Posted by al on 6/25/08

You might want to rethink who you are voting for in the
election.

SPECULATORS IN OIL AND GAS – SAME AS THE SPECULATORS IN THE
MORTGAGE MARKETS
http://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 SCAM
http://query.nytimes.com/gst/fullpage.html...agewanted=print

DARK MARKETS
http://www.cbsnews.com/stories/2008/06/17/...in4188620.shtml

Perhaps 60% of Oil prices are driven by speculation
http://www.financialsense.com/editorials/e.../2008/0502.html

ICE ICE BABY - PART ONE
http://www.star-telegram.com/104/story/651928.html

ICE ICE BABY - PART TWO
http://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 Republicans
http://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 WALK
http://www.reuters.com/article/newsOne/idUSN1933803520080619

ECONOMY

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
timeline
http://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

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