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Raymond Richman - Jesse Richman - Howard Richman Richmans' Trade and Taxes Blog Obama halts US drilling in Chukchi Sea
Investor's Business Daily has been following the story. In a May 29, 2009, editorial they reported: Back in July, when IBD first interviewed the then-little-known governor, Palin emphasized developing Alaska's Chukchi Sea resources. Under those icy waters, it was then believed, was enough oil and gas to supply America for a decade. "It's a very nonsensical position we're in right now," Palin told us. "(We) ask the Saudis to ramp up production of crude oil so that hungry markets in America can be fed, (and) your sister state in Alaska has those resources." At the time, it was thought that Chukchi's waters northwest of Alaska's landmass held 30 billion cubic feet of natural gas. Today, Science magazine reports that the U.S. Geological Survey now finds it holds more than anyone thought — 1.6 quadrillion, or 1600 trillion cubic feet of undiscovered gas, or 30% of the world's supply and 83 billion barrels of undiscovered oil, 4% of the global conventional resources. That's enough U.S. energy to achieve self-sufficiency and never worry about it as a national security question again....
China agrees to modify export subsidies According to United States Trade Ambassador, Ron Kirk, China has agreed to eliminate or modify its export subsidy program. His office reports: "I am very pleased that today we have signed an agreement with China confirming full elimination of the numerous subsidies we identified as prohibited under WTO rules. This agreement demonstrates President Obama's commitment to ensuring that American workers, farmers, ranchers, manufacturers, and producers get a fair chance to compete for business around the world, to sell more goods to global consumers, and to bring jobs and other benefits of our trade agreements back home," said Ambassador Kirk. "This outcome represents a victory for the full spectrum of U.S. manufacturers and their workers, given the reach of these Chinese industrial policy initiatives. We are pleased that the WTO dispute settlement mechanism has worked as intended, enabling the parties to reach an appropriate resolution," Ambassador Kirk added. China's actual actions, however, may not be so sweeping. The same article also reports: Under the agreement, China confirms that it has taken steps either to eliminate the measures of concern or to modify them to remove any provisions related to export-contingent brand designations and financial benefits.
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