Now, according to what I’m reading, Nancy Pelosi has agreed to consider an off-shore drilling proposal presented by Democrats. I’m sure she’ll tout this as a major new idea and an example of the failed economic policies of Bush.
However, it’s got thorns attached. From what I’m reading, and I’ve not read the actual proposals:
- No Gulf drilling off Florida until 2022
- Tax increases on oil producers immediately
- No revenue sharing with the states expected to approve it.
- No drilling within 50 miles
That’s enough for now. The scenario I see if Congress does pass this legislation is prices will increase immediately due to the added expense of paying the taxes whereas no actual increase in production will occur for several years. That is all reliant of course, on the states willing to take the financial risk of an oil-spill clean-up with no economic gain whatsoever if they do allow it. While, of course, a good portion of the oil to be gotten remains off-limits as it is now.
In other words, it’s guaranteed to fail if it does pass. And, because the Republicans have hammered the Democrats on this issue, she thinks they’ll be compelled to vote for it.
That’s your “bringing ethics back to Congress” Pelosi for ya.
Now, I think the Republicans are blowing this entire issue at this time. All they need to do is promise Nancy they’ll put one of T. Boone Pickens’ windmills on top of each oil platform and I bet she’d approve more than we ever needed.
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