The Reality Revolt: Congressional Dems Rebelling Against Leadership, Joining Republicans In Drilling For Oil
The Reality Revolt
(IBD)
Quite a few Democrats are rebelling against their leadership and joining with Republicans to push for more domestic oil drilling. They’ve gotten an earful from voters who demand real solutions.
When the Energy Department on Wednesday reported an unexpected drop in gasoline inventories of more than 3.5 million barrels, the first decline in five weeks, the global price of crude oil proceeded to shoot up more than $4 a barrel, the biggest increase since July 10.
That illustrates what the issue of high gas prices is all about — not fat-cat oil execs gouging at the pump (a smear that has been repeatedly disproved), and not the purported need for uncompetitive substitutes like ethanol that cause global food prices to skyrocket, but rather the simple fact of supply and demand.
The Democratic leadership in Congress has been trying to distract from that truth and use high gas prices to please the green special interests (and, of course, cripple the Bush presidency). When asked last week why she would not allow a House vote on drilling, House Speaker Nancy Pelosi answered: “What the president would like to do is to have validation for his failed policy.”
But it’s not “what the president would like to do” that’s becoming a big problem for Pelosi, Senate Majority Leader Harry Reid and other Democratic leaders. It’s what the American people are increasingly demanding be done. And rank-and-file Democratic senators and congressmen are beginning to feel the heat.
Rep. Neil Abercrombie of Hawaii, for instance, says he and others are “reaching past the leadership of both parties, reaching past the special interests, the private interest, the advocacy groups.”
For the last four weeks, Abercrombie and Rep. John Peterson, a Republican from Pennsylvania, have coordinated on legislation that now has the support of about 25 other House members, many of them Democrats. It would repeal federal land leasing restrictions and get rid of the 125-mile moratorium on gas and oil production in the eastern Gulf of Mexico, as well as gut prohibitions on the development of oil shale.
Patterson and Abercrombie would also reduce the oil in the Strategic Petroleum Reserve by 10%, or some 70 million barrels. That, plus existing SPR funds, would mean over $1 billion for an array of environmental R&D projects ranging from wind and solar to geothermal, hydrogen and carbon storage, as well as money for low-income energy cost assistance.
Their bill will thus cleverly tempt lawmakers who usually oppose drilling, especially those in coastal states, by sending some of Uncle Sam’s take from offshore production and using it for environmental efforts, plus give states some of those proceeds.
Contacts have already been made between members of this House group and Sens. Kent Conrad, D-N.D., and Saxby Chambliss, R-Ga., leaders of the pro-drilling bipartisan “Gang of 10″ in the Senate.
As Rep. Nick Lampson, D-Texas, told the Houston Chronicle this week, “People’s frustrations are boiling over.” The Houston congressman added: “They’re getting tired of the finger-pointing and saying, ‘Where are the solutions?’ ”
With Congress’ Democratic leadership politically paralyzed, the people are having to look elsewhere for energy solutions. Pelosi and Reid should take note: This bipartisan coalition is gathering steam from all those boiling-over frustrations, and they reportedly want legislative action before the August recess.
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“Pelosi and Reid should take note…”
No, they should be thrown out on their collectivist asses.
July 30th, 2008 at 8:53 pmhttp://i259.photobucket.com/albums/hh307/T-BaggsPhotos/BipartisanPolitics.jpg?t=1217480681
July 30th, 2008 at 9:04 pm___________________________
Limbaugh’s correct, the “IBD” is the Wall Street Journal for smart people.
July 30th, 2008 at 9:54 pmI can’t buy the explanation that it is a simple supply-and-demand equation. I find far more believable the idea that there are a certain group of investors (SPECULATORS) who manage hundreds of billions of dollars each, who are waiting on the edge of their chairs every day to find any possible excuse to send the futures prices of oil and commodities higher.
Does war with Iran look possible? Quick, buy oil futures!
Oil pipeline in Nigeria blown up? Quick, buy oil futures!
Is there “tension” in the Middle East? (you get the picture).
It’s very easy for the movement of tens or hundreds of of billions of dollars in capital into oil futures or anything else to manipulate the market into doing what they want. Force the market up with a huge buy; then after all the small players follows suit, sell short to cash in on the too-high price and reap the windfall.
The Hunt Brothers in 1980 tried something similar when they attempted to corner the silver market, although it’s not exactly the same thing to be sure.
IMO, it’s all a huge game by these Money Barons to cash in on our misery. I think that the government needs to do some regulating of these leeches by forcing them to hold onto any commodity stock for about six months before sellingl and only make it apply to the Big Boys of money, not the small investors. The average investor is not the problem here; it’s the 800-lb elephants of Wall Street that are the problem.
