Friday, June 20, 2008

McCain and the Enron loophole

Want to know why gasoline is so expensive and what can be done about it? Watch this.

H/T Crooks and Liars.

UPDATE: Energy industry analysts offer Congress a solution to the serious problem of rising fuel prices, a solution that would bolster every sector of the economy feeling the squeeze of expensive gasoline, not to mention families struggling to afford the gas to get back and forth to work.
The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.

Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.
But ask George Bush, John McCain and GOP leaders in Congress, and they’ll tell you the answer is offshore drilling.

Kinda makes you wonder if Republicans have any intention of ever addressing this problem, and whom they’re really working for, huh?

But, then again, maybe those analysts are just being irresponsble.

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