Wednesday, January 4, 2012

Will Obama stand firm in the face of oil lobbyist pressure?

"A determination to decide anything less than that I believe will have huge political consequences." - Jack Gerard on what would happen if Barrack Obama rejected Keystone XL

In the wake of the 2008, President Obama succumbed to threats of an economic collapse and passed the TARP legislation.  Late in the summer of 2011, Obama once again yielded to the pressure to raise the Federal Debt Ceiling.  In both of these cases, the financial industry were vocal proponents of those controversial acts of legislation.  Whether or not those measures to stimulate the U.S. economy were necessary are up to history to decide.  According to an article by the Associated Press on Google's news service , now the oil industry is using heavy handed rhetoric and threatening president Obama's political life with the controversial TransCanada Keystone XL pipeline.  The pipeline would carry "tar sands" oil from Canada through the central U.S. to the Gulf Coast, crossing many fragile natural features, including the Ogalla Aquifer, which yields approximately 30 percent of the nation's fresh water, according to the U.S. Geological Survey .  Support and opposition of the pipeline is wholly bipartisan, with oil industry friendly republicans and union supporting democrats in favor of construction, while environmentally conscious democrats and native Midwestern republican ranchers and farmers opposed.

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