Here we are, with the worst environmental disaster on our hands in the gulf, and the president is talking about a "cap-and-trade" bill that has nothing to do with fixing the current problem. I just don't get it. Not once in his speech did he mention anything about how he would actually plug the hole. There was plenty of talk about holding someone accountable but that won't fix the problem. It seems, for the first time in his political career, he has run into a problem that he cannot fix and he knows it.
Here's another take on his speech, at the LA Times.
But the good news for those in the Bakken: no indication of backing down on the six-month moratorium on deep-water drilling in the gulf, and the on-going evaluation of shallow-water drilling off shore. If the general economy improves, the price oil should keep going up.
I almost missed it, but natural gas is now above $5.00. EOG is near its high for the year ($114) at $110.
June 18, 2010: here's more from the LA Times.
June 18, 2010: here's Peggy Noonan and the Wall Street Journal; some of the best writing ever.
June 18, 2010: even Germany's Der Spiegel sees it "my" way.
