Posted on 09/16/2008 6:33:25 AM PDT by stockpirate
I'm hearing disconcerting rumors that McCain is planning to endorse the so-called Gang of 10 16 20 energy legislation. That would be a huge mistake. In terms of its effect on the conservative base, supporting the Gang of 20's energy bill would be like McCain pouring a big bucket of cold water on the fire he started with the Palin pick.
Here's what the editors had to say about the gang last week:
The bill would open up a tiny little smidgen of space on the Outer Continental Shelf for oil and gas exploration — just enough that Democrats who vote for it can claim to be pro-drilling, neutralizing one of the Republicans’ most energizing issues going into the November elections. But the benefits of the bill’s meager drilling provisions would be negated (and then some) by $30 billion in tax hikes on U.S. oil companies, placing our own domestic producers at an additional disadvantage compared to their overseas competitors. In exchange for very little new supply, these companies would pay higher taxes related to the crucial activities of exploration and refinery-capacity expansion. To nobody’s great surprise, the industry is not eager to accept this trade.
The money raised by taxing U.S. oil companies would go to pay for $84 billion in new spending on dodgy renewable energy projects — mostly tax credits for hybrid cars and research grants for biofuel production. If you want to know how much of an impact this multi-billion-dollar giveaway for special interests is likely to have on gasoline prices, consider this: Since 2005, Congress has passed two energy bills chock full of subsidies for renewable energy, and gas prices have increased nearly $1.50 per gallon.
The gang’s proposal would actually leave most offshore areas off-limits in exchange for allowing four states — Georgia, Virginia, and the Carolinas — the option of approving new oil leases 50 miles off their shores. The bill would open a little new acreage in the Gulf of Mexico off Florida, but Florida’s eastern shores would remain off-limits, as would the oil-rich Pacific.
Republicans in the gang appear to have seriously underestimated their party’s strength on this issue. Two-thirds of the public supports opening the Outer Continental Shelf to new drilling. The gang is undermining Republicans in a fight they are winning politically and policy-wise. The congressional ban on offshore drilling expires October 1. President Bush has made it clear that he will not sign any bill that renews the ban. All Republicans have to do is stand with the president and let the ban expire. No new taxes. No new spending. Just a new supply of domestically produced energy.
McCain opposes wasteful spending and supports offshore drilling. The Gang of 20's bill contains a lot of the former and very little of the latter, and it raises taxes on domestic energy production. Americans for Tax Reform has announced that a vote for the gang's bill would constitute a violation of its taxpayer protection pledge, which McCain has signed.
Obama will probably end up supporting the gang's bill. Why wouldn't he? Its drilling provisions are a sham, but it lets him claim he supports drilling. McCain needs to strongly oppose this bill. By doing so, he would be holding out for a better policy (the expiration of the drilling ban) and denying Obama valuable political cover.
I saw the maps on the boob tube last night.
They’d push drilling a hundred miles offshore, when 80% of what we need is within 50 miles.
Nothing but smoke and mirrors.
Lets hope McCain doesn’t fall for this BS.
RINO’s will always give an out when the DNC is backed into a corner...
Two musts:
1. Drilling anywhere from 3 miles outwards, and
2. States get a piece of the pie
Do you understand Mac??
I predict that in the spirit of bipartisanship, McCain will vote like a RINO or be absent.
I am going to do just that.
He really needs better energy advisors and to stick to his guns on drilling, drilling, where he hit a home run but too much of his advice on energy is still far too locked into the conventional “alternative” boondoggle mode. Drilling without mileage restrictions of any kind is a good start. But there are several more things he needs to get on top of with his instinctive ability to seize opportunity.
There is no need to hurry this through because the offshore drilling moratorium will expire in two weeks anyway. McCain can safely oppose this bill by saying that it raises taxes on oil companies who MUST then pass it on to the consumer.
Add a third caveat to that: States cannot “veto” drilling. Energy is a national security issue and we cannot afford to give the envirowhackos “veto” power over this.
John, just ask yourself WWSPD
What would Sarah Palin do...?
And do that.
My concern is McMoron will reach across the aisle to his co-hort leftists to help them out and to show he can work with the other side.
If he does he will loose my vote!
“The bill would open up a tiny little smidgen of space on the Outer Continental Shelf for oil and gas exploration — just enough that Democrats who vote for it can claim to be pro-drilling, neutralizing one of the Republicans’ most energizing issues going into the November elections.”
I hope Sara goes after this like a duck on a June bug!
Exactly!
A $30 billion tax hike on U.S. oil companies is simply a $30 billion tax hike on the middle class.
This is where we can tell if Mac is in it to win it.
Ping
Yeah, The Republicans have the high ground on drilling right now.
The nation has just seen mini shortages and price spikes due to one hurricane.
Democrats are choosing drilling over environmental concerns, so don’t give up this issue.
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