have a national unemployment rate of over 20 % . This is Obamas goal, less jobs more drain on the welfare system until we collapse !

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