PBS has an online poll posted asking if Sarah Palin is qualified. Apparently the right wing knew about this in advance and are flooding the voting with YES votes.
The poll will be reported on PBS and picked up by mainstream media.It can influence undecided voters in swing states. Please do two things -- takes 20 seconds.1) Click on link and vote yourself.Here's the link:http://www.pbs.org/now/polls/poll-435.html2) Then send this to every single Obama-Biden voter you know, and urge them to vote and pass it on.The last thing we need is PBS saying their viewers think Sarah Palin is qualified.
Top 10 Tax Sweeteners in the Bailout Bill Categories: Federal Budget, Headlines By TCS Tags: bailout, budget Pub Date: Oct 03, 2008
Update: The House has just passed the final version of the 2008 Emergency Economic Stabilization Act, without making any changes to the version received from the Senate. The final vote was 263-171. To see how your Representative voted, click here.
Note:
In the analysis below we identified where we could specific champions of each provision. One thing that we did not explain very well is that many of the provisions are “extenders.” Meaning that what this legislation does in many cases is simply extend existing law that was set to expire at the end of this year, and in some cases it reinstates existing legislation that expired earlier in the year. So we couldn’t necessarily go back in history to identify who originally promoted some of the provisions. Many of these provisions had already been voted on and passed earlier this year, but had not been voted on in the House. So the Senate simply stuck them on to the underlying legislation. This is also true for other things tacked onto the bill, such as the Alternative Minimum Tax patch.
The following are some of the top tax sweeteners in the Senate passed Bailout Bill. Not all the provisions are per se outrageous, but collectively are intended to help Congressional leadership get final passage of the 2008 Emergency Economic Stabilization Act.
Current law places an excise tax of 39 cents on the first sale by the manufacturer, producer, or importer of any shaft of a type used to produce certain types of arrows. This proposal would exempt from the excise tax any shaft consisting of all natural wood with no laminations or artificial means to enhance the spine of the shaft used in the manufacture of an arrow that measures 5/16 of an inch or less and is unsuited for use with a bow with a peak draw weight of 30 pounds or more. The proposal is effective for shafts first sold after the date of enactment. The estimated cost of the proposal is $2 million over ten years, according to the Joint Committee on Taxation.
The Oregon senators were the initial sponsors of the provisions. According to Bloomberg News, the provision would be worth $200,000 to Rose City Archery in Myrtle Point, Oregon.
Track owners want to be able write-off the cost of their facilities on their taxes over seven years - a depreciation timetable many of them have used for decades. But the IRS has wanted to stretch it to at least 15 years and has raised questions whether the increasingly popular tracks really belong in the same tax category as amusement parks.
Auto track owners are simply trying to get out of paying more taxes - which they'd have to do if they deducted less every year. These owners have gotten plenty of tax breaks over the years from states and localities eager to get speedways. The provision would be extended 2 years till the end of 2009 and would cost $100 million. The provision encompasses all facilities including grandstands, parking lots and concession stands.
The bailout bill would give a tax break to Exxon Valdez plaintiffs, allowing them to average out their punitive damages awards over three years rather than suffer a one-time tax hit from the Internal Revenue Service, as well as other provisions. Rep. Don Young (R-AK) is a big supporter of this provision. Cost is estimated at $49 million.
Secure Rural Schools lead sponsors Reps. DeFazio (D-OR), Bill Sali (R-ID); Sens. Wyden (D-OR), Larry Craig (R-ID), are major boosters of this program that expired in 2006. In 1908 the federal government agreed to share logging revenue from Forest Service land with neighboring communities that could not tax the land because it was federal. As logging declined in the 1990s, the "county payments" program was initiated in 2000 to directly provide federal funding, more than half going to Oregon, to deal with the loss of revenue. The original version of this provision was introduced as a bill in early 2007 and was estimated to cost $2.2 billion when the OR and ID delegations came to agreement. To give the package more heft, Payment In Lieu of Taxes (PILT) was added to the package, bringing the total cost to $3.3 billion. PILT provides more general funding to counties for federal lands located within their borders. Sen. Reid (D-NV) talked about the PILT program being one of the important elements of the package when the Senate passed the bailout bill.
