President Bush Requests $25 Billion for U.S. Department of Energy’s FY 2009 Budget
Only $1.25 billion is for the Office of Energy Efficiency and Renewable Energy
Let’s put this in context. We are spending approximately $150 billion/year in Iraq and we are spending over $700 billion/year for imported oil. The 2009 U.S. budget is over $3 trillion and President Bush is recommending $1.25 billion for Energy Efficiency and Renewable Energy. This is less than 1% of what we should be spending on energy efficiency and renewable energy!
The energy war is a much greater threat to the U.S. today than the war in Iraq. It is killing our economy.
If President Bush and this Congress were in power from 1940 – 1945, the U.S. would now be speaking German or Japanese. There hasn’t been a sighting of leadership in Washington in years, many years!
Democratic Senators Introduce Bill to Reduce Oil Speculation
Reducing oil speculation will hopefully lower gasoline prices
Many people in the investment community, including most oil traders, hedge fund managers, investment bankers and pension fund managers, along with a majority of Republicans in Congress have been saying over and over again that speculation has not been a material factor in driving up oil prices. Many business leaders and Democrats in Congress believe that speculators have played a significant role in the quick escalation of oil and gasoline prices.
On July 15, 2008, Senators Reid, Durbin, Schumer, Dorgan, and Murray introduced S. 3268, the Stop Excessive Energy Speculation Act of 2008. This legislation, developed after consultation with consumer advocates, oil market analysts, and experts from the financial and airline industries, seeks to reduce the amount of excessive speculation in the oil markets.
For the sake of the U.S. and world economies and the American public, hopefully the Democrats are right and the legislation will be enacted quickly, leading to a significant reduction in oil and gasoline prices.
Politico.com article on oil speculation bill
MarketWatch.com article on oil speculation bill
