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Romney Will Produce “Millions of Jobs” and Provide Oil Independence

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Bain Capital asset management firm invests money for the super wealthy and was founded in 1984 by Mitt Romney and three others. Bain invests private equity funds from pension funds, sovereign wealth funds, high net-worth individuals, and other sources. According to the Washington Post, Bain and Romney have “taken advantage of an obscure exception in federal ethics laws to avoid disclosing the nature and extent of his holdings.” Unlike other corporations, and other investors, the super-wealthy investors at Bain are permitted and obliged to sign a confidentiality agreement which forbids them from disclosing details of their investments. By this simple signature they can profit in undisclosed sources, and they are exempted from listing these sources on tax or other statements because such disclosure would break that contractual agreement. Bain investors easily sidestep federal ethics laws and are not required (or permitted) to reveal critical details.

It may be relevant to mention that Bain Capital investments include the lucrative Clear Channel Communications, which owns 850 radio stations, broadcasting Rush Limbaugh, Sean Hannity and a host of right wing conservatives. Regarding Bain, the Obama campaign released a statement saying Romney “exploited a loophole in order to shield his assets and investments from public review … Mitt Romney has put his personal financial assets in a black box and hid the key, attempting to play by a different set of rules than any candidate in recent history.”

Now Romney, preparing for the final thrust of his race for the presidency has revealed his plan for tomorrow’s investments and oil independence. Romney says he will create “millions of jobs” by drilling for oil and natural gas in every available location, having first eliminated the regulations that have evolved over years to protect Americans and the environment. We haven’t forgotten the Deepwater Horizon oil spill of 2010, which resulted from Halliburton Corporation’s failure to install the required cement base around the pipe entry into the ocean floor. When companies and corporations sidestep regulations, the cost can be extreme.

Romney complains that a corporation desiring to drill on federal lands must wait nearly a year in order to obtain the needed permit. We speculate that that year is utilized by government agencies to determine the desirability or drawbacks which would be associated with such drilling.

In fact, Romney’s need for oil independence is pointless; nonallied nations only supply about 20 percent of our oil, and that figure is reduced daily. The current Republican Party has turned a blind eye to the environment and to the safety of Americans. Fracking is a valuable tool in extracting natural gas, but it tends to contaminate ground water—the drinking water of those living in areas where fracking is used. It may be significant that natural gas, and fossil oil are non-renewable resources; thousands or millions of years are required to produce these assets, from ancient forests long gone. Some romantics might be concerned that we are robbing the future, when we go to extremes to immediately exhaust supplies. At some future time, after a war, after a natural disaster, the people then might have a great need for these fuels which we will have already depleted.

Romney has only one interest in winning the presidency; he needs to control the government influence on profit-making corporations. As power moves from Washington to the states, transparency and accountability become impossible. It hurts to know that these representatives of the people are coldly, calculatedly blind to the people, except as to surreptitious ways the voters can be swayed to aid their corporate motivations.

Photos: The New Yorker

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About John Lake

John Lake had a long and successful career in legitimate and musical theater. He moved up into work behind the camera at top motion pictures. He has done a smattering of radio, and television John joined the Blogcritics field of writers owing to a passion for the liberal press, himself speaking out about the political front, and liberal issues. Now the retired Mr. Lake has entered the field of motion picture, television, and video game (now a daily gamer!) critique. His writing is always innovative and immensely readable!
  • Igor

    @3-Joe: we won’t exploit solar and wind until either the massive oil/coal subsidies are removed, or matching subsidies are provided to New Technology.

    Our current government (bought and paid for by lobbyists from Big Oil and Big Coal) is picking winners and losers, and the losers are renewable energy.

  • We still need to exploit solar and wind energy.

  • Igor

    Both Oil independence and more oil employment are mirages. They are unachievable because of the very laws passed by Big Oil and their employees in the U.S. congress.

    Oil Independence: this is neither achievable nor desirable. I infer that most Americans have the false belief that we only use foreign oil because we don’t drill enough of our own so we are required to go on the foreign oil market to supplement our own drilling, therefore, if we drill another barrel that will be one less barrel we have to buy abroad. That’s not the case at all. In fact, a barrel that we drill will go into the big International Oil Pool that all (or most, anyway) countries have access to based on their bids. We use about 20% of the oil in that big pool, so when we put a barrel in we will only swell the international pool by one barrel and we will get about one-fifth of a barrel out. The rest will probably be bought by other nations. In other words, our contribution will be diluted by 80% and we’ll just get a fraction back of the oil we drill.

    That’s because current gospel in Big Oil is Ricardian economics, named after David Ricardo a 18th century parson, who, when I was studying Econ 50 years ago was considered a flaming radical because his theory of Relative Economic Advantage undermined National Sovereignty. But now Ricardo is a God of Big Business because they discovered how to make Big Bucks out of “Free Trade”.

    Of course, we could pull out of the big International Oil Pool and keep all our oil for ourselves, but then we’d lose access to foreign oil and pump prices would go through the roof. The cost of Oil Independence will be settled on the shoulders of American motorists with doubled or tripled gas prices.

    We use foreign oil not because we MUST, but because it’s cheaper. There’s no good reason to burn expensive US oil when we can burn cheap Saudi oil.

    Oil Employment: less than 100,000 people are employed in oil extraction, so there is little room for growth. In fact, oil extraction employment decreases every year despite increased drilling. Machines do the work.

  • Earl Richards

    Big Oil, Wall Street and the GOP are a bunch of morally, bankrupt jerks. Romney is already oil-bought. Romney/Ryan will be worse than Bush/Cheney.