The Wall Street Journal is reporting that Speaker Nancy Pelosi is offering to include drilling in currently prohibited areas as part of an overall energy compromise package. But lo and behold it appears that Republicans are now balking at that compromise. From the Wall Street Journal:
House Speaker Nancy Pelosi’s proposal Saturday to make expanded offshore drilling part of a new Democratic energy bill got a skeptical reaction from Republicans, who said they suspect it will contain other provisions unacceptable to the minority. The result may be that Congress remains deadlocked on the potent election issue.
What do you imagine the Republican opposition centers around? Well I know it is hard to believe but the Republicans are up in arms over Democratic proposals to get rid of tax breaks for oil companies. No, I did not say impose a windfall profits tax, but rather the Dems are now floating proposals that would eliminate some ridiculous tax breaks for oil companies, who are reporting record setting profits.
The most troubling provision for the GOP is the proposed repeal of tax breaks to oil companies, such as the manufacturing and foreign-earned income credits. Republican leadership, presidential candidate Sen. John McCain (R., Ariz.) and President George W. Bush have made clear the tax issue is a deal-breaker.
Well now, who is now obstructing the wishes of the American people. The Democrats have shown a willingness to compromise on drilling, but the Republicans want to protect tax breaks for Exxon-Mobil? Where do you think the American people will stand on allowing some drilling and promoting alternative energy by eliminating those tax breaks? The Republicans have demanded that Speaker Pelosi allow a vote on an energy bill. They are about to find out that sometimes its not so good to get what you wish for.
The Pelosi plan, while still evolving, appears to rely on the so-called “gang of ten” negotiations in the Senate.
According to people familiar with Ms. Pelosi’s proposal, her plan borrows from a bipartisan plan proposed by a “Gang of 10” senators — five from each party — that allows several East Coast states to opt into drilling off their shores. It doesn’t allow drilling off California or the eastern coast of Florida, the people said. Just a few weeks ago, the House speaker said Republican calls for a vote just on drilling was “a hoax on the American people.”
Both sides, if they are to move an agenda, must give something up. That is how things get done, and the only way they get done. But the Republicans only want a vote on more drilling, anathema to many Democrats. They don’t seem to want to include anything that the Dems might covet, like renewables. That is not movement towards energy independence. That is obstruction.
Bill Manzi.com 
Your Honor,
Have you been saving up this energy stuff to demonstrate that you don’t have a clue to what is going on.
Why do the Democrats require someone to be punished?
Is it because the evil big oil has received record profits? I will talk slowly so even you can understand.
1. Big Oil has received record profits because they had record sale. More sales, more profits. This is simply gross profits.
2. The value of a business is the return on sales. If you put your money in a bank today you get back a measly 2%. If you invest in a company the equivalent return is probably higher. The investors in big oil get 7.2% somewhere in the middle of the list of all company returns. Many earn more than 8%.
3. Big oil pays big wages, buys big capitol investment, pays huge taxes (not including the take you greedy politicians take). They also send payments to little old ladies to live on.
So Nancy wants to punish these guys just to prove a point and as I have said before , punishment is not an economic tool.
Your Party will screw the citizens to please the MoveOn.org crowd.
Jules
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OK I will type slowly so that you may properly get the needling you so richly deserve.
1) Nobody said that profits are bad or should bring punishment. My posting specifically said that I WAS NOT speaking of a windfall profits tax. Like most Republicans you must have chosen to ignore the part of the argument that doesn’t play into your rant.
2) I understand basic business premises, and I agree.
3) I understand basic business premises, and I agree.
Now lets get to the real argument here. You Republicans just want the Speaker to call an up or down vote on the Republican agenda for energy, which is more drilling. You do not want the bill to include any Democratic initiatives, such as promoting renewables or giving needed tax incentives to promote those renewables. Thats not how this system works, and the Republicans well know it. It certainly doesn’t work when you are the minority party. You accuse the Speaker of obstructing a vote. Well, who is obstructing now?
