Energy Politics

Oil prices fell below $111 today, the lowest they’ve been since early May. Naturally this means a lot of smiles on Americans’ faces as it will in turn lower gas prices.

But Headline News Personality Glenn Beck warns that this isn’t a good thing. Beck believes this will instead have an adverse effect on the economy.

Beck says, “When we use less energy, that means our economy is contracting, not expanding. That`s incredibly dangerous for our future. And here`s how I got there. Environmentalists love it, love it when we use less energy, but economists see it just a little differently. Think about it, when an economy is growing, businesses are expanding, jobs are being created, more people in their cars driving to work. As a result, we use more energy. Makes sense. In this case, lower gas prices aren`t about the strong dollar, or a healthy financial forecast, nope, really just an indicator of how bad our and the world`s economy really are tanking.”

Instead of oil prices dropping under the current status quo, Beck would prefer they remain high enough to continue the incentive for further offshore drilling, which 70% of the American population supports lifting the ban according to Rasmussen Reports and CNN. Even traditionally environmental politicians like Nancy Pelosi and Barack Obama have made some concessions toward this, however, this is a fragile support that could just as quickly evaporate both in Washington and the rest of the nation should prices drop too low and the American public become comfortable again.

Beck also supports seeking additional energy sources such as wind, solar, nuclear and gas, and would prefer that Americans have access to as many sources as possible.

So will this demand erude once we drop below $100 oil? Or has the movement already been placed into motion?

–Stephen Payne, Editor, Oil and Gas Investor This Week; www.OilandGasInvestor.com; spayne@hartenergy.com

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