Tag Archive for "oil"
McCain caught with oil on his pants
Well sure there is a link between the Republican party and foreign oil deals. While McCain wants to continue to drill and buy, Obama seems more intent on conservation and alternatives. It seems option two is smart and in everyone’s best interests. But the Republicans and McCain have a different take.
The New York Times has this to say, after McCain was caught with oil donations:
Senator John McCain’s presidential campaign said Thursday that it would return all the contributions solicited for it by the Jordanian business partner of a prominent Florida fund-raiser for Mr. McCain.
For the McCain camp, the decision caps a queasy two days in which news accounts scrutinized a cluster of more than $50,000 in unusual contributions from a single extended family of Californians, the Abdullahs, and several of their friends.
Of course he’ll give it back. But that won’t change anything. McCain’s energy policy will continue the failed policy currently in place.
Offshore drilling - bad; tire inflation - good
As Obama stated, and ridiculed by the Republicans, conservation methods would yield better results than offshore drilling would. From Political Punch:
proper tire inflation will save millions of barrels of oil per year, but that it will save more energy than new off shore drilling would yield.
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But the salient point is that such measures are serious. Why the Republicans are mocking them at a time of energy crisis seems bizarre.
And don’t forget to check out the article from 1990. Seems bizarre to me in general how the Republicans have handled this issue historically and more importantly, how Americans in general have simply ignored the good, sound advice.
Stop Oil Speculation Now
An Open letter to All Airline Customers:
Our country is facing a possible sharp economic downturn because of skyrocketing oil and fuel prices, but by pulling together, we can all do something to help now.
For airlines, ultra-expensive fuel means thousands of lost jobs and severe reductions in air service to both large and small communities. To the broader economy, oil prices mean slower activity and widespread economic pain. This pain can be alleviated, and that is why we are taking the extraordinary step of writing this joint letter to our customers. Since high oil prices are partly a response to normal market forces, the nation needs to focus on increased energy supplies and conservation. However, there is another side to this story because normal market forces are being dangerously amplified by poorly regulated market speculation.
Twenty years ago, 21 percent of oil contracts were purchased by speculators who trade oil on paper with no intention of ever taking delivery. Today, oil speculators purchase 66 percent of all oil futures contracts, and that reflects just the transactions that are known. Speculators buy up large amounts of oil and then sell it to each other again and again. A barrel of oil may trade 20-plus times before it is delivered and used; the price goes up with each trade and consumers pick up the final tab. Some market experts estimate that current prices reflect as much as $30 to $60 per barrel in unnecessary speculative costs.
Over seventy years ago, Congress established regulations to control excessive, largely unchecked market speculation and manipulation. However, over the past two decades, these regulatory limits have been weakened or removed. We believe that restoring and enforcing these limits, along with several other modest measures, will provide more disclosure, transparency and sound market oversight. Together, these reforms will help cool the over-heated oil market and permit the economy to prosper.
The nation needs to pull together to reform the oil markets and solve this growing problem.
We need your help. Get more information and contact Congress by visiting www.StopOilSpeculationNow.com.