The Political Voices of Women » oil

Wall Street’s Black Sunday & Monday Meltdown

Catherine Morgan — Mon, 15 Sep 2008 15:19:55 +0000

The magnitude of this financial, housing, and credit crisis, is difficult to put into perspective. But, if you have a 401K, you are losing money. Fallout from this meltdown will continue, and there is no end in site. President Bush is leaving a real financial mess for the next president. Who can we trust to fix this? Can it be fixed?

Wall Street’s Black Sunday…

It was one of the most tumultuous weekends in Wall Street history.

Lehman Brothers, the fourth-largest investment bank in the United States, announced it is filing for a record bankruptcy after federal intervention failed to find a willing buyer Sunday. Bank of America (BoA), originally a Lehman suitor along with Barclays and others, is planning to buy Merrill Lynch instead for roughly $50 billion. Insurance giant AIG, meanwhile, is sinking and needs $40 billion to stay afloat. The Federal Reserve announced new measures to help markets cope with the fallout.

UPDATED…

McCain: Fundamentals of Economy are Strong??????

Obama: What Economy Is McCain Talking About?

Biden: McCain out of touch on economy.

How Sarah Palin will fix the economy?????

Second UPDATE

The DOW closes with a 504 point loss. This is the single biggest drop since 9/11.

USA Today – Bloomberg calculates that stocks erased more than $600 billion in value and that S&P 500 financial shares fell the most since at least 1989.

ABC News - “Terrible” only begins to describe Monday’s disaster on Wall Street, as one bank filed for bankruptcy, another was bought for a song and an insurance giant faced a struggle to stay solvent.

Also See:

BBC World News

Tweet This Post

Fact-checking The Sarah Palin Acceptance Speech

Catherine Morgan — Thu, 04 Sep 2008 17:17:23 +0000

Here is an extensive fact-check of the statements Sarah Palin made in her speech last night, that I received in my email earlier today.

If you missed the Sarah Palin speech you can see it in full here.

