[...] …There may be deal making and an element of diversion as well. First of all the deal making. As you heard, the President wants a climate control bill, cap and trade of some form, this year, so he throws out more nuclear power, yes, you can have more nuclear power and now some more offshore drilling. That will be the nature of a deal. A climate bill in return for more drilling and more nukes. That’s the deal element here. The diversion is this: as early as tomorrow, our people in D.C. are telling us that maybe we will see new co2 emissions rules from the EPA. That would be tough on business. So what you do is you announce an extra off shore drilling today, divert from the negative headlines tomorrow, capture the public’s headlines with extra drilling today. So you’ve got a bit of a diversion here, and you’ve also got some deal making going on. What you do have, you do have a switch here, you’ve got the possibility of a lot more offshore drilling, but it’s way down the road.
The interior department is going to hold several years, that’s a direct quote, several years of environmental studies on those eastern seaboard, outer continental shelf drilling, then they come in with a report after several years, then the environmentalists will challenge it in court and hold it up for more years to come. I’m not going to put a year estimate on it, but I mean, it is way down the road, towards the end of this decade, before, if you ever see a single drop of offshore oil come ashore. [...]
I'm not surprised. Diversion indeed.
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