Newt at his best: Drill Baby, Drill!

Newt didn’t actually say Drill Baby, Drill but that’s the message of a new 28 minute video of Newt Gingrich talking directly to the American people. In the video, Newt lays out a bold plan for making America energy independent, putting Americans back to work,  and generating hundreds of billions if not trillions of dollars of revenues for the federal government.

Those that have followed this blog for any time know that I am not a fan of Newt Gingrich. Be that as it may, I will take good ideas wherever I find them and the plan for America laid out by Newt in this video is the best I’ve heard from any candidate or for that matter any political figure, period.

I found the video at Maggie¡s Notebook last night. She borrowed the video from the Gulag Bound blog. Because the video is 28 minutes long, I doubt that many of you will have the time to listen to the entire speech. Fortunately, Maggie has  supplied us with a transcript of most of it, which I hope you will find time to read. Meanwhile, I’ll give you some of the highlights here:

Turns out, we may have more oil in the United States today, given new science and technology than we have actually PUMPED WORLD WIDE since 1870. We may, in fact, by one estimate, have three times as much oil in the United States as there is in Saudi Arabia.

Now Newt is prone to hyperbola but I from the reading I have done over the last year,  this statement is not hyperbola. Newt has evidently been doing a lot of homework and talking to experts. He talks at length about the  oil boom in North Dakota and the boom in natural gas production from gas shale. He explains the this has been possible because it is , so far, taking place on private lands where the government and the liberals weren’t able to stop private initiative.  Newt doesn’t base his plan for America to become energy independent only on the economic benefits, which are tremendous, but also  because it would be very beneficial to our national security.

First of all, since the 1970′s we’ve know that the Arab states and Iran combined have dominated oil production and have used their leverage to raise the cost of oil and to bring political pressure on Americans and Europeans. I want to get to a point where we produce so much oil in the U.S. that no American president will ever again bow to a Saudi King.

It’s time we tell the Saudis the truth. We know that they are the largest funders of schools called madrasses which teach hate. We know that they spend several Billions of dollars a year exporting a very, very extreme version of Islam called Wahabbism. We know that they are not straight with us, and up to now, our presidents have been too cautions…oh gee, I don’t want to offend the Saudis. I don’t want them to do something with their oil supply.

[...]

As a National Security matter, it allows us to say to the oil developing dictators, whether they are Venezuela, Saudi Arabia, Iran…we will stand on our own two feet. The United States is not going to bow to anybody. We are not going to be blackmailed by anybody, and as we get to a balanced budget, we will start paying down our debt, paying off the Chinese-held bonds, so that we become truly, once again, independent – and not have to deal with the kind of pressure you might have to deal with because someone is holding on to your oil, or holding onto your U.S. Treasury Notes. Either one is a form of leverage over us, and weakens us…

He spends time in this video talking about Obama’s anti-energy policies and high gasoline prices. He also talks about all the federal land that is restricted form exploration and development and what he would do about that. But let’s cut to the chase. Here are Newt’s four goals and as you will see it is more than just becoming energy independent:

1) We can become energy independent for national security reasons,

2) Develop enough new energy here at home that will create well over a million jobs in the next few years, high-paying jobs, very useful jobs, jobs which by the way increase our manufacturing base, who’s much of energy production requires manufactured products in order to drill, to process, to transport,

3) By using Federal property and by allowing offshore development on federally controlled waters, we get paid a royalty. One of the leading experts on North Dakota has suggested that over the next generation, we might have $18 TRILLION, not Billion, $18 TRILLION in royalties, that we could gather for the federal government with no tax increases.

4) To accelerate that, I propose the following tax changes: We go to zero capital gains taxes so hundreds of Billions of dollars pour into the United States to enable us to have new investment, new factories, new exploration, new companies. I suggest a 12.5% corporate tax rate which will liberate about $700 BILLION overseas profits, to bring them back home to be reinvested, and to allow our companies to compete everywhere in the world. I propose that we abolish the death tax permanently, so that we are in a position where family businessess could focus on job creation, and on being successful and not on hiding from the IRS.

There is much more that I think you will find of interest in this video,

In spite of my being a Gloom and Doomer when it comes to America’s future, this is a plan that even I could get excited about and enthusiastically support. This the first plan I have seen that has the potential to save America from going over the cliff of economic collapse.  I do not like Newt Gingrich but I do like his plan for America.

