Last Tuesday, good ol’ TMQ had some stuff to say about how the huge increase in oil price can be partially attributed to the reluctance that the U.S. showed with raising fuel standards. Let’s take a look at what he had to say, shall we?
You Don’t Need to Speculate in Futures Contracts for Members of Congress, Since They Are So Easy to Buy: As the price of a barrel of oil nearly doubled in the first half of 2008, members of Congress ominously blamed petroleum speculators who, it was said, were ominously buying up futures contracts. Senate Majority Leader Harry Reid of Nevada called a news conference to introduce his grandly titled Stop Excessive Energy Speculation Act of 2008. If “excessive” speculation, whatever that means, really is influencing oil markets, then those ominous speculators are now being punished by the same markets, as barrel prices fall. But how convenient for the United States Congress to blame unnamed, shadowy speculators instead of blaming … the United States Congress.
It is Congress, after all, that from 1988 to 2007 repeatedly refused to raise fuel economy standards for cars, trucks and SUVs, thus guaranteeing U.S. oil imports would rise, and helping push up global oil demand, increase the price of oil and channel more dollars, euros and yen to the Persian Gulf dictatorships that support anti-Western and anti-Israel terrorism. Under Republican and Democratic leadership alike, for 20 years Congress was warned and warned and warned again regarding trends in U.S. petroleum use, and for 20 years did nothing. With an election coming, how about we throw these unctuous rascals out, and to play on a suggestion by the late William F. Buckley, replace them with 535 names chosen at random from the nation’s telephone books?
If you want to read the whole column (which is 90% about football, and which I recommend), you can read TMQ rooootttcccch… HERE.
A solar-powered plane flew for a little over 82 hours, shattering its old record. The lightweight plane, known as the Zephyr-6, was flown as a demonstration for U.S. military, which is looking for new ways to provide air support for its ground troops.