1999: Bush/Cheney seek to bail out oil industry, praise raised oil prices

[blm]

1999: Cheney Praised OPEC Production Cuts That Raised Oil Prices.
According to the Associated Press in March 1999, "OPEC members agreed today to cut crude oil production by 2.1 million barrels a day and maintain lower levels of output for a full year starting April 1, oil ministers said. The group of 11 oil producing nations approved the cuts in an effort to strengthen prices and end a global oil glut." Then-Halliburton CEO Dick Cheney praised OPEC's decision. "I've been struck by the extent OPEC seems to have gotten its act together," said Cheney.

1999: Bush Seeks to Bail Out Oil Industry, Declares Tax Break "Emergency," to Deal With Low Oil Prices.
On February 2, 1999, Bush designated a temporary $45 million tax break to low-production oil wells as an "emergency" so that it could be taken up without delay by in the state legislature. Due to plummeting oil prices, the bill was targeted to keep "small, semi-productive wells open." However, the Texas Railroad Commission released statistics showing that "the largest 34 well operators make up less than one percent of the state's oil producers but control 25 percent of wells eligible for the tax exemption."
> http://www.grandoldpetroleum.com/history.html <

[blm]

1. some key Cheney quotes from 1999:

>>>>>>>>Cheney, the former U.S. Secretary of Defense, also said that after a
recent tour of the Middle East, he was optimistic that OPEC members would carry out a recent agreement with other Producers to cut world oil supply by a total of 2.1 million barrels per day (bpd).

``I've been struck by the extent OPEC seems to have gotten its act
together,'' said Cheney, who has also held recent meetings with officials from Venezuela, another key OPEC member and one which has in recent years been the cartel's biggest cheater. ``My perception is that the odds for compliance are better than I would ever have previously thought Cheney added. However, the impact of the agreement on the oil drilling sector would not be felt until late this year or early 2000, Cheney cautioned.

Oil prices have risen sharply since the OPEC agreement in February, but
oil companies have said they won't be quick to reverse severe budget cuts on exploration and production they instituted when prices were near 12-year lows at the turn of the year.

``Recent events have given us hope. Nevertheless, the devastation to the
exploration and production business has been enormous,'' Cheney said.<<<<<<

[Catfight]

2. Why isn't Kerry slamming Bu$h/Halliburton/and Channey on this?

Why isn't Kerry talking about the Oil industry enjoying Bu$h's HUGE tax breaks that oil companies have experienced the biggest profits in history? What about Bu$h's tax break to own a hummer, you get 100k tax break to own one, and we all know who can afford them...rich people who don't give a damn how much gas cost! This is outrageous that this president has seen the biggest profits in history for oil with no shortage.

I remember when democrats were in office gas cost $1.09. I remember almost months after Bu$h stole the WH, gas prices hiked to $1.39. And they just keep getting higher and higher..which I know pisses him off, because I think it should be $5 a gallon, and we find alternative energy sources. Come on Kerry, let's go, show Bu$h what you've got.

[blm]

3. He did that just today.

He said these are Halliburton gas prices.

[keithyboy]

5. That statement doesn't mean anything without context.

The Kerry campaing is simply incompetent and I predict, Kerry will have it pretty rough unless the campaing strategists get their act together.

[blm]

6. I just picked out that sentence. Kerry had a lot of context.

Now you want to dump on Kerry because I pulled out one little sentence? Sheesh.

[Catfight]

4. Nevermind..he Is

I just saw a clip on Kerry and he's doing a great job..I love his comment, "if gas prices keep rising, Bush and Chenny will have to carpool to work!" Way to go! Love his speech writers and love his personality.

[blm]

7. Yep...that's the one I saw.

He was pretty tough on them.

[blm]

8. Too timely to pass unnoticed.

.

[Octafish]

9. Tradition.

Another great post, blm! Thanks. Here's what HERBLOCK said, back in '38:



"Save the Holy Places!

I really miss Mr. Block.