Normally, as a conservative, I would be opposed to more regulation, but these shenanigans have gotten way out of control. People are getting hurt right and left by these greedy money-grubbers.
July 31st, 2008 at 1:22 amOld Sailor
July 31st, 2008 at 2:35 amWell we will see if your theory pans out once a bill for drilling is passed. If it is not enough prices will not fall. I think it more of a supply and demand issue. We lose nothing if we open up our resources.
The worst thing that can happen is America spends less money in OPEC countries and opens up high paying jobs in America.
July 31st, 2008 at 4:22 amDon’t misunderstand me: I’m 100% for more drilling anywhere and everywhere, and I’m sure it will help in the long run. I’m just saying that the Money Barons are the main movers and shakers in this “crisis” which I think is mostly fictional. The oil suppliers have been saying as much for the last year or so: it isn’t a matter of supply, because the market was well supplied, according to them.
Is it true that there is less of a margin between supply and demand than in decades past? Of course. But that is just something the Money Barons can use to manipulate the markets for their own advantage, and we’ve been paying the price through the nose for it.
July 31st, 2008 at 5:37 amI don’t care about gas prices here nearly as much as stopping our enrichment of OPEC countries. Our money should stop going to countries that are truly enemies of the US (Venezuela etc)
T. Boone Pickens is 100% correct that we’re funding both sides of the war on terror…
July 31st, 2008 at 6:17 amI would think this is a good thing, but if I was Bush, i’d veto it because of the reduction in the SPR. That oil is way to important to our military position if things really hit the fan. It needs to be increased big time, not decreased.
Besides that, sounds like a great bill….lets hope the people keep pressuring those moderate dems out there to not listen to crazy pelosi
July 31st, 2008 at 7:55 amAnything the Marxist Abercrombie from the “land where the palm trees sway” is pushing I would treat with suspicion. (This guy is also a big proponent of the Akaka bill pushed in the Senate which would renege on the Native Hawaiian status agreement that lead to statehood. Legislative apartheid is all it is giving less than 1% of the population special rights across the board than others. All to get them the same classification as Indian tribes and then the Casinos that follow would go to Hawaii, and all the other crap that goes with them. But I digress back to the topic at hand).
Now is the time to keep the Dhimmis feet to the fire and make them squirm and hold until September 30th.
They are going to attempt to slide a bill upholding the moratorium as the deadline approaches.
I say let them do it they don’t give a shit about and look down their noses at Average Joe & Jane just trying to get to work, and can’t afford one of them new fangled Hypocrit-Brid vehicles.
They are making a to do about all T.Boone’s wind farm but not reporting that he is for everything, drilling, wind solar, everything to get us out from under the thumb of tin horn despots. Make sure our needs are met, service our debt with the profits and eliminate it, and then sell the surplus to the emerging nations and bankrupt the Bedouins, and the rest of them.
July 31st, 2008 at 8:13 amPersonally, I think it’s all a smoke screen. What the Dems are doing is allowing their reps to go out and talk about how they agree with the people and want to help them, all the while hiding behind Reid and Pelosi knowing full well they will prevent an up and down vote. Pelosi has said definitively that she will not allow a vote to come to the floor regarding drilling, she is “saving the planet”. It keeps people in contested districts in play while being shielded by Pelosi who would never be removed in the election, she is too popular in her district. Until I see Dems pressuring for a floor vote, I don’t buy it.
Old Sailor
I thought along the lines that you do as well until I did some reading up on the speculators. The problem with regulating speculators here at home is that the speculation markets don’t just run 9-5 EST, they run on a 24 hour cycle. What that means is that the people speculating in our markets (the NYMEX) will just take their money and use it to speculate in the Asian or European markets. The US legislation would do nothing to truly stop speculation. There may be another way, but I haven’t seen or heard of anything plausible. Right now the best course of action seems to be exploring, drilling, and refining right here at home. Not only does it increase supply, it allows for creation of domestic jobs and allows for spending more money domestically.
While they are at it, they should start builing refineries and nuke power plants.
July 31st, 2008 at 8:30 amsomething tells me that (God forbid) the Obamanation get into office,the defuckocrats will about face at the first chance they get to approve drilling. These fucktards will do anything,I mean anything,to oppose each and every word that proceeds out of GW’s mouth simply because of the hate in their hearts. GW could say that the sun is shining in the sky and these pole-smokers would say he’s full of shit and its the moon at night.
July 31st, 2008 at 6:06 pmYou’re right, of course. The US can’t do anything about it in isolation, but if the President and Congress worked together to use the financial tools at their disposal (and they’ve got plenty of firepower if they choose to) to pressure these other countries to cooperate, then I think it could be done.
July 31st, 2008 at 7:20 pm