Obama Drills Rivals on Energy Policy; Says US Cannot be ‘Held Hostage’

Posted March 15th, 2012 at 11:05 am (UTC-5)
Leave a comment

U.S. President Barack Obama is slamming his political rivals, accusing them of pursuing a backward energy policy that will leave the country at the mercy of the rest of the world.

Mr. Obama spoke to community college students near Washington Thursday, at a time when many Americans have seen fast rising gasoline prices.

Several Republican presidential candidates have been criticizing President Obama for not doing enough to develop domestic oil and gas reserves, but Mr. Obama warned “even if we drilled every inch of America, that wouldn’t solve the problem.”

He said that even if the U.S. maximized production of all its potential oil reserves, it would still be dependent on foreign oil, and that “”we can’t allow ourselves to be held hostage by events on the other side of the globe… America controls its own destiny.”

The president warned that development and demand for automobiles in countries like China and India, and unrest in the Middle East, will only serve to send oil prices higher.

He said the U.S. needs to focus on developing alternative sources of energy – like wind and solar power – and end big subsidies for oil companies.

, other than talk and threats, for the remainder of his first term.”

6. Kloza says higher oil prices could do damage to developing nations.

“But some of the CEOs from multinationals and some of the, let’s say, whispers out there suggest that once the price of crude gets above $125 a barrel you enter into the realm of global demand destruction, outside the U.S. Europe and Japan.”

7. Kloza says the prospects of a slowdown in developing nations may tame investors who have been driving prices higher.

“There’s a little bit of a reticence to chase these prices higher among the global investors and speculators because we are so close to $125 (for a barrel of oil).” ))