Drilling for answers

I mentioned this morning about the amazing “coincidence” that a day after republican presidential candidate John McCain said the US should lift the federal ban on offshore oil drilling, “President” Bush held a presser this morning in the Rose Garden where he called on Congress to “pass good legislation as soon as possible” that would lift that ban and open up exploring the Outer Continental Shelf (OCS) while also allowing states to permit offshore oil drilling.

While Bush said that, in order to relieve the “painful level” of gas prices, “our nation must produce more oil”, he also restated his insipid demand that Congress allow drilling for oil in the Alaskan Arctic Wildlife Refuge (ANWR) because it will “bring enormous benefits to the American people.”

The problem with that statement is the fact that members of his own administration disagree… in fact, an entire Bush(whacked) department disagrees with him as a Department of Energy report that was released last month found that drilling in ANWR would do little to reduce the price of oil. And that’s not all… back in 2005 the Energy Department estimated that there are nearly 18 billion barrels of oil available in the OCS, which is roughly double the reserves in the Arctic Refuge.
Thus, by 2025, drilling in Alaska and the OCS would shave around $2.25 off the cost of a barrel of oil meaning “little to no impact on the price at the pump, today or tomorrow.”
It's painfully obvious that republicans see opportunity in high gas prices to roll back environmental policies, such as the offshore ban, that have been in place for years… but for what gain?

Drilling in ANWR would take years and years to deliver oil to American pumps and still would only meet about 4-6 months of US domestic demand.

Offshore drilling, like McCain’s widely ridiculed (even by VP Cheney) gas tax holiday, is nothing more than a gimmick to not only avoid the necessary fixes, but also an appeasement to those people that can’t use their own brains and continually follow the lemmings over the cliff.

Not to shock you, but republicans don't have a solution to high oil prices. Drilling in ANWR and off our coast would not ameliorate prices now, and wouldn't do so for many years to come. As Americans we need to understand that it’s entirely possible gas prices will never come back down, and that cheap oil is a thing of the past.

Now the question is, what to do.

I’ll talk about that tomorrow...

Old & Busted: Drill ANWR. New Hotness: Tax oil companies

Let’s take a break from the 2008 presidential campaign and focus on some idiocy from republicans in the Senate.

While Senate Democrats unveiled a new energy legislation this afternoon that would address the root causes of rising gasoline prices, the republicans were keeping an eye out for number 1.

The Democrat’s legislation, titled the Consumer-First Energy Act, proposes to raise taxes on oil companies – so naturally Senate republicans are against it – and would also halt new shipments to the Strategic Petroleum Reserve, authorize the president to crack down on price gouging and increase regulation against market speculation and price-fixing… so again, naturally, the republicans are against it.

While the Dems were offering a new and worthwhile salvo in the high price of oil and gas, republicans were dragging out a stale and publicly opposed proposal; drilling in the Arctic National Wildlife Reserve (ANWR) as well as off the Atlantic and Pacific coasts. But this time it has a new name; American Energy Production Act.

There’s nothing that republicans do better than name things to make them sound innocent but in reality screw the people…

Senate Majority Leader Harry Reid; “Even as it costs Americans more every day to fill up their gas tanks, Bush Republicans only offer more of the same failed energy policies that brought us to this point. […]Instead of helping big oil make more money at the expense of average Americans, we are forcing oil companies to change their ways. […] We will hold them accountable for unconscionable price-gouging and force them to invest in renewable energy or pay a price for refusing to do so.”

So let me see if I get this straight; the Democratic legislation protects consumers and the republican one, I surmise, will, and I realize I’m going out on a limb here, protect the oil companies and screw the environment…

And they wonder why their ‘brand’ is going the way of “President” Bush’s approval ratings…

A Guest Post

As loyal readers know, Kemp and I are very passionate in our views, and we love it when people become just as passionate in their views and decide to share them with us.

Tonight I am especially pleased and proud to welcome a first time guest poster to our humble blog. Please give a TBWA welcome to my finacee, Gail. Thanks honey, I am honored that you wanted to share in my little hobby.

- - - - - - - -

“On April Fool’s Day, the biggest joke of all is being played on American families by Big Oil,” said Rep. Edward Markey, D-Mass. at today's Congressional meeting with the heads of several oil companies.

