http://www.mcclatchydc.com/227/story/40360.html

A little late posting this, but a good find.

It does not work like that.
Oil companies are having record profits, in the hundreds of billions. Oil companies had more than $155 billion dollars in profits in 2007, during 2008 their profits have soared meaning by now their profits are higher than $155 billion.
http://fpc.state.gov/documents/organization/103679.pdf
Oil companies already have hundreds of billions in profits that they could pass on to the consumer, but they choose not to. The idea that giving oil companies more money is going to lower gas prices when oil companies already have hundreds of billions is flawed as can be.
All cutting their taxes would do would fill their profits to new highs; oil and gas prices are not high because oil companies have taxes, OIL and GAS prices are high because of demand, and also polices of irresponsible speculation, war, and aggressive foreign polices praised/supported by Bush and McCain.
History goes against this “oil tax holiday” typical Washington bullshit.
They tried this same oil tax cuts in Illinois, it didn’t work.
The definition of insanity is trying the same thing over and over and thinking its results will differ, looks like McCain really is McInsain.
http://factcheck.barackobama.com/factcheck/2008/04/29/fact_check_on_clinton_ad.php

Fact check Obama is amazing.

P. S. From the Big Ed Schultz radio show today, at least Senator Byron Dorgon is aware of the funny business going on in the electronic oil futures markets.

In a nutshell, he suggests that the Bush Administration dropped the ball in January 2006, when they allowed totally unregulated electronic trading of oil futures contracts in New York. Previously these electronic trades had been made at the London Intercontinental Exchange (ICE) Futures Market. With that decision by the Bush Administration, all of the world’s oil prices were then opened to upward pressure from speculative futures contracts. In essence, oil futures contracts made by speculators, banks, hedge funds and pension funds all competed with real demand on the spot markets and had the effect of driving up both wholesale oil prices and retail gasoline prices. Speculators have made billions of dollars on their trading of oil futures contracts. All of their profits come right out of our pockets.

Even with a stable oil supply, there is a slow worldwide increase in demand for oil, which creates a long-term upward pressure on oil prices. However, with the relentless saber-rattling and war-mongering by Bush and Cheney in the last several years, and the more recent war talks by McCain and the Israelis, the oil futures markets are rife with speculation and paranoia. This war talk keeps ratcheting up the prices on the oil futures contracts and hence the wholesale spot market prices. It is an endless spiral of greed and paranoia.

As long as there is no tough and effective oversight of the electronic oil futures markets by the Bush Administration, the oil prices will climb endlessly. These oil prices will be quickly followed by hikes in the retail gasoline prices at the pump. The 60% speculation share of the $4.25/gallon gasoline price, is about $2.55/gallon, which is what we consumers are paying to these oil speculators as a “service fee.” Not a bad “fee,” since the speculators produce no usable goods or services…Just a few large greedy oil futures traders helping themselves to your gas money.

Without this added-on oil futures “service fee,” you would be paying about $1.75/gallon for gasoline. Write, call or smoke-signal your Representatives and Senators today and suggest that they read the June 2006 report by The U. S. Senate Permanent Subcommittee on Investigations entitled, “The Role of Market Speculation in Rising Oil and Gas Prices.” Then demand that they investigate and then force the Bush Administration to firmly regulate the computerized oil futures contracts trading in New York, London and Dubai.

Sincerely,
How a lot of old people feel who support John McCain

A really good reason to nationalize the oil (energy) industry!

Thanks! As a Marxist, you’re pretty damn good.

B
…L
..A
.B
B
….E
..R

http://www.cnn.com/video/#/video/politics/2008/06/10/sot.mccain.veto.beer.cnn

Can we afford to have an open door barnyard policy for a third term?

Just don’t wait until the horse is out to close the barn door, like the last coupla times…

So in Obama we want to elect an actual leader. In McCain the GOP wants to put another farm animal in the Oval Office. Can we afford to have an open door barnyard policy for a third term?

Personally, I hope gas goes to $8/gallon by November, but whether you agree or disagree that it’s important, gas is THE issue of concern to our electorate.

Iirc, TAOH&C has said, best case, he’d try to have all the combat forces out in three years. Not “All the troops.” Of course not. There’s gotta be troops around to guard the equipment and pilots on those Iraqi/temporary bases the USofA built. Folks seem to discount the strategic value of maintaining a credible fighting force in that region, in the geo-political/real-politik kind of way, which is regrettable. Because it removes from consideration a really powerful stimulus for USer imperialism and militarism. TAOH&C is every bit as much a creature of that regime as either Bombin’ John or even aWol…

if he weren’t he wouldn’t be where he is today.

http://www.independent.co.uk/news/world/middle-east/revealed-secret-plan-to-keep-iraq-under-us-control-840512.html