Home
In this issue
April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review June 11, 2010 / 29 Sivan 5770

Clinton catalyzed gulf oil drilling boom

By Dick Morris And Eileen McGann




http://www.JewishWorldReview.com | Just as the subprime mortgage crisis had its roots in the Clinton Administration decision to require Fannie Mae and Freddie Mac to find enough low income borrowers so that half their loans were subprime, the Gulf oil spill also had its roots in misguided policies begun by the Clinton Administration.


In 1995, President Clinton signed the Outer Continental Shelf Deepwater Royalty Relief Act which exempted oil wells drilled deep in the Gulf from the normal royalty payments they would normally have owed the government for their oil. Usually, these payments amount to between 12% and 16% of their revenues, so exemption from this requirement did a great deal to catalyze drilling in deep waters in the Gulf of Mexico. As a result of the Administration action, deepwater oil production in the Gulf increased rapidly, growing from 42 million barrels annually in 1996 to 348 million in 2004. The latter figure represents about 6% of total United States oil consumption and about 15% of domestic production. Natural gas production from deepwater Gulf drilling increased tenfold during the same period.


The Deepwater Horizon well was one of those catalyzed by the Clinton legislation and began drilling in 2001.


The legislation was pushed avidly by Republicans in Congress, particularly those representing the very Gulf states now engulfed by the oil that is flowing from the wells they encouraged.


Unfortunately, the Clinton Administration — and the Bush and Obama Administrations that followed — failed to consider seriously what to do if things went wrong. In contrast to the licensing of nuclear power plants, where vast time and money has been spent developing fail safe systems, very little thought was given — obviously — to what how to stop an explosion that would trigger a vast spill, how to plug the hole, and how to stop the oil from reaching Gulf and Atlantic coast beaches.


Instead, the oil industry took its cue from Washington and went full speed ahead into drilling and production in deepwater Gulf oil wells with the predictable result that something, somehow, sometime would go very, very wrong and that nobody would have the faintest idea of what to do about it.


This decision to embark on vast Gulf oil drilling was, of course, the correct one. But the failure to think through how to avert a disaster on the magnitude of that which is now on our hands is the height of irresponsibility.


All three Administrations — Clinton, Bush, and Obama — bear the blame for this abject failure. None took the danger of a massive spill seriously or sought to hold up the massive expansion of off shore drilling until failsafe measures could be developed.


But, as with the subprime crisis, policy initiatives taken during the Clinton years — with the best of motives — were implemented without adequate regulation and without due consideration of the dangers involved. We are now suffering mightily for this failure of foresight and planning.

=<<

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.



BUY THE BOOK

Click HERE to purchase it at a discount. (Sales help fund JWR.).


Comment by clicking here.



Dick Morris Archives


© 2009, Dick Morris

Columnists

Toons

Lifestyles