STATEMENT	RESPONSE
PALIN: “Our opponents say, again and again, that drilling will not solve all of America’s energy problems – as if we all didn’t know that already. But the fact that drilling won’t solve every problem is no excuse to do nothing at all.”	REALITY: PALIN SAID SHE WOULD BEG TO DISAGREE WITH ANY CANDIDATE WHO SAID WE CAN’T DRILL OUR WAY OUT OF OUR PROBLEM Palin Said She Would Beg to Disagree With Candidate Who Said We Can’t Drill Our Way Out of Our Problem. Asked by Invester’s Business Daily “Some politicians and presidential candidates say we can’t drill our way out of our energy problem and that drilling in ANWR will have no effect. What’s your best guess of the impact on prices?” Palin responded, “I beg to disagree with any candidate who would say we can’t drill our way out of our problem or that more supply won’t ultimately affect prices. Of course it will affect prices. Energy being a global market, it’s impossible to venture a guess on (specific) prices.” [Investor's Business Daily, 7/11/08]
PALIN: “Senator McCain also promises to use the power of veto in defense of the public interest – and as a chief executive, I can assure you it works.”	REALITY: PALIN OPPOSED CRUCIAL EDUCATION, HEALTH CARE AND SENIORS FUNDING EDUCATION/CHILDRENTotal: 396,000. Anchorage – Fire Lake Elementary School Replacement of Unsafe Sports Equipment. Palin vetoed $10,000. [FY08 Budget] Tanana City School District – Repair School Bus. Palin vetoed $36,000. [FY08 Budget] American Lung Association of Alaska – Asthma Control Program and Champ Camp. Palin voted $350,000. [FY08 Budget] HOSPITALS/HEALTH CARE Total: $4,527,500. Ketchikan General Hospital Surgical Suite Expansion/Relocation. Palin vetoed $4,400,000. [FY09 Budget] Ketchikan General Hospital – Replacement of Outdated Equipment. Palin vetoed $70,000. [2007 Legislature Supplemental] Sitka – Community Hospital – Medical Equipment. Palin vetoed $31,000. [2007 Legislature Supplemental] Kenai Peninsula Borough – Diagnostic Hospital Equipment. Palin vetoed $26,500. [2007 Legislature Supplemental] SENIORS Total: $600,000. Ketchikan Senior Citizens, Inc. – Access Road for Pioneer Heights. Palin vetoed $300,000. [FY08 Budget] AARP Ketchikan – Access Road for Ketchikan Senior Housing Project. Palin vetoed $100,000. [2007 Legislature Supplemental] Catholic Community Services – Angoon Senior Center Stove, Refrigerator and Freezer. Palin vetoed $20,000 twice. [FY08 Budget, 2007 Legislature Supplemental] Alpha Omega Life Care, Inc. – Delivery Van and Moveable Building. Palin vetoed $20,000. [FY09 Budget] Older Persons Action Group – Senior Voice Equipment Upgrade. Palin vetoed $20,000. [FY09 Budget] Statewide Independent Living Centers – Assistive Technology for Alaska’s Centers for Independent Living. Palin vetoed $125,000. [FY09 Budget] Kodiak Senior Center – Facilities repair and Equipment. Palin vetoed $15,000. [2007 Legislature Supplemental]
PALIN: “Before I became governor of the great state of Alaska, I was mayor of my hometown.”	REALITY: UNDER PALIN, WASILLA GOVERNMENT SPENDING & DEBT SKYROCKETED. Total Government Expenditures Increased 63 Percent Under Palin. In fiscal 2003—the last fiscal year Palin approved the budget—the total government expenditures of Wasilla, excluding capital outlays, were $7,046,325. In fiscal 1996—the year before Palin took control of the budget—the expenditures were $4,317,947. The increase was 63 percent. [Wasilla Comprehensive Annual Financial Report 2003, Table 1] Palin Supported Increasing Wasilla Sales Tax From 2 to 2.5 Percent to Build $14.7 Million Sports Center. “Wasilla residents have given the go ahead to building a new multiuse sports center in town and to raising the city sales tax to pay for it. With the final votes counted Friday, residents voted 306 to 286 in favor of a measure to raise the city sales tax from 2 percent to 2.5 percent to pay the estimated $14.7 million cost of building the center…Mayor Sarah Palin, who supported the measure, said the tight vote will motivate city officials to keep a close eye on the budget for the center.” [Anchorage Daily News, 3/9/02] Palin Left Behind Almost $19 Million In Long-Term Debt, Compared to None Before She Was Mayor. In fiscal 2003—the last fiscal year Palin approved the budget—the bonded long-term debt was $18,635,000. In fiscal 1996—the year before Palin took control of the budget—there was no general obligation debt. [Wasilla Comprehensive Annual Financial Report 2003, Table 10]
PALIN: “It was the spirit that brought me to the governor’s office, when I took on the old politics as usual in Juneau … when I stood up to the special interests, the lobbyists, big oil companies, and the good-ol’ boys network.”	REALITY: PALIN HAS A LT. GOVERNOR WHO IS A FORMER OIL LOBBYIST, HIRED WASILLA’S FIRST FEDERAL LOBBYIST (A FORMER STEVENS STAFFER) & HAD THE SUPPORT OF ENTRENCHED ALASKA POLITICIANS DURING HER 2006 RACE. Palin’s Oil & Gas Appointee Is Former Lobbyist for TransCanada. “Marty Rutherford, who leads Gov. Sarah Palin’s gas pipeline team, made $40,200 in 2003 while consulting in Juneau for a pipeline subsidiary of TransCanada. TransCanada is one of the companies bidding for a state license to build a pipeline to carry gas to market from Alaska’s North Slope. It’s not a disqualifier, but the past connection deserves a second thought.” [Anchorage Daily News editorial, 12/15/07] Palin “Counting on Her Lieutenant Governor Candidate… Former Oil Lobbyist” to Help Win Oil Industry Support. “The defiantly grass-roots nature of the campaign may have distanced her from certain traditional centers of power in Alaska. The oil industry is one — but the campaign says it is counting on her lieutenant governor candidate, Parnell, a former oil lobbyist and legislator, to help there.” [Anchorage Daily News, 10/24/06] Palin’s Former Chief of Staff is Stevens’ Campaign Manager. “Monegan says pressure came from those around Palin, including former Palin chief-of-staff Mike Tibbles, Department of Administration Commissioner Annette Kreitzer, and director of boards and commissions Frank Bailey. Tibbles, who is now the campaign manager for Alaska Sen. Ted Stevens, said Friday he couldn’t comment on whether he spoke to Monegan about Wooten.” [Anchorage Daily, 7/19/08] As Mayor, Palin Hired a Washington Lobbyist to Help Get Earmarks for Wasilla – Lobbyist Was Former Chief of Staff for Indicted Senator Ted Stevens. “And as mayor of the small town of Wasilla from 1996 to 2002, Palin also hired a Washington lobbying firm that helped secure $8 million in congressionally directed spending projects, known as earmarks, according to public spending records compiled by the watchdog group Citizens Against Government Waste and lobbying documents. Wasilla’s lobbying firm was headed by Steven Silver — a former chief of staff to Alaska Sen. Ted Stevens, a key proponent of the bridge project.” [USA Today, 8/31/08] The Usual Alaska Suspects – Ted Stevens, Don Young, And Lisa Murkowski Fundraised For Palin. “Will we see Ted Stevens stumping for Sarah Palin? Palin said this morning that Stevens appeared at a fund-raiser for her in Ketchikan and gave a speech about ‘moving Alaska forward.’ But does that mean he’ll pop up in any advertisements? (Remember his arguably pivotal role at the end of the Knowles and Murkowski Senate race?) Palin said she doubts it and hasn’t asked… She said Don Young came to one of her fund-raisers two days ago, and she expects Lisa Murkowski at an upcoming event. Tonight she planned to talk with John Binkley, who she says is writing a letter to his supporters on her behalf, and she planned to meet with Frank Murkowski tomorrow morning.” ["The Trail" blog, Anchorage Daily News, 10/13/06] In Her 2002 Campaign for Lieutenant Governor, Palin Raised ‘About 10 Percent Of Her Campaign Fund’ From Veco, An Oil Company At the Heart of Federal Investigation. “While mayor of Wasilla, Palin ran for lieutenant governor in 2002. She gathered $5,000 — or about 10 percent of her campaign fund — from Veco officials or their wives along the way.” [Anchorage Daily News, 9/6/06]
PALIN: “I came to office promising major ethics reform, to end the culture of self-dealing. And today, that ethics reform is the law.”	REALITY: PALIN SIGNED WEAK ETHICS REFORM BILL & HAS HAD NUMEROUS ETHICAL FLAPS OF HER OWN. Palin Signed Ethics Reform Legislation That Anchorage Republican Bob Roses Said Didn’t Go Far Enough. “An ethics reform package for state officials was signed into law Monday by Gov. Sarah Palin, just minutes after a former state representative was convicted on seven federal extortion and bribery counts. Palin said the law will help re-establish trust between the public and elected officials by improving on existing statutes. … Ethics reform had been a recurring theme throughout Palin’s election campaign, and she pushed hard for the bill to become a bipartisan effort in the Legislature this session. She said she remains determined to clean up Alaska politics. … Rep. Bob Roses, R-Anchorage, who succeed Anderson in the Legislature when Anderson didn’t seek re-election in 2006, said the law didn’t go far enough. Campaign contributions should be available for immediate public scrutiny, he said, and all contributions should be reported, even those below the current $1,000 threshold. ‘Quite frankly, I thought some of the things should have been a little tighter than what they were, but this is a first step,’ he said.” [The Associated Press State & Local Wire, 7/10/07] AUGUST 2008: Ethics Complaint Filed Against Gov. Palin Over Alleged Involvement in Hiring a Campaign Contributor. In August 2008, former state House member Andree McLeod” filed against Gov. Sarah Palin and her staff today with the Attorney General’s Office. It accuses the governor’s office of using its pull to get a Palin supporter hired to a [Department of Transportation] job in Fairbanks.” McLeod said ” ‘Executive branch employee shouldn’t be getting involved in the recruitment process unless it’s based on merit,’ said Andree McLeod, who wrote the complaint based on a series of e-mails between members of Palin’s team…The complaint accuses Palin, her acting chief of staff and others of breaking executive ethics branch and hiring rules. It centers on the hiring of surveyor Tom Lamal, who once co-hosted a Palin fundraiser, for a state right-of-way agent job in Fairbanks.” The complaint is available at http://community.adn.com/sites/community.adn.com/files/McLeod Ethics Complaint1.pdf [Anchorage Daily News, http://community.adn.com/adn/node/128527, 8/6/08; Anchorage Daily News, http://www.adn.com/front/story/486163.html, 8/7/08] July 2008: Special Counsel Appointed Last Month to Investigate Palin Abuse of Power Claim. In July 2008, the Alaska State Legislator voted 12-0 to approve $100,000 for a special investigator to begin an investigation into claims Palin fired a former state official because he would not fire a state trooper who was involved in a bitter custody battle with Palin’s sister. The legislator’s intent was to investigate the events surrounding the termination of former Dept. of Public Safety Commissioner Walt Monegan and potential abuses of power and improper action by Palin and her administration. [KTVA 11, 07/28/08]
