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Wall St. Journal Pans Bush And McCain On Offshore Drilling As Gas-Price Fix
The proposal by George W. Bush and John McCain to lift the bans on offshore oil drilling -- pitched as a solution to gas prices -- is getting a thumbs down from an unlikely source: The Wall St. Journal, which says it is simply not a short-term fix.
"If the bans were lifted tomorrow," the Journal says, "it would be at least seven years -- and likely as long as a decade -- before the first oil began to flow off the coasts of Florida, California and the eastern seaboard."
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The WSJ news staff is actually pretty unbiased. It is only the editorial page which tilts hard right.
This sounds like a replay of the gas tax holiday--experts agreeing with Obama, even those that would typically go for GOP policy.
June 19, 2008 8:47 AM | Reply | Permalink
Agreed. Their news coverage is often first-rate (though how long that lasts under Murdoch, who knows). Just stay away from the insane asylum of the editorial pages.
June 19, 2008 9:44 AM | Reply | Permalink
I would submit that the news staff will be trash in no more than 6 months. Then the WSJ will be as worthless as the Post. Good ole rupert. Subverting democracy and the free press at every opportunity.
June 19, 2008 10:01 AM | Reply | Permalink
What if the point of the plan is not to drill oil, but to keep it from being drilled? What would happen to the price?
June 19, 2008 8:57 AM | Reply | Permalink
The newyork times
5 years might seem like a short-term for the 70+ mccain.
June 19, 2008 9:22 AM | Reply | Permalink
I think that we need to realize that when oil hits $500 barrel and the planet is screaming for gas we are going to drill anwar, ca coast, etc. Better to do it with significant protection and remediation clauses in a controlled fashion. But these reserves are small and won't significantly impact prices even if they were exploited. One nice thing, as oil prices have gone up, so will lease prices, which means the US Gov will collect more money. This is a back-door windfall profits tax...
Still the pander to people screaming about gas prices is ridiculous. This would have presented another awkward moment if HRC were the nominee...
June 19, 2008 9:49 AM | Reply | Permalink
When oil hits $500 a barrel, the planet will breath a sigh of releaf as human beings turn to cheaper alternatives.
Drilling these small reserves ultimately won't make a difference. The supply will run out sooner or later, and we need not rape and pillage the planet for each and every last drop. Time to move on to a new source of energy - that is the policy that will have our country determine it's own economic future.
June 19, 2008 10:03 AM | Reply | Permalink
Good heavens! Didn't they consult SFCWallace before they published this dreck?? ;-)
June 19, 2008 10:14 AM | Reply | Permalink