The administration is also working mightily to lower oil and natural gas production on federal lands and in federal offshore areas by delaying indefinitely the issue of the environmental permits required to begin drilling. These efforts are succeeding: the Department of Energy forecasts a decline in domestic oil production in the near future, despite increasing production on private lands.

The economic effects of declining energy production are obvious. On the other hand, the EPA has long disputed the cost of environmental regulations. Lisa Jackson, the head of Obama's EPA, even testified before Congress that all the new regulations would create lots of new green jobs. After all, Jackson said with a straight face, companies will have to hire new employees to build the pollution control devices required and EPA will have to hire new compliance officers to do the paperwork.

Obama went along with this outlandish bunkum until recently when he delayed another new air regulation until 2013. That's because complying with the proposed rule to set tighter standards for ozone (or smog) has credibly been estimated to cost $1 trillion a year (in a $15 trillion economy). Obama still wants to do it, just not until after he gets re-elected. 

Standing in his way to re-election will be the Republican nominee. Do any of the Republican candidates have the understanding and rhetorical skill necessary to connect the dots and demonstrate that what has caused investors and companies to flee from investing in America is Obama's regulatory onslaught? Are any of them capable of convincing voters that he has the determination necessary to undo what Obama has done?