PALIN: “I suspended the state fuel tax, and championed reform to end the abuses of earmark spending by Congress.”	REALITY: ALASKA HAS REQUESTED $589 MILLION IN PORK SINCE PALIN TOOK OFFICE & AS MAYOR, SHE HIRED WASILLA’S FIRST FEDERAL LOBBYIST TO SECURE EARMARKS FOR THE TOWN.Over $589 Million in Federal Pork Requests During Palin’s Tenure as Governor. According to Citizens Against Government Waste, www.cagw.org, under Palin’s tenure as Governor the state of Alaska has asked for $589,599,715 in pork barrel projects. [2007 and 2008 Pig Book, www.cagw.org] · Alaska Has Sought 31 Earmarks Worth $197.8 Million in Next Year’s Federal Budget. “But under her leadership, the state of Alaska has requested 31 earmarks worth $197.8 million in next year’s federal budget, according to the website of Sen. Ted Stevens (R-Alaska), the former chairman of the Senate Appropriations Committee.” [LA Times, 9/1/08] As Mayor, Palin Hired a Washington Lobbyist to Help Get Millions in Earmarks for Wasilla – Lobbyist Was Former Chief of Staff for Indicted Senator Ted Stevens. “And as mayor of the small town of Wasilla from 1996 to 2002, Palin also hired a Washington lobbying firm that helped secure $8 million in congressionally directed spending projects, known as earmarks, according to public spending records compiled by the watchdog group Citizens Against Government Waste and lobbying documents. Wasilla’s lobbying firm was headed by Steven Silver — a former chief of staff to Alaska Sen. Ted Stevens, a key proponent of the bridge project.” [USA Today, 8/31/08] · Under Palin, Wasilla Received $26.9 Million in Earmarks. “As mayor of Wasilla, Palin made regular trips to Washington seeking federal aid. The city received $26.9 million in earmarks during her tenure from fiscal year 2000 to 2003, according to the nonpartisan Taxpayers for Common Sense, which tracks pork barrel spending.” [LA Times, 9/2/08] McCain Criticized Earmarks that Palin Sought as Mayor. “Three times in recent years, McCain’s catalogs of “objectionable” spending have included earmarks for this small Alaska town, requested by its mayor at the time — Sarah Palin… In 2001, McCain’s list of spending that had been approved without the normal budget scrutiny included a $500,000 earmark for a public transportation project in Wasilla. The Arizona senator targeted $1 million in a 2002 spending bill for an emergency communications center in town — one that local law enforcement has said is redundant and creates confusion. McCain also criticized $450,000 set aside for an agricultural processing facility in Wasilla that was requested during Palin’s tenure as mayor and cleared Congress soon after she left office in 2002. The funding was provided to help direct locally grown produce to schools, prisons and other government institutions, according to Taxpayers for Common Sense, a nonpartisan watchdog group.” [LA Times, 9/3/08]
PALIN: “In fact, I told Congress — I told Congress, ‘Thanks, but no thanks,’ on that bridge to nowhere.”	REALITY: PALIN WAS FOR THE BRIDGE TO NOWHERE BEFORE SHE WAS AGAINST IT.October 2006″ Palin Supported Bridge To Nowhere. In 2006, Palin was asked, “Would you continue state funding for the proposed Knik Arm and Gravina Island bridges?” She responded, “Yes. I would like to see Alaska’s infrastructure projects built sooner rather than later. The window is now–while our congressional delegation is in a strong position to assist.” [Anchorage, 10/22/06, republished 08/29/08] 2006: Palin: Don’t Allow “Spinmeisters” To Turn Bridge To Nowhere Project “Into Something That’s So Negative.” “Part of my agenda is making sure that Southeast is heard. That your projects are important. That we go to bat for Southeast when we’re up against federal influences that aren’t in the best interest of Southeast.’ She cited the widespread negative attention focused on the Gravina Island crossing project. ‘We need to come to the defense of Southeast Alaska when proposals are on the table like the bridge and not allow the spinmeisters to turn this project or any other into something that’s so negative,’ Palin said.” [Ketchikan Daily News, 10/2/06] REALITY: PALIN ONLY ANNOUNCED OPPOSITION TO ONE “BRIDGE TO NOWHERE,” STILL SUPPORTS THE OTHER ONE Palin Refused to Fund Ketchikan Bridge, But Did Not Stop Funding for Knik Arm Bridge.“Among the earmarks: $449 million for what critics have ridiculed as two ‘bridges to nowhere’ — one in Ketchikan and one across Knik Arm in Anchorage formally named Don Young’s Way. Alaska Gov. Sarah Palin, also a Republican, last month refused to use any more money for the Ketchikan project, redirecting it for other purposes.” [Anchorage Daily News,11/11/07] As Recently as June, State Asking for Cost Estimate Proposals for Knik Arm. “An independent party will be called in to look at one of the most elusive aspects of a proposed bridge linking Anchorage and Mat-Su: the price tag. Gordon Keith, regional director for the state Department of Transportation and Public Facilities, said his office will be putting the job of estimating the cost of the controversial project out for bids in coming weeks. He said the task of coming up with a price could cost up to $200,000 and take up to 3½ months. ‘The issue keeps swirling around, so we thought it best to go ahead and do an independent estimate,’ he said. The cost to get the estimate is going to be high ‘if you want to do it correctly,’ he said. The cost of a span reaching across Knik Arm from Anchorage to Point MacKenzie has ranged over the years from $450 million to $1 billion, depending on what kind of bridge is envisioned and what starting date is plugged into the formula… Randy Ruaro, a special assistant to Gov. Sarah Palin, said the administration, even in the face of the recent lengthy report from the bridge authority, was having trouble getting an accurate picture of everything that is involved in the project, of the timing of the phases, and of the costs. He said the independent estimate is expected to answer those questions. Mary Ann Pease, spokeswoman for the authority, said she welcomes the effort to get updated costs.” [Anchorage Daily News, 6/22/08]
PALIN: “But we are expected to govern with integrity, and goodwill, and clear convictions…”	REALITY: PALIN UNDER INVESTIGATION FOR ABUSE OF POWER. Former State Official Accused Palin, Palin’s Former Chief of Staff and Current Ted Stevens Campaign Manager and Palin’s Husband Of Pressuring Him to Fire Trooper. In July 2008, former state official Walt Monegan accused Palin, Palin’s former Chief of Staff and current Stevens’ campaign manager Mike Tibbles and husband Todd Palin of pressuring him to fire Palin sister’s ex-husband Mike Wooten. [Anchorage Daily News, 07/18/08] July 2008: Special Counsel Appointed Last Month to Investigate Palin Abuse of Power Claim. In July 2008, the Alaska State Legislator voted 12-0 to approve $100,000 for a special investigator to begin an investigation into claims Palin fired a former state official because he would not fire a state trooper who was involved in a bitter custody battle with Palin’s sister. The legislator’s intent was to investigate the events surrounding the termination of former Dept. of Public Safety Commissioner Walt Monegan and potential abuses of power and improper action by Palin and her administration. [KTVA 11, 07/28/08]
PALIN: “As Governor, I have a record of being a strong fiscal conservative and have vetoed millions in special projects pushed by legislators.”	Palin Increased Taxes on Oil Companies to Pay for $1,200 Giveaway to Every Resident in the State. “One of her most significant accomplishments as governor was passing a major tax increase on state oil production, angering oil companies but raising billions of dollars in new revenue. She said the oil companies had previously bribed legislators to keep the taxes low. She subsequently championed legislation that would give some of that money back to Alaskans: Soon, every Alaskan will receive a $1,200 check.” [New York Times, 8/30/08]
PALIN: “I understand that we must reduce our dependence on foreign energy. I’ve worked with our state’s energy producers to expand our production so that we can have a safe, reliable supply of energy produced here in the United States.”	REALITY: PALIN SUPPORTED EXPORTING NATURAL GAS WHILE ALASKA BUSINESSES CLOSED BECAUSE OF SHORTAGESPalin Backed A Two-Year Extension Of The Export License To Export Liquefied Natural Gas (LNG) To Japan And Other Asian Countries—Criticized Because Alaska’s Gas Reserves Are Declining. “Alaska producers can continue shipping gas to Asia after DOE last week approved an extension of the export license for the Kenai liquefied natural gas plant owned by ConocoPhillips and Marathon. The companies will be allowed to export up to 98.1 Bcf to Japan and other Pacific Rim countries over a two-year period through March 31, 2011. […] The application came under fire from local end-users, including gas distribution companies Enstar and the Chugach Electric Association, as well as fertilizer maker Agrium, all of which claimed the exports would exacerbate the problem of declining gas reserves in south-central Alaska. Agrium permanently closed its plant near Kenai due to an inability to find enough local supply for the facility that used 53 Bcf/year. In January, ConocoPhillips and Marathon reached a deal in which they agreed to step up development in the Cook Inlet region in return for the state’s support of the export license extension. The producers also agreed to divert gas from the LNG plant as needed to meet the peak winter supply needs of the local utilities. […] Alaska Governor Sarah Palin welcomed the DOE approval. “In these times of economic uncertainty, this is great news for the state and its residents. This extension will secure a future for the LNG operation and is another step toward ensuring energy supplies and energy security for Alaska,” the Republican governor said. [Platts Inside FERC, 6/9/08] · Agrium Closed Manufacturing Plant Because Of Gas Shortage. “Reserves of gas in producing fields in Southcentral Alaska are declining, posing concerns for supply to local utilities. A manufacturing plant on the Kenai Peninsula owned by Agrium Corp. recently announced it would close because the gas shortage.” [Alaska Journal Of Commerce, 11/25/07] · Gov. Palin: Agrium Closure Is Unfortunate. “Agrium announced yesterday that the plant will close in December due to a shortage in the supply of Cook Inlet natural gas, leaving about 100 of the 140 employees without employment. ‘It’s unfortunate to see the closure of a facility that has provided so many jobs that support families on the Peninsula,’ said Governor Palin. ‘I am heartened to hear that Agrium is willing to keep its options open if sufficient long-term supplies of gas can be found. We know there is more gas to be found and developed in Cook Inlet, so I remain hopeful that those jobs can be preserved.’” [Palin press release, 9/26/07]
