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AFP Statement on Obama's Energy Speech

February 24, 2012 J

WASHINGTON – Today Americans for Prosperity, the nation’s largest advocate for economic freedom, responded to President Obama’s energy speech in Florida. Vice President for Policy Phil Kerpen made the following statement:

“It’s astonishing that a day after Obama proposed a so-called tax reform plan with tens of billions of dollars in higher taxes on oil and gas companies, that he would give a speech claiming to support American energy production.

“We’re not cheering higher gas prices, but we did foresee them as a consequence of Obama’s policies. Obama’s Interior Secretary Ken Salazar was held in contempt of court for imposing an unlawful moratorium on deep water exploration and production in the Gulf of Mexico. Obama’s Energy Secretary has repeatedly called for gas prices at European levels of $8 a gallon and higher. When prices last topped $4 in 2008, Obama was asked if the high prices were a good thing and he infamously explained that he “would have preferred a gradual adjustment.”

“Of course we can drill our way to lower gas prices. Oil production is booming on private lands thanks to the fracking revolution, but has collapsed on federal lands where the Obama administration has stalled, blocked, and even canceled leases. According to official government estimates, North America has a total of 1.79 trillion barrels of recoverable oil, about twice the total combined proven reserves of every OPEC nation. If we drill, drill, drill and pipe, pipe, pipe prices will drop considerably. Moreover, because markets are forward looking, even announcing a serious effort to allow production will drop prices considerably in the near term in anticipation of future supply.

“As he did in his State of the Union and in his budget address, Obama again today promised to “double-down” on his global warming agenda, and offer massive giveaways to political allies in the wind and solar industries, which have never been shown to be economically viable and have no connection to gasoline prices. This is because about zero percent of Americans are poised to switch to wind or solar powered cars. Unfortunately, as any gambler can tell you, doubling down on losing hands is a great way to lose all your money fast.”

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