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The Washington Post: "The Bush administration yesterday invoked executive privilege and refused to turn over key documents sought by a House investigative committee, escalating a fight over the White House role in US policy on greenhouse-gas emissions and ozone air quality standards. Congressman Henry L. Waxman (D-Calif.), chairman of the House Oversight and Government Reform Committee, called off a threatened contempt of Congress vote against Environmental Protection Agency Administrator Stephen L. Johnson and a White House budget official while congressional Democrats decide how to respond."
Love and MARRIAGE!
Two go together like a horse and CARRIAGE!
This isn't about shortages; this is about increasing consumption in the US. The Arabs say there is plenty of oil out there in the market, and I believe them.
The price is being increased simply because of speculation. Do we really think that Goldman Sachs and Morgan Stanley aren't having problems with the subprime mess? Buying oil futures for a 6% margin is great for their bottom line, and hides their credit messes. Having Paulson (ex-Goldman Sachs CEO) at Secy of the Treasury ensured that money would be available to shore up capital, and the creation of Intercontinental Exchange, Inc. in London also ensured that US regulations wouldn't make a dent in their speculative buying.
Well, lets see how that has worked out:
9 Poorest States
42) Montana - $40,627
43) Tennessee - $40,315
44) Kentucky - $39,372
45) Louisiana - $39,337
46) Alabama - $38,783
47) Oklahoma - $38,770
48) Arkansas - $36,599
49) West Virginia - $35,059
50) Mississippi - $34,473
http://www.smirkingchimp.com/thread/15081
Unlike Greenspan, who not only understood what was happening but pointed the way to profit from it or dodge the worst of it all, Bernanke just describes events in the manner of an unsuallly stupid weatherman standing outdoors in a Florida hurricane with a microphone in his hand saying, "Oh, my! It's really really windy and it's raining a lot!"
Now it's an industrial port-fishing village-off-beat cruise ship out of Tampa port when Cozumel and Cancun are over-crowded. Swell. That's just peachy keen. Development is sometimes the cost of development. I don't see the Florida beaches becoming industrial sites, though. For one thing, heavy industry would find local Floridians aren't heavy industry type workers. It wouldn't work out at all well.
So, why don't some of the environmental groups put some ads together showing what you're talking about in your post---plus the fact that the drilling won't effect the price of gas by a penny.
I'm sure they could get the funds if they started appealing to the blogosphere.
http://www2.bren.ucsb.edu/~dhardy/1969_Santa_Ba...
#3 Republican in the House Adam Putnam is FOR DRILLING.
His Democratic opponent, retired Navy Master Chief Doug Tudor, is AGAINST DRILLING IN THE EASTERN GULF and FOR immediate research into alternative sources to get us off the petroleum teat.
We need your help to defeat Putnam. Won't you please donate?
http://www.teamtudor.org/contribute