"We all have hope for green energy, but it is going to take time — and in the meantime, oil and natural gas will have to be the bridge to the energy future," says Cathy Landry, a spokeswoman for the American Petroleum Institute.
Congress lifted its 27-year moratorium on drilling off Florida and the East and West Coast last year, but billions of barrels of that oil remains untouched and off-limits because the Obama administration has postponed development there.
The Obama administration favors green energy and provides generous tax subsidies to wind and solar. By contrast, this week the oil industry complained that Obama proposed hiking their taxes by $70 billion over 5 years, including a $122 million on leases the administration considers non-producing.
"If you penalize oil and gas, and add taxes, it is going to make it much more difficult and more expensive. That means U.S. jobs are exported and we won't get the revenues from royalties," said Landry.
Oil executives fear the lesson of $5-a-gallon gasoline is lost, and that American consumers will pay the price, vulnerable to shortages in the short term and a continued dependence on foreign oil for decades to come. - FOX News Story
While going Green may be the fashionable thing to do, hell it might even be the right thing to do, you can't just jump in and be green immediately. It takes time to develop those technologies. In the mean time you have to solve the short term needs and prepare for the long term.
Not in Obama's world. He has basically said the heck with it, lets do everything now and be damned later. Well as we see with his spending and soon his taxing, we will all be damned.
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