Pres. Obama “Distracter-in-Chief”

This week, President Obama gave yet another speech demonizing those supposedly evil oil companies (you know, those dastardly oil companies that pay billions of dollars a year in taxes and support millions of jobs across the country). This speech, yet again, called for increased oversight over oil speculators, and claimed – without evidence – that they are illegally manipulating the market.

While this speech was devoid of any real help for the millions of Americans hurt by high gas prices, there was an opportunity to point out President Obama’s continued scapegoating. Buried in his speech was this gem:

“We can’t afford a situation where some speculators can reap millions, while millions of American families get the short end of the stick.  That’s not the way the market should work.  And for anyone who thinks this cannot happen, just think back to how Enron traders manipulated the price of electricity to reap huge profits at everybody else’s expense.

What’s interesting about this charge is that the President seems so incensed by Enron* wanting to raise electricity costs for a profit. So that angers the President, but raising electricity costs so that the government can rake in more revenues and force people to spend even more money on expensive alternative energy upgrades is just fine? Remember in 2008? Then-Senator Obama said “Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket.”

President Obama wants higher electricity rates. He just doesn’t want the private sector to make profits off of those higher prices (don’t get me wrong, this is not a defense of Enron, but President Obama’s use of them in order to further deride the oil companies in this instance ignores the fact that he too, wanted to profit in a way from higher electricity rates). President Obama wants to profit from higher electricity rates because – as has been his Administration’s mantra – he believes that he can spend our money better than we can.

*SIDE NOTE: President Obama is now in favor of reauthorizing the Export-Import Bank, even though 4 years ago he called it “little more than a fund for corporate welfare.” He must have forgotten that the Export-Import Bank provided Enron with $650 million in loans and loan guarantees to Enron. It owed the company $515 million of that when the company started imploding, and a top official at the Bank tried to help Enron during that time. Oops!

It seems the President can’t find anyone to demonize that has no ties back to his campaign promises.

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