Photo: The White House
Ok, so the Obama administration is going to allow some offshore drilling.The surprise decision is being couched in language about creating jobs and reducing dependence on foreign oil.
The real story is that Cap & Trade is back on the table, as Ken Salazar is stating on CNBC right now.
Obama gives a gift to oil drillers, and in exchange he gets the equivalent of an energy tax (though not actually an energy tax) with some corporate support.
Actually, cap & trade has already enjoyed significant corporate support from the likes of Goldman Sachs (GS) and GE (GE), which are eager to make a market in carbon offsets. Now, presumably, we’ll see more corporate support.
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