Wednesday, August 6, 2008

McCain Chooses Big Oil Over American Families For Gas Price Relief

Robert L. Borosage: The Audacity of Contempt at (Huffington Post) - "Exxon reports a new record in the history of corporatedom. So Barack Obama suggests that we provide every American with a $1000 tax rebate to help pay for rising prices, paid for by levying an excess profits tax on the oil companies. What does the maverick battler of big oil say? No way. McCain angrily dismisses the idea, saying that it would lead the oil companies to reduce their drilling in the US -- but this is based upon what might generously be called a big lie. . . McCain's not about to support a tax on the big oil companies whose executives are helping to fund his campaign. But that won't stop him from selling himself as a maverick promising to "battle Big Oil." If nothing else, he has the audacity of contempt for the very voters he needs to win." Read the full editorial

Republican incumbent for the U.S. 3rd Texas Congressional District, Sam Johnson, age 78, Republican incumbent for the U.S. 4th Texas Congressional District, Ralph Hall, age 85, and Republican incumbent Senator John Cornyn all stand with Republican presidential candidate Senator John McCain, age 72, on the issue of continuing big federal tax breaks (gifts) to big oil even as big oil rakes in new record highs in corporate profits quarter after quarter from struggling American families! (See- Big Oil's biggest quarter ever: $51.5B in all)

In addition to calling for a excess profits tax on big oil companies, Barack Obama proposed Monday that President Bush, if he is truly interested in immediate gas price relief, immediately sign an executive order to sell 70 million barrels of oil from the government operated 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.

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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