Sarah Palin on Facebook - Energy Independence, US Dollar

by the Left Coast Rebel

The Killa from Wasilla busy today, another statement from her Facebook page, this time on energy independence -

The British newspaper The Independent reported today that Gulf oil producers
were negotiating with Russia, China, Japan and France to replace the dollar in
pricing oil with a basket of currencies.[1] According to the Wall Street
Journal, Arab oil officials have denied the story, but even the possibility of
such a talk weakens the dollar and renews fears about its continued viability as
an international reserve currency.[2] In fact, today a United Nations official
called for a new global reserve currency to replace the dollar and end our
“privilege” to run up huge deficits.[3] We can see the effect of this in the
price of gold, which hit a record high today in response to fears about the
weakened dollar.[4]

All of this is a result of our out-of-control debt. This is why we need to rein in spending, and this is also why we need energy independence. A weakened dollar means higher commodity prices. This will make it more difficult to pay our bills – including the bill to import oil.

In his book Architects of Ruin, Peter Schweizer points out that the Obama
administration is focusing primarily on “green energy," while ignoring our need
to develop our domestic conventional energy resources.[5] We’re ignoring the
looming crisis caused by our dependence on foreign oil. Because we’re dependent
on foreign nations for our oil, we’re also at their mercy if they decide to dump
the dollar as their trade currency. We can’t allow ourselves to be so vulnerable
to the whims of foreign nations. That’s why we must develop our own domestic
supplies of oil and gas.

Though the chant of “Drill, baby, drill” was much derided, it expressed the need to confront this issue head-on before it reaches a crisis point.

Bottom line: let’s stop digging ourselves into debt and start drilling for energy independence.

- Sarah Palin

[1] See http://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html

[2] See http://online.wsj.com/article/SB125484066563367821.html

[3] See http://www.breitbart.com/article.php?id=CNG.e272eaa74dccc30f21c6ff7638b0f37b.461&show_article=1

[4] See http://news.yahoo.com/s/afp/20091006/ts_afp/commoditiesgoldmetalsprice_20091006144514

[5] See http://www.peterschweizer.com/