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OT Gas prices ARE BushCo's fault
I know, I know, you right wing lemmings probably don't recall Bush
saying anything about getting energy back to affordable levels, or getting OPEC and oil companies in line, but I do, and I knew, because he and Cheney were oil men anyway, that it was all a bunch of lies. I'm beginning to wonder, has Bush told the truth about ANYTHING? By the way, because of the price of energy, our wonderful tax break is now officially gone, we'll spend much more on energy than we got for a taxbreak. Don't you just LOVE the republican's voodoo economics??: ENERGY Administration Strategy Out of Gas In 2000, George W. Bush promised the American people that, if elected president he would "deal with the energy problem." But, as the average cost of gasoline tops $2 a gallon for the first time ever, the Bush administration still lacks a viable energy strategy. Instead of pursuing a bi-partisan strategy to lower oil prices, the administration reflexively pushes its failed energy legislation written by Vice President Cheney's secret energy task force with the help of former Enron CEO Ken Lay and other oil executives. That bill, which repeatedly has been rejected by Congress, provides billions in subsidies to energy companies and undermines essential environmental regulations but does little to promote conservation or alternative fuels – efforts that would insulate consumers from fossil fuel price spikes. The persistent high prices have padded the profits of oil and gas companies – who have contributed more than $3.5 million to Bush's presidential campaigns. Meanwhile, according to Gov. Jennifer Granholm (D-MI) "the 42-cent rise in average gas prices since Mr. Bush took office had cost consumers $42 billion year." Because the Bush administration has failed to control costs, the average American is paying is $528 more for energy than they did during the previous administration – more than most received in income tax cuts. BUSH CONTINUES TO DIVERT OIL FOR STRATEGIC RESERVE: The strategic oil reserve "currently holds nearly 660 million barrels," which is an all-time record. Nevertheless, the Bush administration still purchases 170,000 barrels a day for the reserve, and will continue to do so until the Louisiana salt caves where the oil is stored can hold no more. According to William Greehey, CEO of Valero Energy Corp., if Bush stopped purchasing oil for the reserve, "it would signal to commodity traders that the White House is serious about oil prices" and "prices would fall fast." BUSH-SANCTIONED REFINERY MERGERS CONTRIBUTE TO HIGH PRICES: Since he took office Bush has "allowed an increase in oil refinery mergers to go unchecked." The Bush administration has approved 33 oil refinery takeovers worth $19.5 billion and hasn't tried to block any. The rampant consolidation "may have contributed to the highest gasoline prices in 20 years" because less competition among refiners means they are free to take higher profits. ConocoPhillips, the nation's largest oil refiner, recorded its biggest profit ever in the first quarter of this year. Exxon Mobil, the nation's second largest oil refiner, "reported its highest first-quarter refining earnings in 13 years." |
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