Tuesday, May 25, 2010

Republicans Boldly Battling Democrats on "Arbitrary" Oil Liability Cap

Republicans have been strongly and boldly battling the anti-business Democrats who are using the oil spill in the Gulf of Mexico to increase the oil spill liability cap from $75 million to $10 billion, something Obama has already called "arbitrary." If this incredibly stupid legislation was imposed, major oil companies like BP (NYSE:BP), Shell (NYSE:RDS-A), Chevron (NYSE:CVX), Exxon Mobil (NYSE:XOM) and ConocoPhillips (NYSE:COP) would be put out of the offshore oil drilling business, and replaced by nationalized, or socialized, oil companies around the world.

Evidently the Democrats think the pursuit of this agenda will cause people to abhor Republicans who oppose it, but people are a lot smarter and informed today, and know that they would end up bearing the brunt of the outrageous costs of insuring that much liability, which would also put smaller offshore drilling companies out of business.

The latest incredibly ignorant Democrat bill even took the $10 billion cap off, which would have exposed the oil companies to unlimited liability.

I can only think this is being done in an attempt to make an excuse to nationalize American or other oil companies, which would have to be done if they were to be able to compete with the already-existing national oil companies.

The Democrats, if they even want to be taken seriously anymore, need to drop their pretentious and stupid tactics and spend their time working on legitimate regulations, not the type that are only put forth as politically motivated ploys that have no relationship to the existing problem, but are an attempt to position themselves for a different agenda.

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