Breitling Oil and Gas Morning Podcast #121 July 31th, 2012

With the national political conventions coming, the electorate is going to hear a lot about government excess and specifically its efforts to prop up impractical green enterprises.

Case in point: Solyndra, the failed solar maker cost taxpayers $535 million, largely because the recipients had ins with the president’s broader circle.

The president has spent hundreds of millions to create relatively few jobs — money that might have possibly gone into productive industries, like oil and gas, that are this country’s biggest economic stimulants.

Case in point: The Bakken Formation, where an estimated 20 billion barrels of oil exist. Free market signals are sending capital, equipment and personnel there, not government incentives and hand outs.  To spur new jobs, the president advocates tax breaks for everyone but the oil and gas industry – the one sector with the proven ability to create jobs and already supporting 9.2 million of them.

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