President Obama delivered his first Oval Office speech on the heels of his latest visit to the Gulf region – the fourth since the Deepwater Horizon rig explosion in April. With such an environmental and economic crisis present, the president needs to exert leadership to protect our precious coastal resources and clean up the spill, says Nicolas Loris, a research assistant at the Heritage Foundation’s Roe Institute for Economic Policy Studies.
His message was the wrong one, says Loris. Instead, he continued to politicize the crisis by pushing for cap and trade legislation and to establish a separate claims fund — financed by BP — that will do very little to address the issue at hand. President Obama is right in saying that the Gulf region will bounce back, but not with the policies of cap and trade and banning offshore drilling that he’s suggesting.