Many people believe that national security would be advanced if we reduce our petroleum usage, because, goes this theory, we would be funneling less money to the Middle East which then would reduce, if not eliminate, funding for terrorists who wish to harm the U.S. (more on this in the future). Ex-CIA Director, James Woolsey, for instance, is reported to have said that we need “destroy the strategic power” of petroleum by making us not less dependent on foreign oil, but less dependent on oil, period. See, also, here. …
Continue ReadingMy recent editorial in Investor’s Business Daily, “What Happened to Business Prudence?”, offers examples of politically correct and politically derived business practices in order to show how such “profit” opportunities can be bad for both shareholders and the broader economy.…
Continue ReadingAs I posted at the Pacific Research Institute website, the California State Lands Commission (SLC) has rejected a proposal that would have led to the first new oil drilling project off the California coast in 40 years. On January 29, the panel voted 2-1 against Plains Exploration & Production Company’s request for approval of its bid to expand drilling off Platform Irene in the Santa Barbara Channel.
The swing vote was California Lieutenant Governor John Garamendi, who also serves as SLC Chairman. Mr. Garamendi had earlier signaled his approval,…
Continue Reading