Big Oil and “Homeland Security”

When Enough of an Incompetent President is Enough!

Obama is wasting hundreds of billions of dollars in Iraq and Afghanistan, in part to protect the Big Oil, yet he is losing the war  to Big Oil at home

Executive Branch Lacks the Worst Case Scenario Toolkit to Protect American People

By Ralph Nader [Nader.Org]

When the Executive Branch does not have worst case scenario planning for each kind of energy source—oil, gas, coal, nuclear, wind, solar and efficiency—the people are not protected.

Enter the 24/7 oil gusher-leak by BP and Transocean – the rig operator – and the impotence of the federal government to do anything but wait and see if BP can find ways to close off the biggest and growing oil leak in American history. Where is the emergency planning or industry knowhow?

Of course, we all saw Barack Obama’s first full press conference in ten months where he said, “In case you were wondering who’s responsible? I take responsibility. It is my job to make sure everything is done to shut this down…The federal government is fully engaged, and I’m fully engaged. Personally, I’m briefed every day. And I probably had more meetings on this issue than just about any issue since we did our Afghan review.”

Sure, so he’s being kept informed. Those are not the words of leadership five weeks after the preventable blowout on the Deepwater Horizon 40 miles off the Louisiana coast. His problem is how long it took for the White House to see this as a national disaster not just a corporate disaster for BP to contain.

That default was not just failing to determine the size of the spill (over ten times greater than BP originally estimated) or the farcical non-regulation, under Republicans and Democrats, by the Minerals Management Service of the Interior Department. It was a failure to realize that our government has no capability, no technology to take control of such disasters or even to find out whether solutions exist elsewhere in the oil and geologic industries. It’s like a spreading fire where the perpetrator of the fire has the primary responsibility to put the fire out because there Is no properly equipped public fire department.

He wouldn’t know the difference!

James Carville, an Obama loyalist and defender, called out his champion from new Orleans, where he now lives, and told him: “Man, you got to get down here and take control of this!” With what? Obama has a 16 month long record of turning his back on advice from the Cajuns of Louisiana to environmental groups in Washington, DC. He shook off warnings about the pathetic federal regulators, so called, cushy with the oil industry. During his campaigns, he allowed McCain’s “drill, baby, drill” to turn him more overtly toward favoring offshore drilling, instead of turning onto offshore windpower.

As the multi-directional and multi-depth oil swarm keeps encircling the Gulf of Mexico, strangling the livelihood of its people, the life of its flora and fauna, with its implacably deadly effect, Obama and his supposedly street smart advisors, led by Rahm Emanuel, started out with a political blunder. Presidential specialist, Professor Paul Light at New York University put his finger on it when he said: “The White House made a deliberate political calculation to stand off…to sort of distance themselves from BP, and they’ve been hammered on that.”

The White House Action Comedy: A Roomful of Voyeurs

We thought we voted in a hands-on President and all we got was a roomful of voyeurs. [U.S. President Barack Obama (C) listens during a briefing about the situation along the Gulf Coast following the BP oil spill, at the Coast Guard Venice Center, in Venice, Louisiana, in this White House handout photo taken on May 2, 2010 and released on June 7, 2010.]

Early on, Defense Secretary Robert Gates told him that the federal government does not possess superior technology to BP. And BP CEO Tony Hayward admitted that BP was not prepared for such a blowout. He said “What is undoubtedly true is that we did not have the tools you would want in your tool kit.” Gates really meant that Uncle Sam had nothing superior to nothing or, in less charitable words, was completely out to lunch with the chronic deregulators who still infect our national government.

Obama’s cool is turning cold. He is not reacting fast enough to the public rage that is building up and over-riding his vacuous statements about taking responsibility and being briefed daily. Much of this public rage, incidentally, is coming from the southern Gulf rim, whose elected politicians consistently opposed any regulation of their campaign contributing oil companies in order to avert just these kinds of disasters. Only Florida’s Congressional delegation said—stay out of Florida’s waters.

