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S. 2991, The Consumer-First Energy Act of 2008
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Michael Fuss Kagel Canyon
s.2991 misses the point and yet is too broad. It is believed that speculation makes up about half of the price of a barrel of oil these days. The bill should narrowly focus on chasing specultors out of American commodities markets with a punitive tax of 500% for anyone speculating on oil who dosn't actually take shipment of barrels until the price drops to a predetermined number, like $55 a barrel.
The US government will not be able to punish OPEC or other Soverign Oil producing nations like Russia around with s.2991 and will only look hypocritical by protecting its own speculators and ultimately too weak and internationaly reckless if push comes to shove with OPEC- does anyone remember the Arab Oil embargo or do we need to repeat rationing?
By chasing the speculators out of the market we will lower the price oil companies pay for the oil which will quickly and ultimately cut the profits of Oil companies and OPEC/ oil producing nations.