Well, that’s what I’m thinking. What are your thoughts?

About these ads

32 thoughts on “Newt at his best: Drill Baby, Drill!

  1. Newt was the only one that managed to squeeze in and start comments regarding energy at last nights debate. No discussion of Fast and Furious — the debate was in AZ for gosh sakes, I think I am going off the topci reservation, so I shall stop here!!

  2. From everything I have been reading about North Dakota and elsewhere, Newt has reason to believe that our energy resources are huge and huge-er. Once there is reason for exploration, because once the reserves are found, they can be extracted, we can confirm what many believe is already a ‘definite.’ Thanks so much for the link Jim!

  3. Newt is not the first to be saying this, just the latest. Energy trade sources have been telling us this for years. Add in Canada and off-shore sources of gas and oil, and we have enough reserves for around 500 years.

    Meanwhile, here we are looking at the prospect of $5/gallon gasoline and rising home heating costs…

  4. Gingrich is an extremely intelligent and outspoken leader, who could probably fix some of our problems, the trouble is that his own arrogance gets in the way sometimes, and he tends to bully people. To me his attitude is too similar to Obama to be comfortable with him. If he becomes the nominee, I will support him, but truthfully, he is not my choice.

  5. More thoughts…

    1 – Right Idea, Wrong Moment in History
    President Obama’s long-term idealistic vision of pushing green energy technologies to both transform the U.S. economy and help solve global warming and CO2 pollution issues is sound.

    Its just being pushed at the wrong time in global history. The problem at hand we face is a severe economic crisis that MUST be solved first. No ifs, ands or buts! Take things one step at a time. Other lesser problems will have to wait just a little while longer.

    2 – Newt is Right
    Energy dependence is a big-time national security threat on many levels. We MUST develop all our energy resources to become both economically sound and independent of often hostile foreign energy suppliers.

    Our efforts must include not just green technologies, which are not quite ready for prime time, but include ALL energy options.

    Non-renewable fossil fuels are not the devil they are made out to be. However, environmental concerns are very real and very serious. They must be addressed and overcome. As long as that happens, then all of us should jump on the “Drill, Baby, Drill!” bandwagon.

    3 – Fracting may be Problematic
    Fracting is the new technology that allows tapping the fossil fuel energy sources Newt says we should develop. The problem is that it might not be safe.

    Fracting is a process whereby water and/or other liquid chemicals are injected deep underground under high pressure to float or otherwise force trapped gas and tar sands and such to places or into conditions they can be extracted.

    Groundwater contamination resulting from fracting has been reported. That, however, isn’t the main problem. Most fracting is so far below water tables and rock layers that contamination can’t happen.

    This sounds like some kinda conspiracy theory kook idea, but the real threat is that fracting might induce EARTHQUAKES!

    There is a small, but growing body of geologic evidence linking fracting to earthquakes. A link is still unproven, but the evidence is compelling. We need to understand how much of a threat fracting really is and act accordingly.

  6. I’ve always gotten a laugh at Democrats who demonize oil companies for all the money they have, and then keep them from spending any of it to produce more oil and build more refineries. Of course if you are not allowed to take on the investment and expenses the money will just accumulate.

    More domestic energy production is a complete no-brainer. It will create far more jobs than any government program could hope to produce, and those jobs will be funded by the oil companies, not the taxpayers. On top of that is the lowered energy prices, which help everyone, and are a particular boon to poor and middle class. On top of that are the national security issues.

    This should be a winning issue for Republicans this year, especially with gasoline prices climbing. The high gas prices are specifically Obama’s fault. They hurt everyone, especially the poor and middle class. (check my blog for my post on this very subject yesterday).

  7. Another reason to hate the greenie environmentalists. They’d rather American soldiers die overseas in the middle east than get the oil we have here.

    And go Newt. Yes, he has serious negatives. But if….if a Republican beats Obama (and that is not certain) perhaps Newt can be Secretary of State?

  8. I feel the same way Jim, Newt isn’t to my tastes, but good ideas are always worthy of consideration, whatever the source.

