A short one on oil leases…

Well…I just wanted to do a short one on the crap about oil and gas leases that ole Mitt tried to hit Obama with last night saying that the number of leases have gone down under Obama…but, he conveniently ignored the fact that the oil companies are sitting on over 7,000 leases right now that they certainly don’t plan on using any time soon…you can issue a million leases but if the oil companies like the supply and price the way it is (which they do), they will never do anything (like bringing more supply to market that will lower prices) to upset that balance that they now possess. The other fact that exists here that ole Mitt conveniently ignores is that any new supply can be sold into the world market to go to China or anywhere else…just like the tar sands oil that will come through the Keystone pipeline and it will have no effect on our energy independence. Unless, of course, ole Mitt would pass a law saying that any new supply must stay in North America…which he would never be allowed to do by his oil company masters…and, if by some miracle he grew a spine and passed such a law, the oil companies would just stop drilling here to maintain low supplies and high prices in their largest market. I know ole Mitt doesn’t show that he understands economics at all…but I learned this stuff in Econ 101 many years ago and still remember it…maybe he could go back to Harvard for some remedial classes? Geez…

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