The little-noticed moratorium, expected to be in effect for at least seven years, is as much an overreaction as Obama’s limp response to the Gulf oil spill over five excruciating months in 2010, e.g., essentially refusing foreign help, was an underreaction.
While the BP oil spill was a disaster of epic proportions, as the recently released U.S. National Oil Spill Commission report recounted in great detail, it was totally preventable. That’s because we have the technology to ensure safe offshore drilling — it’s our technology — that competitors like China are using to reap big profits.
But jobs and energy independence must wait while government develops stronger safety and environmental standards, thus slowing investment and halting job creation — ultimately causing the oil and gas production pipeline to atrophy.
The Obama administration’s continuing ham-handed response to BP’s catastrophic error — using it to justify this job-killing, energy industry-busting and tax revenue-slashing moratorium — is causing greater and unnecessary pain.
The resulting failure to remain competitive in the global energy sector has grave economic, fiscal, monetary and national security implications.
And it’s unworthy of the American spirit.
That’s why the 2012 presidential race — now shifting into high gear — far from being a fait accompli for Obama’s re-election, provides a rich opportunity to renew America’s true spirit of competitiveness that founded, built, and will preserve this country we love so much.