Jul

10

Yes, we need to look to long term solution to reduce our dependency on oil and foreign oil. Duh! But today we can seriously and significantly minimize the problem today.

Go to Stop Oil Speculation website and fill out their form to email to your congressman. Url, http://capwiz.com/sosnow/issues/alert/?alertid=11571321 . Do not let them asking for your phone number deter you. I you don’t want to supply one just make one up. This is too important an issue to sit on the side lines for.

Also, please pass this information to others!

If you want more scoop airline customers received a letter with very solid information on the subject. I have excepted below…

“Twenty years ago, 21 percent of oil contracts were purchased by speculators who trade oil on paper with no intention of ever taking delivery. Today, oil speculators purchase 66 percent of all oil futures contracts, and that reflects just the transactions that are known. Speculators buy up large amounts of oil and then sell it to each other again and again. A barrel of oil may trade 20-plus times before it is delivered and used; the price goes up with each trade and consumers pick up the final tab. Some market experts estimate that current prices reflect as much as $30 to $60 per barrel in unnecessary speculative costs.Over seventy years ago, Congress established regulations to control excessive, largely unchecked market speculation and manipulation. However, over the past two decades, these regulatory limits have been weakened or removed. We believe that restoring and enforcing these limits, along with several other modest measures, will provide more disclosure, transparency and sound market oversight. Together, these reforms will help cool the over-heated oil market and permit the economy to prosper.”


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