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S. 2991, The Consumer-First Energy Act of 2008 (1 comment ↓ | 3 wiki edits: view article ↓)

  • This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

S. 2991 would provide energy price relief and hold oil companies and other entities accountable for their actions with regard to high energy prices.

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Michael Fuss Kagel Canyon

June 10, 2008, 11:19am (report abuse)

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.

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