    Just imagine if you could drill your own oil, shove the price of oil down and the rest like jobs and a recovery will fall into place. To make things even better, you’ll be sticking it to the Arabs – fund your terror and hate with petro-dollars from someone else.

  9. By the way if you do feel like commenting at my site, you shouldn’t see that wretched double word verification you need a microscope to see. :)
    I’ve taken it off.

    1. I have already made the change on my blogroll, MK. And, I for one am grateful that you removed the word verification nightmare. There are some blogs I have followed for a long time that I am unable to leave comments. Maybe when I get new glasses it won’t be a problem any more.

      1. If Newt were allowed the time to elaborate on each of his platform ideas, I think most people would see he is the man for the job over the other candidates. I’m glad you were able to see that video. I think the worst thing that can be said about him is regarding the personal marriage issues that plagued him. After that, he is brilliant on policies. I am amazed anyone wants the job of President of the United States given the destruction of this administration and the previous. Anyway…Go Newt!! I’m still finding him the best of the 4 left in the running.

  10. I love the idea, but it will take more than Newt to get this done. It will require a huge majority in the House and in the Senate, and a majority which is willing to challenge the radical environmentalists and I fear that once elected the Republicans would simply not be willing to follow through on this for fear of losing reelection bids. I am also becoming a doom and gloomer–more so every day.

    1. Sadly, you are right, Steve. But, in my opinion, this is a really great plan. Isn’t there a way that if the Tea Parties took hold of this plan and promoted it as the way to save America… maybe it could become the People’s Plan, and the politicians would have to listen and put the plan into effect? I’m probably grasping at a straw but I really like this plan.

  11. Newt’s tax plan is definitely the most aggressive supply side proposal. His corporate tax of 12.5% (note the typo on your text “1.5%”) is very low, but the devil is in the detail, specially changing to the system of all other developed nations – the “territorial system”, of which he says nothing about it.

    The weakness is his “optional” characteristic in his flat tax that it can become convoluted in practice

    1. Thanks for the heads-up on the typo. John.

      “…but the devil is in the detail, specially changing to the system of all other developed nations – the “territorial system”, of which he says nothing about it.”
      You’ll have to educate me on what this means.

      I think he knows that the optional flat tax will probably never fly. But, I do believe his plan will fire up our economy like no other plan will. Don’t dismiss it just because it came from Gingrich.

      1. Jim, the American tax system of taxing its multinational corporations that do business abroad is the best kept secret – in America at least.

        All advanced nations in Europe and other parts of the world tax their corporations doing business abroad under the global taxation system which means that corporations pay their taxes in the country of operations of each division, i.e., the operations of Toyota in the Unites States are taxed in the US, but not in Japan.

        The United States operates under their own rules – if you can call them that – which are called the “Territorial Taxation” system, which means that the operations of Ford in Japan pay taxes in Japan, and then again in the United States when they repatriate those profits. It is a form of double taxation that puts American Corporations at a great competitive disadvantage.

        That is where the conflict has risen that American Corporations simply avoid having to bring their profits home, so they keep them abroad creating jobs and investments abroad. It is one of the stupidest policies in the world. The proof is that nobody else does it. Nor England, France, Germany, Italy,….simply nobody.

        But now Obama wants to double up on this bad policy by supporting a minimum tax on operations abroad. Go figure!

        Of course, politically he appears to be in favor of cutting corporate taxes by supporting a decrease to 28%, knowing damn well that is only the one line that is going to make it into the new’s headlines. The rest of the increases get lost in the small print or on parts – like the “Territorial Taxation System” – that the Press doesn’t even know it exists. At least they don’t know that it is only America who practices it.

        The corruption is infinite!!!

  12. American oil companies produce 2-3% of the oil on the planet. Yet we consume about 20%
    So why do we export about 20% of our jet fuel and diesel? Answer is simple, China and other companies are willing to pay more for it. More domestically produced oil just means
    more oil for the oil companies to make more profit on. The are looking out for their best interest not the country. I say drill baby drill only if the American oil companies are forced to sell oil drilled in the United States to the United States not our competitors.

    1. I assume from your comment, Andrew, that you do not believe in the free market system. Oil is a fungible commodity. If the US could double its production, world supply would go up and prices would come down.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s