Thursday, July 8, 2010

Will The Democrat Administration Destroy The US Deep-Water Oil Drilling Industry And Increase US Dependence On Foreign Sources Of Oil?

The Democrat Obama Administration has asked a Federal Court to reinstate its deep water oil drilling ban in the Gulf of Mexico.

See: Obama Asks Court to Reinstate Ban on Deepwater Drilling

The Interior Department, which oversees oil and gas exploration on public lands and offshore, is charged with the “prudent and safe” management of those resources, the court filing said.

“A short-term suspension of deepwater drilling while safety regulations are updated is necessary to achieve that goal,” the document stated.

In his original decision to grant a preliminary injunction against Democrat President Barak Obama's Deep-Water Drilling Moratorium, Judge Feldman wrote: This Court is persuaded that the public interest weighs in favor of granting a preliminary injunction. While a suspension of activities directed after a rational interpretation of the evidence could outweigh the impact on the plaintiffs and the public, here, the Court has found the plaintiffs would likely succeed in showing that the agency’s decision was arbitrary and capricious. An invalid agency decision to suspend drilling of wells in depths of over 500 feet simply cannot justify the immeasurable effect on the plaintiffs, the local economy, the Gulf region, and the critical present-day aspect of the availability of domestic energy in this country.

The world does not sit around on its thumbs when Democrats try to stop things. The Democrats only have jurisdiction over so much of the world. The rest of the world can and will move on.

See: Stop the oil, not job creation

A prolonged moratorium would only make an awful situation worse.

Before the administration takes action on the moratorium, here are questions that decision-makers should ask: What would an extended moratorium on deepwater drilling really mean for the country? Are the perceived benefits worth the real costs?

The spill is already taking an enormous toll on the people in the communities around the Gulf that depend on the jobs and wages that deepwater drilling provides. If the moratorium overcomes the current legal challenge and is reinstated, this toll would only increase.

Oil companies cannot let their rigs go idle in these difficult economic times. If they are denied access to Gulf resources even for a short period, they will take their operations to promising new locations off Brazil, West Africa or China and sign new leases.

Once the rigs leave the Gulf it becomes very tough to get them back. Tens of thousands of Gulf residents are directly — and indirectly — employed by the offshore industry. When the rigs leave, so will their jobs. The scenario has been rightfully compared to the auto industry leaving Detroit.

If this moratorium debate drags on, the rest of the nation could get hit as well. Without this critical source of domestic, affordable fuel, we would be forced to import even larger amounts from overseas.

We already spend $1 billion a day on foreign oil. With a moratorium, that number will rise and our dependence on OPEC grow. Both outcomes increase our energy and economic insecurity — moving the country in the wrong direction.

Interestingly enough, and one possible explanation for the Democrat Administration's urgent and tenacious efforts to put in place and keep in place, a crushing moratorium on US Deep-Water Oil Drilling, may lead back to one of its largest campaign donors, George Soros.

In another part of the world, off the coast of Brazil, large deep-water oil deposits have been discovered. Petrobras, the Brazilian oil giant is poised to begin exploiting those oil deposits. Interestingly, George Soros is one of Petrobras' largest investors. As with Petrobras, George Soros is also one of Obama's and the Democrat Party's largest “investors.” Petrobras needs some deep-water oil drilling rigs to become available so that it can exploit its rich deep-water oil deposits. The Democrat Administration's devastating drilling ban has made many of those deep-water oil drilling rigs available.

Better yet, once those deep-water oil drilling rigs are moved and put inplace far abroad, the US fields that they had served will be effectively shutdown for many years to come, increasing the market value of all of that foreign deep-water oil, and the value of George Soros' huge investment in Petrobras, all that much more.

Is the tail waging the dog?

See also JCM's: C2 Saturday A.M. Bulldog Edition for more on the odd Oil Spill Clean-up problems and the strange connections between George Soros, Barak Obama, the Democrats, and Brazil's Petrobras.

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