Oil prices can’t shock anymore
The exceedingly high cost of oil is forever with us. The moment to transform away from oil dependency is nigh.
Economic certainty and positive trends are dependent upon breakthroughs. The first breakthrough must be government policy and consumer demand for alternative renewable and clean solutions.
The effort to accomplish this is the fuel for innovation and economic transformation. President Obama said this from the outset. Needed is a Congress with contemporary knowledge and skills to effect the legislation to support a new beginning.
“Schumer urges Saudis to pump up oil production as gas prices rise
Published March 02, 2012
As Republicans call for a domestic drilling surge to counter rising gas prices, Sen. Chuck Schumer is leading a charge on the Democratic side to tackle the country's energy woes with pumped-up production overseas.
The New York senator earlier this week wrote a letter to Secretary of StateHillary Clinton urging her department to convince Saudi Arabia to increase production.
"While Iran plays games with oil production to punish the international community for holding them accountable for their rush to develop nuclear weapons, Saudi Arabia has the capacity to blunt Iran's influence by increasing its production levels to capacity," Schumer said in a written statement.
Republicans, though, have been quick to assail Schumer's idea.
Both parties have stressed the importance of weaning the U.S. off foreign oil. Rep. Kevin McCarthy, R-Calif., said the latest call to seek Saudi assistance is "wrong."
"Why doesn't he start urging the president to start producing it here in America?" McCarthy said. "Not only can we produce it and lower the price -- we can create jobs, what this country desires. They are wrong."”
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