The famously green-conscious Barack Obama will be president when America sees its first new oil refinery in 38 years commence operations sometime in 2014. As so ironically, as Investor’s Business Daily observed last week, “America’s future as the global fossil-fuel king is a reality while [Mr.] Obama’s green economy is simply a fantasy.”
Largely on the strength of fracking on nonfederal lands — in South Texas’ Eagle Ford, in the Marcellus Formation along the Allegheny Plateau, in California’s Monterey region, and, most notably, in North Dakota’s Bakken oilfields — the United States, late last year, surged past Saudi Arabia as the world’s top petroleum producer. This, despite the machinations and pipe dreams (or anti-pipe dreams) of an administration that views such endeavors as the Keystone XL project as anathema.
That new refinery, west of Bismarck N.D., is reputed to be the first of four that will serve the Bakken fields. The bonanza’s benefits are obvious. North Dakota is the employment capital of a nation that sorely needs jobs. The unemployment rate in the Bakken region is 1.7 percent. Statewide, it’s 3.3 percent.
What’s not to like? For a green-obsessed president, perhaps plenty.