Pensito Review: Closing Enron Loophole Would Drop Oil Prices 25-50% Overnight
This article, sparked by a special report of MSNBC's Countdown, tells the story of how legislation has enabled exploitation of the market through speculation.
This is a re-emphasis of what David Cay Johnston has termed the actions of the Political Donor Class and occurs regardless of which party is in power. In fact, I know Johnston was on Lou Dobbs tonight. My next stop, therefore, will be to see if there's a posting to be had from his appearance.
Here's a link to the article.
http://www.pensitoreview.com/2008/06/22/closing-enron-loophole-would-drop-oil-prices/
This is a re-emphasis of what David Cay Johnston has termed the actions of the Political Donor Class and occurs regardless of which party is in power. In fact, I know Johnston was on Lou Dobbs tonight. My next stop, therefore, will be to see if there's a posting to be had from his appearance.
Here's a link to the article.
http://www.pensitoreview.com/2008/06/22/closing-enron-loophole-would-drop-oil-prices/
On this same topic:
"House Democratic leaders failed to get the two-thirds vote needed to push through a measure that would have made gasoline and diesel fuel price gouging a federal crime, with penalties of up to $2 million for individuals and possible jail time. The vote was 276-146.
"The House has passed similar gouging legislation previously, as has the Senate, only to be abandoned. Supporters of the bill argued that gouging is widespread, while opponents said it is not and would be difficult to prove even if it occurred."
http://news.yahoo.com/s/ap/congress_gasoline;_ylt=As43YjBb9Rt.BpXc7UvaQB6s0NUE
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Also on "Oil"
Exxon Valdez $2.5 billion oil spill ruling overturned [by US Supreme Court].
http://news.yahoo.com/s/nm/20080625/bs_nm/exxon_valdez_court_dc;_ylt=Ank4SfGh1FFK_Gri.nGf_q2s0NUE
Is there a PATTERN emerging here ? ? ?
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And now there's this:
CONTRACTS FOR BIG OIL IN IRAQ CONFIRM EARLIER SUSPICIONS
"A consortium of Western oil companies -- the very definition of Big Oil -- is on the verge of receiving no-bid contracts in Iraq, giving them access to one of the most sought-after prizes in the petroleum industry, according to The New York Times. Can it be mere coincidence that the leading companies in the deal -- ExxonMobil, Shell, BP and Total -- are the very same companies that Saddam Hussein threw out when he nationalized the Iraqi oil industry more than three decades ago? ... To protect those oil fields, the United States would have to station troops in Iraq indefinitely. That may explain why Bush has been so determined to work out a deal for more-or-less permanent military bases before he leaves office. "
It's nice to have a friend behind the bully pulpit of the administration---and in Congress and in the Supreme Court!
http://news.yahoo.com/s/ucas/20080622/cm_ucas/contractsforbigoiliniraqconfirmearliersuspicions;_ylt=AhnovsbasqstZ2jSamIXlVI__8QF
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