WASHINGTON
A day after his Interior secretary signaled plans for a cautious approach to oil and natural gas exploration on the Outer Continental Shelf, President Barack Obama said Wednesday that he's "holding out for a more comprehensive strategy" for U.S. energy development before approving offshore drilling along the East Coast.
In a meeting with reporters for The Virginian-Pilot and 15 other newspapers, Obama touched on a wide range of topics, from drilling to military strategy and efforts to revive the economy.
On drilling, he said it would be short-sighted to rely on offshore oil and gas development to solve the nation's energy problems or stimulate the flagging U.S. economy. Offshore resources are "not going to come online quickly enough," he asserted.
The president's stand on drilling is a sharp departure from that of former President George W. Bush, whose aides unveiled plans last fall to sell leases for oil and gas development off the Virginia coast.
Interior Secretary Ken Salazar told reporters Tuesday that he's not inclined to disturb those plans but wants a new study of potential economic benefits and environmental risks of offshore drilling.
Virginia officials had signaled their interest in at least assessing the extent of deposits off the state's shoreline.
Obama's hour long session Wednesday came as Congressional negotiators announced agreement on the economic stimulus plan that has been the focus of the president's first three weeks in office.
Obama said he is "optimistic this is going to get done" but declined repeated invitations to get into specifics about the compromise. He stood by predictions that the final bill will create or save up to 4 million jobs, provide substantial tax breaks to middle-class taxpayers and provide relief for state governments.
"Governors have been making very tough choices and they've cut about as much as they can," Obama said.
The president also cautioned that the stimulus plan "is one leg in a multi-legged stool," with work still to be done on separate efforts to revitalize the banking industry and to provide relief to millions of homeowners who are in danger of losing their homes to foreclosure.
Obama also fielded a variety of questions on other topics, including his analysis of the evening's Duke-North Carolina basketball game. Among his points:
- Troop withdrawal: He is "going to have to make some decisions fairly soon" on deploying American troops in Iraq and Afghanistan. While he pledged last year to get most U.S. troops out of Iraq in 16 months and to bolster American forces in Afghanistan, Obama said he's "adamant" that any redeployments will not lengthen the time individual troops spend overseas.
He said he also will insist "that we start doing a lot better in terms of time back home."
- Defense spending: The military should expect to face tighter budgets than in the Bush years, he said, but defense spending is not being cut as part of a strategy to shift federal resources to other programs. He said he is committed to re-examining defense programs based on an assessment of their effectiveness and on the need to continue them.
- The auto industry: He remains open to additional efforts to bolster the flagging automobile industry. "A disorderly bankruptcy of one of the Big Three (General Motors, Ford or Chrysler) could be disastrous," Obama said, but everyone involved in the industry - "management, shareholders, creditors, dealers, workers"- should be prepared to make sacrifices.
- Trade restrictions: He is wary of congressional efforts to impose "Buy American" trade rules but understands that some lawmakers may want to impose restrictions with the U.S. economy suffering from a massive trade deficit. "I don't want to send a signal that we're not open for business," Obama said. "I think that could backfire."
- Basketball: The president, who practiced with Carolina players during last year's campaign, seemed to relish the basketball question, suggesting that Duke's chances might hinge "on how hard Coach K was running the players this week" after a stinging loss last weekend at Clemson. "They might be exhausted," Obama said.
Duke lost, 101-87.
Dale Eisman, (703) 913-9872, dale.eisman@pilotonline.com
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BO and offshore drilling(and everything else)
I am unsurprised at this, most recent, bad decision. It has yet to be a month and already, terrorists will go free, our government is negotiating with the states that sponsor same, the economy and capitalism as we know it are being ax-murdered, tax cheats rule the IRS, the only still thriving industry that could provide huge tax revenues and oil royalties to federal coffers is being pushed aside.
BO is taking the country in a new direction alright. Unfortunately, the direction is DOWN!
EvanJ...
That may be a simple futures explanation with merit but doesn't explain why when the price of crude goes up, the price at the pump gets changed 3 or 4 times in one day. I have asked the same question concerning gas prices because it doesn't make any sense. When the price per barrel was plummeting, gas prices got to $1.35 p/g at a crude price of around $40 p/b. Now, crude is below $40 but gas is more like $1.75 - $1.80. Someone is pulling a fast one but I don't know who.
