What's a demagogue to do?

How does a country that relies so much on energy exports suffer rolling blackouts due to an energy shortage? This paradox is playing right now in Venezuela where socialist big mouth, Hugo Chavez, has gone a long way to crush the private economy for the sake of a larger role for his left leaning regime. Now Mr. Chavez, whose popularity has hit new lows because his many promises have failed to materialize, has new friends in China who will throw $20 billion into the sparse Venezuelan coffers, so that Chavez can go on a public relations spree fixing up highways and various other languishing public works projects. Hmmm...this whole thing sounds kinda familiar.

Salazar and Off Shore Drilling take center stage

Will it be possible for environmental groups and the oil industry to find a middle ground to pave the way for exploration off the coasts of the U.S.? We are going to find out soon enough. Interior Secretary Ken Salazar is opening up the debate for the next six months and I expect the usual rhetoric from environmental groups who detest any drilling whatsoever; they will claim, as usual, that not enough is being done to encourage alternative fuels and development of already-leased federal lands--all which is a bunch of crock. Democrats will invariably find a means to subsidize "renewable" energy by taxing the oil companies if they are allowed to drill under new leases. And as we found out last year, some leased lands or off shore parcels aren't worth drilling because of the high cost or there is little oil to extract.
I have a wait and see attitude on this because I remember how last year the Democrats led by Nancy Pelosi released a 290-page bill on "off shore" drilling--they pushed it through less than 24 hours later, 236-189. "Closed" rules prohibited the GOP from offering alternatives. And the bill was a porker with little prospects of any real off shore drilling. I wonder what this administration up to? I'm suspicious.

I received an e-mail from the intrepid Jane Van Ryan over at the American Petroluem Institute informing me that Secretary Salazar will be in my neck of the woods--San Francisco, California--on Tuesday, April 16th to hold a public hearing on offshore drilling. Oh boy, I expect the protests to be colorful and cartoonish. Here is an excerpt from Jane's informative e-mail:

To give you some background, the Minerals Management Service (MMS) – the federal agency responsible for administering the offshore oil and natural gas program – considers the size, timing, and location of the areas to be considered for federal leasing, and it bases its recommendations on the public’s comments. Although a five-year plan approving increased offshore drilling was released in January, Sec. Salazar directed Interior Department scientists to produce new reports on how much oil and gas might be found off the Atlantic and Pacific coasts and extended the public comment period to September. Regional hearings like the one in San Francisco are part of that public comment period.

We expect that anti-drilling groups will mobilize their members to make up the majority of comments at the San Francisco hearing, but I wanted to let you know that you and your readers can submit comments to MMS electronically, if desired. This link will direct you to a page on our Web site where you can learn more about the MMS five-year plan and click-through to submit a public comment. In addition, the page has several resources for bloggers, including a blog badge and an interactive widget that will allow you to identify your Congressional representatives, find them on Facebook, Twitter and YouTube, or simply send them an e-mail.

So, if any of you are interested in making your voices heard on this issue, this is a good forum to exercise your viewpoint. This country is going to need more energy to power its economy as time goes on--wind mills, solar panels, and bio-fuels will certainly not replace fossil fuels anytime soon. We need to use the resources we have available to us in our own country to keep energy inexpensive and to create jobs. Now is the time to make your voice heard.

Obama Apparently Drops Windfall Profits Tax Proposal

Ronald Bailey over at Reason has reported that Obama has queitly dropped the windfall profits tax idea on his website. If this is true, then there are going to be some really pissed Progressives around the country. I went over to his website and I didn't see anything on windfall profits and I distinctly remember reading something about windfall profit taxes on oil companies on his website during the campaign. If he has dropped this proposal then this would be change we can believe in!

HT: Andrew Roth

Offshore drilling ban due to expire?

I heard about this in the afternoon and I was simply incredulous: The Democrats are going to let the offshore drilling ban expire. Hmmm, we’ll see.

Pelosi's Energy News Conference Gets Overwhelmed by Pro-Drilling Americans, Then She Hops in an SUV

HT:Americans for Prosperity

American Energy Freedom Day

Will it come to pass?

HT: Andrew Roth

On No!! Exxon reports profits again!! Those evil bastards!

Exxon has reported its profits for the second quarter. I wait with baited breath (not) on how the neo-socialists howl to the heavens on the “unfairness” of it all and how Exxon and all oil companies need “investment on alternative energy.” Notwithstanding the open ended phrase that “investment on alternative energy” really is, check out how much in taxes Exxon paid along with those profits. Also, check out Carpe Diem’s post on how Exxon actually pays more taxes than the bottom 50 percent of taxpayers.

From CNN money: Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.

That profit works out to $1,485.55 a second.

That barely beat the previous corporate record of $11.66 billion, also set by Exxon in the fourth quarter of 2007.

"The fundamentals of our business remain strong," Henry Hubble, Exxon's vice president of investor relations, said on a conference call. "We continue to capture the benefit of strong industry conditions."

Also, check out posts on blogs of note on Oil drilling and opposition to it.

Shaving Leviathan: Democrats oppose Oil Company Private Property Rights

The Bobo Files: Obama announces his Energy Plan

Carpe Diem: Exxon posts record $32.36 Tax payment

Around The Horn--Posts on Oil

Posts worthy of note and your time:

The Bobo Files has a petition to sign for those that want Congress to lift the moratorium on off-shore drilling.

Domestic oil myths are covered by The Historian at The Real World.

Shaving Leviathan comments on the controversial drilling at ANWR.

Who owns the Oil companies?

If you have a 401K plan at work, you just may have benefited from the run-up in oil prices. Pension plans like California's public employees' pension fund have also benefited from the bull market in oil. Why don’t we hear more of this from the presidential candidates or the large media outlets?