Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
President Obama announces that his administration will temporarily stop blocking drilling for oil
Here is a selection from the AHN summary of his announcement:
His statement does not address the steps taken by his administration to stifle natural gas and coal production, just oil. He is saying that "oil companies will now have time to meet higher safety standards."
Once the political pressure is off, his agencies will go back to their policy of stiffling drilling for oil, using safety as the excuse. In the meantime, his administration will continue to stifle the extraction of natural gas and coal, using safety considerations as the excuse.
His administration's long-term policy is to use safety considerations as an excuse to stiffle the development of fossil fuels. It wants to raise the costs of fossil fuel energy in service to the outmoded theory that carbon dioxide concentrations cause climate change.
Journal of Economic Literature:
Atlantic Economic Journal: