Posted on 05/14/2009 6:59:31 PM PDT by NormsRevenge
SACRAMENTO – Among the proposals in the Capital A austere revised budget Governor Arnold Schwarzenegger unveiled May 14 is collecting $100 million by allowing new oil drilling in state waters off the California coast for the first time in 40 years.
Awarding the lease would nullify a January ruling by the three-person State Lands Commission, which regulates drilling in the first three miles off the California coast.
The commission rejected the lease sought by the Plains Exploration and Production Company to drill in Tranquillon Ridge, offshore from Vandenberg Air Force Base near Lompoc on a 2 to 1 vote, despite support by environmental groups.
“I am concerned about setting a precedent in approving California’s first offshore oil lease in 40 years,” said State Controller John Chiang in defending his “no” vote on the commission, which has not approved an offshore oil lease since the 1969 Santa Barbara oil spill.
The only “aye” vote came from Schwarzenegger’s representative on the commission.
The GOP governor reiterated his long-standing opposition to offshore drilling in June 2008, breaking with then-President Bush and U.S. Senator John McCain, who called for lifting the ban.
“California’s coastline is an international treasure,” Schwarzenegger said at the time. “I do not support lifting this moratorium on new drilling off our coast.”
The Schwarzenegger administration stresses that only this one lease will be sold, drilling will be done from an existing platform in federal waters and the project enjoys broad environmental support.
(Excerpt) Read more at californiascapitol.com ...
Is this Plains energy firm the same that Soros was reported investing money in? hhmmm
Ping.
This collects 100 million dollars without adding one person to the unemployment lines. Someone get a tape recorder and ask him how California should raise money then.
Good for Arnold. It's probably way too little, way too late, but at least it is a step in the right direction.
However it’s the right thing to do. Drill! Drill! And drill some more!!
Arnie gets a glimmer of a clue.
Opportunity knocks louder for some in California
Buying Plains Exploration & Production Company, George Soros Is Betting on Rising Oil Price
http://www.gurufocus.com/news.php?id=54449
(GuruFocus, May 5, 2009) Investment Guru George Soros bought 6.46 million shares of Plains Exploration & Production Company’s (PXP) common shares. The transaction occurred on April 21, 2009. The purchase price was $20.10 per share. This is a new holding for George Soros, according to GuruFocus data.
Looks like it:
From GuruFocus, May 5, 2009. "Investment Guru George Soros bought 6.46 million shares of Plains Exploration & Production Company’s (PXP) common shares. The transaction occurred on April 21, 2009. The purchase price was $20.10 per share. This is a new holding for George Soros, according to GuruFocus data."
Rest of article here:
Yes. Good catch. From StreetInsider.com:
May 4, 2009 9:54 AM EDT
In a 13G filing after the close Friday on Plains Exploration & Production (NYSE: PXP), George Soros’ hedge fund Soros Fund Mangement disclosed a 5.38%, or 6,467,400 share, stake in the company. The firm did not show a stake in PXP at the end of the quarter ended 12/31/08. A 13G indicates a “passive investment” over 5%.
Plains Exploration & Production Company engages in the acquisition, development, exploration, and production of oil and gas properties primarily in the United States.
Can you say insider trading issue?
Styler herself added, "Yes, I do take planes. My life is to travel and my life is also to speak out about the horrors of an environment that is being abused at the hands of oil companies."
I almost busted a gut when I read that. What a dork! Does she eat meat to keep her strength up so she can travel the world denouncing the beef industry, too?
Which explains why Soros increased his holdings of Plains Energy yesterday to 6.4 million shares. Just follow his money and you will know what the politicians will soon be doing policy-wise.
Is Arnold waking up?
“Is Arnold waking up?”
Hell no, the commie wants the tax dollars!
Drill baby!
“Collecting $100 million by allowing new oil drilling in state waters off the California coast for the first time in 40 years.”
I CAN’t BELIEVE IT!! Has a light bulb finally flickered in Sacramento?????
About time they figured out the obvious....
They have very heavy natural oil seeps in that area. They might as well put the oil to good use.
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