Politico reported that “Obama skipped the memorial service for the 11 workers killed on the rig earlier this week, instead flying to California, where he collected $1.7 million for Democrats and toured a solar panel plant. On the day that the significant clots of oil started appearing on the Louisiana coast, Obama was sitting down for an interview to talk hoops with TNT’s Marv Albert.”

He must move to properly sequester all the assets of BP and Transocean to fully pay for their damage, thus assuring Americans that BP will not be able to concoct another Exxon/Valdez escape strategy. He must scour the world of knowledge and experience regarding capping underseas oil blowouts, and not just wait week after week for BP to come up with something.

Nobody says that being president is an easy job, even in the best of times. But a President, who can go all out spending hundreds of billions of dollars in Iraq and Afghanistan in ways that bleed the taxpayers and breed more anti-American fighters, in part to protect Big Oil in the Middle East, better come back home and stop Big Oil’s war here in the Gulf of Mexico. That’s how he’d better start defining “homeland security.” (See Citizen.org for more on BP.)

Related Links:

• 10 Biggest Threats to the US National Security
• US Govt
• Oil Disasters
• More images from the Gulf

Advertisement

Thousands of protesters demand an end to wars

Thousands of protesters marched through Washington DC  Saturday demanding  immediate withdrawal of troops from Afghanistan and Iraq

Up to a dozen demonstrators weer arrested by U.S. Park Police at the end of the march, for laying coffins at a fence outside the White House. Friday marked the seventh anniversary of the U.S.-led invasion of Iraq.

“Activist Ralph Nader told thousands who gathered in Lafayette Park across from the White House that Obama has essentially continued the policies of the Bush administration, and it was foolish to have thought otherwise.” AP reported.

“He’s kept Guantanamo open, he’s continued to use indefinite detention,” Nader said. The only real difference, he said is that “Obama’s speeches are better.”

Former U.S. Attorney General Ramsey Clark who also attended the D.C. rally, called  on the Justice Department to investigate the officials who launched the illegal Iraq war.

“Protesters in Washington stopped at the offices of military contractor Halliburton — where they tore apart an effigy of former Vice President and Halliburton Chief Executive Dick Cheney — the Mortgage Bankers Association and The Washington Post offices.” AP said.

Cindy Sheehan was among those who were arrested outside the White House. “Arrest that war criminal!”  she shouted, referring to the warmonger president Obama.

Friday March 19th marked the 7th anniversary of the U.S.-led invasion of Iraq.

May you find what you are looking for

The Triumvirate Chinese ‘Curse’

• May You Live in Interesting Times
• May you come to the attention of those in authority
• May you find what you are looking for

The Bottomless Bailout

by Ralph Nader

Does anybody in the federal government know or could know “who, what, where and when” of the massive, complex, vertical, horizontal, global collapse of Wall Street and its planetary tentacles in over 100 countries abroad? Step forward if you exist! Uncle Sam needs you!

Is the multi-million dollar bailout of this financial mess and house of cards, this phantom wealth mummy hitting air beyond the federal governments’ salvage capability?

It is relatively easy to announce hundreds of billions of dollars of corporate rescue programs here and hundreds of billions of dollars of guarantees of corporate recklessness there and trillions of dollars of assorted stimulus, loan availabilities and foreclosure prevention initiatives in all directions. Now comes the rubber hitting the road.

Where are the skilled people to be hired by the federal agencies—the administrators, field implementers, auditors, financial whizzes able to understand the complexity of greed and over-reach; the inspectors, prosecutors and contract negotiators to name a few categories?

In other words, how are a hurried President Obama and his deputies going to rapidly build up the infrastructure of the federal government itself to advance all these “public works” efficiently and to avoid expenditure disasters amidst a potential orgy of waste, fraud and abuse by the coast to coast recipients?

So many of the federal government’s functions have been contracted out to corporations and consulting firms under Clinton and the Bushes that there is a serious dearth of skilled civil servants. Moreover, Obama has indicated he wants this work done by an accountable government and not by Halliburton-type outside contractors at greater expense to taxpayers.

