Murkowski Favors Bailout for Big Oil, Not for Failing Banks
I thought one of the most audacious political stances I’d seen in many years was the Republican position — dreamed up by GOP pollster Frank Luntz — that a tax on big banks was actually a big bank bailout. Converting a tax to a government bailout was pure political chutzpah, and some sick form of genius.
Now it’s the Democrats’ turn to cry bailout. Several Democratic Senators — Lautenberg and Menendez from New Jersey, Nelson from Florida — have proposed raising the amount of liability insurance an oil company must carry for spill coverage from $75 million to $10 billion. Senator Lisa Murkowski (R-Alaska), a huge supporter of oil drilling, has apparently blocked the bill. She’s instead proposed charging an additional penny a barrel of oil to provide increased funding for the federal oil spill response fund. So aren’t the Republicans now in favor of a big bailout for big oil?
Ann Carlson is currently on leave from UCLA School of Law. She is the Shirley Shapiro Professor of Environmental Law and was the founding Faculty Director of the Emmett I…READ more