nolapenguin | Random hits

Things I think that you may not care about at all

First and foremost, the drilling bill passed by the House tonight:

I've watched this drilling debacle from the start. I say debacle because I live in an oil-rich state. The lion's share of domestic off-shore production lies off the Louisiana coast. We had no choice in the matter. The industry is responsible for shredding our wetlands and barrier islands, not to mention poisoning many inland waters from mid-20th century drilling. We are ground zero evidence of what happens when oil companies get their way. As such, I believe I'm one of many citizens qualified to comment on other states having drilling off their respective coasts.

The GOP calls this a sham. I see it as a pretty damned good compromise.

By talking point:

Drilling is limited to outside 50-mile limits.

States must approve the drilling off their respective coasts.

Drilling ban remains in eastern Gulf of Mexico and Alaska wilderness.

$18 billion in oil industry tax breaks rolled back .

Tax credits for alternative energy development.

Utilities will be forced to generate 15% of power from alternative energy sources.

Tax breaks for energy reduction programs.

Release more oil from the petroleum reserves.

Makes it a federal crime for oil companies to offer gifts to government employees (a result of the recent scandals).

Now for the debates. The GOP calls this a "sham" because "most" of the 18 billion barrels of potential oil is located within the 50-mile boundaries. Do you know what the domestic consumption rate is for oil? 20 million barrels a day. Work that out. Those 18b barrels equal, at best, 2 1/2 years worth of oil. Anyone else want to laugh at Mr Obama again over his "proper inflation" suggestion? Even if we started drilling tomorrow, the oil wouldn't come out of the ground for at least another year, likely more. Then where will you refine it? You have no infrastructure in those states, no pipelines to shore. You have to build that, too, so more time. Let's be generous. Two years, cradle to grave, to get the oil out of the ground and into your tank. How much time will you have saved? Really. Think about that.

So the GOP doesn't like this bill. At all. They want drilling 3 miles off the coast. They want the oil companies to have incentives to drill, as if their record profits weren't enough. They want the tax breaks to remain on the books. Tax breaks? How about some breaks at the pump? Anyone else notice the close on oil today? $91 a barrel. Hasn't been that low since February, when pump prices were...how much...$2.95 a gallon. Today's average was $3.87 a gallon. So let me get this straight. We need to allow the oil industry to drill three miles from shore, tear up more coastland protection in the process, lay down even more infrastructure, give them free reign over the Alaskan wilderness and our clean beaches, plus save them from the big, bad taxman? For less than three years worth of oil that will still cost me dearly at the pump? Hey, I'm not even talking about potential effects on wildlife. Not worth it. They want the oil? Let 'em swim for it.

***

The Fed is going to bail out AIG Insurance for $85 billion. The government will own 79% percent of the company. Sounds like a bad business decision to me, but considering the international implications of a trillion dollar company buying the farm, I guess there's no choice in the matter.

But if we, as taxpayers, are owners by proxy, then let's talk not about we can do for AIG, but instead what AIG can do for us. Looking at AIG for what it is, one of the, if not the biggest, insurers on the planet, I think it's high time the government reassesses its disaster insurance business. Using AIG as leverage, reformulate the flood insurance program to cover all manner of losses, from river flooding to hurricane damage. Caveat? You have to pay to play. No insurance in hand, no payment in the mail. Fair enough for me. I live on the Gulf. If I don't have proper insurance, then I'm an idiot and get my just desserts come the big one. You live on the levees in Missouri? No insurance when you're living next to a river? Then you're stupid, too. No check. I've had people argue with me over the money thing, saying that homeowners that don't have flood insurance, and then lose a home to a flood, should get help. Fuck that noise. I didn't get any. Hell, since I had insurance, I got nada from the guv'ment for any of my damages. Only what my federal flood insurance would pay for. These other guys, the ones that were all needy since they didn't pay the paltry premiums on flood coverage, well they got whole houses paid for. Shouldn't be that way.

I digress. AIG-USA needs to benefit all, not just AIG stockholders.

***

The aftermath of Ike:

Positives: low body count; low count of oil derricks destroyed by storm; lower storm surge prevented flooding in some low-lying Houston areas

Negatives: absurdly wide storm surge across the coast; Galveston essentially destroyed; tens of thousands without homes; FEMA's shuck and jive preventing mass distro of much-needed food, water and ice; insufficient habitats to support survivor base; more damage to Gulf Coast than Rita; over 1500 oil rigs still out of commission due to damages; oil refinery damages not yet assessed, but believed to be substantial

***

Only relevant if you watched the Monday night game: Is DeSean Jackson fucking retarded? What the hell? And that's the second time, on camera, he's pulled that shit? Dude. You're in the big leagues. Quit the showboating. Philly doesn't put up with that.

***

Tina Fey as Sarah Palin? Dead on.

***

Cool weather in NOLA-land! Think it's silly to be happy about temps in the 60s? Fall is here! HELL YEAH!