The conservative Republican commentator opines: "In what can only be described as shameless hypocrisy [since he criticizes Mitt Romney for his work at Bain Capital], Obama does support venture capitalism when it supports his political purposes. The story you probably have not heard is that in the battleground state of Pennsylvania, Philadelphia-based Sunoco’s refinery was in trouble. According to the company’s 10-K report, it had to pay $1.3 billion for 'significant expenditures for environmental projects and compliance activities' to satisfy the carbon-limiting requirements of Obama’s EPA mandates."
He continues his commentary: "Sunoco rightfully feared regulatory costs would grow rapidly under the Obama administration, and made the decision to get out of the refining business entirely. Sunoco confirmed the cost of EPA requirements played a major factor in this decision. When Obama found out a refinery was going to close and thousands of union jobs would be lost in the key battleground state while gas and heating-oil were going to skyrocket before the election, he has one of his cronies call in a favor with one of his friends on Wall Street."
More: "Gene Sperling, director of Obama’s National Economic Council, started discussions to sell the refinery to the Carlyle Group, a politically-connected private equity firm. Carlyle plans on taking a two-thirds stake in the refinery at no cost, while promising to invest millions in upgrading the refinery. In the process, it is keeping American fuel-prices under control and saved 850 unionized jobs. To ensure the rescue happened, Pennsylvania politicians were happy to work with the Obama administration and offer $25 million in subsidies, at the expense of taxpayers."
Ken Blackwell Op-Ed: Obama's Bain
