$12 Per Gallon Gas is Cool With Republicans

Not that you need to hear this but every single energy bill in recent years where Big Brother Oil was involved has taken a nose dive in the ring of our nations government. Things that make you go Hmmm?

Current legislation would have imposed heavy taxes on Big Brother Oil if they did not invest the mega profits into alternative energy sources. Oh, and it would have stripped out $17 Billion in tax credits for Big Brother Oil Incorporated in Washington D.C. Republicans in the Senate killed it. There was a small service, no flowers, no formal funeral. Just a bunch of folks from the Senate going “Oh Gee Willickers?”

Over at the New York Times they have this on the Republican Party in the US Senate telling the American People that $17 Billion in US Treasury funds are better spent by Big Brother Oil than you pesky gas guzzling near do wells…

2 Energy Bills, Including Windfall Tax, Stall in Senate

By DAVID STOUT
Published: June 11, 2008

WASHINGTON — A Democratic proposal to impose heavier taxes on big oil companies stalled in the Senate on Tuesday as Republicans and Democrats offered different ideas on how to deal with soaring energy costs.

A bill that would have rolled back some $17 billion in tax breaks on Big Oil and pressured the companies to invest in new energy sources by hitting them with a windfall-profits tax if they did not failed to get enough votes to move forward. Fifty-one senators voted to bring the measure up for consideration, but that was nine short of the number needed under Senate rules. Forty-three senators, most of them Republicans, voted “no.” - New York Times

And people wonder why the Republican Party is looked at as the party of big business and screw the rest of ya?

Is it just me or do all Republicans feel that Exxon/Mobil needs a huge chunk of that $17 Billion in tax credits? Hell Exxon could almost pay for the whole program in one quarters profits! That is clear profit!

Oil profiteering is reaching the point of genocide of our nations commerce. In doing so they are killing the beast that feeds them and that in turn will lead to the days of Teddy Roosevelt where every Big Oil Brother will be and should be broken up into a family of thirty and forty Little Oil’s. History must repeat itself for the greater good of the nation and for that matter the world.

In some respects I understand Hugo Chavez for privatizing his nations oil markets. When one organization thinks it owns the nations government, has that nations commerce by the throat, then government must step in with a heavy hand. Just my opinion. No Commie innuendo’s applicable. It works for New Hampshire with the control of liquor?

Do we need more Republicans in office to protect and defend the rapist’s of our economy. Is rape good and defending the victims in this oil market gone mad bad?

At one point in the price per gallon of gasoline the Oil Market will kill all of our world economy and the ones profiting the most from it will walk away clean as a new born babe. That isn’t just an assumption it is a cold hard fact. Every single product you use as a human being is in some way or form connected to the price of oil. Millionaire Republican’s killed this bill simply because they do not face the reality of someone living in the lower classes. Paying double for heat, double for gas, double for food, double for everything you need to survive is not a priority when you have a million dollars. It’s irrelevant in their minds. Tell that to someone surviving on Social Security! Then it becomes extremely RELEVENT!

The only question to ponder is at what point does the world economy collapse based on the price of oil per barrel? Make no doubt about it, that point is coming very soon. You can almost mark it on your calendar as oil spikes nine and ten dollars a day based on nothing than speculation.

There is something not right with the pricing of oil and I’m just guessing that the multiple billions of profits from all of the oil companies per quarter across the world just might have something to do with it. Excessive oil prices is wiping out the bottom layer of our nations economy. Without the bottom income earners the middle will collapse, without the middle the top will cave. Domino effect and that we can thank the Republican party for. Just for giggles, President Bush was going to Veto this bill if it passed.

In that respect, the meek shall inherit the Earth. It all comes down to oil and economics. One can not live without the other and in that respect any economy can not be hijacked by the price of oil without serious government intervention.

Papamoka

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Strategic Petroleum Reserve Politics

Deep in the south of America are huge stock piles of oil that our government has been pumping into enormous salt caverns since the days of Jimmy Carter. The oil that is pumped in is bought on the open market and kept in reserve for a reason. In times of national and world distress the American economy can not afford a blip in supply if the nations supplying that oil can not do so.

When it comes to tapping the Strategic Petroleum Reserve (SPR) it is at the behest of the President. Something that the current occupant of the White House has failed to do with the run up of commodity pricing on the open markets for his own personal reasons that are known only to him. Some people would say that he has a grudge against American’s simply because he is not popular by even the closest margin of percentage points in the middle and lower classes. Thus he has not tapped the SPR to help American’s where it hurts, not just its people but its businesses that rely on all oil based products.

