Congress is indulging in its usual posturing by holding innumerable hearings investigating why the price of gas is so high. Every member of Congress knows or should know that the Enron loophole, passed 7 years ago, is the primary cause of this energy catastrophe. After years of successful, tight governmental control over speculators, Enron’s large campaign contributions to members of Congress resulted in the loosening of this oversight. The Enron loophole allows unregulated speculators to manipulate oil so that prices are estimated to be $60- $80 higher per barrel than they should be.
The removal of this loophole would significantly lower the price of gas at the pump as quickly as one month. Members of Congress, up for re-election this November, might push for a government subsidy of gasoline, which would be an expensive disaster.
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p>There are millions of gallons of oil available in this country that can’t be recovered because of the fear vote-seeking politicians have for environmentalists.
A possible solution to this ban on oil rigs, in Alaska and off the shores of the U.S., might be money that is such a great motivator of Congress. Why not give the Federal Government a royalty share of all the oil produced in the presently restricted areas?
Gasoline prices would be quickly reduced to affordable levels by these two actions, giving us time to seek economically-feasible fuel alternatives.
The OPEC monopoly controls the supply and price of oil. Stop lying to people blaming it all on speculators.
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