IBD: Oil Execs Say Obama Lead Us To ‘Energy Abyss’

“Industry leaders gathered in Houston say rising fuel output comes in spite of, not because of, the president’s policies and the pain at the pump will soon be excruciating.”

Investor’s Business Daily editorializes:

“These have been the most difficult three years from a policy standpoint that I’ve ever seen in my career,” Bruce Vincent, president of Houston oil and natural gas producer Swift Energy, told the Houston Chronicle.

“They’ve done nothing but restrict access and delay permitting,” he added. “The Obama administration, unfortunately, has threatened this industry at every turn.”

Vincent led the voices exposing White House press secretary Jay Carney’s phony assertion Wednesday when asked about gas prices soaring above $4 per gallon.

Carney said President Obama had “put in place policies that will dramatically expand the amount of exploration in the Gulf of Mexico, will expand the amount of exploration in Alaska, will expand the amount of natural gas production here in the U.S.”

Really? “The administration has done everything BUT support drilling,” said NAPE attendee and former Shell executive John Hofmeister. “We are on the verge of slipping into an energy abyss”…

Read the entire editorial.