Congress finally gets oil drilling right, by doing nothing.
It took forever but Congress has finally caved and will not stop new drilling for off-shore oil.
Good news I’d say.
But, of course, as anybody who knows anything about government can tell you, there is still a mile of red tape to get through before anybody can actually go and actually drill for oil offshore. The biggest problem is in getting congress to pass a revenue sharing bill which cuts the states in on the money that drilling will enevitably bring in. Until then its doubtfull that the states will allow any drilling…
But I’m hopeful.
After all this is a winning issue for the Republicans and a loser for the Dems so the Republicans will push this as hard as they can until its settled and the Dems, as evidenced by the surrender on the drilling ban, simply can’t afford to fight back too hard.
So, as I said before, good news.
P.s. I can’t wait to see what this does to oil prices
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