The House bill that passed yesterday is a great compromise. Republicans get off-shore drilling ability, Democrats get to take away subsidies for oil companies and add incentives for alternatives. It seemed like a win-win to me.
Republicans really show where their loyalties lie. The President intends to veto the bill if it passes the Senate (which it probably won't) because the restrictions, in his view, are too high for oil drilling in the bill. What restrictions: namely that oil drilling be kept a safe distance from our shores (seems reasonable), and that States can decide whether or not to allow the drilling after the bill removes the federal ban (wasn't the GOP founded on the idea of State over Federalism? - ironic isn't it!).