Fed Chairman Bernanke Says the Airline CEOs are Wrong
Last week 12 airline CEOs sent a letter to their customers explaining that they believe oil speculators are a significant contributor to high oil prices. The text of their letter is presented below. Their letter includes a link to the Stop Oil Speculation website, which includes an e-mail/letter you can send to your U.S. Senators and Representative, asking them to take action now to curb oil speculation. You can enter your zip code and the e-mail text will appear, along with your Congressional representatives (the site actually sends the letter for you). The suggested letter includes the actions Congress can take to curb oil speculation and start reducing the price of oil. A copy of this letter is also included below.
In testimony to the Senate this morning, Federal Reserve Board Chairman Ben Bernanke said he does not believe speculation is a significant cause of high fuel prices, including high jet fuel prices. He believes oil supply and demand are the primary reasons for high oil prices. Who do you believe, the airline CEOs or Bernanke? I believe Bernanke is wrong on this issue. Read the letters from the airline CEOs and the Stop Oil Speculation website and then decide for yourself.
If successful, air powered cars will reduce oil consumption worldwide
“Compressed air” powered cars may reach the U.S. in a few years. Their rollout is planned in India later this year. Once the car’s safety, quality and reliability are proven, air powered cars may become an attractive alternative, especially for local driving and short trips.
The Compressed Air Car, developed by Motor Development International (MDI) Founder Guy Negre. The Air Car will be starting production soon, by India’s TATA Motors.
The $12,700 CityCAT, one of the planned Air Car models, reaches 68 mph, goes for a range of 125 miles. It will take only a few minutes for the CityCAT to refuel at gas stations equipped with custom air compressor units. MDI says it should cost only around $2 to fill the car up with 340 liters of air!
6-seater taxi should be available in India in 2008:
Read more about ‘Compressed Air Cars’ –
The answer is YES!!!
For the last several months, as the prices of oil and gasoline have escalated to hit all-time highs, a debate has been raging in the media among pundits, spin doctors, politicians, oil company executives, OPEC representatives, journalists, correspondents and the public at large. The issue: Are High Oil Prices Caused by Oil Supply Shortages or Oil Speculators??? Congress has now gotten into the act, holding hearings to see if oil speculators are driving up the price of oil and gasoline.
Who is right on this question? Does it matter? Is there anything that can be done in the short and long-term to bring down the price of oil and gasoline? The debaters use selective information and misinformation to make their case. What most people agree to is that high oil prices are having a severe impact on countless people around the world, and on local, national and the world economy. The high price of oil is a high-stakes game, with clear winners and losers. The winners – any country that is a net producer of oil, oil companies in the US and worldwide, oil support companies such as drillers and manufacturers of drilling equipment, and individuals, investment banks, hedge funds, pension funds and sovereign-wealth funds investing and speculating in oil futures and oil company stocks. The losers – everyone else….everyone that uses petroleum products for personal use including transportation and home heating, every person who buys products and services that depend on petroleum-based products, and every company that uses petroleum products.
Reliance on Foreign Oil is a National Security Threat – We Can’t Become Energy Independent Soon Enough
The Arab oil embargo in 1973 was a wakeup call for America to become energy independent. Unfortunately, relatively little has been done since then. Today, 35 years later, the U.S. is more energy dependent on foreign oil than ever. We are paying some $2 billion/day on foreign oil. We can’t afford it…many individuals can’t afford the price of gas and as a nation, we can’t afford current gas prices. Our reliance on foreign oil is threatening our economic future. If the price of oil spikes higher, possibly to $200/barrel or higher, we will see much higher unemployment, an escalating national debt over already extreme levels, increasing inflation, a deep recession and an out-of-control balance of payments.
A problem that needs major action within days, weeks and months…not years!
This past Monday John McCain announced his support for off-shore drilling for oil. He is still against drilling at the Alaska National Wildlife Reserve (ANWR). Today President Bush also announced that he is now for off-shore drilling. He was against it until now. It turns out there has been a moratorium against off-shore drilling since his father put it in place. Congress also passed a law against off-shore drilling years ago. Barack Obama and Democratic leaders Nancy Pelosi and Harry Reed are against off-shore drilling.
High Energy Costs are Hurting our Economy and Causing Pain for Many People
Due to the downturn in the economy after 9-11, United, Delta and Northwest Airlines went bankrupt. During the past two years these three airlines exited bankruptcy due to an improved economy, $60/barrel oil, reduced debt as a result of bankruptcy, operational improvements they made and salary concessions from employees/labor unions. $140/barrel oil is now threatening these and other airlines including American, Continental and others.
CNN’s “We’re Out of Gas” is an hour-long special on the oil crisis and the threats that are coming. Read their “Behind the Scenes: Powering the Planet” summary of the program. It is a wake-up call for action on a global scale. Make sure to watch the brief video. It provides a good overview of some of the things that are and are not being done to address the energy crisis.
· Documentary explores U.S. dependence on oil, vulnerability of world supply
· Frank Sesno: U.S. totally dependent on oil, almost no place we won’t go to get it
· Brazil nearing independence on foreign oil, 40 percent of fuel used is ethanol
· Ethanol represents only 3 percent of the fuel burned in America
Reduce gasoline costs – Tips from the FTC
Will politics allow for a sane policy with a vision for a long-term energy solution that values the environment?
The President and Congress needs to create a long overdue National Energy Policy that fully recognizes the severity of the energy and global warming crises facing the US and the world. The National Energy Policy must include funding for energy research and development. We need to spend money, lot’s of money….possibly $2 – $3 trillion in Government, private and corporate money over the next ten years, and possibly more. That said, we should not spend money for the sake of spending money. We need a realistic plan for solving short and long-term energy needs. A non-partisan commission should be established to create the National Energy Plan and monitor its ongoing progress. The commission should include Government, industrial, academic and military members.
Contact information for Government Officials – Send them your opinions about the Energy Crisis and Global Warming
President – contact the President or Vice President
U.S. Senators – search for your Senators and visit their websites
U.S. Representatives – contact your U.S. Representative
State Governors – contact information for your Governor
State Legislators – State Legislators by U.S. states and territories
Can we afford not to drill off shore?
The “not in my back yard” attitude regarding drilling for oil off-shore and at other environmentally sensitive areas is hurting our ability to move forward. The same is true for Wind Farms and Nuclear Power Plants: