Romney energy plan can rescue economy in first term

By: Jeffrey Klein
Political Buzz Examiner

Gov. Mitt Romney unveiled his six-point energy plan before an admiring audience in New Mexico Wednesday evening, presenting a preferable return to reality and a stark contrast to the ?Anything But Oil and Gas? Obama fantasy?which doubled the price of fuel and food, by blowing billions of dollars on a growing string of failed ?green energy? start-ups, blocking the Keystone XL pipeline, and diverting 40% of the nations corn crop for [meaningless] ethanol production.

And, we are still?if not more?dependent on increasingly expensive foreign oil.

Romney?s slimmed-down six-point plan, previewed to reporters Wednesday evening, revolves around increasing domestic oil and gas production in order to spur job growth, while reducing red tape and streamlining federal regulations he argues hinder growth.

On the list was increased offshore drilling along the continental shelf, reducing wait times for drilling permits on federally controlled lands, and completing the Keystone XL pipeline?which Romney has long called ?a no brainer,? according to Chris Laible?s FOXNews article yesterday.

The press brief indicated that the increased oil and gas production would create 3 million new jobs, with 1 million of them in the manufacturing sector, and adding upwards of $500 billion to the U.S. Gross Domestic Product (GDP).

Municipalities and states tax revenues would increase by up to $1 trillion over 10 years.

Romney enthusiastically stated?

That?s more good wages ?. an opportunity for more Americans to have a bright and prosperous future.

Romney described the path to America?s energy independence by identifying production above the current 15 million barrels per day, including 2 million barrels from off shore drilling, another 2 million from horizontal drilling and ?fracking,? the equivalent of 2 million barrels in natural gas and 1 million barrels of bio diesel.

Romney concluded?

The net of all this, as you can see, is by 2020, we?re able to produce somewhere between 23 and 28 million barrels per day of oil and we won?t need to buy any oil from the Middle East or Venezuela or anywhere else that we don?t want to.

A key criticism was the 307 day waiting period for companies to get permit approvals for oil and gas exploration and drilling on federal lands, which was ?forever? compared to 10 days in North Dakota and 27 days in Colorado for state land permits.

Romney also observed that the president?s policies have favored renewable energy, at the expense of carbon based energy?

Sometimes I have the impression that the whole regulatory attitude of the administration is trying to stop oil and gas and coal ? instead they want to get those things so expensive and so rare that wind and solar become highly cost effective and efficient.

In fact, President Obama and DOE Secretary Chu are both on record as basically declaring war on the fossil fuel industry, which is buttressed by the secret video of disgraced, former EPA Regional Administrator [Obama appointee], Alfredo Armendariz who, while directing a meeting with staff, describing his enforcement protocol expectations?to be like Roman ?crucifixions.?

Predictably, the Obama campaign had a ?canned? response, delivered though spokesperson Lis Smith, who said

Romney wants to keep giving billions of dollars in tax subsidies to the big oil and gas companies and recklessly open new areas for drilling, but turn our back on increasing energy efficiency and developing our clean, homegrown energy sources. That?s not a recipe for energy independence?it would only ensure that big oil?s profits continue to increase while we cede our clean energy sector, which is supporting jobs in states like Michigan, Ohio, and Iowa, to China.

True to form, the Obama campaign rhetoric has no substance in fact.

First, as to Ms. Smith?s claim that the plan continues ?billions of dollars in tax subsidies to big oil and gas companies,? and ?ensures big oil profits,? Alan Jeffers, spokesman for ExxonMobil, cleared up that misconception in an earlier article on this subject.

He pointing to the documented [SEC filings] fact that ExxonMobil, the worlds largest oil and gas company, paid $12.3 billion in federal, state, sales, property, and excise taxes in the United States in 2011?as part of the $108.1 billion in total worldwide taxes?up from $89.2 billion in 2010, while generating just $9.6 billion in after-tax profits for shareholders.

Jeffers rightfully challenged such ignorant claims by [rhetorically] asking?

So the U.S. government gets a bigger slice from us than our shareholders do ? How can [you] possibly say we?re not paying our fair share when our tax bill is bigger than our profits?

Second, the plans for drilling in these new areas, which will include ANWR, are anything but ?reckless,? as oil and gas companies actually risk their own capital in such endeavors?in stark contrast to the truly ?reckless? Obama DOE green company ?investments,? resulting in lost billions for the 53% of Americans who actually pay income taxes?like these companies.

Finally, their is no ?clean energy sector? without hundreds of millions of dollars in taxpayer subsidies?the only reason China even entered this market is because they could manufacture the equipment cheaper, allowing them to get their ?fair share? of U.S. taxpayer [government] money.

Another painful fact Democrats will face in November, is that the billions spent on these taxpayer-funded ?green energy? jobs still have not budged the unemployment rate one iota, since Barack Obama took his seat in the Oval Office?nearly four years ago.

Source: http://noisyroom.net/blog/2012/08/24/romney-energy-plan-can-rescue-economy-in-first-term/

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