My friends don’t gouge me…

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I have yet to be robbed by a friend.

While Bush takes other measures against Burma’s ruling junta, Chevron keeps pumping natural gas. Now that’s compassion.

Here’s the problem, big oil is the abusive friend who drops by frequently wanting more and more of “our money”. How long they can “tax us” for the benefit of Wall Street speculators and corporate shareholders remains to be seen? However, I quit driving unless absolutely necessary. How’s that for supply and demand?

To repeat myself,

We’re being ENRONed again. Curious as to why you are suddenly paying over four dollars a gallon for gasoline? No, it’s not due to “supply-and-demand,” no, it’s not due to “OPEC,” nor is it due to “peak oil.” It’s due to totally unregulated electronic oil futures trading in world markets. Check out the very lucid article that explains the unseen financial machinations in oil futures markets written by F. W. Engdahl on May 2, 2008, entitled, “Perhaps 60% of Today’s Oil Price is Pure Speculation.” It may be viewed at http://www.financialsense.com/editorials/2008/0502.html.

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.

These unregulated electronic oil futures trading markets should be completely shut down immediately. They serve no social purpose, they only enable corporate greed. These same greedy corporate speculators are probably also responsible for the rapid rise in the prices of basic food commodities, such as wheat, rice and corn. No one who is not prepared to accept physical delivery of one thousand barrels of oil on their front doorstop should be allowed to participate in the oil futures markets. Same goes for wheat futures, rice futures and corn futures.

We don’t need off-shore drilling. These greedy bastards already have plenty of areas already leased and have drilling permits but they’re just sitting on it waiting for the price to go even higher.

From The Truth About America’s Energy:
Big Oil Stockpiles Supplies and Pockets Profits

Onshore, of the 47.5 million acres of federal lands leased by oil and gas companies, only about 13 million acres are actually producing oil and gas.

Offshore, only 10.5 million of the 44 million leased acres are currently producing oil or gas.

that’s the single bit of truth I have heard from Republicans. The oil companies ARE their friends and bosom buddies. It’s just too bad that he didn’t go further and admit that the Republicans and the oil execs are in the same bed…

Off topic question:
What does privacy mean when those who’ve violated it are given immunity for breaking it and absolution for any future violations going forward?

That privacy is an illusion. If the party is given immunity then it is up to the Supreme Court to rule that it is unconstitutional to give blanket immunity. But the Supreme Court would need names of people whose privacy was violated.
Have a good day Max-1 :)

Have you seen my recent energy bill? They are NOT my friends!