Energy terrorists

Since Berlin has become the talk of the State as the possible site for one of the largest biomass electric generating facility in the country and since most of the people who read this blog are here because of their interest in biomass and energy issues in general, I thought I would share some information about oil, black gold as some call it. I regularly read a blog devoted to oil,  www.theoildrum.com  where there’s enough information and opinions about oil to sink a tanker. What caught my eye over the weekend was a statement by the oil minister of Saudi Arabia who said that his country has enough oil both in supply and reserve to offset any crisis brought on by the turmoil in the rest of the Middle East. He then went on to say that the rise in prices is due mostly to “speculation, misinformation and the unjustified fear about the future supply and demand”. Now this is not the first time I hear or read about the role that “speculators” are playing in the fact that the price of gas is approaching $4.00/gal. A couple years ago Congress came close to tackling this issue, but as is often the case, Wall Street big oil money silenced/bought the debate and canned it. I think it’s good for us to think about this matter as we pull in to gas up our vehicle and notice that the price is up by say, another nickel since last time. I’m sure I’m not the only person that stands there and watches the dollar symbol rolling on the pump, anxious for the damn thing to snap and stop picking my pocket. I feel both helpless and angry knowing that I’m paying more for this damn fuel than it’s worth and, that the extra nickel I’m paying, is for gas that was already at the station when the price went up! As I already said, a couple years ago Congress held hearings about the issue and they had expert witnesses testify that, if speculators were not allowed to gamble with our fuel supplies, the price would drop by as much as 50%! I’m of the opinion that these speculators are economic terrorists! What was revealed at these hearings was that these crooks/gamblers/terrorists are buying oil futures without the capacity to accept delivery. Let me run that by you one more time. These speculators are allowed to buy millions of barrels of future oil ( which drives the price up) without they having any storage tanks or other means of accepting delivery, it’s all on paper! They are not in the oil business; they’re in the money business on Wall Street!  Now if you’re as upset at this as I am, take time and let your Senators and Congressmen know what you think about this rip-off scheme. Tell them that only those who are in the oil business and, have the capacity to accept/store what they’re buying be allowed to bid on oil futures. If we’re successful at stopping this abuse we’ll see the price of gas go tumbling down at the pump. Keep this in mind the next time you go fill-up, you could be paying $2.00/gal not $4.00 but for those speculators! (And you thought you were getting screwed by OPEC)

Comments

[warren,]

Sounds Good. I Agree. And Lets bring Our Military back Home and stay out of other Countries, MYOB?

[Antonio Andolini]

The New Hampshire Public Utilities Commission (PUC) is seeking input about energy efficiency and sustainable energy in New Hampshire.

[Antonio Andolini]

Link: https://www.surveymonkey.com/s/NewHampshireEnergyStudy

[warren,]

Excellent Comment by Tom McLaughlin in today's BDS. End These Wars, Now!

[wood burner]

Hummmmmmm

http://www.nhsec.nh.gov/2011-01/documents/110414eastwick_resume.pdf

[jon]

I see we have formidable odds against us now that Kit Mueller's Princeton basketball teammate, Matt Eastwick, is part of Cate St. Whoah! Did you ever see those guys play hoop? Kit must be Keith's son. Small world. I hear Matt's as big as they come in the banking industry. It's really too bad this PPA is so bad, and that PSNH is forming a formidable monopoly whether they're trying to or not; otherwise these players would be the best thing Berlin's seen since the Brown's came to town. Truly a shame. Too much at stake here to think that PSNH isn't going to play ball with significant changes to the PPA; they'd have some heavy hitters complaining. (But then again they have SO MANY "weasel clauses" to their advantage) Who's to complain?

