Gingrich: Obama Lives in ‘Fantasy Land’ Regarding New Energy

Gingrich with VP Al Gore and Pres. Bill Clinton 4 Feb 1997 State of the Union Address.


GOP presidential contender Newt Gingrich said Thursday that President Obama “lives in this fantasy land” regarding new energy technology, even as he vowed to stay in the race for his party’s nomination despite sagging far behind Mitt Romney in total delegates.

“The president lives in this fantasy land, like Solyndra, he imagines these things up,” Gingrich said on Fox News. “I’m for biological research. I’m for developing algae over time. But the current algae technologies, you’d have to have $850 a barrel oil to make it competitive.”

Obama, during a speech in February, mentioned biofuels are being developed from algae, which some believe has the potential to become a major source of energy in the future.

In addition, Gingrich battered Obama over his preference to import more oil than produce it domestically, which a number of economists say hurts the U.S. economy by widening the trade deficit.

In speeches and during GOP debates, Gingrich has promised to scale back the average price of gasoline to $2.50, which is still higher than the $1.90 average during the end of President Bush’s first term, when oil prices spiked to more than $42 a barrel.

Gingrich, a former House speaker, says new technologies are enabling the U.S. to tap into previously unreachable or unknown energy resources at home.

“It’s the president who is refusing to recognize the modern world. In the modern world, the amount of oil we have in North Dakota because of new drilling technology has jumped from 150 million barrels to 24 billion barrels in the last decade,” Gingrich said.

“We have more oil in North Dakota than we ever dreamed possible. And some people think with another generation of new technology, we’ll have 500 billion barrels in North Dakota,” he added.

Asked whether he would drop out of the GOP race, Gingrich said he planned to continue on to Tampa, site of the Republican National Convention in August.

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