Knowing and doing have to go hand in hand. Some Congressional Committees have finally gotten around to asking the basic questions about what is actually going on inside companies like the giant financial conglomerate AIG. Since the Goliath’s near collapse in September, the federal government has committed $160 billion to keep it from splattering its reckless red ink over small businesses, municipalities, 401(k) plans, policyholders and of course the Fortune 500 big companies led by the omnipresent Goldman Sachs bank.

At a Senate hearing on March 5, 2009 to review yet another $30 billion in rescue funds, Senators from both parties demanded that the Federal Reserve make public the names of the parties benefiting from all this taxpayer largesse. These include the derivatives trading partners (eg credit default swappers) who have received tens of billions of these dollars passing from Washington through AIG to them.

Senators Chris Dodd, Richard Shelby and Jim Bunning went after Donald L. Kohn, the vice-chairman of the Fed board of governors who finally promised he would ask the other governors to reconsider their corporate privacy policy under these megabailouts. Don’t hold your breath!

Surprisingly, the Wall Street Journal editorial writers weighed in three days earlier about this fourth ever-sweeter rescue of AIG. in six months. In an editorial titled “AIG’s Black Box” the Journal thundered: “Perhaps someday the feds will even explain to taxpayers which AIG creditors had to be rescued and why…..try figuring out exactly who benefits when taxpayer money arrives at the insurance giant.”

Besides rebuilding the federal workforce and finding out what is going on inside casino capitalism begging for bailouts, the Obama Administration is wading into an administrative nightmare that could run through trillions of mis-directed dollars and not turn around a deep Recession plunging toward Depression.

When dealing with esoteric gambling chips called “derivatives” that are bets on bets on debts on debts, more than astute regulations and prosecutions are needed to punish, disgorge and deter present and future self-paid corporate crooks looting and draining other people’s pensions and savings. What is essential is that the federal surgeons have to know just where to apply their scalpel on the continuum spanning the big predators to the millions of direct and indirect victims.

So, during the next Congressional hearings featuring government witnesses from the Federal Reserve, the Treasury Department and the securities, insurance and banking regulatory agencies, the Senators should start with four direct questions:

1.Just what is it that you do NOT understand about what is going on inside this widening Wall Street mess?
2.Why don’t you understand what you need to know?
3.How are you going to use your powers to achieve such understanding?
4.Finally, if these corporations like AIG are too big to fail, too secret to fail and overwhelmingly global in structure and operations, why aren’t you asking other governments to pitch in with their own rescue packages and tell you what they know?

As one solid small town banker in Indiana put it recently: “If these big companies are too big to fail, then they’re too big.”
END.

Related Links:

• U.S. Riots a Near Certainty

• First Wave of World’s Collapsing Cities
• Nuking Earth for Lifestyle
• ‘C’ for the Economy’s Carbon Cycle [Boosted by Bailouts and Stimulus Plan]
  
• Carbon Footprint of Your Dollar

• Wall Street: The Biggest Threat to the U.S. Economy
• 10 Biggest Threats to the US National Security
• Why Bailout-Stimulus Plan Won’t Work
• 13 things you should know before departing prematurely!
• Cost of Your Upkeep: Your Freedom, Your Rights and Your Money

• Bailout Fallout

This can only happen in America!

Nearly two-trillion dollars out of pocket and millions of unemployed Americans later, not a single regulator, CEO or corporate executive has been indicted on fraud, or fired for mismanagement or incompetence.

In the Public Interest: Open The Books Save The Economy

by Ralph Nader

[November 11, 2008]

It has never been more clear how much corporations depend on We, the People for their very existence. Corporations are given the right to exist through a public charter. For public corporations, shareholders are bestowed with limited liability, and they benefit from a public system of securities regulation that gives investors confidence to invest. In the best of times, corporations benefit both from public goods (public roads and infrastructure, public investment in R&D) and targeted benefits (tax subsidies, loan guarantees, and much more). In the worst of times, as we now see, the largest corporations can expect massive public support. Bloomberg reports that the United States has already committed an amazing $7.76 trillion — more than half of U.S. GDP — in funds for bailouts, guarantees, share purchases, insurance programs, swaps and more.

