15 May '11, 1pm

Is Obama's call for more drilling bad messaging masquerading as cynical policy -- or vice versa?

As Joe has consistently pointed out, and Roger (#2) fills in the details, everyone who follows US oil closely knows that more drilling isn’t going to make any significant change to oil prices. Big Oil, the GOP and Obama all know this. None are stupid or uniformed about this. However all three have reasons to push the false narrative. * Big Oil: loves the world record profits that come from oil supply shortfalls. Just look at the profits vs price per barrel. The higher the price per barrel the more billions they make even on declining production. But Big Oil doesn’t want to be either blamed or stopped in this money printing scheme of supply-outstripping-demand. So their narrative is the oil price is caused by not enough leases — aka the big bad government. * GOP: they fully understand what makes money for their Big Oil backers and what the game plan is. Blame the Dems and t...

Full article: http://climateprogress.org/2011/05/15/obamas-drilling/

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