It is no secret that President Obama has an image problem — at home and abroad. More importantly, we have serious security issues that in most cases are not being addressed. In the past several months, conflicts in Syria, Ukraine, Libya, Iraq and the Ebola epidemic have shifted public opinion sharply against the president, and polls show a majority of voters now disapprove of his handling of foreign affairs. But the damage is not limited to U.S. public opinion. It has clearly hurt Obamas image around the world. In order to reverse this trend, Obama must take substantial steps that demonstrate serious global leadership and commitment to sound policies that promote Americas interests and global stability. Moreover, and more importantly, we will be a safer nation. One way to do that is by opening U.S. energy resources to development and achieving U.S. energy self-sufficiency. Does anyone believe that we would still be up to our eyeballs in Middle East sand if it were not for our dependence on the oil produced there? By fully committing the U.S. to being the global leader in energy production, we can help stem the source of terrorist funding and disrupt regimes that are hostile to our interests. Surging non-OPEC oil production (mostly from the U.S. and Canada) has sent oil prices falling. Due to a confluence of higher supply and projected lower demand, global oil prices are at their lowest in years. Economists predict that oil prices will remain well below $100 a barrel throughout the rest of this year. The news has sent oil-dependent oligarchs into panic mode. Repressive regimes in Russia, Venezuela and much of the Middle East depend on high oil prices to fund their government and import the goods that these petro-states cant produce themselves. Bloomberg estimated that Russia will require Brent oil prices to average $117.80 this year to balance its budget. Iran has one of the highest break-even prices, at $140 a barrel. Without oil as a club, Iran, Venezuela and other oil states are forced to cooperate with the international community — or risk losing power. In the 1980s, the U.S. and Saudi Arabia collaborated to significantly boost oil production, lowering oil prices and strangling the Soviet Unions economy. The oil-exporting Soviets suffered severe economic losses that soon toppled the communist regime. By putting in place policies that encourage energy development, Obama can limit the leverage of OPEC and Russia by weakening their influence on global energy markets and their global power. This win-win strategy requires no massive troop deployments or trillion-dollar budgets, all while boosting revenue and employment at home. Read More At Investors Business Daily: news.investors/ibd-editorials-perspective/110414-724895-obama-needs-to-open-us-energy-resources.htm#ixzz3I941msix Follow us: @IBDinvestors on Twitter | InvestorsBusinessDaily on Facebook
Posted on: Wed, 05 Nov 2014 00:13:51 +0000