PALIN: “And despite fierce opposition from oil company lobbyists, who kind of liked things the way they were, we broke their monopoly on power and resources.” This	REALITY: PALIN IS CLOSE TO THE OIL INDUSTRY Sierra Club Director Carl Pope Said “No One is Closer to the Oil Industry Than Governor Palin.” “No one is closer to the oil industry than Governor Palin,” said Carl Pope, executive director of the Sierra Club in comments reflecting the views of a cross section of environmental activists. They cite her eagerness to embrace expanded offshore oil development, her lawsuit against further protection of polar bears so as not to hinder oil drilling in Alaska’s ice-filled waters and her ardent support to allow oil companies into the Alaska wildlife refuge. [Associated Press, August 30, 2008]Palin Took $13,000 from Lobbyists Representing the Oil Industry in Her 2006 Campaign for Governor. The lobbyists who donated to her campaign represent a range of industries, including oil and gas, tobacco, education and the Native Alaskan community. “She’s fought oil companies and party bosses and do-nothing bureaucrats and anyone who puts their interests before the interests of the people she swore an oath to serve,” Mr. McCain said Friday at an Ohio rally to introduce her as his running mate. But since Mrs. Palin leads a major oil-producing state, that industry is one of her top donors. She collected nearly $13,000 from lobbyists who represent oil and gas industries in her primary and general campaigns, according a review of her campaign donations and 2006 registered state lobbyists. [Washington Times, September 1, 2008]
PALIN: “Starting in January, in a McCain-Palin administration, we’re going to lay more pipelines … build more new-clear plants … create jobs with clean coal … and move forward on solar, wind, geothermal, and other alternative sources.”	REALITY: PALIN CUT FUNDING FOR RENEWABLE ENERGY2007: Palin Vetoed $20 Million Toward A Fire Island Wind Farm Project. “[Sen. Hollis] French and [Anchorage Mayor Mark] Begich both lamented the [Palin] veto of $20 million toward a Fire Island wind farm project and connecting transmission lines. That money was part of Railbelt Energy Fund cash that Palin said she doesn’t want to spend until a study on energy needs is finished.” [Anchorage Daily News (Alaska), 7/30/07]2008: Palin Cut $20 Million For Chugach Electric Association Wind Farm. As part of a large package of budget cuts, in June 2007, Gov. Sarah Palin, R-AK, cut $20 million in funding for a Chugach Electric Association wind farm. The funding was expected to come from a fund called the Railbelt Energy Fund. Palin said she cut the $20 million because she wanted more information before dipping into the Railbelt Energy Fund. [Anchorage Daily News, 6/30/08]
PALIN: “Taxes are too high … he wants to raise them.”	REALITY: PALIN HAS REPEATEDLY SUPPORTED TAX INCREASES Palin Supported Increasing Wasilla Sales Tax From 2 to 2.5 Percent to Build $14.7 Million Sports Center. “Wasilla residents have given the go ahead to building a new multiuse sports center in town and to raising the city sales tax to pay for it. With the final votes counted Friday, residents voted 306 to 286 in favor of a measure to raise the city sales tax from 2 percent to 2.5 percent to pay the estimated $14.7 million cost of building the center…Mayor Sarah Palin, who supported the measure, said the tight vote will motivate city officials to keep a close eye on the budget for the center.” [Anchorage Daily News, 3/9/02] Palin Increased Taxes on Oil Companies to Pay for $1,200 Giveaway to Every Resident in the State. “One of her most significant accomplishments as governor was passing a major tax increase on state oil production, angering oil companies but raising billions of dollars in new revenue. She said the oil companies had previously bribed legislators to keep the taxes low. She subsequently championed legislation that would give some of that money back to Alaskans: Soon, every Alaskan will receive a $1,200 check.” [New York Times, 8/30/08]
PALIN: “It was just a year ago when all the experts in Washington counted out our nominee because he refused to hedge his commitment to the security of the country he loves.With their usual certitude, they told us that all was lost – there was no hope for this candidate who said that he would rather lose an election than see his country lose a war.But the pollsters and pundits overlooked just one thing when they wrote him off.They overlooked the caliber of the man himself – the determination, resolve, and sheer guts of Senator John McCain. The voters knew better.”	REALITY: MCCAIN COUNTED MCCAIN OUT TWICE February 2008: Palin Wouldn’t Endorse McCain. “Top Alaska Republicans were downcast Thursday as Mitt Romney suspended his presidential campaign just two days after overwhelmingly winning the state party caucus. Romney’s decision makes it nearly certain Arizona Sen. John McCain will be the party’s nominee for president. McCain finished dead last in the Alaska Republican preference poll, behind Romney, Mike Huckabee and Ron Paul. McCain opposes drilling in the Arctic National Wildlife Refuge and has repeatedly battled with Sen. Ted Stevens over federal spending on Alaska projects… Republican Gov. Sarah Palin said she won’t make an endorsement until she can speak to McCain. [Anchorage Daily News (Alaska), 2/3/08] July 2007: Palin Was Waiting For A New Player In GOP Primary. ‘A lot of us are sitting back and waiting to see if there will be new players in there,’ Alaska Gov. Sarah Palin said. ‘That’s probably why that box that says ‘none of the above’ is so popular right now.’ [The Associated Press State & Local Wire, 7/23/07] Palin Couldn’t Support McCain Because Of His Opposition To ANWR. “Some Alaska Republicans are conflicted over McCain, including Gov. Sarah Palin. They like his maverick reputation and military background but not his opposition to drilling in the Arctic National Wildlife Refuge. ‘She said she’d like to support McCain but felt she couldn’t at this particular time because of his stand on ANWR,’ said the governor’s spokeswoman, Sharon Leighow.” [Anchorage Daily News (Alaska), 2/3/08]
PALIN: “They are the ones who do some of the hardest work in America … who grow our food, run our factories, and fight our wars.”	Palin Backed A Two-Year Extension Of The Export License To Export Liquefied Natural Gas (LNG) To Japan And Other Asian Countries—Criticized Because Alaska’s Gas Reserves Are Declining. “Alaska producers can continue shipping gas to Asia after DOE last week approved an extension of the export license for the Kenai liquefied natural gas plant owned by ConocoPhillips and Marathon. The companies will be allowed to export up to 98.1 Bcf to Japan and other Pacific Rim countries over a two-year period through March 31, 2011. […] The application came under fire from local end-users, including gas distribution companies Enstar and the Chugach Electric Association, as well as fertilizer maker Agrium, all of which claimed the exports would exacerbate the problem of declining gas reserves in south-central Alaska. Agrium permanently closed its plant near Kenai due to an inability to find enough local supply for the facility that used 53 Bcf/year. In January, ConocoPhillips and Marathon reached a deal in which they agreed to step up development in the Cook Inlet region in return for the state’s support of the export license extension. The producers also agreed to divert gas from the LNG plant as needed to meet the peak winter supply needs of the local utilities. […] Alaska Governor Sarah Palin welcomed the DOE approval. “In these times of economic uncertainty, this is great news for the state and its residents. This extension will secure a future for the LNG operation and is another step toward ensuring energy supplies and energy security for Alaska,” the Republican governor said. [Platts Inside FERC, 6/9/08] · Agrium Closed Manufacturing Plant Because Of Gas Shortage. “Reserves of gas in producing fields in Southcentral Alaska are declining, posing concerns for supply to local utilities. A manufacturing plant on the Kenai Peninsula owned by Agrium Corp. recently announced it would close because the gas shortage.” [Alaska Journal Of Commerce, 11/25/07]· Gov. Palin: Agrium Closure Is Unfortunate. “Agrium announced yesterday that the plant will close in December due to a shortage in the supply of Cook Inlet natural gas, leaving about 100 of the 140 employees without employment. ‘It’s unfortunate to see the closure of a facility that has provided so many jobs that support families on the Peninsula,’ said Governor Palin. ‘I am heartened to hear that Agrium is willing to keep its options open if sufficient long-term supplies of gas can be found. We know there is more gas to be found and developed in Cook Inlet, so I remain hopeful that those jobs can be preserved.’” [Palin press release, 9/26/07]
PALIN: “As for my running mate, you can be certain that wherever he goes, and whoever is listening, John McCain is the same man. I’m not a member of the permanentpolitical establishment.”	1999: Campaigning In San Francisco, CA, McCain Said “I Would Not Support Repeal Of Roe v. Wade.” In August 1999, the San Francisco Chronicle reported that McCain said he “would not support repeal of Roe vs. Wade”: “I’d love to see a point where (Roe vs. Wade) is irrelevant, and could be repealed because abortion is no longer necessary. But certainly in the short term, or even the long term, I would not support repeal of Roe vs. Wade, which would then force X number of women in America to (undergo) illegal and dangerous operations.” [The San Francisco Chronicle, 8/20/99] · McCain Said Roe v. Wade Should Be Overturned. McCain said, “I do not support Roe v. Wade. I think it should be overturned.” [New York Times, 2/24/07]At A Private Meeting With Hispanic Community Leaders, McCain “Assured Leaders He Would Push Through Congress Legislation To Overhaul Federal Immigration Laws If Elected.” ”Republican presidential John McCain assured Hispanic leaders he would push through Congress legislation to overhaul federal immigration laws if elected, several people who attended a private meeting with the candidate said Thursday. Democrats questioned why the Arizona senator held the meeting late Wednesday night in Chicago. But supporters who were in the room denied that McCain held the closed-door session out of fear of offending conservatives, many of whom want him to take a harder line on immigration. … ‘He’s one John McCain