In an effort to keep film and television productions in the U.S, they would be eligible for a tax incentive program. Under this program, the cost of production of qualifying films would be permitted to be immediately expensed -- that is, fully deducted from income for tax purposes -- in the year the expenditures occur. This provision also makes permanent other favorable tax treatments for production. Historically Rep. Diane Watson (D-CA) has been a supporter (dating from its creation in the 2004 corporate tax bill). The cost is estimated at $478 million over 10 years.
The tariff relief (duty savings) is intended to benefit U.S. worsted wool fabric producers that use imported fibers and yarns as inputs, as well as U.S. tailored clothing manufacturers that use imported fabrics as inputs. This provision was originally introduced as a bill in December 2007 by Reps. Louise Slaughter (D-NY) and Melissa Bean (D-IL). It extends current law provisions until 12/31/14, and in some cases to12/31/15. The 2010 to 2015 cost is estimated to be $148 million.
This extends by two years a previously approved tax credit, the American Samoa economic development credit. In general, this credit allows certain corporations operating in American Samoa a tax credit. The possessions tax credit allows these corporations to offset a portion of their U.S. tax liability on income earned in American Samoa from active business operations, sales of assets used in a business, or certain investments in American Samoa. The cost is $33 million, according to the Joint Committee on Taxation.
Here are some other interesting provisions
Current law allows taxpayers to write-off 50% of the cost of any facility placed in service before January 1, 2013 that produces cellulosic ethanol. This provision expands the types of facilities that may be written-off to include production of other cellulosic biofuels in addition to cellulosic ethanol.
Sec. 211. Transportation fringe benefit to bicycle commuters
Allows employers to provide a benefit to employees for costs associated with bicycle commuting, including purchase and repair of a bicycle, bicycle improvements, and bicycle storage. This provision was proposed in 2007 in the Senate by Sen. Ron Wyden (D-OR) and in the House by Rep. Earl Blumenauer (D-OR). This provision is estimated to cost $10 million.
Sec. 323. Enhanced charitable deductions for contributions of food inventory
Extends by two years, until December 31, 2009, a provision allowing for deductions related to the charitable donation of “apparently wholesome food”—defined as food intended for human consumption that meets all quality and labeling standards imposed by law and regulations even though the food may not be readily marketable. This provision also changes the application of the law as it relates to donations by farmers and ranchers. The cost is $149 million, according to Joint Committee on Taxation.
Sec. 324. Extension of enhanced charitable deduction for contributions of bookinventory Extends by two years, until December 31, 2009, a tax benefit for the contribution of books to public schools. The provision is worth $49 million.
Sec. 602. Transfer to abandoned mine reclamation fund
Transfers interest earned on money in the abandoned mine reclamation fund to the United Mine Workers of America Combined Benefit Fund, which helps pay health benefits for retired miners and their dependents who worked under collective bargaining agreements that promised lifetime health-care benefits. States with the most miners receiving benefits have historically been Pennsylvania, West Virginia, Kentucky, Virginia, and Ohio. This provision extends existing law to include a $9 million transfer for 2010.
