Obama Claiming Credit for Fossil-Fuel Gains Angers Industry
By Jim Efstathiou Jr. and Aaron Clark - Jan 24, 2012 12:52 PM ET
President Barack Obama is taking credit for higher U.S. oil and gas production and lower imports, angering industry groups and Republicans who say he is working against domestic energy production.
American energy will be a major theme of Obama’s State of the Union address to Congress tonight, Jay Carney, the White House spokesman, said in a briefing yesterday. In his first campaign ad this year, Obama boasts that U.S. dependence on foreign oil is below 50 percent for the first time in 13 years.
Since Obama took office, U.S. natural gas production averaged 1.89 trillion cubic feet a month through October, 13 percent higher than the average during President George W. Bush’s two terms, according to Energy Department data. Crude oil production is 2 percent higher, the department said.
“To be sure that is not because the White House meant for that to happen,” said Pavel Molchanov, an analyst at Raymond James & Associates Inc.
Republicans say the numbers are misleading.
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Much more: http://www.bloomberg.com/news/2012-01-24/obama-claiming-credit-for-fossil-fuel-gains-angers-industry.html
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