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
Yea… we can drill now. The only problem is that we can only drill where there isn’t any oil.
Oh and in exchange for getting to drill where there isn’t any oil we have to pay more taxes. And I say we for a reason, sure the estimated 18 billion dollars in new taxes will be leavied on the oil industry but, as anyone with half a brain knows, those taxes will most certainly be passed right along to us. Of course the Democratically controlled congress doesn’t understand that because well… they’re working with a smidge less than half a brain… collectively.
But, despite the facts, I can see the headlines tomorrow:
“House passes drilling ledgeslation! Democrats deliver and America falls even more in love with them”
“Democrats in congress win on energy, Nancy Pelosi is hero of the day”
“Nancy Pelosi steamrolls Republicans on drilling, everyone happy”
“Pelosi and Dems save America from energy crisis”
But here’s one headline you wont see:
“House passes 18 billion in new energy taxes, leaves 88% of offshore oil untappable”