OH S**T.
David
ORourke1 Signature
"Government
subsidies can be critically analyzed according
to a simple principle: You are smarter than the
government, so when the government pays you to
do something you wouldn't do on your own, it is
almost always paying you to do something stupid."--P. J. O’Rourke
-------- Original Message --------
***Watch
Dick on Wednesday, 3/9/11, on O'Reilly on FOX News at
8:00 PM ET. Thanks!***
NEXT TO FALL: SAUDI ARABIA
By DICK MORRIS & EILEEN MCGANN
Published on DickMorris.com
on March 9, 2011
Printer-Friendly
Version
We can do without Libya's two million barrels a day of oil
albeit with significant disruptions in the global economy. But
if we lose Saudi Arabia's nine million, we will face a global
catastrophe.
And the Saudi monarchy will be the next casualty of the Middle
East revolutionary wave. The king is 86 years old and very
ill. The next two men in line are both over 80 and both sick.
And, behind those three in line are 7,000 princes, each
ambitious and at war with one another. The monarchy will not be
able to buy off the opposition for long with cash subsidies.
(We are indebted to Bret Stephens of the Wall Street Journal for
these insights).
The fall of Saudi Arabia will accelerate the stagflation that
will mar the final two years of the one-term Obama Presidency.
Republicans need to ratchet up their rhetoric about new drilling
for oil. The 2008 liberal counter-argument that new drilling is
not a short term solution begs the question of why the
Administration has not used the intervening two years to
effectuate the longer term solution that it offered.
Republicans need to be more vocal in criticizing the
Administration for its defacto moratorium on off-shore
drilling. Obama's people are so sensitive to these criticisms
that they just approved the first permit since the BP spill.
Republicans must call for reining in the regulatory hoops that
on-shore slate drilling has to go through to get approval.
Republicans should press for much, much shorter approval times
for nuclear power and a ban on EPA regulation and taxation of
carbon and coal.
The Party should attack Obama's proposed elimination of the Oil
Depletion Allowance and other energy tax breaks and make clear
that these incentives are vital for new energy development.
Finally, the Republicans should resurrect the issue of drilling
in the ANWR Preserve in Alaska.
Sarah Palin should take the lead in this critique since energy
development is her major field of real substantive expertise.
It is an ideal opportunity for her to speak to a broader
constituency.
Republicans should also propose a moratorium on the federal gas
tax by passing legislation in the House to trigger a reduction
once gas goes above $4 and total suspension if it rises above $5
per gallon. When the price drops again below $4, the gas tax
can come back on line. Such a proposal will mean a cessation of
campaign funding from highway contractors, but so be it.
Obama's opposition to fossil fuels is his real Achilles Heel. At
some level of gas prices, everybody is for fossil fuel
development. Nobody is "green" at $6 a gallon!
Should Obama Release
Strategic Oil Reserves?
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(c) COPYRIGHT 2011, DICK MORRIS AND EILEEN MCGANN.
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