Yea. The headlines sound promising but the devil is in the details. We’ll see if the regulations and permitting process actually loosen up.
This action proves another point that contradicts the Democrat’s claim that oil companies and speculators are causing the price of oil and gasoline to increase. It is governments that control access to the lands that contain petroleum, natural gas, and other energy resources: “national oil companies that hold over 90% of the earth’s conventional oil endowment”
The president noted in his address that the Justice Department had formed a task force to look into potential market manipulation or excessive speculation in oil, and he repeated his call for a repeal of the $4 billion a year in tax incentives the oil industry receives.
Democrats repeat this ritual every time gasoline prices increase. The Obama administration’s actions completely undermine this claim.
Oil companies have gotten efficient at refining crude into gasoline. They’ve been at it for years so they have had time to become better at what they do.