Will Obama now be going after the oil industry profits?

News Snippet:


(Reuters) - The Obama administration is expected to announce by Wednesday its updated plan for oil and natural gas drilling in U.S. waters, including whether to allow exploration for the first time along the U.S. East Coast.

Source:
www.reuters.com...

I'll admit this is a curiosity to me. Up until this point Obama has been staunchly against the exploration and the tapping of new oil reserves. He even campaigned on this and railed against George bush and then candidate Mcain for wanting to do the same thing.







And even went so far as to mock.





And now he wants to drill...

The article says that his motive behind this is to get a stalled climate bill moving again. To me this seems contradictory. Why would he try to get a climate bill moving again by agreeing to drilling for more oil?

The article suggests that the area off of Virginia is just the start and there will be future moratoriums lifted in Alaska.

Is this also in response to Russia and china drilling for oil in out back yard? Is is it a pre-emptive attempt to counter any bad press for this?

Is this going to be a set up for the oil companies? Will he and the Senate/Congress be soon taking over the oil companies and mandating pay caps for them? Watch these 2 clips and contemplate.









Will the mainstream media call him out on this? Not sure. What do you think?

[Edited for Spelling ]


[edit on 31-3-2010 by Thirty_Foot_Smurf]

Reply to post by Thirty_Foot_Smurf

Would Obama swooping in and taking oil company prophits justify or "make okay" tearing up the earth for oil?

Just curiuos. Because your post sounds supportive of Obama, ate least wishing you could be, so I read it as though you woukdn like tearing up the earth for oil but could accept it if the federal government were to prophits from it.

I apologize if that's not what you meant.


Posted Via ATS Mobile: m.abovetopsecret.com

Originally posted by thisguyrighthere
Reply to post by Thirty_Foot_Smurf

 

Would Obama swooping in and taking oil company prophits justify or "make okay" tearing up the earth for oil?

Just curiuos. Because your post sounds supportive of Obama, ate least wishing you could be, so I read it as though you woukdn like tearing up the earth for oil but could accept it if the federal government were to prophits from it.

I apologize if that's not what you meant.

 

Posted Via ATS Mobile: m.abovetopsecret.com

 

No not supportive at all. I think we should be drilling for out own energy.

My opinion is that his administration will soon be going after the oil companies' profits. I think that this whole drilling proposal is a ruse.

reply to post by Thirty_Foot_Smurf


Oh, okay. I get you.

That would be something to see. I'm still waiting to see how the Obama faithful will justify this to themselves and each other. I totally expect many, if not all, to make the claim that as long as the profits or a good percentage of them are going toward the fed that it's okay for them to betray their "anti-drilling" convictions and even throw in a bit of "we wouldnt have to do this if Bush hadnt left us with all this debt" for good measure all the while the gov giggles as it stuffs wads of cash into its pockets.

Cant wait to see how this one gets spun up and down left and right all around.

I do not support Obama but I do support this. Why not? If we can start off-shore drilling on our land, that would mean we could get out of the middle east. We could stop the conflict there, hopefully.

reply to post by Spike360


I agree. I do however think something doesn't pass the smell test when so many have demonized the oil companies profits in recent history and now are proposing something that will only serve to increase those profits.

Just looks like a setup to me. I can see in the near future they will say " Because if these new obscene record profits we are going to make a bold move on behalf of the American people. We are going to seize these profits and issue a rebate to the Americans struggling to make ends meet. In conjunction with that we are now going to cap the salary for top executives at xxxx amount ".

OH! Oh! Oh! Mr. Kotter can I be the first person to label Obama an Oil Industry Whore?

I heard 8 years of that the BS coming from the very people who constantly support Obama at every turn. This should be interesting.

I am all for drilling on US soil. Anything to ease the draw on foreign suppliers. Although he will probably contract the drilling to a foreign company

Sorry folks just another broken campaign promise.

On the bright side... Perhaps this will open the doors to new drilling in the Gulf and in Alaska.

reply to post by jibeho


HA! I was thinking that same thing. I'll bet its going to be China. It'd be an easy way for them to recoup their losses from us. Good post.

Originally posted by jibeho
OH! Oh! Oh! Mr. Kotter can I be the first person to label Obama an Oil Industry Whore?

I heard 8 years of that the BS coming from the very people who constantly support Obama at every turn. This should be interesting.

I am all for drilling on US soil. Anything to ease the draw on foreign suppliers. Although he will probably contract the drilling to a foreign company

Sorry folks just another broken campaign promise.

On the bright side... Perhaps this will open the doors to new drilling in the Gulf and in Alaska.

Now, now, Bush was employed by the Oil Industry before becoming governor. So, the people chanting that has some facts to base it on. Besides, I have yet to see a governor of my home state of Texas who wasn't a oil industry whore.

Something just isn't right about this. It was my understanding that this allows oil companies to purchase the drilling rights to these areas. It doesn't say anything about their being able to drill. I smell a scam. I can easily see the Obama Administration taking the oil companies money for these rights, getting a boost in their approval rating and then backing the Environmentalists when they sue to prevent drilling or having the EPA ban drilling. When the wells start coming on line I'll believe it, until then I think it is a scam.

I’m in the camp that something just isn’t right here. Why would Obama the great pusher of the alternative energy which is a farce but it was his baby change gears here? The pessimistic in me says he just doesn’t want to break his record of not keeping a single promise and mock the folks who voted for him but that’s not it I’m sure…
The world is in a global recession and coming depression and there is no real demand. Oil producing countries could easily up production so why now?
There is a media blackout on Iraq and very little here in Afghanistan BUT you can turn on the TV or mainstream media and see Iran talk anytime.

I smell a new War.

That’s the only thing I could see that could cause a huge drop in oil to the US that Obama of all people would allow opening production here in the US.

Watching the conference right now online.

Looks like its being billed as needing to be done for national security.

Whats with the purple ties lately?

After listening to him today and looking at what he's says in the past it seems to me that he is going to allow them ( Oil Companies ) to make more profits so the government can take them and re-invest in their pet " green " projects. Of course we'd never put up with a " green " tax for these things so it seems natural to me that it would be poetic justice in his eyes to take from the oil companies and give it to green companies ( most likely in swing states ).

He even touted a new bio-fuel jet. I have a question. When are they going to drop this whole bio-fuel fantasy. Its harder on the engine components, gums up too easy, and competes with our food system. It drives up food prices so 3rd world countries cant afford to feed themselves. Its just a stupid idea in my opinion.

If the oil companies are smart they wouldn't touch this. It has setup written all over it.

reply to post by Thirty_Foot_Smurf


Yes. I have an idea.

Let's let Obama's AF One be the first jet to convert to Bio fuel. There is probably some left over Fry oil at the WH from Clinton's days in office.

No thanks!

At face value, its a great idea and one I've long supported. We need to be fully utilizing all of our domestic energy supplies. That said, I don't think I'd be willing to take anything this administration says at face value. Given how opposed this administration and the Democratic party, in general, have been towards expansion of offshore drilling, I can only guess that the devil is in the details, so to speak. I can almost guarantee you that there's a catch to it.

That said, if its an honest deal, good for him. I still wouldn't vote for him in 2012, but it would improve my rating of his presidency to somewhere slightly above abysmal.