Why isn't the media asking
Why isn't the media asking the hard questions about his passport? IF he did not use a U.S. passport to travel to Pakistan in 1981, as he admitted to doing, he IS NOT ELIGIBLE for the office.
He is for change all right. He changed the name on the door and stationary. The majority of those in his cabinet (the ones that paid their taxes) share the same title "former Clinton administration" and we are supposed to ignore his farce.
Consider this. If someone holds a gathering (tea) for a select group to discuss a particular topic wouldn't it be called lobbying if the point of the gathering is to get their votes? Yet Obama has been "Lobbying" from the start for his stimulus package. He is in such a rush to sign it, that we will be sitting here in six months wondering where it went and what good it did....
We have someone sitting in
We have someone sitting in the Oval office who is not entitled to that position, who attempted to belittle the outgoing President by negatively speaking of his predecessor's record all while Bush was forced to sit there and take it. Then he speaks of uniting this country? What a crock of crud!
He made a comment earlier this week that people underestimated him two years ago "but I am fixing to ride on Air Force One."
His is an arrogant horse's butt and the media is controlled by someone who really supports him.
Consider this, when was the last time ALL THREE major networks agreed on anything? Why are all so quick to line up behind this farce? Could it be because a "puppetmaster" has so ordered?
Think about this. What possible benefit can come from putting this country so far in debt in the name of saving the economy (another line of crock) in such a hurry (they didn't learn from last year when they rushed to get money to the banks, and now six months later it is not better for the American public than before they passed that), the answer is NOTHING! It CAN do one thing quick, though.
It can put this country in ruin so quick.
How come the media isn't asking
Why don't they ask companies
Why don't they ask companies to uncap wells that can produce now for a whole lot less than drilling and risking environmental issues that will take up to a decade to produce results?
This country is loaded with capped wells that owners capped because "it wasn't profitable to drill from them."
Why are we paying so much for a gallon of gas when a barrel is well below $40?
Why is Exxon setting record profits every quarter AND for a year EVER by ANY company?
Why don't they ask companies
Why don't they ask companies to uncap wells that can produce now for a whole lot less than drilling and risking environmental issues that will take up to a decade to produce results?
This country is loaded with capped wells that owners capped because "it wasn't profitable to drill from them."
Why are we paying so much for a gallon of gas when a barrel is well below $40?
Why is Exxon setting record profits every quarter AND for a year EVER by ANY company?
We have someone sitting in the Oval office who is not entitled to that position, who attempted to belittle the outgoing President by negatively speaking of his predecessor's record all while Bush was forced to sit there and take it. Then he speaks of uniting this country? What a crock of crud!
He made a comment earlier this week that people underestimated him two years ago "but I am fixing to ride on Air Force One."
His is an arrogant horse's butt and the media is controlled by someone who really supports him.
Consider this, when was the last time ALL THREE major networks agreed on anything? Why are all so quick to line up behind this farce? Could it be because a "puppetmaster" has so ordered?
Think abou
Be careful and take your time
I agree with the President that we should take our time and make an informed decision in regards to using our natural resources including the oil and natural gas off of our shoreline. I just wished he would use the same approach in regards to this stimulus package.
THEGUYFROMCHESAPEAKE
NOT reflexively giving away to the most profitable companies on the planet this country's natty gas and oil leases, and NOT slashing lease monies earned from the most profitable companies on the planet does in fact represent change.
Inheritance... and oversite
The Gramm (R) - Leach (R) - Bliley (R) Financial Services Modernization Act signed by Clinton (with Rep majorities in both houses) in '99 repealed part of Glass-Steagall. The FSMA allowed banks to get in on the Collateralized Debt Obligation house of cards bidness. CDOs & mortgage backed securities (including subprimes) during GWBs tenure exploded "from $157 billion in '04 to $2 trillion by '06".
During the credit bubble of the mid-2000s, a few academics, analysts & investors such as Warren Buffett & the IMF's former chief economist Rajan warned that financial derivatives such as CDOs & other ABSes were greatly increasing risk in the financial markets, but their views were dismissed.
CRA's involvement is disputed.
Yawn...
Oh geez. Another clown who by way of voicing dissatisfaction with the GOP, he's given prominence by an uber-leftist site that will not allow anything in the way of opinions that don't gibe with their skewed take on the world. The Huffington Post, no less. Yawn.
