Oil speculation Cspan

[ivan3]

There have been many threads about fuel costs and the consequences for all of us. I just wanted to post up the C-Span link (video) to the Commerce Committee's hearing this morning on speculation. It is ~2.5hr. long.

You won't be disappointed in the density of information (well, chicanery up to the tops of your mud boots), or in how Congress allowed this to happen in the first place (midnight rider back in 2000 by Sen. Phil Gramm, or at least the Dems want to pin it on him because he's working for McCain.../ but why are last minute riders allowed at all?).

If you don't have Real Player, the free RealAlternative 1.80 is available from many locations for download.

I'd suggest Fast Forwarding to 1:07:04 for a particularly enlightening exchange...

Also listen carefully to the exchanges regarding the CFTC (U.S. Commodities Futures Trading Commission)


(Still think we should gear up and use elec. from nuclear in a huge way, but it won't happen in my lifetime)

http://www.c-span.org/

(I thought it was disgustingly riveting, but I'm I student of the passing parade: junkie)

 

[rufus]

Phil Gramm used to be a Democrat, so he is a target of opportunity and a great scapegoat. If congress was really interested in solving the oil/gas problem, they would allow drilling in ANWAR and coastal areas.

They won't solve the problem because they have so much invested in blaming others for it.

The oil off Florida that we are being denied by the Democrats and the tree huggers will be harvested by the Red Chinese government oil company (CNOOC) in conjunction with Castro's Cuban Communist Party.

The real long time solution to the problem is nuclear energy, but that won't happen until the lights go off in Al Gore's mansion.

Rufus

ps read oil.com

 

[mom'sfolly]

American corporations were offered bids on the Cuban oil development. US policy is a economic boycott of Cuba, therefore it is illegal for American companies to bid.

 

[ivan3]

Supply and demand was off the radar during this hearing. The gist of the hearing was this: Why should Morgan Stanley be allowed to control the heating oil market through their huge position? Why should `a molecule of methane or gasoline be traded 40 times before reaching a user? And, of course Dubai and ICE being allowed to trade on the commodities futures market with no U.S. oversight (CFTC)?

To cut to the chase: Congress could change out two words in current energy law, and rescind the letters allowing foreign exchanges to function in U.S. without U.S. oversight and the price of fuel would drop 25% overnight (apparently the CFTC `threatened' to slap someone's hand last month and the price dropped seven dollars in two days).

I wish Ambrose Bierce was still alive (reporter for Hearst on Standard Oil early last century - but Rockefeller DID have the market cornered on the actual physical commodity...), he'd just disappear into Mexico, again...

Oh, the guy running the CFTC, presently, is the same fellow who was chiefly responsible for writing the dereg. legislation in 2000...