Friday, October 03, 2008

Yes, Sarah....More Drilling Sure Looks Like The Answer.....NOT

According to the US Energy Information Administration, oil production from drilling offshore in the outer continental shelf wouldn't begin until around the year 2017. Once begun, it wouldn't reach peak production until about 2030 when it would produce only 200,000 barrels of oil per day. This would supply a meager 1.2% of total US annual oil consumption (just 0.6% of total US energy consumption). And, the offshore oil would be sold back to the US at the international rate, which today is $106 a barrel. So, the oil produced by offshore drilling would not only be a "drop in the bucket", it would be expensive, which translates to "no relief at the pump".

Ms Palin, given the above, can you please elaborate on how more drilling for oil in Alaska and offshore is the answer to our problem of energy dependency??????

Tuesday, September 30, 2008

McCain Separated From Reality Once Again

Sen. John McCain (R-Ariz.) and his top aides took credit for building a winning bailout coalition – hours before the vote failed and stocks tanked. Shortly before the vote, McCain had bragged about his involvement and mocked Sen. Barack Obama for staying on the sidelines.

On Monday morning, McCain campaign communications director Jill Hazelbaker said on Fox News that the deal would not have happened “without Sen. McCain.” “Sen. McCain interrupted his campaign, suspended his campaign activity to come back to Washington to get Republicans around a table,” Hazelbaker said. “Without Sen. McCain, House Republicans would not have appointed a negotiator, which would not have moved this bill forward. “It’s really Sen. McCain who got all parties around a table to hammer out a deal that hopefully is in the best interests of the American taxpayer.”

Uhhh John......Next time you get all the parties to hammer out a deal, make sure there actually is a deal among those entitled to vote on it. Maybe if you had a little more experience, you would have seen this coming you crackpot!

Monday, September 29, 2008

Have You Had Your Meeting With The Treasury Secretary Yet?

According to the NYT, Lloyd C. Blankfein, Goldman Sachs CEO, was in the room with Henry Paulson (former CEO of Goldman) when the decision to save AIG was made. Why does this matter? According to the NYT, AIG owed Goldman $20 billion. If AIG had been allowed to go bankrupt, Goldman would be in line with all the other creditors, hoping for a few dimes back on each dollar of debt. Because Henry Paulson decided to rescue AIG, Goldman gets paid in full.
Did Goldman's influence with their ex-CEO make a difference in Paulson's decision? I have no idea, but this thing stinks. Can you imagine if clerical workers losing their homes got to sit around with bankruptcy judges deciding the fate of their mortgages? It doesn't work that way where the rest of us live.