The root cause of this financial crisis is adjustable rate and interest only mortgages that were available to consumers for zero money down. These mortgages have a fixed rate for the first few years and then the rate is adjustable. The assumption was that house prices would continue to rise and when the adjustable rate kicked in the homeowner would simply refinance their house. With falling house prices it has become impossible to refinance because the value of the house is now less than the amount owed to the mortgage provider. Banks will only loan issue a new mortgage for the current assessed value of the home, so home owners are stuck paying as much as 15% interest rates on their existing loans because they cannot refinance.The solution is to put the banks in a position where they are willing to refinance existing mortgages. My proposal is that the bank servicing the current loan be required to offer the any homeowner with a adjustable rate mortgage the option of converting that mortgage into a 30 year fixed rate mortgage at the current rate offered to new customers (i.e. 6.5% vs 15%). This conversion must be offered without any preconditions (such as credit score or home valuation) and at no cost to the customer. Also no additional money can be added to the new mortgage, it is a straight conversion of the existing loan. In exchange the government would guarantee the new loan for 20% of the loan amount. If the homeowner subsequently defaults on the new mortgage, then the bank will receive the value of the property plus the loan guarantee, but only up to the point where the loan is paid off. Neither the bank nor the homeowner can profit from this government money.With a loan guarantee, banks will be willing to refinance existing mortgages and the adjustable rate mortgages that have a high risk of default will be flushed from the financial system. Homeowners will not be forced into defaulting on their current mortgage because they have no way to refinance. As adjustable rate mortgages are replaced by fixed rate 30-year mortgages, the derivatives based on these mortgages will acquire a lower risk (become less “toxic”) and they will also become easier to value. The return on these derivatives will also fall, but those returns were unrealistic anyway, because they were based on the premise that homeowners would be willing to pay 15% on their mortgage for a home that was falling in value. The current bailout plan has taxpayers buying the high-risk derivatives directly from the banks to improve their bottom line, but it does nothing to improve the chances that the underlying mortgages will be paid or reduce the rates of mortgage defaults. It provides no incentive to the banks to hold the loans or to stop their predatory lending practices in the future. The bailout is much more expensive than addressing the root cause of the problem and unlikely to succeed.My plan is not a bailout for anybody! Homeowners pay off their existing loans and stay in their houses. The return on mortgage derivatives falls, but so does the risk, so the value will be more predictable and the market will be more willing to buy and sell these financial instruments again.
Alan Jenks
Could a dirty trick played online affect this year's election results? As more and more people turn to the web for voting and election information, there is a real danger that so-called "deceptive practices" that we've seen offline will move online this year. Help Common Cause track and expose online deceptive practices! In past election cycles, we've seen misleading flyers that tell people that Republicans should show up to vote on Tuesday and Democrats should show up on Wednesday. Or that say if you've ever gotten a traffic ticket, you're not eligible to vote. (See real-life examples here.) We've already seen how misinformation spread over the Internet can have an impact on the political campaign: the emails falsely claiming Obama is a Muslim; fake Mitt Romney, Fred Thompson and Rudy Giuliani websites with misleading statements; a website offering to register people to vote for $9.95, a process that is free; and the head of the NAACP having to release a statement that an email listing "10 Reasons Not to Vote for Hillary Clinton" supposedly authored by him was a hoax. Will we see similar online misinformation campaigns regarding how to vote, who can vote, where to vote, and when to vote? Think about how fast rumors and misinformation can circulate on the Internet. We can't afford to have this year's election called into question because of online dirty tricks. If you see a website or receive an email with questionable voting information between now and Election Day, please let us know about it. We're on the lookout for: * Emails that appear to be from the Secretary of State or other election official, advocacy organizations, or some other supposed authority that contains false information about the voting process. * Spoofed election administrator, government or advocacy organization websites with misinformation on the voting process. * False information about how, when or where to vote spread through social networking sites like Facebook. We're not looking for: * Emails containing false information about a candidate, his/her record, or his/her policies. Please let us know about any online deceptive practices that you see by going to www.commoncause.org/DeceptivePractices or forwarding suspect email messages to DeceptivePractices2008@gmail.com. And please share this message with your friends. Thanks for all you do,
Susannah Goodman and the rest of the team at Common Cause
Friends,
Everyone said the bill would pass. The masters of the universe were already making celebratory dinner reservations at Manhattan's finest restaurants. Personal shoppers in Dallas and Atlanta were dispatched to do the early Christmas gifting. Mad Men of Chicago and Miami were popping corks and toasting each other long before the morning latte run.
But what they didn't know was that hundreds of thousands of Americans woke up yesterday morning and decided it was time for revolt. The politicians never saw it coming. Millions of phone calls and emails hit Congress so hard it was as if Marshall Dillon, Elliot Ness and Dog the Bounty Hunter had descended on D.C. to stop the looting and arrest the thieves.
The Corporate Crime of the Century was halted by a vote of 228 to 205. It was rare and historic; no one could remember a time when a bill supported by the president and the leadership of both parties went down in defeat. That just never happens.
A lot of people are wondering why the right wing of the Republican Party joined with the left wing of the Democratic Party in voting down the thievery. Forty percent of Democrats and two-thirds of Republicans voted against the bill.
Here's what happened:
The presidential race may still be close in the polls, but the Congressional races are pointing toward a landslide for the Democrats. Few dispute the prediction that the Republicans are in for a whoopin' on November 4th. Up to 30 Republican House seats could be lost in what would be a stunning repudiation of their agenda.
