Thanks Barack, Thanks Dems… Oil Set to Reach $100 a Barrel
For decades, democrats have blocked one effort after another to responsibly develop the energy resources our country possesses, transforming vast areas of opportunity into “The No Zone.”
Because of current U.S. policy, U.S. companies are prohibited from developing oil fields that lie in Cuban waters and come within 50 miles of Florida. However, Cuba is exploring and potentially developing these oil fields, estimated by the U.S. Geological Survey to possess more oil than the Alaska National Wildlife Refuge, and Cuba is partnering with China and other countries, such as Spain, France, and Canada.
The Castro Regime will begin drilling off the coast of Florida next year and will go deeper than the Deepwater Horizon rig that exploded in the Gulf of Mexico in April.
But, US companies are not so fortunate.
Last month the Obama Administration issued a massive new ban on offshore oil drilling in the eastern Gulf of Mexico or off the Atlantic and Pacific coasts.
Now, we’re seeing oil rise to $100 a barrell.
The global economy can withstand an oil price of $100 a barrel, Kuwait’s oil minister said on Saturday, as other exporters indicated OPEC may decide against increasing output through 2011 as the market was well supplied.
Analysts have said oil producing countries are likely to raise output after crude rallied more than 30 percent from a low in May because they fear prices could damage economic growth in fuel importing countries.
European benchmark ICE Brent crude for February closed at $93.46 on Friday after hitting $94.74 a barrel, its highest level since October 2008.
Arab oil exporters meeting in Cairo this weekend said they saw no need to supply more crude as stocks were high and prices had been inflated temporarily by cold weather in Europe.
Asked by Reuters if the world economy could stand a $100 oil price, Kuwaiti Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said: “Yes it can.”
But, don’t worry…
The media will blame it on Bush, Sarah Palin or the tea partyers.