Tweet This Post

Renewable Power Comes To Colorado

Catherine Morgan — Tue, 19 Aug 2008 14:20:57 +0000

Oil and gas companies want you to believe that alternative sources of power (such as wind and solar), are not cost effective. They want you to believe that renewable power will be more costly for the consumer. And, in today’s bad economy, that can be quite troubling for most of us. But now, the truth is being revealed, in Colorado of all places.

From The Washington Post…

In Colorado — a state historically known for natural gas and fights over drilling — wind and solar power are fast becoming prominent parts of the energy mix. Wind capacity has quadrupled in the past 18 months, according to Gov. Bill Ritter (D), and Xcel has become the largest provider of wind power in the nation.

The politics and economics of energy are shifting here in ways that foretell debates across the country as states create renewable-energy mandates and the federal government moves toward limiting carbon emissions. One advocate calls Colorado “ground zero” for the looming battle over energy.

. . .

Ten years ago, Xcel began offering wind-generated electricity, but it was a niche market for eco-conscious customers willing to pay extra. That changed in a significant way after 2004, when Xcel lost the referendum fight.

After legislative efforts failed, proponents of renewable energy turned to the ballot that year. The initiative, Amendment 37, required the state’s biggest utilities to generate 10 percent of their electricity from renewable sources. Advocates found themselves facing off against Xcel, which said it feared for its bottom line.

“We ended up opposing that amendment. In retrospect, I wish we hadn’t,” said Frank Prager, Xcel’s vice president for environmental policy.

From Daily Kos…

So we all know the conventional wisdom on energy:
renewables = expensive/unreliable/untested
fossil fuels = cheap/reliable/proven

So why then did Xcel Energy completely change course after being forced to invest in renewable energy? First and foremost, the government of Colorado gave them an incentive, allowing them to charge a small fee (about $12 a year) to be used for capital investment in renewable energy. This has raised about $37 million over 2 years, still quite small compared to the approximately $300 million in annual property tax breaks currently given to oil and gas companies in Colorado. They get an 87.5% property tax exemption currently, although this may soon be eliminated. Colorado does have other incentives for renewable energy, but I sure don’t see an 87.5% property tax break on that list.

Second, only after being forced to invest in renewable energy did Xcel realize that it made economic sense for them. Renewable energy provides a way for them to diversify their fuel supply. Solar and wind power are also convenient in terms of prediction of cost. The price of sunlight or wind will never go up, unlike the currently rising prices of natural gas and coal which are used extensively for large scale electricity generation.

From Jake Today…

Renewable energy is going to an industry that will be interesting to watch as it’s development continues. Colorado is a good state to begin with. What happens when you put together big oil, utilities, ballot initiatives, the legislature, and windmills? Oh, forgot federal subsidies and tax credits too. You have a fight over change!. Chicken little comes out screaming that the sky will fall if wind power is mandated. Well, long story short, vested interest lost, then discovered you can make money with a new approach and life as we know it did not come to an end. Maybe a few oil companies might have trouble in 50 years, but hell the oil will have run out by then.

I think this is exciting news, and not very easy for oil and gas companies to overlook. What do you think? Are you ready for some wind power in your neck of the woods? In Florida, we are expecting a lot of wind today (it’s called Hurricane Fay), and we get a bunch of sun too. How couldn’t it be better to use wind and solar power here?

