• With: Kim Strassel, Bill McGurn, Stephen Moore, Matt Kaminski

    (CROSSTALK)

    GIGOT: Oh, they hate it, yes, especially the --

    (CROSSTALK)

    MCGURN: The issue here is, are we going to be Texas or California?

    GIGOT: Right.

    MCGURN: And so far, for four years, the president has followed California's model. California has a lot of reserves and so forth.

    GIGOT: Right.

    MCGURN: And they've created, what, 20,000 oil jobs in the last 10 years, where Texas has created 200,000. And these are fairly well paying jobs. So that's the issue before the Obama administration.

    The second point is the market works. The reason that we can now extract shale, not just technology, but it's with oil prices higher, it becomes economically possible to these things that we wouldn't price-wise be possible beforehand.

    GIGOT: Well, we've been handed this incredible gift by Mother Nature. Let's hope we don't blow it on the politics.

    (LAUGHTER)

    MOORE: We will.

    (LAUGHTER)

    GIGOT: We have to take one more break.

    When we come back, our "Hits and Misses" of the week.

    (COMMERCIAL BREAK)

    GIGOT: Time now for "Hits and Misses" of the week.

    Kim, first to you.

    STRASSEL: A miss to the Federal Emergency Management Agency, which announced this week that, surprise, it will probably have to ask Congress for a bailout for its Flood Insurance Program after Hurricane Sandy. The National Flood Insurance Program has been broken since inception because it fails to require homeowners in low-lying areas to pay premiums adequate to cover the costs. And as a result, encourages more home building in areas like this. Federal taxpayers everywhere else have to foot the bill. And they're already $18 billion in the hole, probably another $12 million thanks to Hurricane Sandy. This is one of those other disasters everyone saw coming and Congress has, nonetheless, failed to credibly address.

    GIGOT: All right, Kim.

    Matt?

    KAMINSKI: Paul, this is a hit to the French this week for recognizing that Syrian opposition, which is fighting a long, drawn-out war against President Bashar al Assad. They've been joined by the Turks and the Gulf States as well, which may open up a way to try and arm them and give more support. And hopefully, the U.S. will soon follow.

    GIGOT: All right.

    Steve?

    MOORE: The people in Miami are hopping mad this week. They just spent $500 million on a new baseball stadium for the Miami Marlins. They feel double-crossed. This week, the owner of the team sold off three of their best players in a big cost cutting move. What's ironic about this story is that the Miami Dolphins want the taxpayers to pay for renovations for their football stadium down the street in Tampa. They want a new baseball stadium all paid for by taxpayers. Paul, if you were a Floridian, what I would say to these sports owners at taxpayer-financed stadiums, no mas.

    (LAUGHTER)

    GIGOT: All right.

    (LAUGHTER)

    Matt, very briefly, is the U.S. going to intervene in Syria?

    KAMINSKI: No sign of it yet, but hopefully after the election, we didn't want to touch it, but we'll see now.

    GIGOT: All right.

    That's it for this week's edition of the "Journal Editorial Report." Thanks to my panel and especially to all of you for watching. I'm Paul Gigot. We'll hope to see you right here next week.

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