Finally, GW takes a reasonable step.

[rn79870]

WASHINGTON (CNN) -- President Bush asked Congress Wednesday to permit drilling for oil in deep water off America's coasts to combat rising oil and gas prices.

"There is no excuse for delay," the president said in a Rose Garden statement.

Bush also renewed his demand that Congress allow drilling in Alaska's Arctic National Wildlife Refuge, or ANWR, clear the way for more refineries and encourage efforts to recover oil from shale in areas such as the Green River Basin of Colorado, Utah and Wyoming.

Bush said that the basin potentially contains more than three times as much recoverable oil as Saudi Arabia's proven reserves, and that the high price of oil makes it profitable to extract it.

"In the short run, the American economy will continue to rely largely on oil, and that means we need to increase supply here at home," said Bush, adding there is no more pressing issue than gas prices for many Americans.

The White House estimates there are 18 billion barrels of oil offshore that have not been exploited because of state bans, 10 billion to 12 billion in the Alaska National Wildlife Reserve, and 800 billion barrels of recoverable oil in the Green River Basin.

Obama chimes in with "It won't help the immediate problem." How far from the truth can this be. Sure it won't lower gas prices, but it is a step towards fixing the problem, and every day we wait, is another day of foreign dependence. Americans are willing to suffer when they know there is an end in sight. Congrats Mr. Bush on taking a step in the right direction. Now, if congress and Nancy Pelosi will only listen.

[Cold_Zero]

While this wont fix our dependence on foreign oil or fossil fuels, I am for this.

I realize that we can not drill our way out of this problem, but if we started drilling our untapped oil fields maybe we could drill our way 'partly' out of the problem?

Also, to those who say it will be years until this oil hits the market and makes real impacts to the price of gasoline in this country:1. Republicans in the 1980's and 1990's were calling for drilling in ANWR. Had Congress approved drilling in ANWR we would have had this oil by now!2. Speculators are basing the price of oil on the market by what the future demand and supply will be. Experts are already speculating that just the approval of drilling in ANWR will drop the price of oil on the market.3. Just as we can't drill our way out of this problem, we also CANT TALK OUR WAY out of this problem with nice little talking points and hinge our energy needs of the future on pipe dreams.

This is basic supply/demand economics. If you increase the supply, decrease the demand or do both, the price of oil will drop. I just pine for the days of GHW Bush who would meet with the Saudis and get them to release more oil on the world markets. Those were the days. If the OPEC nations dont watch it, they may price themselves out of customers.

[Cold_Zero]

Also, people that think ANWR is some pristen wild life sanctuary or compare it to Yellow Stone National Park (a national icon) dellude themselves. 800 people visited ANWR last year compared to 2.9 million vistors that Yellowstone gets a year. There is no comparison between the two.

I agree with Kramer from "Mad Money" if there is oil underneath my pool (or in my case my daughter's playground), I am all for drilling. I think he also said he would support drilling in NJ as well.

[rn79870]

If I recall correctly, when they built the Alaska pipeline, several things happened, almost all of them good.1. employment was high for the area, as were wages.2. provisions were made to protect the environment, and the wildlife, including provisions for migratory paths.3. us dependence on foreign oil was reduced.4. Balance of trade benefited.

Come on congress, get with the program.

[smockers83]

Finally? Didn't he call on Congress to open up ANWR in one of his State of the Union addresses either last year or two years ago? And this is more backing McCain and his proposal than anything else. Obama thinks it won't solve the problem because he thinks solving the problem is taxing big oil while removing taxes on gas because big oil makes too big of profits apparently.

This is a brilliant move politically for the GOP. It puts the Dems in the hot seat as people know more oil means lower prices and the Democratic proposal of taxes confuses people and what does it do to help the people? Dems supposedly are for the middle and lower classes and that's where oil is hurting the most, so they almost have to support this right now.

[Cold_Zero]

I thought Obama was against lowering/suspending the gasoline taxes?

And correct me if I am wrong.If the only thing we do is tax 'big oil':1. That 'wind fall profit' tax will be passed on to the consumers (us) just like every other tax that is levied.2. If Congress does collect on the 'wind fall profit' tax (and does not turn around and squander the proceeds) and invests in alternate fuel sources we will still be years away from having said technology homologated in our country where it will make a difference.

I think Obama's comments about the price of oil shooting up higher than 'we would have liked' can be pretty damning. Or at best appear to be uncompassionate about the issue of high oil prices.

[AZhitman]

Probably an instance where "the man who wants to be president" should either:

1) Keep his uninformed mouth shutOR2) Applaud the decision, and say the exact words in the ttle of this thread.