How true, how true.

The oil companies claim that thier $123 Billion dollar profits are in line with other industries. I don't see that. What I see are small businesses folding because people are radically changing their spending habits. I see larger retail chains with flat and negative growth. The car industry is definitely suffering and will only get worse, if the price of gas continues toward and past $4 a gallon.

This is where I want to sit down and ask the heads of the oil companies, how is it that the price of gas refined a year ago can go up in the blink of an eye, based on the price of a FUTURE barrel of oil...but when that price of the FUTURE barrel of oil comes down, the price of gas that was refined a year ago doesn't?

Does anyone else remember when gas only went up once a week (if that), and it was a penny or two? You can drive by a gas station in the morning on your way to work and on the way home eight to ten hours later, the price has jumped ten cents or more. And this can happen more than once a week.

The next question I'd like to ask them is if they can afford to fill the gas tanks on their cars, and are they changing their purchasing habits, because gas is a much higher portion of their home budgets, like the rest of us?

I think if the oil companies took a miniscule 2.5% out of their gargantuan pockets by lowering prices and profit levels on end use gasoline, now THERE'S an economic stimulus package (that doesn't come out of my own pocket in 2009). Congress and the oil companies need to listen to the people this is affecting most. Not the poor-they probably don't own cars! It certainly isn't the oil company executives. It's us in the middle class. Those of us whose family budgets are in crisis, because we can't decide whether to drive to work or feed our kids...

The Weekly Rewind

Ok, turn off the TV, or at least turn the sound down, March Madness will still be there after you finish reading The Weekly Rewind…..I’ll try to make it quick.


Heckle: to paying no attention to the 800 pound gorilla in the room. About half of the state legislatures nationwide are scrambling to plug gaps in their budgets, shot through by rapid declines in corporate and sales tax revenue, distressed housing markets and a national economy on the verge of a recession. Just remember we are not ‘officially’ in a recession….

Heckle: to a not so pleasant vision of the future. Sen. John McCain’s (R-AZ) current visit to Iraq is bolstering the belief by the country’s politicians that if he is elected president, “the American military would have a large presence in Iraq for a very long time.” Jalaladeen Sagheer, a senior member of the leading Shiite Supreme Islamic Iraqi Council, described McCain’s visit as “an advertisement for the American elections.” As if we need anymore negative advertising.

Applaud: to someone with knowledge of the impending crisis speaking out. The current economic crisis “is likely to be judged in retrospect as the most wrenching since the end of the second world war,” writes former Chairman of the Federal Reserve Alan Greenspan in the Financial Times. He also argues that “market flexibility and open competition” are “our most reliable and effective safeguards against cumulative economic failure.” Hmmm, that would mean wild market speculation and obscene corporate profits would help lead the way to economic failure….

Applaud: to a long time coming. Reports are that an internal Department of Justice investigation into the firing of at least eight U.S. attorneys is approaching its conclusion. The report will likely be released in the spring, and it “will almost certainly be explosive.” This will be interesting. What surprises will this hold for our lame duck president and his cronies?

Heckle: to continually spreading the manure. Vice President Cheney made a surprise visit to Iraq this week, in order to reaffirm “the unwavering commitment” of the United States to rebuilding Iraq. Cheney told reporters that it was “especially significant” he was in Iraq five years after the March 2003 U.S. invasion. Shortly after his arrival, “two explosions rocked Baghdad.” How unwavering is our commitment…read on….

Heckle: to our ‘unwavering commitment’. The success of the US ’surge’ strategy in Iraq may be under threat as Sunni militia employed by the US to fight al Qaida are warning of a national strike because they are not being paid regularly. Leading members of the awakening councils “have said they will stop fighting unless payment of their $10 a day wage is resumed.” According to a survey by Guardian Films, four of the 49 councils have quit while 38 more are threatening to leave. Maybe the Bush(whacked) Administration should consider diverting some of the obscene amounts of money being paid to government contractors and instead pay the militias their paltry $10 a day wage.

Heckle: to the fact that maybe $10 a day just isn’t enough. A conference to reconcile Iraq’s warring political groups began to unravel even before it got under way on Tuesday, with the main Sunni Muslim Arab bloc pulling out and protesting it had not been properly invited. I’m sorry did we not put the proper ribbon on the outside of the envelope? Once again, why are we there??

