This is what I am getting from this MarketWatch piece by Jim Jelter.

The progressive left won’t like it. It won’t work, though. And it’s really just a bribe to bring a few Republicans over to the cap-and-trade bill.

Which sounds close to what I was suggesting yesterday, although I think that the drilling is likely to be more successful than Mr. Jelter intimates. The real question in my mind is how many Republicans will this buy in support of cap-and-trade?

It’s good politics on the president’s part because it leaves Republicans a little less room to maneuver and the people that will be most upset aren’t the people that will turn an election. Rahm Emanuel was probably right about that, although I’m sure it hurt some egos on that side of the fence.

The question in my mind is what it will buy him in public support for his other priorities.