Both would show more class and comprehension than the knee-jerk response of "it won't work".

What a negative nancy he is.

[Cold_Zero]

Is that her new nick name 'Negative Nancy Pelosi?'

[smockers83]

Cold Zero:

1. The extra tax on big oil could be passed onto us, the consumers in forms of tax breaks such as this gas tax holiday. However, raising taxes on oil companies increases our dependence on foreign oil, squanders supplies, and therefore raises the price even more. The rise in price is almost guaranteed to make the tax holiday, or any tax break, pointless and worse for the consumer.

2. Very true. But to dump all of that money into stuff like that now is not what's needed, at least on that sort of scale. We need short run solutions right now and what we're getting are long run solutions. The best short run solutions can be hybrids, diesel cars, smaller cars, more domestic oil. Implement the technology we have now while investing on smaller scales into the future.

Yes, we have Negative Nancy and the Do Nothing Congress. Sounds like a jazz/blues band or something.

[Cold_Zero]

Maybe I didnt state my #1 correctly. If Congress levies a "Wind Fall Profit" tax on big oil companies, there is a high likely hood that the oil companies will raise their prices in order to pay for the tax being levied. Therefore we will pay for the tax increase, not the oil companies.

[HashiriyaS14]

Despite my current support of the Democratic candidate, I DO also support both this drilling and the addition of new nuclear power capacity.

Something I disagree with my candidate on, but am willing to tolerate so that he'll nominate a moderate justice to replace Stevens when he inevitably retires between now and 2012.

Besides, I'm of the mind that even if Obama wins, this will still happen. I think it's too good of an idea, and if he promises not to, it's just going to be a promise he'll have to break.

[smockers83]

Besides, I'm of the mind that even if Obama wins, this will still happen. I think it's too good of an idea, and if he promises not to, it's just going to be a promise he'll have to break.

I'm not so sure on that one. Democrats have been blocking this for how long now? Plus Obama is of the mind that his party's main following, the middle and lower classes, see him taking on big oil by proposing more taxes on them and somehow that's going to help them. He can do that because how many of them really know that big oil returns a profit just like every other average company? All they see is billions of dollars in record profit and because of that, they're doing something bad. Please, get real and get with the program. Chevron's tax last year was 45%...are you really going to charge them more? I sure as hell hope not. I don't even know if Obama knows that, he doesn't seem to know much about economics and business. If Obama becomes president, I don't see domestic oil exploration going anywhere but down.

[Cold_Zero]

Jeez Hash,You know I like you man, but we have a bazillion threads about Obama and why we are or are not voting for him. I guess this is the age we live in, talk about Obama, the conversation gravitates to Bush. Talk about Bush, the conversation gravitates to Obama.

Anyway....

[Cold_Zero]

He can do that because how many of them really know that big oil returns a profit just like every other average company? All they see is billions of dollars in record profit and because of that, they're doing something bad.

This has been the mantra of the Democratic Party for a while now and one of the reasons why I CAN NOT vote for them. That is right, some people vote for Obama because they are black, I vote my pay check.

zer...06571

Yeah I am calling it and no one had anything to say about it. This IS what we have to look forward to with Obama and the Democrats in control. This 'David and Goliath' farce of helping the middle class by demonizing the Corporations that actually employ the Middle Class. I have lived through it personally with these Jokers (Ted Kennedy, HR Clinton, Bill Clinton, and yes Obama) trying to take my company down because we are one of the largest private entities in FFELP and the direct competitor to the government. Looking at my stock yesterday that is worth NOTHING because they artificially set interest rates and jacked around with the FFELP program. I guess 'Big Oil' is next, then your employer and then anyone that turns a 'wind fall profit.' Problem is who determines how much is too much? You gotcha... these jokers. And when are WE going to investigate Congress for THEIR WIND FALL PROFITS?

[AZhitman]

People don't want to hear all that, Bud.

Least of all the lefties - They function on emotion, not logic, and talk of lowering taxation on large corporations simply flies in the face of their fairytale Robin Hood fantasies.

[rn79870]

People don't want to hear all that, Bud.

Least of all the lefties - They function on emotion, not logic, and talk of lowering taxation on large corporations simply flies in the face of their fairytale Robin Hood fantasies.

Funny you should say Robin Hood. What do you call it when they steal from the poor to give to the rich? Aah yeah - conservative - never mind, I answered my own question.

[OriginalWheelman]

I just don't understand how a few caribou are more important than the continued function of our economy.

[HashiriyaS14]

Jeez Hash,You know I like you man, but we have a bazillion threads about Obama and why we are or are not voting for him. I guess this is the age we live in, talk about Obama, the conversation gravitates to Bush. Talk about Bush, the conversation gravitates to Obama.

