Saturday, June 28, 2008

Welcome to the "OPEC Congress": 40 Oversight Hearings, 160 Witnesses, But Zero New Supplies

WASHINGTON, D.C.Now adjourned for its Independence Day recess, the U.S. Congress has convened at least 40 hearings on the issue of skyrocketing energy prices in the first six months of 2008. At least 160 witnesses have been sworn-in and questioned. But, even as consumers suffer, the Congress still has done nothing to increase American energy supplies. But, even as consumers suffer, the Congress still has done nothing to increase American energy supplies.

Institute for Energy Research (IER) president Thomas J. Pyle issued the following statement:

“Don’t mistake activity for productivity,” Pyle said. “Members of Congress have been questioning witnesses and pounding podiums for the news cameras, but they have done nothing to increase American oil production by even one single barrel. Families are paying the price of Washington’s willful refusal to do what we all know must be done.”

“American taxpayers own the federal lands, and they own the vast energy resources that lie beneath them too,” Pyle continued. “If the federal government continues to withhold these supplies, how is it any different than OPEC? That’s something all of us should think about on Independence Day."

HT: Juandos

4 Comments:

At 6/28/2008 10:23 PM, Anonymous sam said...

this is an article about a "do nothing" congress.i urge you to read 2 articles by an unbiased knowledgeable journalist, Ed Wallace,where he retraces how congress passed the commodity futures modernization act of 2000, deregulated the energy futures market and allowed a run up in energy prices outside normal laws of supply and demand .it was predicted !! you'll be surprised who was behind this. http://www.star-telegram.com/ed_wallace/story/659081.html http://www.star-telegram.com/ed_wallace/story/651928.html
Quote of the Day: "When money has nowhere to go, it is parked in commodities as it is one of the few investment instruments that actually rises the more money you pour into it," said Oliver Jakob, an analyst at Petromatrix Gmbh, in Switzerland in a note. -From today's AP Story on 0il, by John Wilen

 
At 6/29/2008 9:26 AM, Blogger juandos said...

Hello sam:

I would dearly love to take a gander at that column mention but the url came back with the typical, "nothing there" response...

This url is a listing of recent Ed Wallace commentaries, do you happen to remember the title of that commentary?

 
At 6/29/2008 3:26 PM, Anonymous sam said...

sorry Juandos ,the 2 articles are ice,ice baby and ice baby conclusion. take alook and comment. tell me how you hightlight links?

 
At 6/30/2008 3:17 AM, Blogger juandos said...

Thank you sam...

There it is in plain sight for everyone to see, exactly what I’ve been reporting for the past few years: Many individuals who are investing in oil and natural gas futures are going out in the MEDIA and trying to convince the American public that either we are out of oil or there is a serious supply shortage of crude against worldwide demand....

Well now yet more fifth column activity (via shabby, unprofessional reporting methods) by the fourth estate...

The Fourth Estate is The Fifth Column

 

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