Don’t We, the People have the right to expect something in return?

How about starting with public release of the income tax returns of all corporations above a certain size (say, $10 million in assets)?

In October, a former Bush administration head of the Internal Revenue Service, Mark Everson, proposed exactly that in the Washington Post.

Wrote Everson, “Federal tax returns include important information about corporations beyond that available in financial statements. Making corporate returns available for public inspection would provide a powerful tool to analysts who follow companies and industries, and it would help others better evaluate counterparties and risk. It would assist other federal and state regulators, who currently are prohibited from reviewing the details of federal returns. (The IRS itself is precluded from sharing returns with the Securities and Exchange Commission and the Justice Department except in narrow circumstances.) Large corporations file their federal tax returns electronically, so the data can easily be shared. Information returns filed by not-for-profits are already available online.”

Disclosure of corporate income tax returns would help offset the intentional obscurity and complexity surrounding corporate records that has so directly contributed to the current financial crisis.

It would also lead to much better tax policy. President-elect Obama has stated that he and his administration will carefully review every budget expenditure, in order to save taxpayer dollars and eliminate or curtail programs that have outlived their usefulness or never should have been started. This is a welcome commitment. Aside from cutting wasteful Pentagon spending, however, the really big ways to improve the government’s balance sheet are in eliminating unfair, inefficient corporate tax loopholes, and escapes to tax havens abroad.

The complexity of the tax code — itself the product of long-term, persistent and intensive lobbying — invites esoteric gaming by large corporations, aided and abetted by lawyers and accountants.

Some tax provisions are included in the Code with almost no one other than the lobbyists who wrote them understanding what their implications will be.

And some tax provisions are muscled through by powerful interests, but impose public costs not fully understood at the time of enactment, while offering minimal public benefits.

If corporate tax returns were made public, citizen advocates and other monitors would be able to root out tax abuses, and rally to have them repealed. The government — that is, the taxpayers — would stand to recoup tens of billions of dollars, or more, to be more appropriately allocated.

Corporations, naturally, would object to mandatory disclosure of their tax returns. They would claim a right to privacy. But corporations are legal fictions, not people with legitimate privacy concerns. There should be no corporate right to privacy.

Corporations would also argue that disclosing tax returns would force them to reveal proprietary information. But that claim pales beside the broad public interest in gaining access to corporate returns, especially in this period of cascading mega bailouts. And, if corporations can identify some narrow and legitimate right to proprietary protection, let them do so. Then those specific areas can be excluded from disclosure.

Disclosure of corporate tax returns would be administratively simple. As Everson notes, the IRS already requires that corporations file their returns electronically. And there are precedents even from the pre-digital age. Wisconsin, for example, required corporate tax returns to be disclosed, before modifying its rules several decades ago.

In the first week of December, the auto industry CEOs will again appear before the Senate Banking and House Financial Services committees, to make the case for receiving billions in tax payer bailout monies. Hopefully, they will find a way to get to Washington other than by chartering their corporate jets. Chairman Chris Dodd and Chairman Barney Frank should instruct the CEOs that they should come with their corporate tax returns in hand, ready to share them with the American people. That will open the gates for a new standard of openness that should apply to all corporations. End.

Related Links:

• Six of one, half a dozen of the other!
• Restoring the Constitution

• The Presidential Trojan Horse
• Quote of the Week: Doing the Nominating
• Sen Barack Obama Elected US 44th President
• 10 Biggest Threats to the US National Security
• [Surprise, Surprise!] The Public Has NO faith in U.S. Institutions
• The Promised Land?
• Between Hope and Reality: “Hope and change!”

• Federally Protected and Encouraged: Daylight Robbery

• Taxpayers Taken to the Cleaners BIG TIME!
• Senate Majority: Out of Touch with Reality

• In the Public Interest
• House Nixes Bailout Plan [for now!]
• More Quotes on Financial Markets Meltdown
• Who Needs Corporations?

