Good morning everybody.
I'm on a quick break, and I came across this interesting article on FoxNews website. Here's the link:
It would appear that Democrats are letting the drilling ban to expire next week, though with some new drilling legislation pending. Nevertheless, for months now, GOP has been pounding Democrats hard on the energy issue, and we're starting to see the fruits of GOP attacks on the energy issue. Indeed, this is a great victory for GOPl, though the battle isn't over yet.
GOP's victory notwithstanding, one thing I am greatly concerned is that Pelosi could use this expiring ban as a sort of leverage with White House in order to force White House concessions on the bailout plan. Therefore, I am left with a greatly nagging question: Is White House going to trade energy independence for bailing out Wall Street firms or vice versa? Is it even a plausible possibility that White House might give in to Pelosi's gamble?
Maybe Pelosi gambit will fail anyway as I don't think Congress has enough time to resolve the bailout plan and enact new drilling legislation before it adjures for recess. So, it maybe that White House could have no choice but to let stock market suffer some painful turmoils, simply because Pelosi and others have chosen to play games with White House.
I'd like to have both the bailout plan passed without additional tacks on it, and let every state with potential offshore drillings to work out details on its own without additional federal interference. But I have a feeling we're not going to have that ideal scenario become a reality. Oh well, life isn't fair, right? Yeah right.