update on O I L from John Yarmuth

Here are some surprising (and not-so-surprising) bits of info regarding our oil troubles from this e-newsletter his office sent out. I find "use it or lose it" to be the most telling section:

- Combat Speculation:

Experts estimate that speculation accounts for as much as half of the inflated cost of oil. Currently, speculation is unregulated because of the "Enron Loophole," created by Congress eight years ago. By reigning in speculation, we have the opportunity to significantly lower gas prices now, rather than waiting a decade for the results of opening up new areas for drilling. Last month, the House passed legislation to restore regulation of the trading of oil futures, and I have called on the President to use his emergency authority to crack down on the practice immediately.

- "Use it or Lose it”:

Oil companies already have permits to drill on 68 million acres here in America (more than 45 times the size of the proposed area in ANWR), yet they remain unused. Producing in these areas could double American production of oil and lower gas prices. I sponsored legislation that would compel the oil companies to either produce oil on their leases or give it to someone who will.

- Stop filling the SPR:

In March, I began calling on the President to suspend shipments to the Strategic Petroleum Reserve (SPR), which is already 97 percent full. Leading economists estimate that this measure could immediately lower the price of gas by as much as 25 cents per gallon. Both chambers of Congress recently passed the measure by overwhelming margins, and the President has agreed to stop filling the SPR this August.

- Release Oil from the SPR:

Historically, America has had success easing the burden of past energy crises by releasing some of our emergency reserves. We currently have more than 700 million barrels of oil waiting for an emergency. For millions of American families, this is an emergency, and the time to free America's oil is now.

- Long-term Solutions:

We enacted the most profound energy reform package in three decades and a groundbreaking farm bill. These measures provide unprecedented investment in renewable fuel sources, which will help reduce our dependence on foreign oil and create new jobs.

All this posting of warm fuzzies for Yarmuth is not to say that I think the main problem is gas prices. Au contraire; the problem is our dependence on fossil fuels. The secondary problem is that we have a corporate welfare system that artifically inflates the price of oil. If we seriously cared about the environment and/or the economy, we would demand our government (1) end the loopholes which permit futures speculation, (2) enact a federal tax on petroleum which would go to creating and maintaining public mass transit infrastructure (metro, bus and rail systems) which would be mandated to run on renewable resources (biodiesel, sun, wind, water), and (3) demand transparency in energy policy from the executive branch of government. LISTEN UP, WASHINGTON. FER REALS. Oil ain't gonna last--nor should it. We have the technology to live without it NOW, so stop trying to suck us dry with oil addiction and dependency and support renewable transportation NOW.

PS. If you love Louisville, click here to find out why John Yarmuth does.