Wondering why McCain's been talking about off-shore drilling but not ANWR?

[Balog]

A good breakdown of the insane tax penalties being placed on off-shore drilling.

http://www.forbes.com/home/2008/06/18/offshore-drilling-bush-business-cx_bw_0618oil.html

Partial article, follow link for full.

Washington, D.C. -

Suppose for a moment that Congress listens to President Bush's remarks Wednesday and removes the decades-old ban on offshore drilling for oil and natural gas on the Outer Continental Shelf. Who wins, aside from the oil industry?

Uncle Sam, of course.

Why? Because the U.S. government collects royalty payments and upfront cash from oil companies that lease federal lands for oil and gas exploration and production.

The U.S. Interior Department's royalty rate for deep-water drilling in the Gulf of Mexico is 18.75%--up from 12.5% two years ago. This move helped the government take in $7 billion in offshore royalties, rents and bonuses from oil companies drilling in U.S. waters last year.

[old school]

What are the objections to offshore drilling? Are they environmental?

[De Selby]

Wait a second here: The federal government owns or controls these territories, and it shouldn't get a substantial cut of the money why?

Is this a socialist country where you get to use other people's land for free if you're connected to the government?

Or is this a country where you have to pay a fair market value for what you get?

[The Annoyed Man]

What a joke.  Increasing the supply (as if ANWR would do that) won't do squat.   GW has driven the dollar down to its lowest value in history.  That, and 28 years of 'Reaganomics' has brought us to where we are today.

[agricola]

As an aside, is it true (Fox seems to be reporting this) that offshore drilling is taking place but its just not US firms that are doing it? 

[Manedwolf]

As an aside, is it true (Fox seems to be reporting this) that offshore drilling is taking place but its just not US firms that are doing it? 

Of course it's true. China has rigs 100 miles off our coast, and so does Mexico. China is putting more out there as we speak.

They've got their straws in our milkshake, and we're not allowed to even bring a straw near the glass.

[agricola]

As an aside, is it true (Fox seems to be reporting this) that offshore drilling is taking place but its just not US firms that are doing it? 

Of course it's true. China has rigs 100 miles off our coast, and so does Mexico. China is putting more out there as we speak.

They've got their straws in our milkshake, and we're not allowed to even bring a straw near the glass.

Well then, one would expect the Repubs to point out the imbecility of this. 

[MicroBalrog]

Wait a second here: The federal government owns or controls these territories, and it shouldn't get a substantial cut of the money why?

So why should FedGov own the territory in the first place?

Be Wise - Privatize!

[De Selby]

Wait a second here: The federal government owns or controls these territories, and it shouldn't get a substantial cut of the money why?

So why should FedGov own the territory in the first place?

Be Wise - Privatize!

Because the public in general sacrifices its blood and treasure to extend federal sovereignty-that isn't privately paid for, and the land certainly was not captured by private interests.

[MicroBalrog]

Wait a second here: The federal government owns or controls these territories, and it shouldn't get a substantial cut of the money why?

So why should FedGov own the territory in the first place?

Be Wise - Privatize!

Because the public in general sacrifices its blood and treasure to extend federal sovereignty-that isn't privately paid for, and the land certainly was not captured by private interests.

Ever hear of how the West was tamed?

[De Selby]

Wait a second here: The federal government owns or controls these territories, and it shouldn't get a substantial cut of the money why?

So why should FedGov own the territory in the first place?

Be Wise - Privatize!

Because the public in general sacrifices its blood and treasure to extend federal sovereignty-that isn't privately paid for, and the land certainly was not captured by private interests.

Ever hear of how the West was tamed?

Yes-it was tamed by people who were able to migrate here because of the costly and hugely unpopular war with Mexico.  The promise of land grants from the federal government, along with the massive public subsidies for developing land and sea lanes to the west, helped to encourage them to move.

Huge pieces of the west, btw, are still state owned. 

[seeker_two]

McCain talking about off-shore drilling?........

....was there a Kennedy involved?....

[RocketMan]

And what are the constitutional restrictions on the federal government owning land and property again?

Oh, that's right, the Fed doesn't pay attention to the Constitution.  Never mind...

[stevelyn]

Wait a second here: The federal government owns or controls these territories, and it shouldn't get a substantial cut of the money why?
Is this a socialist country where you get to use other people's land for free if you're connected to the government?

Or is this a country where you have to pay a fair market value for what you get?

For us it's the statehood compact that clearly states a 90/10 split with the feds.

[taurusowner]

Increasing the supply (as if ANWR would do that) won't do squat.

  Increasing supply won't do anything to price??  Do you know anything at all?

[Finch]

Increasing the supply (as if ANWR would do that) won't do squat.

  Increasing supply won't do anything to price??  Do you know anything at all?

I think he is saying that it is not necessarily the price of oil that is sky rocketing, it is that our dollar is tanking.

[Manedwolf]

Increasing the supply (as if ANWR would do that) won't do squat.

  Increasing supply won't do anything to price??  Do you know anything at all?

I think he is saying that it is not necessarily the price of oil that is sky rocketing, it is that our dollar is tanking.

Well, there's a slight problem with that in that it's not true. It went down a bit since Feb, but is wobbling in the same position, and is expected to rise as soon as the Fed stops cutting rates and raises them again.



Other than that!

[wmenorr67]

Plus it doesn't matter how much oil there is.  If you cannot refine it the price of gas and diesel will stay inflated.

[MicroBalrog]

Yes-it was tamed by people who were able to migrate here because of the costly and hugely unpopular war with Mexico.  The promise of land grants from the federal government, along with the massive public subsidies for developing land and sea lanes to the west, helped to encourage them to move.

Huge pieces of the west, btw, are still state owned. 

Yes. THe key part is "huge land grants". You can develop pretty much the most unforgiving bits of soil by giving it for symbolic prices to whoever will develop it.

And yes, huge parts of the west are still state-owned, but IIRC there have been legal challenges to it.

[MechAg94]

Plus it doesn't matter how much oil there is.  If you cannot refine it the price of gas and diesel will stay inflated.

Yes, but you can't have one without the other.  Get supplies of crude moving.  If refining is restricted, that can be fixed also. 

I agree that the value of the dollar has an effect on our gas prices, but it isn't the only factor. 

[MechAg94]

As one writer I read said: Turn ANWR over to a couple of environmental groups to own and manage.  They would be the first to allow the oil drilling.  They aren't dumb enough to pass up that money.

[Waitone]

Has anyone correlated environmentally sensitive land and mineral content?