In to save the day (in her own mind) is House Speaker, Nancy Pelosi. Her idea of a temporary fix to save American consumers five cents plus at the pump is to stop filling the SPR and this is what Reuters has to say about it…

House speaker asks Bush to stop stockpiling oil
By Richard Cowan

WASHINGTON (Reuters) - The Speaker of the House of Representatives on Thursday called on the White House to temporarily stop sending crude oil into the nation's emergency stockpile.

House Speaker Nancy Pelosi told reporters she was calling on President George W. Bush to work with Democrats to find a way to "temporarily suspend" oil deliveries to the Strategic Petroleum Reserve.

The White House immediately rejected the plea. "We don't believe the fill rates have a meaningful impact on oil supplies," White House spokesman Scott Stanzel said.
"We continue to fill the reserve to provide an added layer of protection to the American people in cases of severe supply disruption."

Pelosi said suspending deliveries would save drivers 5 cents to 24 cents per gallon at the pump.

As U.S. benchmark crude oil prices hit a record near $120 a barrel this week, the Bush administration insists that filling the reserve accounts for less than one-tenth of 1 percent of daily supply, and has no meaningful effect on prices.

The nearly 701 million barrels of crude oil stored in underground salt caverns in Louisiana and Texas are meant as a supply buffer in case of major supply disruptions like the 2005 hurricanes that hit the Gulf Coast oil patch. It was created by Congress in 1975 after the Arab oil embargo.

Current shipments come to about 70,000 barrels per day, while the United States uses about 21 million bpd. - Reuters

Stopping the filling of the SPR is a very bad idea that will never save a penny at the pump for consumers. The price on the open market for oil will continue to rise simply because the investment potential on the commodity market is driving billions of new money every single day into it. Kiss the nickel or quarter savings away within one weeks time. Supply is not the problem! Market manipulation is driving the price higher and higher and that will not end till the government really thinks about it.

Nancy Pelosi should have the guts to stand up and demand an investigation into the top thirty commodity brokers and open up their books under a federal investigation. What is that old saying about following the money? Does she have the guts to do it and follow it up with a knock out punch? I don’t think so. Neither does Byron Dorgan of North Dakota.

Do you personally believe that the average American family in the middle and lower class has the billions of dollars that is flooding the markets to drive the price up? Where might that kind of free cash flow come from? Anyone other than me thinking that the oil companies with record profits in the tens of billions of dollars per quarter might want to make sure those CEO bonuses continue for the long term? What are these companies doing with all that cash while you forgo the better cuts of meat at the market? What are they doing with all that cash when you have to tell your kids that you have to cancel their after school program because the gas to get them back and forth to practice and games is just killing the family budget? What are they doing with all that cash when a tank full of gas is now approaching a days pay for someone at minimum wage?

Wait this story only gets better. How do you defend the future needs of your nations energy needs? You make it impossible for the SPR to ever pump another barrel of oil. Same article from Reuters…

Democrats in the Senate are also pursuing legislation that would require the Energy Department to suspend shipments to the reserve if prices are too high.

Democratic Senator Byron Dorgan of North Dakota said he would seek to attach an amendment to an upcoming supplemental appropriations bill that would forbid the government from sending oil to the SPR if oil prices are above $75 a barrel.

"I believe I have the votes," Dorgan told reporters. "I think I'm going to be able to get this dome." - Reuters

Why not just put a bullet in my kids energy backup future Senator Dorgan. Why not just tell the Saudi’s and all the other oil producing nations that we give up? You win, feel free to rape and pillage our open market society and have your way with us, our children, and our grandchildren.

The SPR is there for a damn good reason and if the market is out of control then President Bush is obligated to intervene during this energy crisis built up by Wall Street. America’s economy only works if the workers at the bottom of it can get to work and the price of gasoline is slowly making that possibility not probable. Releasing one to two million barrels a month from the SPR till the market calms sends a message that tells the market that this is not something you want to heavily invest in. Secondly, if the President initiated full investigations into the oil commodity market it might just stop the endless run up of what basically will kill this economy and its peoples way of life goodbye.

That will not happen so maybe Senator Obama, Senator Clinton and Senator McCain should pay close attention to this topic. After all one of them will be sitting in the White House come January of 09 and this topic just might come up.

Papamoka

Cross posted at MichaelLinnJones.com, Bring It ON! , and To the Center

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