"We will keep on being a victim to shifts in the oil market until we finally get serious about long-term energy policy," President Obama said on Wednesday.
President Obama acknowledged the legislative reality, saying, "I've got to be honest, we've run into the same political gridlock and inertia that has held us back for decades and that has to change. We cannot keep going from shock when gas prices go up to trance when they go back down. We can't rush to propose action when gas prices are high and then hit the snooze button when they are low again. The U.S. can't bet our long-term security on resources that will eventually run out and will get more expensive to extract from ground."
Notably, President Obama himself mentioned that failed plans to overhaul energy policy, specifically in relation to less reliance on foreign oil, date back to the administration of President Richard Nixon. Wall Street and the President were in agreement on this point, with Raymond James writing in its note on Wednesday, "First, let's point out that every president since Nixon (!) has offered targets along these lines, and none have EVER been fulfilled."
-- Written by Eric Rosenbaum from New York.
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