Tweet This Post

Paris Hilton Responds to McCain’s Obama Attack Ad

Catherine Morgan — Wed, 06 Aug 2008 03:47:14 +0000

This is really funny. Paris Hilton Responds to John McCain’s Smear Ad on Barack Obama…

—

Just in case you haven’t seen the controversial video and commentary, here is a video clip…

—

So…What do you think? Does this help or hurt McCain? What about Obama? Or, is it just plain silly? Personally, I hate attack ads, especially when they provide no helpful information for voters, at least the Hilton response, had addressed an issue. Let me know what you think in comments.

See more on this at BlogHer.

Tweet This Post

Calling Dr. Gingrich

SJ Reidhead — Tue, 05 Aug 2008 21:49:03 +0000

Wouldn’t it be interesting if the GOP members of Congress have tapped into something with their protest against Nancy Pelosi? The latest Gallup numbers show there is a window, just a small one, but there is a window of opportunity to make some inroads in the House this year. I think the American people want to see a little bit of courage. And, like Medved pointed out yesterday on his show, they don’t like to vote for “angry” people. If they can keep their heads…. (nah, that was a pipe dream).

According to The Hill, Newt Gingrich is going to be meeting with the GOP Protesters on the Hill Wednesday morning. It’s about time someone called in the good doctor so he could deal with what ails ‘em, but the real problem is abject lack of leadership. Fortunately Eric Cantor is showing some with his Call Congress Back petition. Nancy Pelosi says that the GOP push for more drilling is “unworthy of serious debate!” I kid you not. There is a bottom line here. Excitement is rippling through the GOP world. Are our Republicans in Congress finally growing backbones? On the other hand, how much of this is Nancy Pelosi grandstanding for her liberal voters back in San Francisco? It is quite obvious Pelosi is more interested in pandering to her ultra liberal voters back home than she is doing her job as the Speaker of the House of Representatives. As the Speaker she should be putting the needs of the nation above the needs of the one. Instead she is blasting John McCain who is demanding she return to Washington and take are of business.

“…The Speaker added that “McCain’s absent leadership on energy independence doesn’t match his rhetoric.””

Someone is not flying on all thrusters, and it certainly isn’t John McCain. There are theories that Pelosi is playing “bad cop” so her disingenuous partners in crime in the House can go home and campaign that they are for “drilling”. It is also rather obvious that Pelosi is taking her orders from MoveOn, who plans to slam the Republicans in the House this year.

Are they making a big mistake?

The latest Gallup shows that there is a strong anti-incumbant feeling against members of the House. If this holds, while the GOP would lose some seats, and deservedly so, the Dems, as the Majority, stand to lose more than the GOP. Only something like 36% of ‘registered voters’ think the “house” deserves re-election. The rub, though is 57% think their representative deserves re-election. But – those who are in districts where their member of Congress is a Democrat think that the Dem does not deserve re-election. The numbers aren’t strong, but they are enough, I hope, to force the Cowards of the Congress to listen to Newt.

There’s one other thing at work here. If Eric Cantor continues in his leadership role, and it looks like the GOP could make a few inroads in the House, is he going to want to be VP or go for a House leadership position?

It is possible that the Dems have taken another wrong step. The big question, will their voters hold them responsible?

There’s one other interesting little tidbit today. If, as Zogby finds (and he is an Obama shill) that Obama is losing support among the young and among women, is this going to make a difference. I suspect “the young” simply won’t vote. Women are still angry with Obama. If McCain does “make it” could he have some coat-tails?

Wouldn’t it be wild if he did?

Tweet This Post

Obama Opposed To New Oil Drilling

Catherine Morgan — Fri, 01 Aug 2008 20:19:12 +0000

Barack Obama was in Jacksonville, Florida today. He talked about the rising cost of gas prices, and his opposition of offshore drilling. See video and what other bloggers are saying. And, let me know what you think in comments.

This is from a post by Carol Nissen at the Obama Community Blog…

“Obama risks ire of Voters by opposing new oil drilling” (From AP of course, they make almost every single headline on Obama something negative) I think they have NO idea of how angry the American people are at having their country trashed for the past 8 years. It’s NOT just the oil, it’s the un necessary Iraq war, the falling apart infrastructure, the self serving of many politicians, the trampling of the constitution, the lowest ranked healthcare of an industrial nation, the treatment of our soliders, on and on and on.

The truth is the only ones who are going to have the “ire” are the already obscenely profiting oil companies. All this talk of Obama being “uppity”, “arrogant”, etc. stinks to me of a bunch of good ole boys who just might not get their way. The truth is there is going to be a big struggle in this country over how we get our energy and the fossil fuel gang has no plans for being replaced anytime soon. Why that’s why GWB was elected…and now that he and his cronies have screwed things up royally, well McCain will say and do as he’s told.

From The CNN Political Ticker…

Sen. Barack Obama stood his ground Wednesday in opposing what he calls the “scheme” of offshore drilling, during a campaign event in Springfield, Missouri.

“The oil companies are shoving this thing down the throats of Congress, because they know everybody wants to try to pretend they’re doing something about the energy crisis,” Obama said. “This is not real. I know it’s tempting. The polls say its one of the ways that a majority of Americans think we’re going to solve this problem, but it’s not real.”

“I understand how desperate folks are. If I thought that I could provide you some immediate relief on gas by drilling off the shores of California and New Jersey… I’d do it.”

But the Democratic presidential candidate added, “The soonest you would see any drop of oil from drilling off our shores would be 10 years from now….The most you would end up saving 10 years or 20 years from now would be a few cents on the gallon, although at that point, I figure oil might be $12 a gallon.”

From The Truth About Obama and McCain On Energy…

Today John McCain is continuing to campaign on an energy plan that won’t actually help with energy costs and launching more false attacks against Barack Obama, attacks that have already been debunked. What McCain won’t discuss is that his recent support for off-shore drilling, and his previous record of opposing renewable fuels and failing to crack down on excessive profits, may not help American families struggling with increased energy costs, but have benefited McCain’s campaign, with thousands more in donations from big oil.

Gov. Schwarzenegger put it best: Anyone Who Tells You That Ending The Ban On Offshore Drilling Will Lower Gas Prices “Anytime Soon Is Blowing Smoke.” “In a strong rebuke Thursday of lifting the ban on U.S. offshore oil drilling, California Republican Gov. Arnold Schwarzenegger seemed to knock the standard-bearers of his party: President Bush and Arizona Sen. John McCain. Schwarzenegger, a long critic of his party of the environment, used surprisingly frank language to buck politicians who support lifting the 27-year-old ban of offshore drilling. He did not criticize anyone by name. ‘Politicians have been throwing around all kinds of ideas in response to the skyrocketing energy prices, from the rethinking of nuclear power to pushing biofuels and more renewables and ending the ban on offshore drilling, it goes on and on the list,’ Schwarzenegger said. … ‘But, anyone who tells you this will lower our gas prices anytime soon is blowing smoke.’”

Tweet This Post

Pain At The Pump & Record Profits For Exxon/Mobil

Catherine Morgan — Thu, 31 Jul 2008 23:57:42 +0000

Pain At The Pump & Record Profits For Exxon/Mobil

More record profits for the oil companies. Shocking! While everyday people can’t even afford the gas it takes to get to their jobs, Big Oil continues to celebrate high prices at the pump, with record profits.

