The US trade imbalance for April 2008 was -$60.9B as the chart indicates. $39.2B of the trade deficit is attributed to imports of petroleum products including crude oil and refined gasoline. 65% of out trade deficit can be attributed to oil imports yet Congress still caves in to environmentalists and the global warming crowd. By simply drilling and producing our own oil from ANWR our trade deficit would decrease by $4.0B a month or $48.0B per year.
We are the only nation on earth that restricts the production of energy, especially oil. Congress and local politicians continue to put up road blocks to increasing the energy needed to fuel growth in the US economy.
What is the leftist leaning Democratic party's solution? - a windfall profits tax on big oil (by the way Big Oil, Exxon, Chevron, BP, Shell, etc control only 7% of worldwide oil production). Economists know that a windfall profits tax will depress the supply and raise the price of gasoline. Senator Christopher Dodd on CNBC this morning called for a windfall profits tax stating that since oil was a necessity of life then Congress must do something. Well food and housing are necessities of life and there is no call for a windfall profits tax on farmers, food producers, or home builders. The leftists have no viable solution to the energy problem. The leftist's thinking is strictly driven by emotions and not ideas. Wake up America! (Tim)
No comments:
Post a Comment