In his continued long-term struggle against the dark forces of the environment, President Bush will today issue a statement that he is lifting an executive order banning offshore oil drilling that his father signed back in 1990, even though it doesn't really mean very much since there's been a federal law banning offshore drilling since 1981.
But, hey, it's the thought — the thought of getting at all that sweet, sweet oil — that counts.
Bush is trying to get the Democrat-controlled Congress — which does not want to repeal the ban — to repeal the ban. Which means the Democrat-controlled Congress should be repealing the ban any minute now…
"There is no excuse for delay," the president said in a Rose Garden statement last month. "In the short run, the American economy will continue to rely largely on oil, and that means we need to increase supply here at home," Bush said, adding that there is no more pressing issue for many Americans than gas prices.
Exactly! There is no more pressing issue! Which means that we need to repeal that ban right now so that several years from now, we [read as: the oil companies] can start reaping the benefits of Bush's far-sightedness…
"If we were to drill today, realistically speaking, we should not expect a barrel of oil coming out of this new resource for three years, maybe even five years, so let's not kid ourselves," said Fadel Gheit, oil and gas analyst with Oppenheimer & Co. Equity Capital Markets Division.
This is obviously a politically charged issue. So, where do the candidates stand on it?
Sen. John McCain recently announced he supported offshore oil drilling, reversing his previous stance. Sen. Barack Obama wants to keep the ban in place.
Yeah, but I have a feeling that Obama's tune will change once he realizes just how many points he can drop in the polls by switching positions on this one. That guy's a brilliant politician.
Tags: Barack Obama, Energy & Oil, Environment, George H.W. Bush, George W. Bush, John McCain