Wednesday, August 02, 2006

Delusional Thinking in the Senate - New York Times

Delusional Thinking in the Senate - New York Times: "Almost six months to the day after President Bush urged Congress in his State of the Union address to help break America’s addiction to imported oil, the Senate approved a bill yesterday that would do nothing to cure that addiction and could actually make it worse.

The bill, which would open up 8.3 million acres in the Gulf of Mexico for new energy development, is bad fiscal policy, since one-third of the royalties that would normally accrue to all Americans from drilling in federal waters would flow to just four gulf states. Even as a drilling bill it makes little sense; to placate Florida’s senators, it prohibits drilling in offshore areas that are richer in resources than the areas it opens up. And as energy policy it’s hopelessly one-sided, encouraging production while ignoring consumption."


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