SPECULATORS IN OIL AND GAS – SAME AS THE SPECULATORS IN THE MORTGAGE MARKETShttp://www.reuters.com/article/newsOne/idUSN1933803520080619
More proof; Wall Street is its’ own separate nation, unconcerned with the good of the United States; Street lobby working furiously to head off any regulation or oversight of oil speculation:
“…..In a pair of lengthy and sometimes testy closed-door sessions in the Senate last week, executives from Goldman Sachs and Morgan Stanley, two of Wall Street’s largest investment banks, made the case that their multibillion-dollar investments in energy contracts have not led to higher oil prices. Rather, they told Democratic staff members of the Energy and Natural Resources Committee that the trades allow international markets to operate efficiently and that the run-up in oil prices results not from speculation but from actual imbalances of supply and demand. …..”http://www.msnbc.msn.com/id/25253877/
GAS PRICES – THE FACTS!!!
– Republicans and Democrats have a fundamentally different approach to tackling high gas prices
– Republicans offer the same old tired slogans that they have touted throughout the Bush years and that haven’t done anything to combat the increase in gas prices
– More Drilling: Domestic drilling has not led to lower prices. Since 2000, drilling has increased dramatically – climbing about 66 percent– while gas prices continue to increase. and gas companies have shown that they cannot keep pace with the rate of drilling permits that the federal government is handing out – over the past 4 years they have received and are sitting on nearly 10,000 permits that they aren’t using to increase domestic production. Since 1999, drilling permits for oil and gas development on public lands increased more than 361 percent.
– OCS: The vast majority of federal oil and gas resources located on the OCS are already open for development – of all the oil and gas believed to exist on the OCS, nearly 80% of oil and 82% of natural gas is located in areas already open for leasing. In 2006, the federal government opened 8.3 million new acres in the Gulf of Mexico to drilling, yet gasoline prices have increased by $1.69 per gallon. Only 10.5 million of the 44 million leased offshore acres are actually producing oil or gas.
– Open ANWR: EIA estimates that if we open ANWR today, twenty years down the road, at peak production, gas prices would be lowered at the maximum by $1.44 per barrel, which translates to only a few cents a gallon. Increased conservation and the use of alternative technologies in the last three years have cut the projected need for imported oil between now and 2050 by more than 100 billion barrels (EIA) – ten times more benefit than what we might be able to get a decade from now from ANWR.
– More Refineries: We have excess refining capacity. Last week, our refineries were running at 89% capacity – well below the 95-98% capacity use rates we’ve seen this time of year for the last decade. Republicans argue that environmental regulations are preventing new refineries from being built in the U.S. From 1975 to 2000, the U.S. Environmental Protection Agency (EPA) received only one permit request for a new refinery, which was approved. In addition, oil companies are regularly applying for – and receiving – permits to modify and expand their existing refineries.
– Democrats are being aggressive today to lower prices and reduce dependence on foreign oil while thinking ahead to tomorrow
– Working to Address Rising Gas Prices
– Enacted legislation to increase oil supply by temporarily suspending the fill of the Strategic Petroleum Reserve, the nation’s crude oil stockpile. (H.R. 6022)
– Gave the FTC new authority to crack down on those manipulating wholesale energy markets to keep prices high in the Energy Independence and Security Act (H.R. 6)
– Approved the Gas Price Relief for Consumers Act (H.R. 6074) to hold the OPEC monopoly accountable for price fixing that flouts the free market and artificially drives up the cost of crude oil.
– Passed the Federal Price Gouging Prevention Act (H.R. 1252) to investigate price gouging by retailers who may be using the cover of high prices to unfairly inflate their rates even further.
– Investing in a Sustainable, Energy Independent America
– Enacted the landmark Energy Independence and Security Act (H.R. 6) that raised vehicle fuel efficiency for the first time in 32 years and increased the renewable fuels standard.
– Passed the Renewable Energy and Energy Conservation Act (H.R. 5351) to end unnecessary subsidies to oil companies making record profits and invest in clean, renewable energy and energy efficiency.
– Approved the Renewable Energy and Job Creation Act (H.R. 6049) to renew and expand tax incentives for renewable energy.
– Passed the Food and Energy Security Act (H.R. 2419) that promotes the development of biofuels, including those from non-corn sources.
– We are continuing to talk with Committees about further possible action.
FLASHBACK – THE ENRON SCAMhttp://query.nytimes.com/gst/fullpage.html…agewanted=print
Perhaps 60% of Oil prices are driven by speculationhttp://www.financialsense.com/editorials/e…/2008/0502.html
ICE ICE BABY – PART ONEhttp://www.star-telegram.com/104/story/651928.html
ICE ICE BABY – PART TWOhttp://www.star-telegram.com/ed_wallace/story/659081.html
THE HOUSING BUBBLE WAS CAUSED THE SAME WAY!!http://www.washingtonpost.com/wp-dyn/conte…8061401479.html
Housing rescue bill could be slowed by Republicanshttp://ap.google.com/article/ALeqM5hTPEQZy…6Lz3mgD91CP8SO0
Now banks need bankruptcy protections!http://www.washingtonpost.com/wp-dyn/conte…8061803225.html
Even as two former Bear Stearns managers DO THE PERP WALKhttp://www.reuters.com/article/newsOne/idUSN1933803520080619
Deciding between food or gas? The winners in our global wealth redistribution these past 8 years are enjoying $200 hamburgers.http://www.cbsnews.com/stories/2008/06/18/…in4193240.shtml
The futility of ‘Drill Now. Save Money’; Time outlines a timelinehttp://www.time.com/time/business/article/…1815884,00.html
“…… even if tomorrow we opened up every square mile of the outer Continental Shelf to offshore rigs, even if we drilled the entire state of Alaska and pulled new refineries out of thin air, the impact on gas prices would be minimal and delayed at best. A 2004 study by the government’s Energy Information Administration (EIA) found that drilling in ANWR would trim the price of gas by 3.5 cents a gallon by 2027….”
Fine! More offshore drilling. THERE ISNT EVEN ENOUGH SHIPS TO GET THE DAMN OIL!http://www.nytimes.com/2008/06/19/business/19drillship.html