Wednesday, September 17, 2008

Pelosi's "Compromise" on drilling


http://planetgore.nationalreview.com/post/?q=ZTZkYzNiZTE3ZDFjOTI1YjRhZjQxNDMxMzVlNDcyYmM=

However, although Pelosi appears to be bowing to political and economic reality, her proposed "compromise" is a cynical ploy that no self-respecting supply-sider will touch with a 2,000-foot oil rig.

Our friends at the Institute for Energy Research (IER) posted a devastating exposé of the Pelosi plan. As announced last week, the plan would:

  • Permanently ban access to about 97 percent of the undersea oil lying within 50 miles of the California coast.
  • Continue the ban on energy production in the Eastern Gulf of Mexico.
  • Impose a brand-new ban on oil and gas leases in Alaska's coastal waters out to 50 miles.
  • Not allow states that approve new leases beyond 50 miles to share royalties with the federal government, thus stripping any financial incentive for states to stand up to environmental pressure groups, who will continue to agitate against any new oil and gas operations offshore.
The plan also includes poison pill provisions that President Bush is on record as opposing, such as new taxes on oil companies and a first-ever nationwide renewable-energy production quota for the electric power sector.

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