• Run on the bank: A Hanging Offense
• Ensuring National Security

Fuel and Food Strikes Flare in South Korea

Fuel and Food Strikes Spreads to South Korea

About 18,000 operators of construction machinery went on strike in South Korea on Monday demanding cheaper fuel and higher pay, joining thousands of truckers who began their strike last week.

South Korean President Lee Myung-bak. Lee may be forced to resign in the coming weeks.

The strikers are also angry over the policies of the new President Lee Myung-bak, who came to office amid a landslide victory in December, but has since become increasingly unpopular because of a decision to resume imports of U.S. beef.

Protesters chant slogans at a candlelight vigil on a street leading to the U.S. embassy and the presidential Blue House in central Seoul June 10, 2008. REUTERS/Lee Jae-Won. Image may be subject to copyright. See PRO Fair Use Notice!

There have been waves of street protest in the recent weeks demanding the government to repeal of the U.S. beef deal. The South Koreans are concerned about the threats of mad cow disease associated with the US beef.

Adding to the pressure, the Korean Confederation of Trade Unions is expected to call on its 600,000 members to stage a walkout against Lee’s privatization and pension reform plans, Reuters reported.

The strikes have so far cost Korea $3.5 billion, the commerce ministry said.

Related News Links:

• South Korea warns of crisis as truckers strike – 16 June 2008
• U.S. meets South Korean minister on beef dispute – 13 Jun 2008
• South Korea truckers’ strike adds to Lee’s woes – 13 Jun 2008
• Mass protests in South Korea, cabinet offers to quit – 10 Jun 2008
• Bush, S.Korea’s Lee talk about beef deal – 07 Jun 2008

• Two dead in Europe fuel protests (Video report)
• Strikers and breakers clash in Spain (Video report)

Related Links:

• More Fuel Strikes Flare Across Europe
• Fuel Protests Flare in Europe

• Pinheads in the House: Fanning Oil Chaos
• Stop the Oil Speculators

• Could Food and Fuel Riots Break Out Across the U.S.?

Could Food and Fuel Riots Break Out Across the U.S.?

Update: More Fuel Strikes Flare Across Europe

Europe Fuel Protests Turn Deadly

Two truck drivers were killed in fuel protests in Spain and Portugal, while a third driver received serious burn in a suspected arson attack.

The imapct of haulers’ strike is now being felt throughout the Spanish and Portuguese economies.

In Spain the country’s 18 car factories are running out of parts and fuel. The car industry accounts for about 5 percent of Spain’s GDP.

As the blockade continues in the European nations, consumers rush to stockpile food and fuel causing severe shortages in some areas.

Related Links:

• Two dead in Europe fuel protests (Video report)
• Strikers and breakers clash in Spain (Video report)

• More Fuel Strikes Flare Across Europe
• Fuel Protests Flare in Europe

• Pinheads in the House: Fanning Oil Chaos
• Stop the Oil Speculators

msrb

If you thought your assets were safe, think again!

One Day Soon, A Tiny Wall Street Black Hole Will Suck In the Rest of Your Assets!

Original Entry: Black Holes Suck!

The Goal of the Cabal is to Strip YOU of Everything You’ve Got. Then Your Hearts and Minds Will Follow!

Pinheads in the House: Fanning Oil Chaos

Summited by a member

The pinheads in the House of Reps. make even White House look “smart!”

House passes bill to sue OPEC over oil prices

The House of Representatives voted 324-84 to approve legislation allowing the Justice Department to sue OPEC members for not pumping out enough oil. The White House has reportedly threatened to veto the bill.

“This bill guarantees that oil prices will reflect supply and demand economic rules, instead of wildly speculative and perhaps illegal activities,” said Democratic Rep. Steve Kagen of Wisconsin, who sponsored the legislation.

Just exactly what are the supply and demand economic rules in a political economy, Rep. Kagen of Wisconsin? I bet you don’t have a single clue what you are talking about.

