Debate on off shore drilling continues
Channel 3 WSTM (NBC)
Jim Kenyon
July 15th, 2008
http://www.wstm.com/news/news_story.aspx?id=159732
Video: http://www.wstm.com/news/video.aspx?id=159732
President Bush is lifting an executive ban on off shore drilling. The President admitted that such a move would not increase supplies in the short run. "I readily concede that... it's not going to produce a barrel of oil tomorrow but it's going to change the psychology that demand will constantly outstrip supply."
The President is calling upon Congress to follow his lead and lift its ban on offshore drilling as well. Such a decision may well rest with the next Congress. We took the question to the candidates running for the 25th Congressional District in Central New York.
Republican Dale Sweetland was campaigning at the farmers market in downtown Syracuse. "I think it's long overdue." Sweetland said. "This crisis could have been staved off if several Presidents and several Congresses had acted and put together a balanced comprehensive energy policy using our own resources."
Libertarian Candidate David Gay says the President waited until a crisis but also supports offshore drilling: "I think it's a good idea for us to drill. We've already got nations like China and Cuba drilling right off our coasts."
Democrat Dan Maffei could not be reached for an interview but his staff released a statement calling the President lifting of the off shore ban, "more of the same failed policies that have gotten us into the current oil catastrophe" Maffei calls for "developing alternative and renewable sources of energy."
Back at the farmer's market, Green Party candidate Howie Hawkins also weighed in. "If they want to get the prices down, first of all stop threatening Iran, stop raising the geo-political tension and start talking about getting out of Iraq. Secondly go after the speculators." Hawkins says the long term solution lie with solar and wind power.
The president's news conference followed an alarming scene that took place Monday in California. Depositors lined up in what appeared to be a run on the failed IndyMac bank. The President told reporters: "It's really important people have confidence in mortgage markets and that there be stability in the mortgage markets."
The president and the Federal Reserve announced an emergency rescue plan to bolster Fannie Mae and Freddie Mac which hold or guarantee more than 5-trillion dollars in mortgages. The plan would temporarily increase the Treasury's line of credit. perhaps even buy stock in the companies and provide loans directly from the Fed. The President said this is not a bail out of the mortgage industry but he is calling upon Congress to help him prop up Fannie Mae and Freddie Mac."
On this issue, Republican Sweetland said: "I think it's important that we try to stave off any further foreclosures before it gets widespread in the country."
Green candidate Hawkins told Action News, "basically (it) bails out the lenders who are really the criminals in this case....they need to be sticking up for the borrowers more, keep people in their homes."
Libertarian Party Candidate David Gay called the President's plan, "smoke and mirrors." He added: "To bail them out is causing incredible inflation from the money we have to print to put out in the market to bail them out in the first place and then we double the size of our national debt."
Democrat Dan Maffei did not issue a statement in regards to this issue.
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