The good thing about election campaigns is that they force both parties to do things, or at least to promise to do things they should have done long ago. President Barack Obama is a born-again tax cutter. He wants the top rate of corporate income tax cut from 35 percent to 28 percent, and the maximum rate paid by manufacturers reduced from the current average of 32 percent to 25 percent.
With a gallon of regular around $4 and climbing, the White House is paying close attention to the price of gasoline. President Obama and his team are, no doubt, wondering how high it can go before it takes them down.
On Monday, the European Union is expected to decide to boycott Iranian oil. If it does—nothing is ever certain when EU policymakers gather, least of all a firm decision—Iran says it will close the Strait of Hormuz, through which 20 percent of the world’s oil moves to market. That country’s navy commander, Habibollah Sayari, says Iran has the ability to “control” the waterway, and unnamed military sources in Iran are saying a boycott would be an act of war.
The attack on the British embassy in Tehran came just days after the Iranian “parliament” voted to expel the British ambassador, and therefore reeks of official complicity. The attack—complete with an invasion of the grounds, looting, and a brief hostage-taking—is an always useful reminder of the nature of the regime in Tehran. These are thugs, whatever their religious titles.
Speaker John Boehner and Alberta premier Alison Redford met yesterday to discuss the proposed Keystone XL pipeline project--and how President Obama has delayed his decision on the pipeline until after next year's election. As the speaker's office explains:
If you're looking for a dramatic example of a government regulatory agency run amok, consider EPA’s arbitrary and shameful attack on one Texas natural gas company.
In December 2009, one Steven Lipsky noticed a problem with his water well at his new home just west of Dallas, Texas. He began to suspect that the source was a nearby natural gas well that Range Resources had built and “fracked” earlier that year to exploit a part of the massive Barnet Shale a mile underground.
While the New York Times can barely conceal its glee at the phone-hacking scandal embroiling the rival Murdoch empire, The Scrapbook confesses to a certain schadenfreude of its own at the Gray Lady’s latest embarrassment. The Times’s slanted coverage of the natural gas industry continues to generate radioactive fallout.
After struggling to come up with an explanation that doesn't admit a policy failure, the White House seems to have settled on an answer to questions about what led to the grim unemployment numbers last week: Gas prices.