Uncle Sam: I Want You, Your Oil, ‘n Your Money!

Uncle Sam’s Drinking Habits and the OPEC Dimwits

Lo and behold, the good ol’ lynch mob [the House of Representatives] is out to get someone: The bartender [OPEC], no less!

They are desperate to hang the bartender, not because he had Uncle Sam smashed out of his tiny head by giving him too much to drink; they are lynching him because he refused to serve more of “them devil’s brew” to the usual clientèle who would never leave the bar sober: The runaway economy, the corporations from hell and the rest of the morons who are so addicted to their waste-intensive lifestyles they wouldn’t know their sustainable energy sh*t from Shinola.

Weak dollar and inflation are eating out the heart of the system; the cars are getting thirstier than ever before [and a hell of a lot more of them hit the roads each day;] Mrs Rabbit is breeding too many bunnies, 3, 4, 5, 6, 7, 8 even 9 bunnies a throw; the bunnies diets are getting more exotic, they’d no longer settle for carrots; four times as many lambs air-cruise today as they did a decade or so ago; Exxon [Valdeez] Mobil and other oil monsters broke all their previous profit records.

But all of those factors put together couldn’t possibly play more than a minor part in the overall picture. They could probably account for 5-10 percent of the price rise. That’s child’s play when compared to the wholesale fleecing of an entire flock of marsupial boneheads by Wall Street speculators. How do they do it?

Uncertainty!

The oil price is rising rapidly because of the uncertainty created by the US military presence in the Gulf. The continued occupation of Iraq, the threat of war [true or false] against Iran and Syria [fed by the frenzy created by the free media, trusted journalist prima donna and venerable “ex-CIA” political activists] and the implied warning of a US military takeover in Saudi Arabia, in case their ruling regime loses favor with its own people, are the main drivers for the rapid price rise. [The perils of a possible regional war in South America, waged by US-backed Colombia against Venezuela, and fears of supply disruptions in Nigeria also help increase the uncertainty factor.] Who created the chaos in the first place? The Prez and the Congress, of course! And who is responsible for the rapidly rising oil prices? It is the OPEC, stupid!

Gotta strike while the iron is hot!

Who else can we sue, while the proverbial iron is still hot, Rep. Kagen of Wisconsin? I know, let’s sue the pants off the National Corn Growers Association. Just look at the mess they have created. So what they are producing overcapacity? It’s not enough! Look at price of corn, $6 dollars a bushel and there isn’t nearly enough of it going around to feed the poor. [Stay clear of any absurd argument about the obscene amounts of grains wasted to produce ethanol. Why, don’t you drive a car? Start with the ethanol and you’ll end up in a feedlot looking a red heifer in the eye.]

Uncle Sam Supplying the World with Berry Brothers Hard Oil Finish, chromolithographic print c. 1880.

OPEC: Damned if they do; damned if they don’t!

It’s very difficult to sympathize with some of the OPEC members, for example, Saudi Arabia. But to blame OPEC for the inebriated Uncle Sam’s bladder mishaps goes an extra mile and a half beyond the Reps. standard milestone of hypocrisy.

In the first three months of 2008, the five companies Exxon Mobil, ConocoPhillips, Shell Oil, Chevron and BP America earned $36 billion.

Exxon [Valdeez] Mobil made a profit of $1,504 per second in the first quarter of 2008. That’s stealing an additional 43 cents a day [each and every day] from each US citizen [woman, man and child,] thanks to Wall Street speculators. But even Exxon knows that level of corporate racketeering is unsustainable. That’s the stuff riots are made of.

Do the Reps. dare upset their old paymasters, the oil monsters like Exxon? Of course not. Can they afford to point a finger at Wall Street? Not a chance. Or mess with their own future by saying something stupid like healthy economy, renewable energy, or other scary stuff like that? No way!

The ol’ lynch mob have eyed their “nigga,” and are about to unleash the bloodhounds.

With a bunch of remarkable idiots making moronic queen-of-hearts laws for the greatest flock of sheeple on Earth, is it any wonder the world is teetering precariously on the brink of catastrophe?

