[Guest post by DRJ]
Dan Collins looks behind the Obama Administration’s offshore drilling decisions:
“Meanwhile, what’s not receiving a lot of focus is Obama’s own economic interests in preventing Gulf drilling. As I mentioned yesterday, Obama’s wealth is largely held in two Vanguard funds. Vanguard was among the companies that dumped BP stock shortly before the disaster. It now turns out that BP informed the office of mineral managment that there were problems with the well back in mid-February. That led to the sacking of Birnbaum, no doubt, though Pelosi tried, with her usual mendacity, to blame it on burrowed-in Bush holdovers. Apart from the timing of the stock dumping, and the revelation that the feds had indeed been informed earlier on of potential problems, there’s the issue of Soros’ timely investment in Petrobras, backed up by US billions. Many of us found it scandalous that Obama was opposed to US offshore drilling before the disaster, but ready to invest in offshore drilling for Brazil, which, environmentalists will tell you, has the greatest biodiversity on the planet. Those rigs represent an enormous investment. If there’s a moratorium, they’re not going to wait around for it to be lifted: instead, they will move to where they are permitted to be utilized, in this case, Brazil.
China is backing Cuba to perform drilling in the Gulf. Other countries will no doubt wish to up their stakes. Those operations will be completely outside of US control.
But for Obama and company, that’s not a bug, but a feature, because what they really want to do is convert the US economy away from oil towards biofuels, wind, and other renewables, despite the disastrous economic consequences already experienced by nations that tried to bottle unicorn farts. That they have significant investment in such projects is entirely justifiable in their eyes, because of the benefits they naively believe such schemes will confer. These projects are to be mandated by the EPA power grab and the imposition of cap-and-trade schemes, benefitting the likes of Franklin Raines, and justified through the cultivation of climate hysteria.”
Dan rightly concludes the Obama Administration’s inability to “come to grips with the spill” is because they see this as an opportunity.