The Republican reps are so scared of losing their seats, when this "financial crisis" reared its head two weeks ago, they realized they had just been handed their one and only chance to separate themselves from Bush before the election, while doing something that would make them look like they were on the side of "the people."
Watching C-Span yesterday morning was one of the best comedy shows I'd seen in ages. There they were, one Republican after another who had backed the war and sunk the country into record debt, who had voted to kill every regulation that would have kept Wall Street in check -- there they were, now crying foul and standing up for the little guy! One after another, they stood at the microphone on the House floor and threw Bush under the bus, under the train (even though they had voted to kill off our nation's trains, too), heck, they would've thrown him under the rising waters of the Lower Ninth Ward if they could've conjured up another hurricane. You know how your dog acts when sprayed by a skunk? He howls and runs around trying to shake it off, rubbing and rolling himself on every piece of your carpet, trying to get rid of the stench. That's what it looked like on the Republican side of the aisle yesterday, and it was a sight to behold.
The 95 brave Dems who broke with Barney Frank and Chris Dodd were the real heroes, just like those few who stood up and voted against the war in October of 2002. Watch the remarks from yesterday of Reps. Marcy Kaptur, Sheila Jackson Lee, and Dennis Kucinich. They spoke the truth.
The Dems who voted for the giveaway did so mostly because they were scared by the threats of Wall Street, that if the rich didn't get their handout, the market would go nuts and then it's bye-bye stock-based pension and retirement funds.
And guess what? That's exactly what Wall Street did! The largest, single-day drop in the Dow in the history of the New York Stock exchange. The news anchors last night screamed it out: Americans just lost 1.2 trillion dollars in the stock market!! It's a financial Pearl Harbor! The sky is falling! Bird flu! Killer Bees!
Of course, sane people know that nobody "lost" anything yesterday, that stocks go up and down and this too shall pass because the rich will now buy low, hold, then sell off, then buy low again.
But for now, Wall Street and its propaganda arm (the networks and media it owns) will continue to try and scare the bejesus out of you. It will be harder to get a loan. Some people will lose their jobs. A weak nation of wimps won't last long under this torture. Or will we? Is this our line in the sand?
Here's my guess: The Democratic leadership in the House secretly hoped all along that this lousy bill would go down. With Bush's proposals shredded, the Dems knew they could then write their own bill that favors the average American, not the upper 10% who were hoping for another kegger of gold.
So the ball is in the Democrats' hands. The gun from Wall Street remains at their head. Before they make their next move, let me tell you what the media kept silent about while this bill was being debated:
1. The bailout bill had NO enforcement provisions for the so-called oversight group that was going to monitor Wall Street's spending of the $700 billion;
2. It had NO penalties, fines or imprisonment for any executive who might steal any of the people's money;
3. It did NOTHING to force banks and lenders to rewrite people's mortgages to avoid foreclosures -- this bill would not have stopped ONE foreclosure!;
4. It had NO teeth anywhere in the entire piece of legislation, using words like "suggested" when referring to the government being paid back for the bailout;
5. Over 200 economists wrote to Congress and said this bill might actually WORSEN the "financial crisis" and cause even MORE of a meltdown.
Put a fork in this slab of pork. It's over. Now it is time for our side to state very clearly the laws WE want passed. I will send you my proposals later today. We've bought ourselves less than 72 hours.
Click Here!
MySpace and the Commission on Presidential Debates (CPD) have launched MyDebates.org, a new Web site focused on the upcoming Presidential debates.
Citizens can submit questions to MyDebates.org for possible inclusion in the town meeting debate.
Visitors to MyDebates.org will be able to participate in an "Issues Quiz" that will determine their views on 14 issues, including the economy, national security, the environment, same-sex marriage, education and healthcare. After taking the quiz users can compare their stance on the issues with the candidates and view a state-by-state breakdown of how other Americans feel on the issues.
Users will have the option of downloading a personalized application that can be embedded on a blog, a social networking site like MySpace, or another Web site. The application will have a summary of the user's stance on the issues, on-demand playback feature and issue-based tracking, allowing users to follow a candidate's stance on the issues during the debate series.