What Others Say

[ Updated May 24, 2008 ]

JOAN CLAYBROOK, president of Public Citizen, said: “You are paying sky-high prices at the gas pump because the barons of ‘big oil’ have bushwacked the American people. With the help of major league lobbyists and the high-ranking politicians receptive to them, oil companies are earning enormous profits through a combination of anti-competitive practices — including market manipulation — made even easier by the wave of recent oil company mergers and the government’s outrageously weak regulatory oversight.

“Every time you buy gas, you know you are being price-gouged, but did you know that, for every gallon of gas you buy, you are being charged an extra 70 cents — at least — that is related purely to market speculation and not a function of supply-and-demand? The oil barons not only get away with this, they use their considerable influence to prevent the passage of meaningful fuel economy legislation, further squeezing consumers by ensuring automakers will continue to build gas-guzzling cars.”

Steve Kretzmann, Founder, Oil Change International, said: “In their testimony about high gasoline prices, top oil executives repeatedly ducked questions about gas prices, demanded access to more drilling, and could not tell Senators how much they earn. Not a single suggestion came from the oil executives that will lower gas prices. There’s a reason for that, which is that the only answer is one they don’t want to discuss — an urgent transition to renewable energy.

“We could drill every last inch of Alaska, the Rocky Mountains, and our coasts and it would barely make a dent in supply or prices. Congress needs to stop this political theater and get serious about the transition to renewable forms of energy. So far, they’re continuing to lavish the industry with billions in subsidies, while receiving millions from the industry in campaign contributions.”

Nadine Bloch, field director with Oil Change International, said: today: “I was arrested in the Senate hearing room yesterday for demanding a Separation of Oil and State. We can’t drill our way out of this problem. We need to get Big Oil money out of our Congress.” [Source]

Jeroen van der Veer, CEO, Shell, second largest oil monster in the world, said: “What we say and what we see is there are no physical shortages […] There are no tankers waiting in the Middle East, there are no cars waiting at gasoline stations because they are out of stock. This has to do with psychology in the markets and you cannot forecast psychology.” (Source)

[Update: May 28, 2008 ]

Deborah Fineman [via Ralph Nader,] president of Mitchell Supreme Fuel Co. in Orange, New Jersey: “Energy markets have been dictated for too long by hedge funds and speculators, who artificially manipulate the numbers for their own benefit. The current market isn’t based on the sound principles of supply and demand but it is being rigged by companies and speculators who are jacking up prices for their own greed.”

Harry C. Johnson [via Ralph Nader,] former banker and oil executive said, “some industry experts, who profit greatly from the high price of crude, and have stated openly that the worldwide economic price of crude, absent speculators, would be around $50 to $60 per barrel.

Ralph Nader: “Oil was at $50 a barrel in January 2007, then $75 a barrel in August 2007. Now at $130 or so a barrel, it is clear that oil pricing is speculative activity, having very little to do with physical supply and demand. An essential product—petroleum—is set by speculators operating on rumor, greed, and fear of wild predictions. ”

“A sane government would drop all subsidies and tax loopholes for Big Oil’s huge profits and other fossil fuels and promote a national mission to solarize our economy to achieve major savings from energy conservation technology, retrofitting buildings, and upgrading efficiency standards for motor vehicles, home appliances, industrial engines and electric generating plants.

“Those are the permanent ways to achieve energy independence, reduce our trade deficit, create good jobs that can’t be exported and protect the environmental health of people and nature.

“Those are the reforms and advances that a muscular consumer, worker and small business revolt can focus on in the coming weeks.

“What say you, America?”

Related Links:

• House passes bill to sue OPEC over oil prices
• Oil hits record for third straight day
• FACTBOX: Why oil prices are at a record high
• U.S. gasoline prices hit record $3.79/gallon: survey

Possibly elated Links:

• Cost of Your Upkeep: Your Freedom, Your Rights and Your Money
• 10 Biggest Threats to the US National Security