To: Tom Frederick who wrote (1195 ) 12/27/1999 2:12:00 PM From: Edwin S. Fujinaka Read Replies (2) | Respond to
Tom,...I really appreciate your comments (as always). As you have pointed out, my proposed compromise "deal" to have the State pay for a "delay" in drilling provides a framework for a truly fair settlement. In the long run, if there is as much oil there as outlined in the Oil & Gas Journal (tens of billions of barrels) it will eventually be developed. In the mean time, CCO should not have to fight for it's very existence against the forces of the State. What greater UnAmerican action is possible on the part of the Government than we are seeing in Florida. The Court has said that it would only be unconstitutional for the State to prevent drilling if they didn't pay "just compensation". That really says it all. As you suggest, everyone may be scared of the magnitude of the required just compensation. No one wants to bankrupt the State or punish the taxpayers of Florida. My suggested settlement is only a loan and will eventually be recovered by the taxpayers. The tax free bond fund, Environment 2000, already has the money to easily fund my proposal. Even the interest rate paid by the State is very low because of the tax free nature of that bond fund. Politically, Jeb Bush and the new Republican Administration should try to settle this very soon so they can blame any bad effects on the previous Democratic Administration. Not only is it the right thing to do, it is probably the least politically damaging for Bush provided He acts soon.
