Obama Shuts Down 1.6M Acres to Oil Shale Development

Just two days after President Obama’s re-election, the Obama Interior Department announced a plan to shut down 1.6 million acres of federal land to oil shale development. The land had originally been slated for drilling under President George W. Bush.

“By significantly reducing the acreage of wilderness potentially available for leasing, Secretary Salazar is laying out a creative, thoughtful and more responsible approach in managing some of our most precious resources,” said Bobby McEnaney, senior lands analyst with the Natural Resources Defense Council.


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The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

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