A Bush Administration, McCain Campaign, Republican Party, and big media of NO FACTS, NO EVIDENCE, and NO REALITY on the oil crisis.
Thank you Cenk for putting the time and effort in your show into the big economic issues facing the country. A truthful voice in the wilderness of media BS.
Please keep HITTING HARD against the Republicans the next few weeks while Harry Reid and the Senate takes up the new Oil Speculation bill. Yourself, Rachel Maddow, Katrina Vanden Huevel and other leading liberals in the media will be crucial to GETTING OUT THE TRUTH in this issue while the Republican big oil lobby tries to lie and make insane claims about "drilling". Big media morons like Lou Dobbs,claiming to speak for "the people, "SCREAM "drill! drill! drill!". What a TOTAL JOKE! We MUST FIGHT these people and their sleazy propaganda.
On Monday, July 21st, Republican Senator Kay "the f&*%#ing whore" Hutchinson ACTUALLY SAID that the price of oil has "NOTHING TO DO" with speculation! That its all just "supply and demand".
The REALITY is quite different than the Republican lying whore would have you believe. DEMAND IS DOWN 10-12% worldwide in the last couple months - expected to fall further as China takes 90%! of their cars OFF the road in the Bejing aea(to pretend they don't have a pollution problem) during the Olympics in August. India simply can't afford the gas and has cut way back. American consumption is also down 10-15%, the LOWEST summer consumption since 1980! Meanwhile REAL SUPPLY has RISEN more than 10%, as Saudi Arabia has ramped up its production.
Supply and Demand? Oh really Kay, then why did the price drop 20 bucks a barrel IN A WEEK?
Economists on PBS's News Hour said that up to 60% of the price of oil is "pure speculation", and that we are simply in an "oil bubble" caused by specualtion by large commodities players like Goldman Sachs, Morgan Stanley, JP Morgan Chase, and large hedge funds. They stated oil should really cost between 75-85 dollars a barrel.
Its estimated that UNREGULATED HEDGE FUNDS control 1.1 BILLION BARRELS of oil, 4 TIMES AS MUCH as the entire U.S. Strategic Oil Reserve!!!!!! The hedge funds started getting into oil trading in a significant way in 2000, and their role has increased dramatically in the past 2 years. Ironic, isn't it, that the price of oil started rising well beyond the laws of supply and demand starting in 2001 and into the insane acceleration of 2007-2008.
YES, we WILL definitely start running out of oil over the next 30-40 years and we MUST do something about it with GREEN ENERGY sources (not to mention to solve the global warming problem) and we are at or close to "peak oil". But, right NOW, today, THERE IS NO SHORTAGE OF OIL on the US spot market! THE CRASY PRICE IS ALL SPECULATION! WALL STREET IS ROBBING THE PEOPLE BLIND!!!!!!!!!!!
The Senate MUST PASS the new Oil Speculation bill - and if Bush vetos it, and McCain supports that veto (which he does), the Republicans MUST BE HELD RESPONSIBLE for this crime in the Fall Election!
Regardless of what blow-hard Lou Dobbs and Rush Limbaugh and others say, Obama has had the courage to stand up for tough regulation of the hedge funds and Wall Street and supports the Oil Speculation bill, the American people need to KNOW THIS REALITY instead of the bull shit lies of John McCain's Gas pump "drilling" commercial!
posted by Tarheel88 