[Timothy M. Gordon]

Rocky, this is sad, here is a link for you to read and I suggest that you take the time to read it thoroughly…. http://en.wikipedia.org/wiki/Futures_exchange . Another great page for you http://futures.tradingcharts.com/menu.html ...Now look at it, read it and learn what items of every day things that you use are there, and then you can talk about all sorts of things with an iota of intelligence. My guess is that you want to go back in time when ethics and morality were courses that you had to take in Catholic School and you wait for recess. Any investor with an ounce of smarts will tell you that market will always right itself, just like an iceberg, it is just a matter of time. Just ask the two Brothers from Texas that in the 70’s-80’s tried to play with the price of silver, you may have to wait I believe they are still in prison for their actions, and yes a lot of people may have lost money, but hey, if you do not have it to lose do not bet it! Every day you go to the store and by the things you are going to eat, someone made money off of it, and if they were not to, then you would pay less at the store, another example of your lack of knowledge shinning through. Would you call the Rockefellers, Carnegie, Reynolds, Howard Hughes all “Energy terrorists” for they have done the very exact things that you are crying about?
Rocky, this is 2011, wake up, smell the coffee, this is not a time that you can go home and whine about how mean the other kids are, that they do not play by your rules, this is real life, you can not take your ball and go home because someone else has a set of rules that you do not like, it is not fair, never will be, get over it! Jon buys houses cheep on this market, sits on them and then sells them at a better time at a much higher price, he hopes, till then he drives the price of your home down below what it is worth, along I may add with the entire neighborhood, I do not see you calling him a Terrorist, and that is your own direct pocket, it effects your taxes that you cry about paying, but not a word about it, now I wonder why that is???

[Rocky]

You obviously miss the point of my post Timothy. I have no problem with people making money, hell we all like to make money, but hopefully it's not by screwing somebody and putting our whole economy at risk.

[wood burner]

Antonio? Is Mr.Donovan back in town?? LOL???

[Antonio Andolini]

Interesting read on reaction to PSNH's latest Northern Pass tactics.
http://www.concordmonitor.com/article/251217/northern-pass-request-stirs-up-residents?page=0,0

[Rocky]

If the Northern Pass was a project confined to Berlin, I bet mayor Grenier and the Laidlaw clones would support it. That's the difference in the mentality of the folks here and those in the rest of the County and State. The mayor would be shouting "jobs, jobs, jobs" and the clones would cheer.

[Antonio Andolini]

PSNH buffaloed George Bald and Berlin with Berlin Station; not so the North Country with Northern Pass.
"My way or the highway" sure sounds like the Mayor of Berlin and Paul's Possee, doesn't it?

[Antonio Andolini]

Actually, Rocky, Councilor Danderson, who lives who knows where now, is a big supporter of Northern Pass. Oh yeah, he works for PSNH, doesn't he?

[Wing Nut]

Hey Rocky,

It is interesting to note that your left wing socialist tax and spend brother in arms Barak Hussein Obama said during his campaign that he'd tackle this very same issue and stop speculators from causing oil/gas prices to increase. Funny, he's been silent on that promise. Do you know why? Because the nut job wants oil and gas prices to skyrocket so that he can stick his alternative energy agenda down our throats. Also, instead of pushing for more oil drilling in the US (which would create a lot of private sector jobs) he is paying other countries in South America to do it.

And you thought Bush was bad. Don't forget to vote in 2013. Clearly this guy has got to go.

WN.

[jon]

Never held a property without significantly improving it over our 27 tenure.

[warren,]

WN, You State the Obvious. Lets just hope We have a choice in
2012. "FlameOut" John McShame, Hero of the USS Forrestal was Meant to Lose. It has been said that we have a "Two Card Monte" Political Party System....with no Pea under Either Shell.

[Rocky]

I'm really disappointed with your racial/religious slurs WN, I really thought you were more of a gentleman than that and that you had an open mind. I don't believe for a minute that Obama wants high oil prices. Remember that the oil lobby is to Washington what PSNH is to Concord. The US Government doesn't drill for oil, private for profit companies do. You need to do more DD about the energy business and maybe about politics in general.

[Wing Nut]

I respectfully disagree Mr. Rocky. While I realize that the US government does not drill for oil, expanding drilling in the US would be a great way to create good paying "private sector" jobs. Also, you missed the point about Obama not keeping his promise. He specifically said that he'd crack down on oil speculators to help reign in these over-inflated prices. Since he hasn't done so you have to come to 1 of 2 conclusions;

1.) He wants oil prices to skyrocket to support his big government agenda of paying for expensive alternative energy or;

2.) He has succumb to the lobbying efforts of big time Wall Street speculators who make big money buying and selling paper barrels of oil.

