Saturday, January 21, 2012

Flashback Video: Obama's failing promise to end Middle East and Venezuela oil imports within 10 years

It has been about for three and a half years since Obama first made this promise. He also said something similar in his 2011 State of the Union Address. Watch this 2008 campaign video.

Let's see how President Obama is doing.

Chart via EIA:
You can see oil imports were trending down in the last years of the Bush Administration and the first year of the Obama Administration, but they headed back up in 2010. Some of this may be related to the economy, but we have to consider Administration policies. Bush was drilling friendly. President Obama issued a ban on much new drilling. His strategy was to dump billions of our taxpayer dollars into green energy and electric cars. After the bankruptcy of Solyndra (and others) and poor Chevy Volt sales, this has proven to be a failed strategy so far. President Obama had an opportunity to recover by approving the Keystone Pipeline from Canada. This pipeline would have supplied up to 590,000 barrels per day of Canadian oil to the U.S. Instead of opting for Canadian oil, President Obama has opted to keep buying oil from his Arab buddies and despots like Hugo Chavez. Here is a great video explaining Obama's insanity on the Keystone Pipeline.

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