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Thread: Oil rises above $90 amid US crude supply drop

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    Re: Oil rises above $90 amid US crude supply drop

    peak oil is only a myth if one believes in abiotic oil. i don't.

    we might have 100 to 130 years of natural gas at current consumption rates. if we run cars on it, how much does that increase demand? how much does that shorten the years of natural gas supplies? and what would be the purchase price of that NG if demand quintupled?

    in my opinion, we need to massively increase our electrical grid to help us bridge to whatever is coming after oil. we need to seriously look at nuclear technology, and possibly not uranium based nuclear.

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    Re: Oil rises above $90 amid US crude supply drop

    I guess everyone is happy we let the GOP push through deregulation of the speculators aren't we?
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Catawba View Post
    I guess everyone is happy we let the GOP push through deregulation of the speculators aren't we?
    I'm sorry .. I can't find that deregulation bill you are speaking of .. could you please post a link showing ... thanks ..

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by The Barbarian View Post
    I'm sorry .. I can't find that deregulation bill you are speaking of .. could you please post a link showing ... thanks ..
    I could swear the Financial Reform bill the Democrats ramrodded through addresses that speculation.
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." - John Adams

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Prof. Peabody View Post
    I could swear the Financial Reform bill the Democrats ramrodded through addresses that speculation.
    And what does that mean exactly?

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Swizz View Post
    And what does that mean exactly?
    What does that have to do with the bill or the discussion of the thread?
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." - John Adams

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by The Barbarian View Post
    I'm sorry .. I can't find that deregulation bill you are speaking of .. could you please post a link showing ... thanks ..
    It was the The Commodity Futures Modernization Act of 2000. It deregulated the market for energy futures. This is what is commonly referred to as “the Enron loophole.” I must say it is very disheartening to find out this is the first time you are learning of it.

    "In December 2000, Texas Senator Phil Gramm muscled a bill through Congress that deregulated energy commodity trading. The bill contradicted the recommendations of President Clinton's Working Group on Financial Markets, which is composed of representatives from the Department of Treasury, the Board of Governors of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Working Group expressly recommended against deregulating energy commodity trading because the traders would be in strong positions to manipulate prices and supply.

    Phil Gramm was the second largest recipient in Congress of Enron campaign contributions, receiving $97,350 since 1989.

    Phil Gramm’s wife, Dr. Wendy Gramm, was chair of the Commodity Futures Trading Commission (CFTC), which exempted Enron’s trading of futures contracts in response to a request for such an action by Enron in 1992. Six days after she provided the exemption, she resigned her position at the CFTC. Five weeks after her resignation, Enron appointed her to its board of directors, where she served on the board’s audit committee. She was compensated with between $915,000 and $1.85 million in salary, attendance fees, stock option sales and dividends from 1993 to 2001."

    Corporate Wilding | OurFuture.org

    "Phil Gramm, more than any other modern politician, pushed the deregulatory ethos that the financial crisis of 2007-08 exposed as a criminally irresponsible sham. His very name is on the law that repealed the Glass-Steagall prohibition on the commingling of commercial and investment banking. He was the lead force behind the Commodity Futures Modernization Act, which ensured that derivatives trading would be largely unregulated."Gramm, Deregulation and History Alexandria
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Oil rises above $90 amid US crude supply drop

    Phil Gramm indeed does deserves any criticism coming his way for that. It should be his legacy...... Don't forget though, it was Clinton that signed it.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Prof. Peabody View Post
    What does that have to do with the bill or the discussion of the thread?
    You're the one who said it, and I'm asking for it to be clarified...I'm not at all sure what you meant, particularly since you were talking about a bill that passed by 20+ votes in the House and also 20+ votes in the Senate. I just don't like when I see misleading rhetoric and misinformation, that's all.

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Swizz View Post
    You're the one who said it, and I'm asking for it to be clarified...I'm not at all sure what you meant, particularly since you were talking about a bill that passed by 20+ votes in the House and also 20+ votes in the Senate. I just don't like when I see misleading rhetoric and misinformation, that's all.
    What exactly about the bill do you need "clarification" on?
    "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passions, they cannot alter the state of facts and evidence." - John Adams

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