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President Obama declared war on oil and natural gas at the United Nations global warming summit, and he made the same pitch to the G20 meeting in Pittsburgh, Jerome Corsi’s Red Alert reports.
“Should Obama succeed, the end result will be tantamount to imposing a new tax on oil and natural gas production, with the outcome being that U.S. energy consumers will see energy price increases,” Corsi warned.
He continued, “Unilaterally ending U.S. fossil fuel tax subsidies would have a seriously negative impact on the U.S. economy.” Approximately 85 percent of the energy that drives the U.S. economy still comes from oil and natural gas.
“Simply put, why the Obama administration would shut down 20 percent of our nation’s oil production and 12 percent of its natural gas is unfathomable,” wrote Barry Russell, president and chief executive of the Independent Petroleum Association of America.