MyDebates.org will also feature high-quality video streaming and as the candidates are speaking, an "issue icons" will light up as candidates mention specific topics. Videos of the debates will be housed on the site in their entirety. Videos will be bookmarked to allow users to go directly to the issues.
"The CPD believes that the Internet can be used to personalize the debates in a way that allows for in-depth examination by individual citizens and joint discussion with others," said Janet Brown, Executive Director of the Commission on Presidential Debates.
"Our partnership with MySpace is an important step forward into integrating new media into the debate series."
The first presidential debate will take place on Friday, September 26 and will be followed by a vice presidential debate on Thursday, October 2. The second presidential debate will take place on Tuesday, October 7 and the final debate will be on Wednesday, October 15.
As you may have heard, I've decided to make my new film, "Slacker Uprising," available for free to everyone in the United States and Canada. It is the first time ever that a major feature-length film is debuting as a free download on the internet -- legally. I am doing this for two reasons:
1. Next year it will be 20 years since my first film, "Roger & Me," so I'd like to give those of you who've supported my work over the years a thank you gift in the form of a brand new movie; and
2. I hope the release and wide distribution of this new movie will help to bring out millions of young and new voters on November 4th.
"Slacker Uprising" takes place in the wake of "Fahrenheit 9/11," during the run-up to the 2004 election, as I traveled for 42 days across America, visiting 62 cities in a failed attempt to remove George W. Bush from office. My goal was to help turn out a record number of young voters and others who had never voted before. (That part was a success. Young adults voted in greater numbers than in any election since 18-year-olds were given the right to vote. And the youth vote was the only age group that John Kerry won.)
What I encountered during the tour and the filming was both inspiring and frightening, so I thought, hey, this might make for a funny and enlightening movie! Each night, thousands would show up to volunteer in the Slacker Army against Bush. This drove local Republicans nuts. In one state they tried to have me arrested. At two colleges, rich donors offered to donate more money to the college if they would ban me from campus. Nearly a half-dozen universities kept the Slacker Uprising tour off their campuses. But there was no stopping this movement. By the time we got to Florida, 16,000 people a night were showing up.
It was clear that young people were the ones who were going to save the day -- just as they are in this year's election.
On Tuesday, September 23rd, you will be able to stream, download, or burn a DVD of "Slacker Uprising," free of charge. The distribution is being organized by Robert Greenwald's Brave New Films (they're the great people behind "OUTFOXED: Rupert Murdoch's War on Journalism" and "WAL-MART: The High Cost of Low Price").
To sign up for the download of "Slacker Uprising," click here. You have my blanket permission to share the movie with your friends, to set up screenings in your communities or theaters, to show it on your campuses -- all at no charge. I encourage you to rally voters with it, to raise funds for your favorite candidates, to air it on your local cable access channels or web broadcasts. You can also click here to request a free DVD of "Slacker Uprising" for your school or university library.
As I said, this is a movie for you, my fans -- a little 97-minute digital treat that I think you'll really enjoy. I hope you'll check out SlackerUprising.com and download it a week from today, next Tuesday, September 23rd.
Thanks again for coming to my movies all these years. It's meant a lot to me. I feel very privileged and blessed, and I am honored to be in this "virtual" community with you as we try to reclaim our beloved country.
Yours,
Michael Moore MMFlint@aol.com MichaelMoore.com
P.S. The world premiere of "Slacker Uprising" will take place in one of the great slacker capitals of this country, Ann Arbor, Michigan, this Thursday at 5pm at the historic Michigan Theater. Admission is free on a first-come, first-served basis. If you're in the neighborhood, hope to see you there!
P.P.S. If you live outside the U.S. and Canada, I'm sorry that I don't own the rights to make this film available to you for free. But it will be coming to a theater, video store or television network near you soon.
P.P.P.S. If you are not part of the "downloadable" generation, I am making a low-cost DVD of "Slacker Uprising" available at Amazon, Netflix and your local stores in October. Join Mike's Mailing List | Join Mike's Facebook Group | Become Mike's MySpace Friend
Barack Obama promises to cut taxes for 95% of Americans, but 53% of Americans actually think Obama will raise their taxes.