From The New York Times – Rising Oil Prices Swell Profits at Exxon and Shell…

Exxon Mobil, the world’s largest publicly traded oil company, reported on Thursday that second-quarter income rose 14 percent, to $11.68 billion, the highest-ever for an American company.

Net income of $2.22 a share compared with $10.26 billion, or $1.83 a share, in the quarter a year ago.

Revenue rose 40 percent, to $138.1 billion, from $98.4 billion in the quarter a year ago.

Excluding an after-tax charge of $290 million tied to an Exxon Valdez court settlement, earnings were $11.97 billion, or $2.27 a share.

From ABC News – Money Beat…

For big oil, 2008 has been a very good year. How good? Well, it’s even better than last year, when the combined sales of the top five oil companies added up to $1.5 trillion — that’s greater than the GDP of Canada.

Since then, the price of crude has soared by as much as 50 percent while the price of natural gas has also taken off. And though oil has had a significant drop from its high of above $140 a barrel for the second quarter, the benefits of high oil are clearly noted in balance sheets of the world’s largest oil companies.

And if that doesn’t make your blood boil…

Massive Profits, High Gas Prices and $33 billion in Taxpayer Giveaways to Big Oil…

Over the next 5 years oil companies will receive $33 billion in taxpayer funded giveaways.According to the report set to be released tomorrow morning by the Friends of the Earth, (pdf) the $33 billion in taxpayer dollars will come to Big Oil through tax loopholes, royalty rollbacks and research and development subsidies.

I wrote a post a few months ago about Gas Prices, it also included tips on saving money at the pump. My friend and Contributing Editor to The Political Voices of Women, Pamela Lyn, wrote a very popular post on What is the Real Reason Gas Prices Are So High?

What do you think about Big Oil reporting record profits? It seems to me, there is really no reason for oil companies to do anything to help lower gas prices. Let me know what you think in comments.

Tweet This Post

Big Oil – The Fourth Branch of Government

Pamela Lyn — Sat, 28 Jun 2008 03:24:12 +0000

When Vice President Dick Cheney declared in 2007 that he was a unique branch of government many of us laughed at his arrogance. But who’s laughing now.

If you’ve been following the discussions about the rising price of oil, (and who isn’t these days), it is clear that there is a fourth branch of the US government. Its name is “The Oil Industry” and this week it’s become pretty clear that it doesn’t matter who’s in control in Congress because what the oil industry wants, the oil industry gets.

While Congressional Republicans claim that they were only looking out for their constituencies’ with their repeated calls for expanding the oil industry’s drilling rights to the Arctic National Wildlife Refuge (ANWR) as well to the coastlines of Florida and California, Congressional Democrats are asking why the oil industry is not drilling on the 68 million acres ( much of which was previously protected public land) which they are warehousing.

Meanwhile, the US Supreme Court reduced ExxonMobil’s punitive damages liability for the 1989 Exxon Valdez oil spill in Alaska to to $500 million, one tenth of the jury’s original award of $5 billion.

And today, oil prices reached a new high of $140/barrel due to a weak US dollar and speculative trading.

Is there anyone who still wonders what was discussed during Vice President Dick Cheney’s 2001 Energy Task Force meetings?

The Fourth Branch of Government is in control.

In the following video Rep. Ed Markey (D-MA) speaks in favor of the Responsible Federal Oil and Gas Lease Act aka the “Use It or Lose It” Act (H.R. 6251)

Tweet This Post

Could Gas Prices Drop To $2 a Gallon In 30 Days???

Catherine Morgan — Wed, 25 Jun 2008 20:04:48 +0000

Could Gas Prices Drop To $2 a Gallon In 30 Days???

Also See:

Close Loopholes For Speculators and Gas Prices Will Go Down

So…What do you think? It seems crazy to me, that speculators only have to put 5 to 7% down on these oil deals, when at least 50% is required for stock transactions. It’s no wonder this is happening, with such a small investment bringing in huge profits.

If speculators are stopped, could gas prices get back to $2.00 a gallon? Do we need to get the speculators out of the oil business? It seems to me it a great place to start.

Sign a petition to stop off-shore drilling.

Tweet This Post

The Election Politics of Offshore Oil Drilling

Catherine Morgan — Sat, 21 Jun 2008 01:06:32 +0000

Roundup: Election Politics of Offshore Oil Drilling — by Catherine Morgan (cross-posted at The Care2 Election Blog)

Yesterday was my first post in a series on the gas crisis and offshore drilling. For that reason, I decided today’s political blog roundup will focus on the different opinions and reactions from around the blogosphere on this issue. We have some for drilling, and some against it. Let me know what you think in comments.

I’ll start with my personal opinion/theory regarding the relationship between high gas prices and the recent announcement by Bush/McCain to lift a ban on offshore drilling…

With regards to the gas & oil crisis — Does anyone else get the feeling we have been manipulated and duped AGAIN by the Bush administration? It’s all starting to feel really familiar.

1. Scare the American people (in this case with increasing gas prices).
2. Appear to be doing everything you can to get to the bottom of the crisis (go to OPEC, hold hearings, etc.)
3. Just when there appears to be nothing anyone can do…The Bush administration comes to the rescue and announces a plan to lift the ban on offshore oil drilling, because it’s the only way to help the American people and lower the price of gas.

Sound familiar?

What came first? The crisis or the solution?

I think with closer inspection (most likely after there is nothing anyone can do to change the outcome) – Revelations will come to light, that the Bush administration manipulated the “speculators” to cause an unnecessary but dramatic rise in gas/oil prices…For the ultimate purpose of lifting the ban on offshore drilling, and giving the brass ring to the oil companies.

Additionally, this is going to be the GOP “ace” in the hole, and “the perfect storm” for facilitating a third Bush presidency. I imagine it will go something like this…

The Democrats want to continue making you pay high gas prices during a weak economy…But the Republicans want to help you keep more of your hard earned money….bla, bla, bla.

The trouble is…there is no evidence that offshore drilling will help in the short or even long term. But that is not the “spin” you will be hearing from Bush/McCain. What at first appeared to me as a campaign killer for McCain, could actually be part of a carefully orchestrated campaign winner. Give McCain the experience, the Iraq war, and now the illusion of helping the economy (the number one issue of the American people). I shutter to think.

So, that’s what I think. However, not everyone agrees with me.

Shocking!

Well, not really.

But, I do want to take a look at all sides of this issue. Admittedly, mine is a very visceral reaction to the news of possible offshore drilling.

Let’s take a look at what other bloggers are saying about this. We’ll start with my good friend, Kay B. Day, from Covering Florida and Right Commentary, who has a totally different opinion from mine.

Earlier in the week I reached out to a couple of people to see what their take was on offshore drilling, and she was kind enough to send me her thoughts in an email. Although I don’t completely agree with her on this one…I must admit, she has a much more thought-out response to it. Here it is…

Lookit, Congress (both parties) has known this crisis would come. At least since 1992 when congressional hearings began to be held about climate changes. And then when real global warming science ended up thoroughly botched in the hands of media, a frenzy ensued, complete with the UN screaming for the US to reduce emissions while other countries don’t (as in China who basically said ‘you’ve had your turn and now it’s ours.’)

Meanwhile, good news. All the aid we sent China and India over the years resulted in success (for once!) The result is an emerging middle class who, no surprise, reacts much like the West to consumerism. Then countries like Venezuela nationalized the oil, removing private corporations and giving the properties to the government (just like Cuba so long ago.) And of course production fell. Even where we can get oil, there is unrest and tribal conflict, further impeding product movement.