You have ridiculed the notion of tax breaks to promote renewables, and yet you appear to want to keep unjustified tax breaks for the oil industry. Why would we not want to utilize the tax system to promote something that is so vital to our national security, and our national economic health? The oil industry should not be punished for its success, but keeping tax breaks in place that are not needed today by that industry seems to be a matter of just protecting the Republican donor base.
Finally Jules Move On has nothing to do with the energy argument. T Boone Pickens, an avowed oilman, has said that we cannot drill our way out of this mess. We need renewables, and we need them quickly. Other countries who have made that committment are far more advanced than we are, to our everlasting harm. As far as screwing the people I wonder how the American public will perceive the republican fight to save TAX BREAKS for big oil. If I was Obama I would already be on TV, showing the Republicans fighting hard for Exxon-Mobil and killing tax breaks to promote renewable energy.
If the election is to be decided on that basis the Republicans should prepare for the beating of a lifetime. And Jules, they will deserve what they get.
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Jules,
And if you think for a minute that these record-setting prices which are contributing to record-setting profits are due to increased demand, then you’ve got another ‘think’ coming my friend. Commodities speculation and greed profiteering are what is driving the price up, and no amount of Bush pandering to the Saudis will make me think otherwise. And now, lo and behold, months before YET ANOTHER ELECTION, the price begins to drop – AGAIN. Coincidence?! I think not.
I’m done.
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Jim,
I see you have been studying the Talking Points chapter in the little red book.
Can you quote conversations you have overhear, or read documents to verify your position, or any other first hand witnessing to prove your point?
Now a lesson in Economics 101. ECONOMIC ACTIVITY IS DRIVEN BY GREED.
A question; you wrote the following”, Commodities speculation and greed profiteering are what is driving the price up, and no amount of Bush pandering to the Saudis will make me think otherwise.owing,”
So if these greedy guys are raising the price of oil what’s bringing it down now. Speculator benevolence?
Your Friend Jules.
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Your Honor,
Lets take it by the numbers;
1. you wrote, ” Now lets get to the real argument here. You Republicans just want the Speaker to call an up or down vote on the Republican agenda for energy, which is more drilling. You do not want the bill to include any Democratic initiatives, such as promoting renewables or giving needed tax incentives to promote those renewables. Thats not how this system works, and the Republicans well know it. It certainly doesn’t work when you are the minority party. You accuse the Speaker of obstructing a vote. Well, who is obstructing now? ”
Your are absolutely wrong. The Republican position was everything is on the table including the precious off shore and Alaskan properties. Also were the Dems intitiatives. It was for ALL of it. It was Pelosi who has the conditions and restriction to block the drill everywhere proposal. Then she went home and shut the lights and told the world she singularly saved the globe. Wow.
2.You Wrote, ” The oil industry should not be punished for its success, but keeping tax breaks in place that are not needed today by that industry seems to be a matter of just protecting the Republican donor base.”
I have heard Hillary on several occasion tell her audience, (paraphrase) “I will take the excess profits away from the greedy oil companies and “invest” it in renewable energy.” Pelosi has said the same thing. Iv’e heard her. So the Dems are at war with Big Oil. Republicans want to protect tax breaks while Dems want to raid profits.
Youe Honor, who has the white hat here?
My point reiterated in an another entry; No tax breaks to produce, just justifiable deductions against operating costs. For all players. Here we agree.
3. You wrote, ” If the election is to be decided on that basis the Republicans should prepare for the beating of a lifetime. And Jules, they will deserve what they get.
Disagree. People want gases prices reduced and do not care for all this folderol.
They do understand “drill here-drill now” everywhere. We will see what happens when she ALLOWS voting, if at all.
Meanwhile Dems are interfering with resolution.
Jules
Jules
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GASP!
http://www.msnbc.msn.com/id/26321642/
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Jim,
If these guys are breaking the law go get them.
All this says is that the volatile nature of Oil as a commodity creates opportunities as Nancy Pelosi and her gang keep out oil trapped in the ground.
Drill Here_Drill Now.
Jules
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