Heckle: to not knowing when to hold ‘em, or knowing when to fold ‘em. JPMorgan Chase agreed earlier this week to buy banking giant Bear Stearns for $2 a share, less than one-tenth the firm’s market price last Friday. The bank and the Federal Reserve “will guarantee the huge trading obligations” of Bear, “which was driven to the brink of bankruptcy by what amounted to a run on the bank.” Now just remember we are only in a slowdown…..

Heckle: to ruining peoples lives for profit. “My life has been flushed down the drain,” said one Bear Stearns employee. Bear Stearns had always encouraged its 14,000 employees, from secretaries to top executives, to be long-term holders in the company’s stock, and the employees own over 30 percent of the company. Remember, slowdown…...

Heckle: to more manure. Following weeks of oil prices hitting over $100 a barrel, Vice President Dick Cheney met Saudi Arabia’s King Abdullah on Friday for talks that will include discussions on cooperation to stabilize the oil market. “I’m sure they will talk about the need for a cooperative way forward to try and stabilize this market, reduce the volatility in the market, and serve the interests of both consumers and producers alike,” John Hannah, national security adviser to Cheney, told reporters. Oh and while giving the impression that they care about stabilizing things and helping the consumers, I’m sure they will also talk about ways to keep profits in the pockets of Bush(whacked) Administration supporters.

Heckle: to not listening to the service chiefs in the field. The LA Times reports that “turmoil over the war has increased” inside the Pentagon, with some commanders, including Gen. Davis Petraeus, advocating continued high troop levels in Iraq. On the other side “are the military service chiefs who fear that long tours and high troop levels” will leave “the Army and Marine Corps hollowed out and weakened.” Can the Congress tell the Pentagon to shut up and sit down while they hear from the true line commanders in the field?

Heckle: As the economy sours, voters are increasingly demanding immediate government relief, which is a problem for Sen. John McCain (R-AZ), “whose focus has been on longer-term solutions such as tax and spending cuts and free trade.” “The notion of ‘the market will straighten things out, be patient’ — that has photos of Herbert Hoover juxtaposed with it,” said pollster John Zogby. McCain is nothing more than the same song and dance we have had for almost the past 8 years.. Can we really handle, or yet survive 4 more years at this pace? I don’t think so..


And then we come to our Tool Of The Week. This week it is none other than Vice President and multi-tool winner, Dick Cheney, who wins the TOTW award with this little exchange with ABC Reporter Martha Raddatz as broadcast on Good Morning America:

V.P. Cheney: On the security front, I think there’s a general consensus that we’ve made major progress, that the surge has worked. That’s been a major success.

Raddatz: Two-third of Americans say it’s not worth fighting.

V.P. Cheney: So?

Raddatz: So? You don’t care what the American people think?

V.P. Cheney: No…

There you folks, this is part and parcel with the 'rethuglican' philosophy, “You don’t like the way we do things on your behalf? How much money did you give our canididates? I’m sorry you’re not wealthy enough and not financially beneficial to us, so we don’t care what you think.”


Okay, back to the games, that wasn’t too hard was it? And a Happy Easter to all from Kemp and I.

Be good, stay informed…..later

Remain calm, all is well ! Yeah sure.....

Some observations-

- For the first time since 1945, on average, American homeowners equity in their homes has fallen below 50%. Which means that the amount of debt owed on their homes exceeds the amount of equity in the home.

- Foreclosures hit a new all time high in the 4th quarter of 2007. And the number of homeowners 30 days or more late making mortgage payments is at the highest level since 1985.

- Inflation fears are increasing, the dollar is continuing to fall against the Euro.

- The stock market continues to drop in response to warnings of bank / mortgage related layoffs and bankruptcy fears.

- Oil keeps going up because traders (aka:greed mongers) get scared every time some one blows their nose in a 3rd world country.

Now can you tell me again Mr. President how we are in a 'slowdown' with no danger of heading for a recession? Curious that actual financial experts say we are already there....

Remember, it doesn't really matter what the experts say, like a self-fulfilling prophecy, if a majority of average American's think we are in a recession......then we are ...

