If you would like to see what a real growing economy looks like check out North Dakota. The answer is energy jobs and drilling for oil. If you are scratching your head and asking how can anyone drill in this political environment did I mention the Senior senator from North Dakota is Kent Conrad, who just happens to be a powerful Democrat. Just yesterday Obama said he was going to "redouble: his efforts at creating jobs. First off, no politician ever has "created" one single job and he will not be either. Businesses and entrepreneurs create jobs. Without business there would be no government jobs either as someone has to pay for them. The reason there is no growth in jobs is the poison filled political environment and most importantly the jobs that can be "created" now are jobs Obama does not want. Below are about half a million jobs plus that could be "created" overnight if Obama would just say OK.
This week is exactly one year to the day since the oil well in the Gulf was capped. Heard anything from the media lately about the "disaster in the Gulf"? You will not, because there is not one. For the most part the environment, seafood fishing, and tourism in the area has returned to normal. What has not returned to normal is the 230000 people who were employed by the offshore oil drilling business. One signature, one overnight change of policy would immediately put these people back to work, drilling for oil, processing oil, supplying the derricks, and providing food and such for the people who work on them. Cuba is drilling in the Gulf, Mexico is drilling in the Gulf, but as yet the USA is not. The reason is that Obama is allowing environmental extremists to dictate his policy there.
Let's add the Keystone XL pipeline which would bring Canadian oil to the USA. The Canadian company, TRP, that wants to build the pipeline has said they would hire up to 250000 people for this project, add in the people who have to service the workers on this pipeline, feed them, cloth them, make the steel pipe, and you likely got 400000 new jobs. Only Obama's signature is holding this pipeline project up. Why is he not doing this, again environmental extremists are telling Obama we do not want oil, any oil, to keep us from pursuing wind energy and such.
Lastly, the shale gas revolution is being held up by Obama. Shale gas, cheap energy is all over the USA. I count 33 states in the country who have recoverable supplies of this energy. Youngstown Ohio just OPENED a new steel plant there to do one thing, make pipe for drilling shale gas. Folks that is unheard of in this country. opening a new steel mill. With enough shale gas underneath us to power this country for about two hundred years we can say goodbye to Middle East oil if we just get drilling and get it out of the ground. Add in the thousand of new jobs that would come up to service this new energy, such as the steel jobs noted above. Why is Obama not telling his EPA to allow this drilling to commence at full speed, again you find environmental extremists. They believe that the sand, water, and some chemicals that are injected into the shale rock in the earth to push this gas out COULD pollute the environment. Note that there is not in any case where shale gas is being drilling where there has been any proved pollution. Add in that other countries in the world or doing this too and not adverse problems there either. The water solution that is being forced down is DEEP in the earth, like 20000 plus feet deep, under rock that does not leak upward. Again, the extreme environmentalists do not want anything to stand in the way of forcing us to other higher priced, unproved energy sources.
Lastly let's note all these jobs are HIGH PAYING, mostly UNION jobs that normally Obama would like. Also think about all the current government benefit payees could be converted to taxpayers here helping the current deficit. Ask yourself, does Obama REALLY want new jobs, or is he actually "redoubling" his efforts to make sure we only have jobs he wants, or environmental extremists want.
Full disclosure I am either long or hold options on ERF, DO, and have in the past TRP. All these securities prosper from the lack of action by the Obama administration on the above policy matters, therefore I have a vested interest in the continuation of no action.
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