Concurrently, due to the power of marketing and branding, Americans fell in love with SUVs and other gas guzzlers. Also concurrently, the Middle East continued to go bananas and Iran emerged as a major player and the dollar fell and whammo. Speculators entered, because oil was now an even hotter commodity. Back at the farm, the man-made global warming theorists cried doomsday and began to see a valid legislative response. Speculators got even more excited because oil was now a sizzling commodity. As all these events played out, Congress fiddled just like Nero (Dems and Repubs). Through at least two 8-year terms under Clinton then Bush. And bear in mind we haven’t built any new refineries in years and much of the land under lease for drilling must go through an exhaustive environmental process, which is as it should be. While all these events boil, we are somewhat justified in our concerns about increasing our nuclear facilities.

The result: a quagmire. You have a commodity that everyone needs. Demand goes up, price goes up. Gold’s done the same thing.

Now have the Repubs made it a campaign issue? You bet. But frankly, the Dems did too, by embracing some of Al Gore’s theories that even the scientists who came up with the research dispute. The difference is the Dems followed Gore’s GW alarmist scenarios, pushing green. Is that good? Sure it is. But does that fuel speculation even more? Yes it does because developing alternative forms of energy takes time.

Note: I am not saying the earth isn’t warming. I am saying the results are inconclusive when it comes to whether it’s induced by man and whether we can really do anything about it with the emissions approach. Frankly, I don’t think we’re planning in the right way. And the fellow who did the original research that started the whole ball rolling agrees. You will never hear this from mainstream media. Why? Because a whole new energy industry has sprung up. Is that good? Yes. We need to be energy independent. But the truth is both political parties have politicized this issue, just each in their own relevant ways. What you’re hearing from Bush is basically the truth about drilling. He wasn’t crazy enough to bring it up before, because he’s been on the hot seat over the war and he is at odds with a congress controlled by the opposing party. You won’t hear it from Obama because he has to take the alternative energy approach.

What’s my bottom line: both parties have delayed the inevitable too long as have we, the US people. Now we’re paying the price. And let me tell you. If we start drilling the price will go down. You can bank on it. The very thought of that will impact. Why do you think the Saudis have defied OPEC to produce more? Writing’s on the wall for them too.

Through two presidents, I have criticized both parties, not so much either prez as the congress. Because for 16 long years, our congressmen have let us down time and again and that has simply not changed.

Gosh. Sorry that’s so long, but that’s my take on it. Admittedly, my take is more an industry-centric take because I have several folks in industries related to commodities. BTB, not only gas has been affected this way. If you know anyone in an industry reliant on copper, ask ‘em how easy that is to get right now.

Thanks Kay.

Now, let’s see what other bloggers are saying…

Robert Reich’s Blog…

First, the crude oil market is global. Oil companies sell all over the world. The price of crude is established by global supply and demand. So even if 3 million additional barrels a day could be extruded from lands and seabeds of the United States (that sum is the most optimistic figure, after all exploration is done), that sum is tiny compared to 86 million barrels now produced around the world. In other words, even under the best circumstances, the price to American consumers would hardly budge.

*Also check out the over 40 comments on Robert’s blog.

Peter from the Switchboard…

We can’t drill our way to lower fuel prices. As I’ve said before, efficiency is the fastest, and cheapest, way to lower fuel costs and combat global warming.

Joe Sudbay at AMERICAblog…

2030 isn’t quite the “short term.” If we had a national energy strategy, we should be able to develop alternative sources of energy and much, much better fuel efficiency by then.

*Also see 28 comments.

Sabrina from Life’s A Beach…

I got an email from the surfrider foundation today…

and I can’t BELIEVE this recent move by our government to ruin our seas! Yes, I realize gas prices are high, but I honestly don’t believe offshore drilling is the answer.

It would just break my heart to go anywhere on the coast and see it ruined with refineries and whatnot, and see the sea life compromised…and all because of the greed for oil!

On Our Offshore Drilling Phobia…

It’s not an either/or proposition. We need to be doing it all, wind, solar, bio-fuels, nuclear, clean coal, and good-old fashioned fossil fuels, wherever we can get our hands on it. And of course do it as safely and ecologically sensitively as possible. But the more expensive alternatives on all these fronts will only pursued by the markets when prices are high.

None of it is going to happen very quickly, regardless of the choices we make, and no, it won’t make an immediate dent in oil prices that would make us all happy. But turning this ship around will take a lot of time (pardon the pun). So we need to get on with it, balancing pragmatism and our ideal wishes.

This is from The Next Right…

The American Family Association sent out an alert to its massive list and got 400,000 letters sent to Congress for more oil drilling. Why is this important? In presentations, I often cite the AFA’s monster list as the biggest on the Right. And in my years on their list, I’ve never seen them focus on anything other than social issues. Their focus on oil is a big, big deal.

And Jerome Armstrong is waving Democrats off this issue, with a telling anecdote about Charlie Crist’s rather abrupt about-face on offshore drilling.

This is from Ido’s Blog…

I think that America, and pretty much the rest of the world at some point, needs to face the fact that oil is a dwindling natural resource and we need to look forward towards the future to a world without oil…or where oil has a vastly reduced role. This will be painful, yes, but it can be done. Brazil has done it with ethanol from sugar cane (which I have recently read about and I’m pretty impressed) and we can do it as well — whether it’s from solar, wind, biofuels or a mixture of all three.

Looking forward to an uncertain future is scary… it’s much easier to look back at what you know rather than forward into the unknown. However, it’s that forward vision that has made this country great and we need to be leaders in this effort if we are ever to break the stranglehold that OPEC has on us.

Wayne at unEARTHED talks about what offshore drilling means to him…

So I ask myself, what’s the real agenda here? Besides the obvious get-McCain-elected agenda?

Profits, of course. But in terms of policy, my guess is the Arctic. These guys have talked about the Alaska National Wildlife Refuge this week. But they know Americans are attached to the Refuge and so that idea won’t play. Besides, ANWR is onshore. I think offshore + ANWR = the Arctic Ocean.

This is from Brandon at Roanoke Red Zone…

The Democrats are flipping out over the increasing pressure to allows states to drill off their shores. I just watched an interview with the Chief Financial Officer of Florida (D) Alex Sink. She was particularly exercised over Gov. Crist’s willingness to have Florida open to offshore drilling. Her argument was that Floridians long ago decided to keep it’s waters free of drilling in order to preserve their tourist industry. HELLO! Lady, you aren’t going to have a tourist industry because no one will be able to fly or drive to your great state. Unbelievable! Great move by Crist–keep it up.

Josh Painter at Conservative Superiority says…

Yes, it’s still “the economy, stupid” and especially pump prices for gasoline and diesel, not to mention the high costs the airlines are incurring for jet fuel. The GOP seems to be waking up to what conservatives already knew. Make energy your number one issue and offer doable solutions to the problems of energy security and high prices.

The Democrats, meanwhile, have sentenced themselves to doing hard time in Al Gore’s lockbox, and they’ve entrusted the key to the Sierra Club. Couldn’t happen to a more deserving bunch of people, one which has consistently put its own selfish political interests ahead of America’s security and her citizens’ bank accounts.

So, there you have it. What do you think?

Tweet This Post