The JU "controversy" should clear the air over offshore drilling. First off as Pelosi says let's start up the inactive licensed areas; then Congress for one dollar should permit all other areas to be explored for plausible oil reserves. When more or less proven, license at $1mil the oil companies to drill as long as it beyond horizons, and if not states in question must approve.
As for the use of the Arctic Ocean already under exploration and in competition with other nations, Congress should give its blessings and without costly licenses. ANWR should be issued permits--the usual $6mil eliminated--for $2mil subject to strict Environmental Protective Agency oversight. For all other licenses of areas that have not yet been activated a reduction of $5mil should be the rule as incentive to oil companies to get moving. It goes without saying that all new oil is not to be exported.
So-called "windfall profits" should be perceived as a strategy to get each company to prove that 50% of "excess" profit is being invested in non-oil based production or research.
We don't discuss the profits of Big Coal--we should--the excess profits of which should be returned for the purpose of cleaning up the industry via new technology and of that already developed.
On the other hand it is imperative that the current "rational enthusiasm" for alternatives not be sidetracked by falling prices which will only rise again when winter sets in. Nor should we be bamboozled by OPEC stratagems always lurking to undermine our independence.
Copyright © 2008 Richard R. Kennedy All rights reserved. Revised: Aug 13, 2008.
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