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Obama’s Latest Energy Announcement Only “Serves A Political Purpose”; McConnell: “It’s All Politics All The Time”

In an analysis piece today, National Journal writes, “Under continued attack from Republicans for high oil and gasoline prices, President Obama unveiled on Tuesday a slate of measures to crack down on financial speculation in energy-futures trading, which Democrats say helps drive up prices. But while a Rose Garden announcement gave the president a platform to be seen calling for action on fuel prices, it’s not clear whether financial speculation is even a major contributor to oil and gasoline prices—or whether the administration’s proposals could have any real impact on the price at the pump. . . . ‘More than anything, today’s announcement serves a political purpose: It offers the president a way to assure voters that he is looking out for their interests,’ wrote Kevin Book, an analyst for Clearview Energy Partners, in a note to clients.”

 

Of course, President Obama and Democrats are blaming “speculators” for high oil and gasoline prices, which is the same excuse they give every year as they continue to oppose common sense policies that would expand American energy production. National Journal points out, “In 2008, an investigation by the Commodity Futures Trading Commission concluded that speculation has little effect on the price of oil, which is still largely driven by the fundamentals of supply and demand.”

 

Senate Republican Leader Mitch McConnell observed this morning, “[W]e hear that the President is announcing some kind of task force on oil speculation today. In other words, the same thing Washington Democrats always call for when gas prices go up. If I were to guess, I’d say today’s proposal by the President probably polls pretty well. But I guarantee you it won’t do a thing to lower the price of gas at the pump. It never has in the past. White House officials admit as much. Why it would it now?

 

“The Democrats’ favorite policy advisor,” Leader McConnell continued, “Warren Buffet, weighed in on the issue a few years ago. Asked about the role that speculation in the oil markets plays in determining price, he said, ‘It’s not speculation, its supply and demand.’ But of course that’s not the point for this White House. President Obama only seems to care about Warren Buffett’s opinion if it polls well. The President’s goal here isn’t to do something about the problem. It’s to make people think he’s doing something about the problem, until the next crisis comes along.”

 

Interestingly, President Obama himself warned about this kind of political pledge-making just last month. In his weekly address, Obama said, “[A]ny career politician who promises some three-point plan for two-dollar gas – they’re not looking for a solution.  They’re just looking for your vote.” Yet today the White House released a “Fact Sheet” detailing “The President’s Five-Part Plan” on oil markets.

 

As Leader McConnell said, “We’ve got a President who told us he was a different kind of politician doing the same old things and using the same talking points politicians in Washington have been peddling for years. I mean, weren’t these kinds of gimmicks and stale talking points precisely the kind of thing President Obama campaigned against? I thought he was offering something new and different. I think the Associated Press summed up the President’s latest proposal pretty well this morning. ‘The White House plan, which Obama was to unveil Tuesday,’ the AP said, ‘is more likely to draw sharp election-year distinctions with Republicans than to have an immediate effect on prices at the pump.’ It’s more about drawing a distinction. . . . The sad truth is, it’s all politics all the time in this White House. They’re out of ideas. They’ve got nothing new to offer. Today’s announcement is all the proof you need of that.”

About Tom White

Tom is a US Navy Veteran, owns an Insurance Agency and is currently an IT Manager for a Virginia Distributor. He has been published in American Thinker, currently writes for the Richmond Examiner as well as Virginia Right! Blog.

Tom lives in Hanover County, Va and is involved in politics at every level and is a Recovering Republican who has finally had enough of the War on Conservatives in progress with the Leadership of the GOP on a National Level.

One Response to “Obama’s Latest Energy Announcement Only “Serves A Political Purpose”; McConnell: “It’s All Politics All The Time””

  1. Seth says:

    First McConnell slams the President for high gasoline prices, then criticizes him again for doing something about it. McConnell should stop trying to sabotage the USA for the profit of his elite donors.

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    Tom White Says:

    Nothing is more conservative than a republican wanting to get their majority back. And nothing is more liberal than a republican WITH a majority.

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