Obama’s oil-price blame game

Herman Cain
The Daily Caller

President Obama recently said that the economic situation when he took office was worse than he had thought at the time. That’s code for “blame Bush” again for Obama’s failed economic policies, which have not stimulated the economy.

Obama has chastised businesses for sitting on over $2 trillion in accumulated cash instead of hiring people they don’t need. That’s blaming the business sector for not making stupid decisions to prop up his failed policies.

And now that people are feeling the pain at the pump, he blames oil speculators for high gas prices, which are now double what they were two years ago. Remember, that’s about the time President Obama took office. And, he says there is nothing that can be done in the short term to ease the pain at the pump.

With all due respect, Mr. President, there is something you could do to ease the pain at the pump. Namely, declare and implement a “drill here, drill now” strategy and remove the ridiculous restrictions on shale oil deposits available out West.

The very speculators you are blaming for the run-up in gas prices would quickly retreat if they thought you were serious about an energy independence plan to maximize all of our existing natural resources. The problem is supply and demand, and expectations about the changes in those dynamics. That’s what drives gasoline prices at the pump.

It was recently reported that the United States of America has the largest fossil fuel reserve in the world, due to the shale oil deposits discovered out West, plus the oil we have available in the Gulf of Mexico, Alaska and the outer continental shelf.

We have the energy resources to achieve energy independence if the government would just get out of the way. Unfortunately, government is the problem…

This editorial continues at The Daily Caller.

Herman Cain is a former CEO, a radio talk show host on AM 750 and 95.5 FM WSB in Atlanta, and a Fox News contributor. In January, Cain launched a presidential exploratory committee.

Update: Herman Cain Says We Can Turn the U.S. Economy Around; Leadership Will be Required. Video at Freedom’s Lighthouse.

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