The Energy Information Administration—a federal agency—just released a report titled, "Sales of Fossil Fuels Produced on Federal and Indian Lands, FY 2003 Through FY 2011." The Institute for Energy Research summarizes the report's major findings:
-Fossil fuel (coal, oil, and natural gas) production on Federal and Indian lands is the lowest in the 9 years EIA reports data and is 6 percent less than in fiscal year 2010.
-Crude oil and lease condensate production on Federal and Indian lands is 13 percent lower than in fiscal year 2010.
It has been a tough week for the president. Just as things were supposed to be getting better for him—as they were for the economy—his support and approval ratings took a severe hit in two important polls. And then there was a survey that indicated that 80 percent of the population does not consider itself better off than it was four years ago.
Speaking at the University of Miami on February 23, Obama again revealed his remarkable gift for oratory. He denied any responsibility for the rising gas prices and instead took the credit for dramatically increased domestic oil production. This took real artifice.
The good thing about election campaigns is that they force both parties to do things, or at least to promise to do things they should have done long ago. President Barack Obama is a born-again tax cutter. He wants the top rate of corporate income tax cut from 35 percent to 28 percent, and the maximum rate paid by manufacturers reduced from the current average of 32 percent to 25 percent.
With a gallon of regular around $4 and climbing, the White House is paying close attention to the price of gasoline. President Obama and his team are, no doubt, wondering how high it can go before it takes them down.
On Monday, the European Union is expected to decide to boycott Iranian oil. If it does—nothing is ever certain when EU policymakers gather, least of all a firm decision—Iran says it will close the Strait of Hormuz, through which 20 percent of the world’s oil moves to market. That country’s navy commander, Habibollah Sayari, says Iran has the ability to “control” the waterway, and unnamed military sources in Iran are saying a boycott would be an act of war.
The attack on the British embassy in Tehran came just days after the Iranian “parliament” voted to expel the British ambassador, and therefore reeks of official complicity. The attack—complete with an invasion of the grounds, looting, and a brief hostage-taking—is an always useful reminder of the nature of the regime in Tehran. These are thugs, whatever their religious titles.