Read today’s New York Times article “Stung by low oil prices, Companies face a Reckoning with Debt” and you’ll get a glimpse of what it’s like to be an oil company sitting on top of the world and then have its throne pulled from beneath it. The picture isn’t pretty, unless you’re one of those folks who’ve had to struggle at the pumps for the past two decades as fat-cat oil barons got rich and now you’re basking in affordable gasoline as the oil barons crawl their way toward bankruptcy. You’ll forgive me if I have no sympathy for the oil companies.
It’s kind of ironic that Sarah Palin’s “drill baby, drill” battle cry, which was so eagerly taken up by the proponents of big oil, has led the industry to ruinous overproduction. We liberals warned about the danger of following the advice of a woman who claimed to see Russia from her living room window, but I guess by golly that mamma grizzly magic was simply too much to resist.
And while I’m on a roll here, folks who were hoping to invest in the Keystone Pipeline should send a large thank-you note to President Obama for nixing the pipeline. The President’s action saved investors hundreds of millions of dollars that would have been piped down the drain as demand for oil dried up. Of course, Obama won’t get the credit he deserves from his critics, but history will prove he made the right decision.
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