Hold on, the ride is just beginning.

UPDATE BY KEMP: If I may add to Scott's post here, consider that the Federal Reserve announced this afternoon that Americans’ percentage of equity in their homes "fell below 50 percent for the first time on record since 1945” that caused the Economy.com website to estimate that “8.8 million homeowners, or about 10.3 percent of homes, will have zero or negative equity by the end of the month.”

Interesting... I guess people just "built too many houses", huh? It’s the only possible explanation...

The Weekly Rewind

Well folks, here it is, your heaping helping of a tasty dish we like to call The Weekly Rewind.

Heckle: to doing only half the job. The Senate Intelligence Committee yesterday voted 13-2 to approve a bill tightening rules on government wiretapping. The legislation would also contains a “highly controversial” grant of legal immunity for telecoms, a provision demanded by the White House. Once again, a voice of common sense, Sen. Arlen Specter (R-PA) said he was not prepared to grant retroactive immunity to telecommunications companies for their participation in the warrantless wiretapping program. “I certainly would not give them immunity retroactively on programs that we don’t know what they are,” he said. Thank you Senator! I, and many other Americans are getting tired of half-assed legislation.

Heckle: A new report from the Special Inspector General for Iraq Reconstruction states that U.S. attempts at political reconciliation, economic growth, and building an effective police force in Iraq “have failed to show significant progress in nearly every one of the nation’s provincial regions and the capital.” And this surprises anyone?

Heckle: 136: Number of people who were killed by a suicide bomber in Karachi, Pakistan, on Thursday. Thousands turned out for the return of former prime minister Benazir Bhutto. What is is about freedom and democracy that threatens people in the middle east and surrounding areas?

Heckle: Oil prices have soared to “another record high,” hitting $90.07. Can $100 be far away? Who would have ever thought….

Applaud: Our favorite conservative, Sen. Arlen Specter (R-PA) won second place in the annual D.C.’s Funniest Celebrity contest, beating out Wonkette founder Ana Marie Cox and Grover Norquist. Specter joked that Bob Dole once told him, “Arlen, you know [Viagra] costs $10 a pill?” “Bob, how in the hell would I know about that?,” Specter replied. “And then Elizabeth said to him in anger…’Bob, you can afford $40 a year!’” Watch it here. Nice! He’ll be here all week folks, be sure to tip your waiter…..

Heckle: Senate Minority Leader Mitch McConnell (R-KY) is still under the microscope from the Kentucky press over his office’s involvement in smearing Graeme Frost. In an editorial entitled “McConnell versus truth,” The Courier-Journal writes, “It’s clear what Mitch McConnell knew and when he knew it. It’s clear he deceived the public.” The Herald-Leader also weighs in. And the Georgetown News-Graphic. What do you expect when you pick the wrong side of an issue and you pick on a kid.

Applaud: to finally getting your head out of your ass. Under pressure to help override President Bush’s veto, at least five of the eight House Democrats who voted initially against expanding a popular children’s health insurance program now say they’ll switch sides.”

Heckle: to 24 percent. What is it? It’s President Bush’s approval rating in a new Reuters/Zogby poll, which sets yet another record low for the President. Can he get to the teens? He has a little over 15 months left to continue his downhill slide.

Heckle: During his townhall meeting in Arkansas yesterday, “not a single questioner criticized” President Bush. With polls showing Bush’s disapproval at record highs (see above), the White House is staging “let-Bush-be-Bush events” in front of “friendly audiences” with “increasing frequency.” Sorry guys, no one is buying it, go peddle your crazy somewhere else….

Applaud: to seeing the writing on the wall. This week, Rep. David Hobson (R-OH) announced that he will retire at the end of his term. Hobson is the 11th Republican House member to announce retirement ahead of the 2008 election.

And Finally- Colbert throws his hat in the ring. On the Daily Show this week, comedian Stephen Colbert “made a surprise appearance” to officially announce he was considering a run for president. About 20 minutes later on his own show, Colbert announced “Yes, I’m doing it!” He then welcomed CBS political analyst Jeff Greenfield to analyze his impact on the race “in the past three minutes. Could he do worse than we currently have? I doubt it…

There you go.

Be good, stay informed…..later