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Home Front: Politix
Obama 'shifts', says he may back offshore drilling
2008-08-02
ST. PETERSBURG, Fla. - Democratic presidential candidate Barack Obama said Friday he would be willing to support limited additional offshore oil drilling if that's what it takes to enact a comprehensive policy to foster fuel-efficient autos and develop alternate energy sources.

Shifting from his previous opposition to expanded offshore drilling, the Illinois senator told a Florida newspaper he could get behind a compromise with Republicans and oil companies to prevent gridlock over energy. Republican rival John McCain, who earlier dropped his opposition to offshore drilling, has been criticizing Obama on the stump and in broadcast ads for clinging to his opposition as gasoline prices topped $4 a gallon. Polls indicate these attacks have helped McCain gain ground on Obama.

"My interest is in making sure we've got the kind of comprehensive energy policy that can bring down gas prices," Obama said in an interview with The Palm Beach Post. "If, in order to get that passed, we have to compromise in terms of a careful, well thought-out drilling strategy that was carefully circumscribed to avoid significant environmental damage -- I don't want to be so rigid that we can't get something done."
Posted by:Steve White

#15  The profit was record in terms of amount. In terms of percentage, its was 8% of revenues.

Now imagine if the 70% that we import was all on the economy. 700 Billion annnually -- all added to the US in terms of tax revenue base. Also add in the thousands of jbos and income they create.


Drill Here, Drill Now! Strategic Importance, Economic Importance.
Posted by: OldSpook   2008-08-02 20:42  

#14  Taxes only capture 33% of profits. Windfall taxes capture 100%. See the appeal for Washington?
Posted by: ed   2008-08-02 17:45  

#13  If the oil companies make a bazillion dollars, they generally report profits after taxes, no?

So if they eared a bazillion dollars, did they not pay another bazillion in taxes before they made a bazillion in profit?

Am I the only person who thinks that? Did I dream it?
Posted by: Bobby   2008-08-02 17:39  

#12  If Bush had a killer instinct, the regime in Iran would be long gone, so forget that.

Unfortunately, the House and Senate (Obama included) are such a bunch of inept, technically-unsophisticated losers that I'm not sure I'd welcome any comprehensive energy legislation that came out of there. They will tinker with energy prices, taxes, and research direction with the ultimate result that everything will be distorted, corrupted, bureaucratized, and less than half as good as it could otherwise be.

Case in point: Obama's "windfall profits" BS ignores that facts that (1) most oil companies are publicly owned by shareholders including American citizens and pension plans and (2) profits are needed to boost capital for things like offshore exploration and increasing domestic capacity. But he's a socialist like many Democrats in Congress, so I don't expect him to understand capitalism: he only understands taxes, and taxation is his notion of building wealth.
Posted by: Darrell   2008-08-02 16:52  

#11  If Bush had a killer instinct, he would recall both the House and Senate to session until comprehensive energy production legislation is passed. That includes keeping the legislature in session, and squealing like the pigs they are, through November.

That would be a no lose situation for Bush and wildly popular with Americans.
Posted by: ed   2008-08-02 15:39  

#10  Once elected, he has four years to do whatever he wants One drawback to this prediction -- the national & world economy continues to deteriorate in ways that surprise the experts. Events not quite foreseeable now will constrain whatever the next president does, to the extent that he will (1) regret winning and (2) not be re-elected. The amount of pain high motor fuel costs the electorate is underestimated by candidates (as it has been by Detroit), and just wait until the new winter heating costs sink in. My natural gas supplier this week sent me a letter announcing its base price will rise from $9.90/mcf to $17.70/mcf, this is in addition to supply & other billing charges.
Posted by: Anguper Hupomosing9418   2008-08-02 14:57  

#9  In order to get elected President of the entire country, not just the crazy parts, Obama will have to appear to move more towards the center via election pledges he has no intention of honoring. Once elected, he has four years to do whatever he wants, helped along by a Democratic legislature.
Posted by: Zhang Fei   2008-08-02 12:50  

#8  Drilling bans along the Pacific coast and the Northeast would remain in place under this compromise.

Let those hicks in the south soil their beaches! We of the elite have our principles!
Posted by: Obama Bobby   2008-08-02 11:23  

#7  In order to get elected President of the entire country, not just the crazy parts, Obama will have to move more towards the center. This latest position is just Machiavellian pragmatism in action. I suspect he would throw his grandmother under the bus if necessary. Oh, wait. That already happened.
Posted by: SteveS   2008-08-02 10:48  

#6  Thanks, Frank. But if the leadership was involved, they should have gotten more than 40 to show up and they could have arranged media. (How has it played in the media?)

I still suspect, based on what I've read, that it was spontaneous and the leadership went on with it, rather than led it as part of a concerted program. I'll be happy to be proven wrong on Monday.

Also, remember the Senate is still in session. If the trunks there were not a bunch of Stevens, they'd descend upon the chamber when the token donk makes his appearance, establish a quorum and pass some legislation.
Posted by: Nimble Spemble   2008-08-02 10:42  

#5  Boehner and Blount were there, NS, so your remark bout the leadership is....inoperative. Bush should call them back to Special Session to really highlight their obstruction...heh
Posted by: Frank G   2008-08-02 10:18  

#4  Sorry, Frank. The trunks are the Paleos of politics; they never miss an opportunity to miss an opportunity. If there are five or moer trunk reps pounding on the door of the House on Monday for the assembled tv vidocams shouting "Mrs. Pelosi, Open this door!" I'll take it back. But Friday appears to be a spontaneous eruption that would have been vetoed by the leadership. John Fund has a great column on whether the trunks will be the party of Ted Stevens or Tom Coburn. I suspect we are near an inflection point but haven't reached it yet. I sure would like to see Coburn and Pence running things.
Posted by: Nimble Spemble   2008-08-02 10:04  

#3  Yup. I was worried a little while back that the Pubs would miss the train. Instead it appears that they were just keeping their powder dry until the right moment. The stunt in the House was just that -- a stunt -- but it was humorous and it got people's attention.


Now lets see if the Pubs can pound the point home while the Congresscritters are on vacation in their districts.
Posted by: Steve White   2008-08-02 09:21  

#2  Pelosi's ban on drilling is gonna really hurt the Donks over the recess if the GOP plays this right, and from yesterday's debacle at The House, it appears they are...
Posted by: Frank G   2008-08-02 05:57  

#1  Shifting from his previous opposition to expanded offshore drilling

#snort# Story of Barry's life.
Posted by: Secret Master   2008-08-02 00:13  

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