This site uses data from the non-partisan Tax Policy Center to determine whether or not you will receive an Obama Tax Cut.
http://alchemytoday.com/obamataxcut/
Spread the word!
No doubt you have heard John McCain tout his record on the environment.
What you won't hear him say is that he has voted against increasing fuel efficiency standards and renewable energy, and supported billions in subsidies for Big Oil and other polluters.
This is why LCV has worked with our friends at Brave New Films to create a video exposing the reality behind McCain's rhetoric.
Click here to watch a short video, then spread the word!
Here at LCV, we are committed to educating the media and the public about John McCain's true record on the environment. The truth is, John McCain's energy plan is nothing short of a continuation of the Bush-Cheney dirty energy plan.
This plan would lead us down the same path paved by Big Oil and Dirty Coal which has gotten us into this energy crisis to begin with.
Watch this revealing video about John McCain's record, then pass it on.
We all need to do our part to educate the public and the media on the real McCain record. After you watch the video, share it with everyone you know. And call Senator McCain at 202-224-3121 to tell him to stop siding with Big Oil and support clean energy in the upcoming vote. Thank you for all you do for the environment.
Sincerely,
Gene KarpinskiLeague of Conservation Voters
There He Goes AgainSeptember 18, 2008 McCain ad misrepresents Obama's tax plan. Again.
Summary The McCain-Palin campaign has released a new ad that once again distorts Obama's tax plans.
Elections matter. We have a lot of work to do to get our country back on track. I'm personally focused on what I think is the greatest threat and greatest opportunity—averting the climate crisis and "repowering America" using clean, cheap energy sources. That's why I'm supporting Barack Obama. He's the sort of transformational leader who could move us through such deep, structural change.
But trust me, Barack can only succeed if we also elect more champions in the Senate to stand up to the incredibly powerful oil lobby.
Those leaders are emerging—and three of them are in close Senate races. Kay Hagan in North Carolina, Mark Udall in Colorado, and Al Franken in Minnesota are all real, clean-energy heroes who need our help to win. And they're fighting against Republicans who have taken hundreds of thousands of dollars in contributions from the oil industry.
Can you help elect three champions of clean energy to the Senate? You can donate by clicking here:
https://pol.moveon.org/give/energy.html?id=13906-3871490-Hk6Ukfx&t=3
At the convention, I said that the oil industry has a 50-year lease on the Republican Party. And they're drilling it for everything it's worth. Unfortunately, this is no joke. It's the sad truth. Look at what's going on in Congress right now. We're in an energy crisis, and the burgeoning solar and wind power business is on the edge of shutting down—because Republicans are blocking the tax incentives they count on. Yet they'll fight to the death for huge oil industry subsidies.
This election offers us our best chance ever to elect leaders who will switch our economy to home-grown, renewable, zero-carbon energy—and restore our economic health, our national security, and stabilize our climate.
Here's a little about these good folks:
Will you join me in supporting three champions of clean energy? They really need our help. Just click here:
https://pol.moveon.org/give/energy.html?id=13906-3871490-Hk6Ukfx&t=4
And thanks so much for all you do,
Al Gore
Last week, the Senate Energy and Natural Resources Committee approved a bill that would remove Wilderness protection from some of the world's most important wetlands habitat in the Izembek National Wildlife Refuge in Alaska.
The bill's chief aim is to build a very costly road in Alaska, linking the small communities of King Cove and Cold Bay. Like other earmarks that have provided millions of dollars to benefit relatively few Alaska citizens, the Izembek road is a pet project of Alaska's congressional delegation.
All that remains before this very dangerous bill becomes law are votes in the House and Senate. Unfortunately, rather than considering this bill on its own merits, it is possible that both chambers will try to bundle the Izembek road project with a large number of other public lands bills—including some important bills to protect Wilderness in California, Oregon, Michigan, New Mexico, and Colorado—for an up or down vote on the whole package.
We urgently need your help TODAY to make sure this does not happen! Please write your Senators and Representative to ask them to oppose the Izembek bill, and to keep it off any larger package of public lands bills.
