February 2, 2015
Obama's Offshore Drilling Deal
Here’s a deal for you. You give me a million bucks right now. I promise to pay you the million back in fifteen years. But in two years I’ll be leaving town and will have no authority or ability to pay you back. And by the way, I promised to pay you back on a similar deal five years ago and reneged on the deal. But trust me, trust me.
That’s the deal the Obama administration is offering the oil and gas industry. Give up drilling in the most promising areas in Alaska right now in return for the right to explore a portion of the offshore Atlantic in 2030 (the same general area promised and then withdrawn following the 2010 Deepwater Horizon oil spill). It’s one of those “heads I win, tails you lose” arrangements, and the oil and gas industry would be fools to accept it.
Under the administration’s proposal, 12 million acres of the Arctic National Wildlife Refuge (ANWR) and much of the Beaufort and...(Read Full Article)