In Alaska, The Drill Is Gone

By INVESTOR'S BUSINESS DAILY | Posted Monday, November 24, 2008 4:20 PM PT

Energy: Remember those 68 million acres House Speaker Nancy Pelosi said the oil companies had to use or lose? According to the 9th Circuit Court of Appeals in San Francisco, they can't drill there either.

When President Bush lifted the executive order banning oil and gas exploration in federally protected offshore areas, Speaker Pelosi called the action a giveaway of "more public resources to the very same oil companies that are sitting on 68 million acres of federal lands they've already leased."

We thought it was nonsense to accuse the oil companies of sitting on profitable oil resources waiting for sky-high oil prices to rise even higher. We still do. With gas prices having fallen back to earth, her vast oil-rig conspiracy theory seems to have fallen flat.

Proving it was so much hot air>>>