Most gratefully,
Kathy KilmerThe Wilderness Society
The Ugly New McCainBy Richard Cohen
McCain has turned ugly. His dishonesty would be unacceptable in any politician, but McCain has always set his own bar higher than most. He has contempt for most of his colleagues for that very reason: They lie. He tells the truth. He internalizes the code of the McCains -- his grandfather, his father: both admirals of the shining sea. He serves his country differently, that's all -- but just as honorably. No more, though.
McCain Embraces Regulation After Many Years of OppositionBy Michael D. Shear
A decade ago, Sen. John McCain embraced legislation to broadly deregulate the banking and insurance industries, helping to sweep aside a thicket of rules established over decades in favor of a less restricted financial marketplace that proponents said would result in greater economic growth.
senator_obama@obama.senate.govWed 9/10/08 10:14 AM
Dear Alan: Thank you for advising me of your opposition to oil and gas drilling in offshore lands of Alaska, Florida, and Virginia. I appreciate hearing from you, and share your concern for our country's sensitive marine areas. Continued proposals to drill for oil is not the answer to solving our country’s energy problems. Our country needs a more balanced national energy policy that promotes conservation and the development of renewable energy sources. I support increasing the fuel efficiency standards for automobiles, promoting the use of biodiesel and ethanol fuels, and creating incentives for private companies to explore the possibilities of alternative forms of renewable energy. By relying more on energy conservation and shifting our country's goals toward exploring and expanding viable sources of renewable energy, we can develop a sound energy policy that also preserves our planet’s natural resources. Encroaching upon the vulnerable habitats of our coastline is not only bad environmental policy, it is short-sighted energy policy as well. With regard to high oil prices, the Energy Information Administration reports that drilling in the Outer Continent Shelf in the Pacific, Atlantic and eastern Gulf regions in areas that are not open to drilling “would not have a significant impact on domestic crude oil and natural gas production or prices before 2030. Leasing would begin no sooner than 2012, and production would not be expected to start before 2017. Because oil prices are determined on the international market, however, any impact on average wellhead prices is expected to be insignificant.” To view the full report, you can visit: http://www.eia.doe.gov/oiaf/aeo/otheranalysis/ongr.html In addition, a House and Senate Joint Economic Committee analysis found that drilling in the Arctic National Wildlife Refuse could reduce fuel prices between 1 to 4 cents by 2018, an amount that could be reduced should the Organization of Petroleum Exporting Countries (OPEC) choose to limit oil production -- a strategy they have employed in the past. I have enclosed this study for your reference. The solution to mitigating gas price shocks, therefore, is further distancing the nation from OPEC pricing and making a long-term transition to alternative energy sources and improved conservation or development of oil and natural gas substitutes. Without this approach, oil and gas drilling will only postpone what will be a major crisis -- far worse than current conditions. In the short term, however, I have worked to address the unchecked speculation that is occurring in our energy markets and contributing to the fuel price volatility experienced by motorists. On June 12, 2008, I joined my colleague Senator Dick Durbin in introducing S. 3130, a bill to increase transparency in the oil futures markets by providing greater resources to the Commodity Futures Trading Commission to detect and punish price manipulation and excessive speculation. This bill also moves the CFTC inspector general out of the CFTC Chairman’s office, and stops speculators from escaping U.S. regulations by manipulating the use of foreign markets. You may also be interested to know that I introduced the Oil Subsidy Elimination for New Strategies on Energy (Oil SENSE) Act last year to repeal more than $3.7 billion of unwarranted subsidies, programs, and tax incentives for oil and gas companies that were included in the 2005 Energy Policy Act. The Oil SENSE Act also requires oil and gas companies to resume payment of royalties for the production of oil or natural gas from Federal land, which could be worth more than $7 billion over the next 5 years. By removing unnecessary incentives that only encourage the expansion of offshore drilling, we can allot more resources to incentives that promote the development of renewable energy resources. Finally, I also support the Consumer-First Energy Act of 2008, a proposal introduced in May by Senator Reid, as it addresses the root causes of high gas prices I discuss above. Again, Alan, thank you for contacting me. You can rest assured that I will continue to be a strong voice for our environment while working with my colleagues to develop policies that will lead to true energy independence while ensuring environmental sustainability. Sincerely, Barack Obama United States Senator
Don't beleive the campaign lies!
Get the truth behind this week's spin at FactCheck.org
The truth will set us free!
