June 16, 2010

Obama`s Reaction To The Oil Spill

"He's setting us up for some kind of huge energy bill. As bad as this oil spill is, the Obama reaction will do more harm than the spill itself.

What we've learned from this spill is the unintended consequences of government policy. Drilling closer to shore is politically problematic because beachgoers don't want to see oil derricks. That has forced oil companies to drill in deeper water, a far more risky endeavor. We'd be better off drilling closer to shore. And why are we even drilling in water? Look at all the oil that's up in the Arctic National Wildlife Refuge in Alaska."

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.