"Drill Here, Drill Now" Hits the Jackpot!

Thu, 2008-09-25 14:21Ross Gelbspan
Ross Gelbspan's picture

"Drill Here, Drill Now" Hits the Jackpot!

Las Vegas casino tycoon Sheldon Adelson upped his ante in former House Speaker Newt Gingrich’s unregulated issues-advocacy group in August, with a $750,000 donation that helped propel the organization to the No. 2 fundraising spot among so-called 527 political groups this election season.

Amid new signs that its signature “Drill Here, Drill Now, Pay Less” campaign was reaping success on Capitol Hill, American Solutions for Winning the Future reported a total of $1.9 million in contributions for August, its second-best fundraising month.

(Its best was a $2.1 million showing in June, when the group rolled out its campaign to end the 27-year-old U.S. moratorium on offshore drilling, and Republican presidential candidate John McCain took up the cause.)

Comments

If truth in advertising were a law the real slogan for this drillmania would be, “Drill here, drill now, drill dry holes 80 percent of the time. Pay a penny less 20 years from now.”

Who will benefit from this?

If the American People control the oil, then we can say what the price is, and how much of it we can get.

However, if Exxon controls the oil, we will continue to pay high gas prices, and they will continue to profit.

Any oil that comes from the US is subjected to a 15% tax. Either in crude for the strategic reserves, or in equivelent money. But since the US is a capitalist system the money to fund the drilling will be private and hence owned by private.

The US also prevents any oil producd in the US from being exported.

Keep in mind that 80% of the world’s oil reserves are own by governments, not corporations. The high price is because there are more bidders for the stuff than there are sellers. That is, oil demand is growing (mostly in India and China) and all the major oil fields in the world are in terminal decline, and the supply side is flat. Has been since 2005. And it’s only going to get tighter soon as world oil supply goes into terminal decline in the next few years.

Very good post, I was really searching for this topic, as I wanted this topic to understand completely and it is also very rare in internet, that is why it was very difficult to understand.
Thank you for sharing this.
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Thanks so much for this! I haven’t been this moved by a blog for a long time! You’ve got it, whatever that means in blogging. Anyway, You are definitely someone that has something to say that people need to hear. Keep up the good work. Keep on inspiring the people!
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