Oil industry is prime example of crony capitalism

Oil companies receive $4 billion every year in taxpayer-funded subsidies, despite continually bringing in record high profits.

Meanwhile, gas prices are on the rise—just like they were this time last year—and the same people funding those subsidies are paying more at the pump for the gas they need to get to school and work.

Of course, the rise in gas prices in caused by US foreign policy toward Iran. Americans will pay more at the gas pump to maintain Israeli nuclear superiority in the Near East.

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White House Blog explains policy on Domestic Oil and Gas Production

Posted by Heather Zichal on March 27, 2011 at 3:50 PM EDT

 Some recent comments in the press have attempted to paint a picture that an agreement on energy issues signed during the President’s trip to Brazil shows a lack of commitment to domestic oil and gas production.

Let’s be clear – this administration is committed to developing a broad range of energy sources, and we know that high prices at the pump are forcing Americans to make tough choices.

That is why we continue to take steps that, over the long run, will save Americans money at the pump and lessen our reliance on foreign oil.

We stand by our desire to be a strategic partner of Brazil on energy issues, but when it comes to domestic production our record speaks for itself, and regardless what some would like to claim, that record makes clear that we are fully committed to developing domestic resources safely, responsibly, and efficiently.

It has been less than a year since the largest oil spill in U.S. history. In that time, this Administration has worked aggressively to implement unprecedented new safety and environmental standards that build on the lessons learned from the Deepwater Horizon oil spill.

Contrary to misleading claims, production has continued. Following the development of important new standards, the Department of the Interior (DOI) has worked with industry to ensure they meet the standards, and as a result has to date issued 39 permits for new shallow water wells.

In February, oil companies were finally able to develop the first deepwater containment systems – designed to contain spills if the worst happens, as it did in the case of the Deepwater Horizon.

Based on that ability – evaluated on a case-by-case, permit-by-permit basis –since February 28th, DOI has issued six deepwater drilling permits.

Each permit needed to comply with all of the new standards, including demonstrating that they could contain an underwater oil spill like the one that released 4.9 million barrels of oil into the Gulf of Mexico just last year.


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How often do you need to change your auto's oil?

KSHB NBC 41 Kansas City
Sep. 23, 2010. 06:13 PM EST

Think you should change your oil every 3,000 miles? Oil changes don't need to be done so often. 

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Russia, China, Japan and France reviewing Oil's price link to the dollar

The Gulf states have held secret talks with Russia, China, Japan and France to replace the US petro-dollar with a basket of currencies, the UK's Independent newspaper says.

The report by Robert Fisk, the newspaper's Middle East correspondent, was published on Tuesday and cited unidentified sources in Gulf Arab states and Chinese banking sources in Hong Kong.

Fisk said the proposal was for trade in crude oil to change to a basket of currencies over nine years to include the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency. This change is  planned for countries in the Gulf Co-operation Council, including Saudi Arabia, the United Arab Emirates, Kuwait and Qatar.

"Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme. This mean that oil will no longer be priced in petro-dollars," the report said.

It said that France had also been involved in the talks. The Independent said US authorities were aware that the meetings had taken place but had not discovered the details and were "sure to fight this international cabal".

Inverse relation
 
The issue of shifting oil trade away from the US dollar has been raised occasionally in recent years, but analysts say this is unlikely to occur any time soon.

"I don't think we will see much concrete actions coming out of such discussions because even when the dollar is weak, it doesn't mean that commodities are undervalued," David Moore, a commodities analyst at the Commonwealth Bank of Australia, said.

"In fact, when the dollar weakens, commodities prices tend to increase by a higher ratio."


source: http://english.aljazeera.net/business/2009/10/20091067510900568.html

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Conservatives have been so helpful during the Iranian protests

Indeed, the conservatives have been so helpful with the situation in Iran.  The US destabilized the Iranian government and put the Shah of Iran in power, who then proceeded to torture the Iranians with his notorious secret police, the Savak. The Iranians haven't forgotten about it.


Newt Gingrich was on Al Jazeera recently suggesting the US should sabotage the Iranian oil and gas infrastructure to destabilize the government. I'm sure those comments were a big hit in Tehran. If any of the oil and gas facilities in Iran get damaged or destroyed, the US will now get the blame! Thanks for nothing, Newt.

Source: http://www.credoaction.com/comics/

credits to: Reuben Bolling, Cartoonist, The Modern World



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