A Gusher of Jobs In Canada’s Oil Sands
Mary O’Grady has a terrific opinion piece in the Wall Street Journal today that should make Obama and his minions hide themselves in shame. It won’t, of course. It should because Ms. O’Grady’s “opinion” pieces are loaded with facts and this one is devastating in its comparison of the Government of Canada’s pursuit of smart growth policies while our government becomes more of an obstacle to growth and jobs.
Canada has regained all the jobs it lost in 2009 as the U.S. has lost even more jobs. Canada’s growth rate exceeds that of the U.S. and its unemployment rate is lower. This is due to Canada’s commitment to the development of its oil and gas resources while the Obama administration is bent on turning out the lights in America.
For all its soaring rhetoric, President Obama’s “jobs speech” last week didn’t demonstrate a lick of insight into why economies grow or how wealth is created. It was merely trademark Obamanomics: using government diktat to move money that’s over here, over there.
Why take water out of one end of the swimming pool and pour into the other end? That may actually be the plan. The “over there” is a place where the money can eventually find its way into Democrat campaign coffers. Obama will raise One Billion Dollars next year for his re-election war chest.
Ms. O’Grady continues:
The province [Alberta] is on track to become the world’s second-largest oil producer, after Saudi Arabia, within 10 years. Meanwhile Mr. Obama clings to his subsidies for solar panels and his religious faith in green jobs.
Haven’t we heard, like forever it seems, that we need to wean ourselves from too much reliance on Middle East oil? Yes, we have. In fact, the Energy Department was created specifically to reduce America’s dependence on oil from the Middle East. So is our Government celebrating Canada’s new oil production, eagerly awaiting more oil right here in North America to replace foreign oil from the sheiks of Saudi Arabia? Wouldn’t buying less oil from the sheiks mean they would have less of money with which to plot terrorist attacks against us? Yes, yes, and yes. But no, no and no says Obama.
Much of America’s vast untapped energy potential lies dormant because Mr. Obama’s regulatory watchdogs have spent the past three years throwing sand in the gears of the permitting process for exploration and exploitation on federal lands. Separately, TransCanada has been trying since September 2008 to get a permit to build the Keystone XL pipeline from Alberta to the Gulf Coast. The Environmental Protection Agency has so far blocked it.
Obama prefers to make empty speeches to a joint session of Congress so he can rant, “Pass this Bill now!” The Keystone XL pipeline would create about 118,000 jobs. Obama’s not interested. “Pass this Bill now! Pass this Bill now!” That’s the extent of the Obama vision for America. Hope? Change? Yes, in November, 2012. Americans will get their jobs back only when Obama loses his.
Mary O’Grady concludes:
Keystone XL is only a fraction of the potential that could be released if Mr. Obama changed his energy policy. In a study commissioned by the American Petroleum Institute and released last week, the energy consultancy Wood MacKenzie estimates that pro-development policies could, by 2030, “support an additional 1.4 million jobs, and raise over $800 billion of cumulative additional government revenue.”
On the other hand, according to the study, current policies “which slow down the issuance of leases and drilling permits, increase the cost of hydraulic fracturing through duplicative water or air quality regulations, or delay the construction of oil sands export pipelines such as Keystone XL, will likely have a detrimental effect on production, jobs, and government revenues.”
A serious jobs proposal would address these issues. Mr. Obama doesn’t have one.
A subscription may be required to access it online. If you can’t get it that way, Ms. O’Grady’s piece is on the back page of the front section of today’s print edition of the Wall Street Journal. A discussion of the North Dakota exception to Obama’s obstruction to growth and jobs is there also.