Excerpts from RawStory:
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It will take more than ten years for drilling new oil wells in the Arctic National Wildlife Refuge in Alaska and in off shore locations to drop prices by perhaps as much as a few cents per gal.
On the other hand, while Republicans pontificated in an empty House chamber to gin up an election year political diversion, Barack Obama proposed Monday that the government sell 70 million barrels of oil from its strategic petroleum stockpile. This immediate supply of crude oil into the oil markets could serve to break the back of speculative commodity traders who many believe are responsible for as much as 50% of the price increase to $4 per gallon of gasoline Americans are paying to big oil companies. (Big Oil's biggest quarter ever: $51.5B in all)
The so-called "Enron Loophole" was created and attached to U.S. Senate legislation in December 2000 by McCain's former campaign co-chair Senator Phil Gramm at the behest of Enron executives. It was this "loop hole legislation" that Enron exploited to speculatively manipulate electricity commodity trading in California energy markets in the summer of 2001, spawning artificial electricity shortages, steep climbs in electricity prices and rolling brownouts across California. It is this legislation that continues to allow unbridled and unregulated oil and gas commodity trading that has propelled gasoline price increases by as much as an additional 50 percent since mid-2007. Republicans in the Senate recently blocked legislation offered by Senate Democrats that would have closed the so-called "Enron Loophole."
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