Wednesday, June 25, 2008

Gas Prices Cut In Half In Thirty Days

Finally Congress has decided to do something about high gas prices. For months I have advocated cracking down on speculators and market manipulation, FTC: Oil Market Manipulation The House has before it bills that would do just that. Some market experts believe if Congress would act to;
a) restrict the amount large hedge fund investors can invest,

b) increase the amount investors must risk to purchase oil futures (currently less than 10 percent)

c) make the market investment more transparent

d) restrict certain high risk investment in oil (pension funds)

e) lift the offshore drilling bans

f) enforcing a use it or lose it clause in leasing permits to oil companies

the price of gas would be cut in half within 30 days. The proposals being put before the House and Senate are being offered by both Democrats and Republicans. Democrats are against lifting the ban to offshore drilling and Republicans are hesitant to regulate the market. It is most of the American people's opinion they must do both.

No American that believes in a free America is advocating the government taking over or Nationalizing the oil industry or market. Some honest and transparent regulations to eliminate the opportunity to manipulate the market and create artificially high prices, plus using domestic oil to become independent from foreign countries, must not become a political game.

If Americans want to see the price of gas fall, call your Congressmen/Senators and tell them to pass legislation before they recess or stay in session until they pass meaningful legislation. If you don't think drilling for oil is safe just look around the Los Angeles Basin in Ca. Sometimes you cannot tell a building from an oil well being actively drilled in the heart of a city, safe and legal.

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