And what we have said is that the President would use all of that information to make decisions going forward on our offshore policy.

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Obama on August 1 eased his policy against offshore drilling, saying it could be part of a larger bipartisan energy plan.

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If you want to get depressed about this, bet that the current American mess of monetary and fiscal policy will drive offshore some of the innovation we might have had.

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While much media attention focused on the Bush administration's attempt to lift the ban on offshore drilling, his signature energy policy will surely be seen by history in terms of scope and scale, the billions directed at corn-based ethanol.

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Australia has also recently reopened an offshore processing centre on Nauru, as it puts back in place a controversial policy it ended four years ago.

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The alternative taxing policy being touted by Republicans is to allow for companies to bring back offshore profits at a reduced rate, as low as 5.25%.

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In practice, it is predictable that the result of this policy will be that manufacturing jobs associated with presently controlled technologies will move offshore, where production can take place at lower cost.

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As a result of our trade policy, NAFTA in particular, there is strong encouragement for domestic manufacturers to operate offshore.

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The new policy would make it less likely such individuals would work in America, pushing more work offshore.

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But that absence of policy undermines hopes for the UK will develop a home-grown industry manufacturing low-carbon systems like offshore wind farms.

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