Newt Will Destroy Alberta’s Economy

Desperate Republican no-hoper Newt Gingrich is currently promising that, if elected, he will reduce the price of gasoline to $2 per gallon. Maybe a terrific prospect for gas-guzzling American consumers feeling the pinch of rising oil prices, but not one without consequences…

To realize the promise of $2 per gallon gasoline would require a per barrel oil price of approximately $67. Most estimates, however, are that a market price of $75-$90 per barrel is required to make the heavy oil (bitumen, tar sands, or whatever you want to call it) strip-mined in northern Alberta a profitable venture. So, in other words, a Newt Gingrich regime delivering on its promise would effectively shut down the Oil Sands, thereby collapsing the Alberta economy and seriously damaging Canada’s bottom-line as a whole…

Of course, it’s ridiculous to imagine that the President of the United States can actually control the price of oil… Or is it? Well, according to Republicans (and their surrogate right-wing media outlets), President Obama is DIRECTLY responsible for ALL increases in gas prices at the pump. If that is true and if what Newt is promising is true… well, you do the math. Or, it could be that both of those things are complete bullshit.

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2 Comments

Filed under 2012 U.S. Election, Oil & Gas, Republican Party

2 responses to “Newt Will Destroy Alberta’s Economy

  1. Rotterdam

    I agree, its pure pandering on Newt’s part.

    They all have done it, and will continue to do it.

  2. Good catch. I’d forgotten about that ill-fated promise to tax “windfall profits” of the oil companies during the 2008 campaign.

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