Oil Compromise under Pelosi's Nose

[crb]

Woohoo. Let it be so:

http://money.cnn.com/news/newsfeeds/articles/djf500/200807161541DOWJONESDJONLINE000775_FORTUNE5.htm



The move is meant to counter Republicans who are pushing to open up off-limits areas to drilling, especially in coastal areas along California and in the Gulf of Mexico. But that strategy may be put to the test by a package being developed by two dozen lawmakers, half Democrats and half Republicans. While still in the works, the centerpiece involves offering leases for at least some of the 574 million acres of coastal waters that are closed to drilling and using the proceeds to finance a host of tax breaks, such as those for renewable energy and household conservation measures.

"Our package will be around offshore as the cash producer and then we'll take the revenue and finance renewables," said Rep. John Peterson, R-Pa., who has teamed up with Rep. Neil Abercrombie, D-Hawaii, to lead a group developing a bipartisan package. "If we can come up with a bipartisan package, we'll go out and sell it to the American public bipartisanly, and we think the public will tell us to get it done and if we don't get it done people are going to pay in November."

[Ashliana]

I actually listened to two of these guys on CSPAN radio this morning. They sound pretty in-the-know. I wouldn't say it's "under Pelosi's nose," though.. they mentioned consulting with her and the Senate Majority and Minority leaders, too.

[crb]

Read the CNN link... doesn't seem like this move makes Pelosi happy... or Reid for that matter.

[Ashliana]

Well, if they did--all the better. Pelosi is one of the most annoying democrats.

[crb]

Agreed... and she is the least photogenic person on earth. I have never seen a flattering photo of her.
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Everyone should write their reps and urge joining this compromise.

[Ashliana]

Agreed... and she is the least photogenic person on earth. I have never seen a flattering photo of her.
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Everyone should write their reps and urge joining this compromise.

You should do what you did to the Green Party lady. Find the worst picture of her available. I seriously LOL'd at that first one.

[Clove]

Woohoo. Let it be so:

http://money.cnn.com/news/newsfeeds/articles/djf500/200807161541DOWJONESDJONLINE000775_FORTUNE5.htm

x10.

[Clove]

I was listening to Peterson this morning on CNN and (whether or not it's genuine) he seems to have the perspective I've been hoping our legislature would take. Open up as much domestic oil exploitation as possible and use proceeds from leasing, licensing, taxes etc to promote energy alternatives. Now if we can eliminate the tax deductions to oil companies for alternative energy investment. It makes no sense to have oil companies involved in that process- it's like wheel chair factories funding polio vaccine research.

[crb]

I was listening to Peterson this morning on CNN and (whether or not it's genuine) he seems to have the perspective I've been hoping our legislature would take. Open up as much domestic oil exploitation as possible and use proceeds from leasing, licensing, taxes etc to promote energy alternatives. Now if we can eliminate the tax deductions to oil companies for alternative energy investment. It makes no sense to have oil companies involved in that process- it's like wheel chair factories funding polio vaccine research.
Um... why not?

Google invests in Alt energy research, they're an Internet Ad & Search company.

IF anything, it makes the MOST sense for oil companies to invest in alternative energy research. If we move away from oil, the oil companies will suffer, they're trying to diversify their business so they stay in business. That is just basic business strategy.

In anycase, the more the merrier right? In an oil company wants to build a solar power plant, let them.

[Ashliana]

Clove, it makes sense for an oil company to want to diversify at this point. Once alternatives are made viable, oil suddenly becomes a lot less value and all these oil companies lose a lot of their worth. If they want to stick to energy--alternatives to oil would be the way to go.

The more R&D into alternatives, the better. But some oil companies, like ExxonMobil, have stuck to their guns and said: "We're an oil company, nothing else." That'll work for them--at least in the meantime.

[Clove]

Um... why not?

Google invests in Alt energy research, they're an Internet Ad & Search company.

IF anything, it makes the MOST sense for oil companies to invest in alternative energy research. If we move away from oil, the oil companies will suffer, they're trying to diversify their business so they stay in business. That is just basic business strategy.

In anycase, the more the merrier right? In an oil company wants to build a solar power plant, let them.I'm all for oil companies building solar plants if they like, but not out of their tax obligation. Let our government use the tax revenue to spur oil alternatives. As it is, oil companies' primary incentive is to qualify for the tax deduction- not produce viable alternatives to oil. They'll want to diversify when alternatives to oil are impending, and they will; we don't need to give them incentives.

[Ashliana]

Do you only oppose the "tax breaks in return for alternative energy research" when it comes to oil companies? That's what it sounds like. I, too, wouldn't give the oil companies very much trust, but you seem a little more cynical than I am.

[Clove]

Do you only oppose the "tax breaks in return for alternative energy research" when it comes to oil companies? That's what it sounds like. I, too, wouldn't give the oil companies very much trust, but you seem a little more cynical than I am.I would rather collect the taxes from the oil companies and use the revenue to give OTHER types of companies and individuals incentives. I believe oil companies have the most motivation to screw with the deduction. I'd rather remove the opportunity from them.

[g++]

I would rather collect the taxes from the oil companies and use the revenue to give OTHER types of companies and individuals incentives. I believe oil companies have the most motivation to screw with the deduction. I'd rather remove the opportunity from them.

I think your looking past the fact that its oil companies that push politicians around not the reverse.

[Clove]

I think your looking past the fact that its oil companies that push politicians around not the reverse.I'm not overlooking it, I'm just expressing my preference. If it were up to me pizzas would be larger and beer would be cheaper too, but I'm not holding my breath.

I'm impressed that some senators are discussing opening up drilling and using the license fees to put towards alternative energy. Of course, it's all talk at the moment, but I honestly didn't expect that much from Congress.