Shaheen - this is all she's got on energy?
Abstracted from the Keene Sentinel: A shortage of Energy Fixes
Democratic U.S. Senate candidate Jeanne Shaheen’s energy plan shows signs of initiative, but it’s pretty speculative. In a press release, the former governor proposes five steps that will “lower gas prices and help New Hampshire families struggling in today’s economy.
They are:
- "Close the Enron loophole. The Enron loophole allows billion-dollar traders to evade speculation limits and manipulate oil markets anonymously, artificially driving up prices in an attempt to make huge profits.”
What Jeanne Shaheen fails to realize (or does not want to let on) is that it works both ways. There may well be folks that are working for higher prices. However, the converse is also true: if a trader shorts this commodity, they can make money on the down side as well. Just like many socialists, this Democrat seems to be scared of profits!
And to boot, many people play the futures markets all the time - what do you think people do when they lock in oil heat prices (and have done so for decades) - they are betting that the price will go up, not down. Their profit is the money left in their pocket if it does indeed go up. Their loss, just like the larger market, is money that is no longer in their pocket as they have already plunked down money they didn't have to.
- “Close the London-Dubai loophole. Currently, this loophole allows nominally foreign exchanges to operate in the U.S., trading U.S. oil contracts without any American regulation. We need to be able to identify who is trading and how much so that we can know if fraud and malpractice are contributing to price increases.”
Note to Mrs. Shaheen - trading of US futures can be done anywhere and outside of US regulation. This shows a hubris that is often attributed to President Bush with his cowboy diplomacy. This is sheer lunacy to think that our laws would apply outside of our territory, that people will do "just because we say so".
- “Demand that refiners increase their production of oil. Refineries, most of which are controlled by the big oil companies, have been utilizing less than 85 percent of their capacity for most of this year. Shaheen also believes (the United States) should create an Oil and Gas Market Fraud Task Force to investigate allegations of oil and gas market manipulation and fraud, similar to the Corporate Fraud Task Force established in 2002 in the wake of the Enron scandals.”
Remember, I did use the word "socialist". Well, here it is again where she believes that government has the absolute right (outside of an all out, "the nation is REALLY in peril" war) to tell business at what capacity to run their plants at. What Shaheen doesn't know (or again, deliberately fails to discuss) is that you never, ever want to run a plant or its equipment or people, at 100% for long period of times. After all, things go wrong and maintenance has to be accomplished, sometimes in situ.
- “Stop filling the Strategic Petroleum Reserve and release 30 million barrels of oil. Shaheen believes we should bring prices down by increasing America’s oil supply by releasing 30 million barrels of oil from the reserve.”
There is a reason why it is called the Strategic Reserve - emergencies only (think generally militarily, but also think Katrina). While prices are higher than they have been, it is not an emergency of supply (although adding to that supply will lower the price). 30 Million barrels will not make a dent unless the idea is to continue that flow.
- “Pressure OPEC to increase production. Right now, under U.S. anti-trust laws, OPEC countries cannot be held accountable, even when they are engaged in coordinated activity to manipulate the global oil market. Shaheen believes we should amend the law so that the Justice Department can bring suits in U.S. courts against OPEC for price fixing.”
That's because OPEC nations are not under US laws. So, Shaheen thinks we can SUE our way out of this? Frankly, that's a laughable scenario as worldwide demand is such that OPEC may not have to sell to us. And look what has already happened - President Bush has asked that production be raised - the Left laughed at him when the Saudis first said no.
In essence, if this is her plan, we are ALL in trouble. Not once did she say we should be more self sufficient. Not once did she raise the idea that we can use our own oil supplies. Not once did she mention that our ally to the north, Canada, is ready, willing, and able ship us lots of oil. Why not propose making that easier? What about our own shale oil supplies, our own ANWR reserve, and that on our Continental shelf?
Why? Because she agrees with the extreme environmentalists that we, the common folk, ARE the problem and that we don't deserve more. That we should be subservient to others for our energy needs.
Remember, we are not a nation addicted to oil. Instead, we, as all modern technically based economies, are addicted to energy. Oil is just one form of that source that is very energy dense.
And then Fergus Cullen, NH GOP Chair decides to pile on (after the jump):
Governor Jeanne Shaheen
34 Fir Street, 2nd Floor
Manchester, NH 03101
Dear Governor Shaheen,
With the price of oil hovering at over $120 per barrel, New Hampshire families and small businesses are struggling with skyrocketing energy costs. To the detriment of every New Hampshire citizen, the out-of-touch politicians and liberal advocacy groups backing your campaign continue to block reasonable attempts to address the energy crisis facing our state and the nation.
Instead of working to increase domestic energy production and reduce our dependence on foreign sources of oil – as Senator John Sununu advocates – you and your liberal Washington allies remain opposed to passing into law the intelligent, common sense reforms needed to cut energy costs for Granite Staters.
Specifically, the Senate Democrat leadership last week demonstrated a complete unwillingness to provide a forum for open debate and consideration of the real energy solutions that will control rising fuel prices. In shameful fashion, Senate Majority Leader Harry Reid (D-NV) put politics over principle, and blocked basic up-or-down votes on measures to increase energy conservation, provide incentives for alternative energy, and increase domestic production of oil and gas.
Sadly, Governor, you remained silent, and are complicit in this unprincipled scheme to stop progress towards energy independence – a scheme which keeps Granite Staters held hostage to the whims of foreign leaders whose last consideration is the wallets and household budgets of New Hampshire’s working families.
That was wrong for New Hampshire. In November voters will remember your silence, your inaction, and how you caved into pressure from the same radical environmental groups that have continually opposed all efforts to expand oil and gas production. Some of the amendments blocked by you and your liberal Senate allies included:
- More offshore drilling and oil production in ANWR to help America become more energy independent;
- Increased heating assistance for low-income families to help with winter heating bills;
- Incentives for clean, renewable energy;
- Efforts to strengthen research for alternative fuel automobiles.
Given your unique position of influence, you have an opportunity to stand up for the vast majority of Granite Staters who are demanding to see comprehensive energy reforms passed into law. On behalf of all of our citizens – regardless of political party – I urge you to end your silence and publicly call on the Senate Democrat Leadership to drop its politically-motivated opposition to the energy independence measures New Hampshire needs and deserves.
Sincerely,
Fergus Cullen
Chairman, New Hampshire Republican Party
