I especially like the jobs discussion as Robert Novak's reason for giving the oil companies these subsidies was "jobs, jobs, jobs". This is the same Robert Novak that sneers at anything Keynesian. Go figure.
Did anyone else think that the most important part of this article was revealing that Bush has been sitting on this information for a whole year?
I wonder how much money the oil industry has to spend in political contributions every year. I bet the rate of return on that investment is pretty high.
Question:
Is there enough easily accessible coastal oil to make the venture worthwhile even at today's prices?
As an aside, you are making the assumption that oil will continue to be plentiful for the next 5 to 10 years. That is not an assumption shared by a growing number of people.
In Saudi Arabia, rig count is up, production down.
World production "seems" to be leveling. Demand, of course, continues to rise.
For a more complete primer on these issues, I suggest The Oil Drum.
http://www.theoildrum.com/
Kash, come back. Holidays are no excuse for cutting off our intellectual entertainments.
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