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Why We Still Depend on Foreign Oil

BEGIN TRANSCRIPT

RUSH: Now, yesterday I mentioned a comment in a sort of throwaway fashion, and we had a caller who was asking me... I forget the specific issue he was asking me about, but it was something where for years, Washington, both parties have been saying something.  And then when the opportunity comes to them to back it up, all of a sudden they don't.  I was explaining about how in 25 years of doing this program, things are starting to repeat now. 

I'm starting to learn when politicians have said things they don't really mean.  There's a great example of it here.  I remember when I first started driving, which would be 1967, gasoline was 28¢, maybe 25¢ a gallon. And the early seventies, maybe 1970 or '71, before I'd left home, was the first so-called shortage, and the price skyrocketed overnight to 50¢ a gallon, and that percentage increase was huge.  Fifty cents was still cheap, but it was double.  It was amazing. 

Well, then I left home, went to Pittsburg. Nixon puts wage and price controls on, and there's more gasoline and oil shortages there are lines and so forth, and about that time we started hearing the mantra, "We've got to reduce our dependence on foreign oil," and we've heard that from every candidate for every office for 40 years.  "We gotta reduce our dependence on foreign oil!"  Obama has said it.  Every Republican has said it. 

While our imports continued to grow, "We've got to reduce our imports and our dependence on foreign oil," and we kept ramping up the relationship with the royal family of Saudi Arabia, and we bailed Kuwait out when Saddam attacked 'em.   I know what it was about. It was all about maintaining the free flow of oil at market prices.  But during this whole thing, every politician in the country, kept saying, "We gotta change this!

"We've got to rid our dependence. It's a national security issue. It's an economic issue. We are allowing ourselves to being held hostage," and, of course, all of it was true.  Then we got treated to stories about how our domestic reserves were plummeting. We simply did not have our own supply of oil underground that we could get, at least cheaply or affordably, and so policies were devised.

Politicians kept running on and kept getting elected on this notion, "We have to reduce our dependence on foreign oil." Well, now, the last three or four years, we've had a chance to do that in a major way -- a number of major ways -- and we're not doing it.  And the same people who would campaign on that slogan and made us believe they meant that slogan, now when it's time to make that slogan reality, there is no desire to do it.  I wonder why? 

I will explain when we come back.

BREAK TRANSCRIPT

RUSH:  I mentioned this in passing yesterday.  This Saudi prince, Alwaleed bin Talal, is a big investor in News Corp, by the way.  Rupert Murdoch's company owns the Fox News Channel.  Billionaire prince, Alwaleed bin Talal, has warned that his nation is under threat because of fracking technology being developed elsewhere around the world.  He said the Gulf Arab kingdom "needed to reduce its reliance on crude oil and diversify its revenues." This warning comes as rising shale energy supplies in the US cut global demand for Saudi oil.  The Keystone pipeline was the first thing that illustrated this. 

We've got every one of these politicians, including Obama, saying we gotta reduce our dependence on foreign oil.  Keystone pipeline, Obama, "No way."  And the excuses are flimsy at best.  "Well, pollution, a chance that the pipeline would leak, leading to further climate change, global warming."  The real truth was wacko environmental nutcase leftists would penalize him, get mad at him, not donate.  But he doesn't need that.  He doesn't want an oil-based economy.  Obama is totally opposed to that.  That's why all this Solyndra and wind and solar and all this stuff.  It's absurd.  The point is, this country has shale oil reserves that can be reached via fracking that would render us energy independent. 

There is an oil boom.  I can never remember which one.  It's one of the Dakotas.  There is an oil boom, there is an economic boom taking place because of shale oil.  What is happening in this state, I think it's South Dakota. I always get 'em confused.  Whatever, it's a blueprint for how to revive this economy.  Revive this economy around energy.  We're nowhere near getting rid of fossil fuels. We're nowhere near being able to replace them, nowhere near it.  And, by the way, we're nowhere near depleting the world supply of fossil fuels.  It's a gold mine.  It's an opportunity waiting to happen. 

Now, we've been electing people for 40 years on the notion that they say we gotta end our dependence on foreign oil.  Here's a chance to do it, and they don't want to.  Why, folks?  You got Prince Alwaleed bin Talal essentially sending out a warning.  You better not get into fracking, he's saying.  We could render the Middle East oil supplies irrelevant to us.  Whoever has oil is never going to be irrelevant, but they could be to us.  Now, granted we need a foothold in the Middle East militarily because of the unrest there.  But it just strikes me how often politicians say things they know are popular, populist in nature, and then whenever the opportunity to actually accomplish it or act on it presents itself, something always happens and we can't do it. 

Now we're not talking about replacing oil.  So it's not that the oil company is involved in some conspiracy.  It's not the automobile manufacturers are being harmed.  We're talking about really ramping up our own domestic supply of oil.  The story is that we've got more oil that is now gettable at market prices than a lot of places around the world.  And yet there are people who still want to continue our dependency on foreign oil, all the while claiming it's just the exact opposite that they want. 

When the Saudi Prince Alwaleed bin Talal says that fracking is a threat to his kingdom, he's telling the truth, absolutely right.

END TRANSCRIPT

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