The Off-Shore Driling Charade

The Oil Drum has a very helpful fact-filled take on the current offshore drilling legislation: 

It is not too surprising that the oil and gas industry is not in favor of the legislation. The legislation provides for a whole host of benefits, and a big piece of the cost would be paid for by new taxes on oil and gas companies. The off-shore drilling provision could best be described as window dressing.

The remainder of the cost would presumably be covered by higher taxes. I am willing to bet this will not happen. Instead, the higher cost will just be added to the deficit. Looks like legislation both Democrats and Republicans can favor!