Post 133, Bob McKnight's Florida Commentary
A Presidential Executive Order was recently announced in Washington declaring that there will be a moratorium on oil and gas drilling off the coast of Florida and other states. Congressman Matt Gaetz, representing Florida's Panhandle, said it was his greatest achievement ever. Given his reputation as one of the worst members of Congress, perhaps that statement is not as important as it may seem. Donald Trump owns property on the Atlantic Ocean coast, so it is financially important to him. Our President, in the middle of a critically close campaign in Florida, signed the Executive Order that the U.S. Government would not permit drilling for oil and gas off Florida's coast for 12 years. Well that takes care of that. Or does it?
As FSU footballer Lee Corso says, 'Not so fast my friend.' First, let's look if the promise might be broken. As I have said many times, Donald Trump lies. A lot. Almost always now that we have the Woodward tapes. So the chances that Trump will keep his word are probably in the 5-10% range.
Well then let's look at the documents. Yes, a signed Executive Order is binding, for the terms included. But what if the Executive changes or if the Executive changes his mind? In both cases, the Executive Order could go poof--like Covid, it evaporates into the air, as Trump said. Trump can only serve four more years, and then there will be a new President, who can repeal, or amend any Presidential Executive Orders they wish. Yes, including the oil and gas moratorium.
So what are the chances of Trump changing his mind (after the election) or changing the terms (also after the election) of the Executive Order--probably pretty close to 100%. Why you ask? Because Trump's direct connection with the Energy Industry is non other than his former Energy Czar Rick Perry, who is intimate with the deep pockets of big oil. The industry can live with a brief moratorium to help someone get re-elected, but any longer of a moratorium would get very expensive. The rumors are the oil and gas financial transactions for Trump are just like the Russian deep pockets--in the bank.
The best bet for the moratorium remaining in effect for any period of time will be off one Florida county's coast--Palm Beach. I wonder why?
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