In the mean time, Obama has done little to promote our most promising resources in this country. Drilling in many areas has been thwarted and the most promising source of energy in shale which could yield 800 billion barrels of oil and gas supply that could last for over 100 years, is being stymied while gas and oil prices surge due to unrest in the Middle East and the development of emerging economies like Brazil around the globe.
These delays are costing Americans hundreds of thousands of jobs. Good high paying jobs that will go elsewhere as the world's demand for energy continues to increase. With uncertain regulation in the US and uncertainty about risk caps, companies will gravitate to Brazil who as Obama remind us, has a growing and dynamic economy. At the same time he is putting our economy at a greater risk as he is outsourcing our energy security to other nations.
While I do support cooperation with Brazil to expand their vast oil reserves, I also know we should be making the same commitment to our country and workers in this country. This double standard is a slap in the face to American workers, companies and American ingenuity. Why is Brazil more worthy than us? Can they do it better or safer? Are they better workers? Obama is the first President of the United States that is openly advocating becoming more dependent on foreign sources of oil.
With our economy in turmoil it is time that Obama made shale gas development and drilling priority one in this country. This is the green energy economic boom the President has been praying for and it is right in front of his eyes if he chooses to grasp it. We know that shale gas drilling can be done safely and the President can assure us of that. While the development of shale gas and oil will disappoint "Big Green," the big money companies that want us to gamble our future and money on unproven fuels, our economy and people deserve to be allowed to prosper by developing our own resources. This may even help lead our economy out of a recession and make us a net exporter of energy in the future.
Big draws in gasoline on API Get rid of those winter blends and bring in the summer. Upside risks abound in oil and products. Downside risk includes the euro economy, mainly Ireland and Portugal.
Phil Flynn is senior energy analyst for PFGBest Research and a Fox Business Network contributor. He can be reached at (800) 935-6487 or at firstname.lastname@example.org.