Chief
06-14-2008, 06:13 AM
http://www.nypost.com/seven/06142008/postopinion/editorials/mccains_oil_wrong_115488.htm
June 14, 2008 -- Who's writing John McCain's campaign speeches - Michael Moore?
You'd think so, from the over-the-top rhetoric McCain used on Thursday night at Federal Hall, ripping into the nation's oil companies.
"I am very angry, frankly, at the oil companies," said the presumptive GOP presidential nominee. "Not only because of the obscene profits they've made, but their failure to invest in alternative energy to help us eliminate our dependence on foreign oil."
McCain also wants a "thorough and complete investigation of [oil] speculators."
Geez, where to begin?
OK, why should oil companies be investing in "alternative energy?" They're in the oil business, not the windmill business, for Pete's sake.
"Obscene profits"? To be sure, they're eye-popping in absolute dollars. But ExxonMobil's $40 billion in profit last year was based on $404 billion in sales - a fairly pedestrian 10 percent margin.
Industry-wide, profit margins average a realtively anemic 8.1 percent.
Speculators? They've likely played a role in the dizzying run-up in oil prices - but what's really driving the market is intense global demand and tight supply.
And McCain and his Greeniac buddies in Congress are in no small way responsible for that.
They've blocked exploration and drilling offshore and in any part of the Arctic National Wildlife Refuge - likely repositories of some 100 billion barrels of oil and hundreds of trillions of cubic feet of natural gas.
Just the news that America's domestic energy sources were finally being tapped surely would discourage those "evil" speculators, and lower the price of crude. That, in turn, would help strengthen the weakened dollar - another reason for higher prices.
And it would create tens of thousands of American jobs in the process.
We understand that McCain relishes his reputation as a "maverick" Republican. But his demagoguery on the energy issue is truly disappointing.
How anyone who understands so clearly the necessity for resolutely fighting terrorism can be so obtuse on this equally critical issue is a true mystery.
**SCHNIPP**
I was stunned to hear what McCain had to say about this yesterday, because many of his ideas are exactly what I would expect Obama to say!
I heard Limbaugh make an outstanding point the other day and it's worth repeating here: The Presidential elections in November are going to be a referendum on Obama, where voters vote for or against him. John McCain will likely be the winner, but for the life of me I can't tell you why...
I really have no idea who I'm voting for this year. Every time I hear something like this come out of McCain's pie hole It steels my resolve to never vote for the man. I just cannot do it.
Maybe I need to become a Paulistinian...
Just kidding! Kinda...
cewl
June 14, 2008 -- Who's writing John McCain's campaign speeches - Michael Moore?
You'd think so, from the over-the-top rhetoric McCain used on Thursday night at Federal Hall, ripping into the nation's oil companies.
"I am very angry, frankly, at the oil companies," said the presumptive GOP presidential nominee. "Not only because of the obscene profits they've made, but their failure to invest in alternative energy to help us eliminate our dependence on foreign oil."
McCain also wants a "thorough and complete investigation of [oil] speculators."
Geez, where to begin?
OK, why should oil companies be investing in "alternative energy?" They're in the oil business, not the windmill business, for Pete's sake.
"Obscene profits"? To be sure, they're eye-popping in absolute dollars. But ExxonMobil's $40 billion in profit last year was based on $404 billion in sales - a fairly pedestrian 10 percent margin.
Industry-wide, profit margins average a realtively anemic 8.1 percent.
Speculators? They've likely played a role in the dizzying run-up in oil prices - but what's really driving the market is intense global demand and tight supply.
And McCain and his Greeniac buddies in Congress are in no small way responsible for that.
They've blocked exploration and drilling offshore and in any part of the Arctic National Wildlife Refuge - likely repositories of some 100 billion barrels of oil and hundreds of trillions of cubic feet of natural gas.
Just the news that America's domestic energy sources were finally being tapped surely would discourage those "evil" speculators, and lower the price of crude. That, in turn, would help strengthen the weakened dollar - another reason for higher prices.
And it would create tens of thousands of American jobs in the process.
We understand that McCain relishes his reputation as a "maverick" Republican. But his demagoguery on the energy issue is truly disappointing.
How anyone who understands so clearly the necessity for resolutely fighting terrorism can be so obtuse on this equally critical issue is a true mystery.
**SCHNIPP**
I was stunned to hear what McCain had to say about this yesterday, because many of his ideas are exactly what I would expect Obama to say!
I heard Limbaugh make an outstanding point the other day and it's worth repeating here: The Presidential elections in November are going to be a referendum on Obama, where voters vote for or against him. John McCain will likely be the winner, but for the life of me I can't tell you why...
I really have no idea who I'm voting for this year. Every time I hear something like this come out of McCain's pie hole It steels my resolve to never vote for the man. I just cannot do it.
Maybe I need to become a Paulistinian...
Just kidding! Kinda...
cewl