McCain stumps from oil drilling platform - Obama cries “stunt!”
Following the money of “big oil” & “big banking”

In the wake of the astronomical prices at the pump, McCain stood aboard an offshore rig and repeated his 27 year old policy of “lifting the drilling bans covering the federal Outer Continental Shelf off the Atlantic and Pacific coasts and the eastern Gulf of Mexico.”

McCain’s visit came a day ahead of the Minerals Management Service’s lease sale in New Orleans to auction off 18 million acres of the western Gulf of Mexico for oil and gas drilling. The tracts could potentially yield as much as 400 million barrels of oil, but that amount would only meet the nation’s oil needs for about 19 days, and it would be at least seven to 10 years until oil started flowing.

Ah yes… were the 400 million bbls the only source, that 19 days argument may make sense. But McCain’s recent change of heart, recognizing the importance of drilling as part of a larger energy package, is the approach most polled American’s prefer… an “all of the above” plan. And what better place to showcase the latest drilling technology than aboard the Chevron Genesis.

McCain flew by chopper the 130 miles to the Gulf of Mexico platform is located south of New Orleans, in 2600 ft of water, atop an Outer Continental Shelf field estimated at 160 million bbls. Post drilling flow tests were conducted in which the field produced at rates of up to 8,300 bbl/day. These estimates proved low, and the yield is approximate 10,000 bbl/day. Production at the time of construction/drilling was estimated to peak at about 55,000bbl of oil and 72 million ft³ of natural gas per day.

Speaking from the platform, McCain said:

“Americans across our country are hurting, as we all know, because of the cost of energy,” McCain said aboard the rig. “Gas prices are through the roof. Energy costs have seeped into our grocery bills, making it more expensive to feed our families. Now as we prepare for the winter, it’s time for us to be more serious about our home heating oil needs. … And that means we need to start drilling offshore, at advanced oil rigs like this one.”

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“We need to drill offshore and we need to do it now. If I were president, I would call Congress back into session and tell them to get to work”

With the DNC on the losing end on the energy issue, Obama’s campaign was quick to label McCain’s venue nothing more than a stunt.

Obama’s campaign, meanwhile, called the four-hour excursion nothing more than a stunt. Obama supporter and former Iowa Gov. Tom Vilsack compared McCain’s position to the “Beverly Hillbillies” television program where the main character — Jed Clampett — stumbles onto an oil gusher. McCain, he said, has “a Jed Clampett energy policy.”

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Democrats, meanwhile, used the visit to return a snipe. After Obama suggested drivers inflate their tires to increase gas mileage, the Republican National Committee sent reporters tire gauges. The Democratic National Committee on Tuesday sent reporters stress balls in the shape of oil barrels and bumper stickers touting Exxon-McCain.

And liberal MoveOn.org’s political action committee announced a $500,000 television ad buy in North Carolina to link Republican Sen. Elizabeth Dole of North Carolina with McCain, noting both received donations from those in the energy sector.

Gotta love it… the GOP sent the press tire gauges?? Musta missed that news bulletin! LOL

Naturally the DNC will perpetuate the myth via attack ads suggesting McCain unduly benefits from the oil industry donations. However His Messiahship floats on turbulent waters, and will find his sails ripped to shreds if he continues that tack. Because the ugly truth is, those “big oil” producers have given the larger share of cash to the annointed one.

Through June, Exxon employees have given Obama $42,100 to McCain’s $35,166. Chevron favors Obama $35,157 to $28,500, and Obama edges out McCain with BP $16,046 vs. $11,500.

That takes care of “big oil”. How about the “mom and pop shop” oil companies… i.e. Koch Industries, Valero, Marathon Oil, Occidental Petroleum, ConocoPhillips, and Hess, as some of the “not so big” oil companies? They favor McCain.

Overall McCain’s support from the smaller companies, plus his lesser amounts from the “big oil” companies (which are small potatoes compared to the giants that are State owned around the world…) gives McCain an edge in the entire industry, getting $1.3mil to Obama’s $394K.

This preference for McCain’s energy policies over Obama’s happened before McCain changed his tune on the importance of expanded drilling as part of a larger package. As the chart below shows, the support from the oil and gas industry started leaning to McCain prior to his reevalued policy, and the increased contributions rose *after* his announcement to support wider drilling.

And why not? The bigger privately owned companies may lose money for the refined product supplied to America’s pumps, but they make it up with their exploration and production divisions. The smaller boutique mom and pop companies do not have the same revenue production. Obama’s proposed “windfall” tax redistribution could put them out of business.

And what business in their right mind will lend that support to a candidate promising a government take over of profits? This brings us to “big oil” vs “big banking” contributions.

The DNC has the windfall contributions from the commercial banking industry… The DNC candidates received a combined $4,555,123 (Obama: $1,884,358 - Hillary: $1,572,508) to the GOP candidates’ $3,643,784 (McCain: $1,703,678).

Considering that JSM has been the GOP candidate since early this year, and HRC and BHO were battling it out until June, this means the DNC front runners had a twice the financial support from the most profitable industry (aka “big banking”) in the nation… and *that* industry tossed 4x the amount of cash into the kitty over “big oil”. Why? Because the DNC was delivering bail outs…

With Obama not only receiving the huge cash sums from the #1 profit industry of banking, but also having the biggest three of the “big oil” (not mom and pop) companies favor his coffers as well, he’s apt to be wading in over his head should he continue his “follow the money” accusations.

Now, would you like to discuss lawyers/lawfirms? How about HMOs & Health Services? And how about those Lawyers & Lobbyists? That would be Obama $20,957,508, McCain $7,791,610.

Yeah… keep up the “follow the money trail”, Obama. I’m liking this….