I submit that in either case he's done a severe disservice to the American people. But, this is certainly not the first time he's done things that make you scratch your head and say; "How the hell did this moron get elected to office."

Take care,
WN.

[Rocky]

Do you believe that there's only 2 possible reasons why we don't have a comprehensive energy policy? Think again my friend, there's hundreds. Your higher price theory is just ....too out there in my mind, the president or his administration only has the bully pulpit to influence prices. Has he fallen victim to the oil lobby, that's where my money is. Speaking of morons being elected, how did George W get elected? As much as I disagreed with "W's" policies and action such as going into Iraq like a macho madman, I never thought of him as a moron. In reality the American people have lost control of their country through the influence of the corporate lobby, which by the way, is overwhelmingly conservative and Republican. The Tea Baggers who are reacting to the consequences of the Corporate Democracy are too simplistic in their views and propose policies that are not even in their own best interest. Some of them are discovering that fact right now, their naive policies of cut, cut, cut will in time, bite them on their collective behinds. These are very complicated issues that can't be narrowed down to 1 or 2 options and, name calling, is the argument of the ignorant which I know you're not WN.

[Antonio Andolini]

Rocky, there are indeed hundreds of reasons. I have heard "greens" say that gasoline must be more expensive to conserve energy. They point to Europe with high gas prices and "fuel-efficient" vehicles. Of course, they don't want to hear about the fact that the two continents are different in so many ways, including size and geography. Sure, speculation is troubling, but don't let OPEC off the hook, either.

[warren,]

What Racial/ Religious Slurs? Rocky, Did You Do the right thing this time in Deleting them? .......WN?
P.S. I would Be VERY Happy to see Alan Keys as President, and I voted for Him in that Primary back in...was it '96?

[Rocky]

You're right Antonio, Europe is very different than the US, but there's something to the idea that we don't do something until we're forced to. What shape will this "force" take? Raising the price is one way, ordering car makers and appliance makers to make fuel efficient machines is another. The list of ways to force people to change their ways is many since I too am convinced that we're not going to do it on our own/because we became smart all of a sudden. I have no idea how the oil deals are struck between OPEC and our oil companies, I don't think too many people do. Those "secret" deals with OPEC leave a lot of opportunities for all parties to "fix" prices etc. If all of a sudden we the consumers, were to get smart we would do things to minimize our use of energy or generate our own and, the established energy producers would be forced to be more competitive. Just don't hold your breath for us to make smart moves in that direction.

[Antonio Andolini]

As you say, if WE reduce our consumption and generate our own, things will improve. We should not be relying on the government to take steps for us. But, no, I will not hold my breath. Sadly, we are becoming a nation that expects it all from the government. As Eisnehower (?) said, "the government that gives you everything, can take away everything." Our government was not designed to do as much as some are asking and it/we are going broke trying to do it.

[Rocky]

I'm not sure that it was Eisenhower that said that, but Eisenhower warned us about the corporate takeover of government which I believe has already happened through large sums of money influencing decisions and elections. You're right, the government set up by the founding fathers isn't equipped to handle today's demands, they had no idea how the world would evolve. I still maintain that what we have is an imbalance in our national priorities. Our present priorities have been crafted by corporate lobbyist for the past 50 years and reflect what's in their best interest, not what's in the people's best interest. When the courts decided that corporations have the same rights as people we started down a slippery path to where what's good for GE is not only good enough for you and I, it's better. GE can manage to have the tax code written so that it doesn't pay taxes, but you and I are paying.

[warren,]

Right On Tony! If Something/Anything is granted or given by Govt. it can be taken away by Govt. And Yes We DO have too much Govt. which is exactly why We are going broke. Wasn't the CEO of GE with Obama on His Trip to RIO? GE does not pay Tax's, but makes Heavy "PILTs" to His Re-Election Campaign AND the DNC, I'm sure. Not that the GOP is Innocent either. We now have Govt. of Goldman Sachs and Corporate Interests. Both Party's have been corrupted.