Obama's Chutzpah

Geez, this guy is more schizo (or more likely politically expedient) by the day. Quoth the Messiah:

"I think oil companies are amoral. They want to make as much money as they can for their shareholders, which is what corporations do," he says. "The difference is the nature of the kind of outsized profits they make that may have no relationship to their investments or their production. The fact, for example, [that] the shortage of refinery capacity could actually increase their profits so the less they invest the more they make indicates that you are not dealing with someone making widgets out there."

The simple fact that we have not built a single new refinery in twenty years because of the policies of Obama's base doesn't escape him, he simply ignores that inconvenient fact.

In 1990, the revised Clean Air Act required refineries and others to use the "best available treatment technology " or BATT for short when upgrading or adding on to better deal with emissions from their stacks. Anyone with a ninth grade education knows that when you require something, the price for that something will increase and that's what happened. Refineries decided that it was just too damn expensive to upgrade so they didn't. Also, the red tape involved with building new and more efficient refineries added obscene additional fees on to the construction of new refineries and the oil companies just kept on refining at existing, outdated facilities. Add to that the environmental constraints and you have a recipe for disaster.

So Obama once again shows his complete ignorance of the issue when discussing oil and the oil companies. This nothing but populism and pandering--about what we expect from the shallowest candidate for President since the John Kerry, the last Democrat to run.

BTW, there once was a time when a presidential candidate would realize that it's a good thing for American corporations to make large profits.