Anyway....

I didn't mean to make it about the candidate, I was really just trying to say that I agree with the idea of drilling.

It's an election year though, every discission on any issue is going to boil down to what the candidate's positions on them are. I was saying that on this issue, I DISAGREE with the person I've otherwise elected to support.

And yes, I do still stand by the idea that in the next 8 years, no matter who is elected President during those 2 terms, by the end, I think we'll be drilling these areas regardless. We just need the goddamned oil, and nothing anyone says is going to change the fact that we need the goddamned oil. It's just a good idea no matter how you slice it, and the actual environmental impact would be very minimal.

[rn79870]

I just don't understand how a few caribou are more important than the continued function of our economy.

The ironic thing is that the inconvenience to the caribou is temoporary. Look at the Alaska pipeline and how little effect it has had on the environment.

Bush has the power to issue an executive order to allow the drilling. Why doesn't he do so?

[HashiriyaS14]

Bush has the power to issue an executive order to allow the drilling. Why doesn't he do so?

Yeah, it's not like he has anything to lose politically.

Isn't there a limit on how long actions based on an Executive Order can continue before they require a resolution from Congress? Like 90 days or something like that?

It will take a couple years to get drilling operations really up and running in these places, which would seem to be long enough for Congress to intervene if they wanted to.

[Cold_Zero]

I didn't mean to make it about the candidate, I was really just trying to say that I agree with the idea of drilling.

It's an election year though, every discission on any issue is going to boil down to what the candidate's positions on them are. I was saying that on this issue, I DISAGREE with the person I've otherwise elected to support.

And yes, I do still stand by the idea that in the next 8 years, no matter who is elected President during those 2 terms, by the end, I think we'll be drilling these areas regardless. We just need the goddamned oil, and nothing anyone says is going to change the fact that we need the goddamned oil. It's just a good idea no matter how you slice it, and the actual environmental impact would be very minimal.

I was trying to rib you more than anything with my comments. It is an interesting developement where you can't talk about almost any issue in American Politics without talking about GW Bush. Not sure if it all has to do with the "Get Bush" mentality that prevails in this society.

But you are a good person for being able to disagree with 'your candidate' and yet support him/her. Something necons and some conservatives just havent learned.

[Cold_Zero]

The ironic thing is that the inconvenience to the caribou is temoporary. Look at the Alaska pipeline and how little effect it has had on the environment.

Bush has the power to issue an executive order to allow the drilling. Why doesn't he do so?

To effectively start drilling in ANWR or off shore drilling (except for the Gulf of Mexico) Bush would need Legislation from Congress. The real question will be with states that have anti drilling laws on the books, like California and Flordia, what will the fall out be with the new Congressional legislation?

[audtatious]

Funny you should say Robin Hood. What do you call it when they steal from the poor to give to the rich? Aah yeah - conservative - never mind, I answered my own question.

Oh Please

The ironic thing is that the inconvenience to the caribou is temoporary. Look at the Alaska pipeline and how little effect it has had on the environment.

Actually, it had the opposite effect. The warmth of the pipeline was a mating call to the heards and has resulted in an increase.

What I am tired of is the general assumption that "Big Oil" is a bunch of Texas buddies that have brunch with the Bush's on Sunday. Who owns big oil? The people do. For a large number of the population, parts of their pensions and retirement investments are what own big oil. Windfall tax the oil companies and not only will they pass it to us but we will be hit with depreciation of our investments. Way to go.....

[HashiriyaS14]

What I am tired of is the general assumption that "Big Oil" is a bunch of Texas buddies that have brunch with the Bush's on Sunday. Who owns big oil? The people do. For a large number of the population, parts of their pensions and retirement investments are what own big oil. Windfall tax the oil companies and not only will they pass it to us but we will be hit with depreciation of our investments. Way to go.....

I couldn't agree more, which is why the idea of a "windfall tax" is idiotic. Hopefully it's just a pre-election political gimmick.

Hell, I have lots of oil-based securities, I am "Big Oil", lol. I should probably look into selling most of them off though, as I would with any security after a record run-up. "Buy on the cannons, sell on the Trumpets"

[audtatious]

The heads of Congress are not going to allow it and will be trying to press this off until after the election. As they have been complete failures in the 1.5 years they have held office it seems they are positioning for success after Obama wins office. There are quite a bit of back-door antics going on with some bills being setup under the Bush Admin that they plan on dramatically getting rid of (wish I had a link to the news articles on what they are doing but I don't) and I am sure if Obama takes office one of the things they would do is allow additional drilling. This would give them a big win-win to the public altho they are actually causing the problems themselves.