Please, be careful when you're guzzling their Kool-aid. See if that site would publish anything he has to say that is supportive of anything or anyone they oppose! He wouldn't get the time of day. But I do recommend the HP as required reading for all who have an interest in the politics and social issues of this nation. If you want to see what unabashed hate and true 'beyond the fringe' musings are all about, that is the place to go. Enjoy!!
Understanding republicans and the knuckleheads who post here
Excellent article on why the right should be ignored on this issue:
http://www.huffingtonpost.com/frank-schaeffer/an-open-letter-to-preside_b_165359.html
Favorite line appropriate to this discussion:
the Republican Party is controlled by two ideological groups. First, is the Religious Right. Second, are the neoconservatives. Both groups share one thing in common: they are driven by fear and paranoia. Between them there is no Republican "center" for you to appeal to, just two versions of hate-filled extremes.
And the author is a former republican. Check out his credentials.
Be still my beating heart
He's so purty he can do no wrong! We must RUSH to indebt our kids for many years to come. We must RUSH to spend billions on projects that have nothing to do with our ecomonic plight but pay back those that got him elected. We must STOP and ponder whether we should tap our natural resources on our coastlines though. Does anyone else see the folly that is our POTUS and congress today?
Its oil, not foreign oil
I think dependence on oil is what Obama's focus is on. Not solely foreign oil. Think Bigger. I see comments here on Obama like amateur, foot-dragging, backward policies. Look, if you would turn yourself right-side front, you'll see your ideas are the backward one, that's why we didn't elect you. Socialist Utopia?? What in the Sam Hill are you talking about. That's just stupid. Company store mentality? No, that's your mentality. Bigger govt. can be useful with the right leader, which we happen to have, no thanks to your wasted vote. Liar? Accomplished nothing? My Goodness. Give him a chance! And for the love of all things good, please keep your rear end to yourself. Referring to Obama as "Extraordinaire" is the best reference for him here, even though I know I took that out of context. But you will agree with me in time. When you help make Obama's four years, eight. Look, Obama is smarter than any of you posters. All you nay-sayers need to show some support, pray, and lean not unto your own understanding. The time is at hand. Change is at hand.
From Obama's speeches:
(Paraphrased) "When we arrive at the White House we will have a comprehensive plan for energy independence that will be ready to implement immediately!"
What happened to hitting the ground running with the "comprehensive energy plan"? I guess his comprehensive plan was to call for more studies! Everyone fell for that one...lol. Joke's on the American people.
Here, I'll paraphrase Obama
Here, I'll paraphrase Obama for everyone: "No, I won't move quickly on energy independence, but we are going to have a global economic disaster if everyone does not support my porkulus bill immediately, so I can pay back all my supporters with funding for their organizations, and permanently affix entitlement into the minds of all Americans!"
People seem to be forgetting
People seem to be forgetting that most of the power of government is in The Congress and that's had the same leadership for years. Who do you see working on this "stimulus" bill now...the same people that did it last year.
Easy
Why is it that within the last month, gas has gone up from $1.40/gal to $1.85/gal while oil has dropped $45/bbl to $35/bbl?
That one is easy. The prices you quote are futures verse current which are almost never the same. Buyers also hedge their purchases, so the actual price they paid for their inventory tends to average out over months or more. The same goes for the other commodities like corn, wheat, coffee, cotton, etc.
Inheritance?
If Obama inherited this mess, it was from Jimmy Carter, not Bush.
The over-leveraging of the housing market is the root of our current deflation, and it started with the 1977 Community Reinvestment Act, and was nurtured by the expansion of Fannie Mae and Freddie Mac under Clinton, and yes, Bush, with his "Ownership Society." So, this has been coming a long time.
But wherever the blame for getting here is placed, that is no reason to dig the hole deeper with the current plan to re-inflate the currency with more borrowed money taken from the private sector and pumped into government projects. The effect of doing so is to rob everyone's pensions, IRA's, and 401K's of their intrinsic value and shift that wealth to government employees and entitlement recipients.
Its just another way to use a crisis to steal, sort of like looting after a hurricane.
Obama is a liar
First he said a complete withdrawal from Iraq in 8 months now it is 16.
Then he said an "immediate" shut down of Guantanamo not it is a year.
He supported clean coal and offshore drilling now he starts backpeddling.
Promises made but he can't or won't keep them.
So now we are 21 days (or 1/5th) into the 100 day honeymoon and I'd say he has accomplished nothing.
Don't blame me. I didn't
Don't blame me. I didn't vote for this idiot. I've already lost track of how many crooks he has nominated to his cabinet.