Oil boom to global warming bust

Obama’s Energy Secretary: Oil boom boosted economy — but we’re focused on ‘global warming

By Valerie Richardson | The Washington Times | Saturday, May 31, 2014

GOLDEN — The booming oil industry has been one of the few bright spots in an otherwise sluggish economy, but Energy Secretary Ernest Moniz says that the days of fossil fuel are numbered as the administration focuses on climate change.

Mr. Moniz, who spoke during Democratic Sen. Mark Udall’s energy forum at the Colorado School of Mines on Friday, said the increase in oil production “has had enormous economic benefit” by boosting the economy and helping correct a lopsided trade imbalance.

“I want to emphasize: The increase in oil has been again a great boom economically, lowering our imports, but we are focused on lowering our oil dependence,” said Mr. Moniz.

Oil imports have been declining as domestic production surges and fell to below 7 million barrels of crude per day in January for only the second time in 14 years. Meanwhile, the Commerce Department reported Thursday that the economy contracted for the first time since 2011.

“Why we are committed in the first place to this reduction in greenhouse gas emissions goes to what probably many in this room understand very, very well: the mitigation of the risk that we have from global warming and climate change,” said Mr. Moniz.

The secretary appeared in Colorado two days after he toured Louisiana Gulf Coast oil and gas operations with Sen. Mary Landrieu, another Democrat locked in a tough reelection battle. The visits also come with the Obama administration poised to announce Monday strict new standards on power-plant carbon dioxide emissions.

 

They never talk about the “risk” or affects of that so-called “mitigation” effort, like on the economy. The radical “greenhouse gases” are emanating from Washington, specifically the White House. The repercussions and affects of regulation are not a risk or worry to them. What about the risk their war on energy, including the XL Pipeline, poses? Destroying the economy under the guise of “Saving the planet” is job one.

Zero Hedge

As if the official news that the US economy is just one quarter away from an official recession (and with just one month left in the second quarter that inventory restocking better be progressing at an epic pace) but don’t worry – supposedly harsh weather somehow managed to wipe out $100 billion in economic growth from the initial forecast for Q1 GDP – here is some even worse news: if one excludes the artificial stimulus to the US economy generated from the Obamacare Q1 taxpayer-subsidized scramble, which resulted in a record surge in Healthcare services spending of $40 billion in the quarter, Q1 GDP would have contracted not by 1% but by 2%!