In the coming days we will probably hear quite a bit about how the unrest in Egypt is pushing oil prices skyward, and driving gas prices up at the pump. That is undoubtedly true; the price of oil is up about 4 bucks a barrel just today. There isn’t a lot the US can do about the crisis in Egypt at this point.
But there is a great deal that the US can do about the production of oil in the Gulf of Mexico. And there, according to Reuters, the Obama administration is acting to push oil production out.
Some of the 30-plus deepwater rigs that were in the Gulf of Mexico have moved to other markets, first because of a U.S. halt called last May after BP Plc’s (BP.L: Quote) well blowout, and then because of the lack of permits once the moratorium was lifted.
The Reuters article lists all of the oil rigs that have been impacted by Obama’s permatorium on offshore drilling. In this case as in most, President Obama is appeasing his hard left base, and soothing his own radical left conscience, at the expense of mainstream America.