![]() | Harry S. Dent, Jr., President of HS Dent, is the publisher of The HS Dent Forecast, a monthly investment newsletter. Since 1992 he has authored two consecutive best sellers “The Roaring 2000s” and “The Next Great Bubble Boom”. Today, he continues to educate audiences about the deep and extended downturn that will follow the peak of the baby boom’s long spending cycle. A Harvard MBA graduate, Fortune 100 consultant, new venture investor and noted speaker Mr. Dent offers a refreshingly understandable view of the future, suggesting practical applications at all levels. |
| Rodney Johnson: Pipeline Denied By - Expect the Oil to Go to China |
| Written by Harry Dent |
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Pipeline Denied By - Expect the Oil to Go to China - Rodney Johnson / HSDent 01/18/12) The proposed XL Pipeline was rejected by President Obama under the pretense that the proposal had not been around long enough for sufficient study. Study of what? It’s a pipeline to bring in oil from Canada through a region that already has a lot of pipelines. Haven’t we studied this area before? Don’t we know what’s in it? And the pipeline proposal isn’t new., it’s been around since 2008. This is the same posturing that we have seen a million times over from both parties. The dance is familiar. The Democrats wanted to pass a payroll tax extension for 2 months, which is laughable on its face. The Republicans did not have the stomach to call this a sham, and caved on the 2-month deal in exchange for expedited review of the XL Pipeline. The State Dept announced that the President cannot call for expedited review of anything. Hmmm. So do we unwind the payroll tax legislation? If part of it is illegal, if the part that was used as the quid pro quo isn’t valid, then shouldn’t the other piece be scrapped? Right.
What are we left with? A payroll tax deduction that does not help the economy and a denial of a project that would create jobs and a greater flow of oil from a close ally and neighbor. Democrats claim they scored victory for the economy and consumer with the payroll tax cut and for the environment with the pipeline denial. Republicans claim that they demanded passage of the pipeline and were let down. The galling part is that the oil will be tapped anyway. A pipeline or transportation route of some sort will be mapped out. Then the oil will most likely be put on big ships and sailed across the planet to China. Brilliant. Once again the US constituent lost twice. |





