[Vision2020] Fw: CRAPO: GAS BILL TAKES ACTION FOR PRICE RELIEF

Sun Jun 29 17:15:34 PDT 2008

Roger,

More drilling will not reduce prices. Nor will it make us energy independent. Alaska has more than enough oil to be considered energy independent yet they pay $4.60 a gallon. 

Oil companies are not going to sell what they extract from the US to the US for a reduced rate. They will sell the oil on the open market for the world market price for the highest price they can fetch. Their stock holders demand it. Oil companies are not going to willingly reduce the amount of profit they are making. 

The price has risen because of relaxed regulations on the speculators that can buy oil without having to hold the oil they purchase. 

Drilling isn't needed because the supply already meets demand. Further, if it did reduce demand, oil companies aren't going to spend billions to extract more oil to reduce their stock price value. That would defy common sense of a business profit. 

So, I am opposed to allowing oil companies to rip up our natural preserves to extract oil they are going to charge us $6 a gallon for in 2009, which is exactly what they will do. 

I would only allow oil executives permission to drill in the US if they promised a per gallon price. If they couldn't, they can go rip up another back yard.

If you want to stop prices from rising, in the short term, require speculators to physically contain 1% of their holding in oil. That would eliminate illegitimate oil speculators from those that really do purchase and use the oil. Also, change the MPG on all US cars to be much higher, such as 30 for SUVs and 35 for cars. 

Best Regards,

Donovan 

--- On Sun, 6/29/08, lfalen <lfalen at turbonet.com> wrote:

From: lfalen <lfalen at turbonet.com>
Subject: [Vision2020] Fw: CRAPO: GAS BILL TAKES ACTION FOR PRICE RELIEF
To: vision2020 at moscow.com
Date: Sunday, June 29, 2008, 12:23 PM

-----Original message-----

From: "Crapo News Release (Crapo)" newsclips at crapo.senate.gov
Date: Thu, 26 Jun 2008 11:23:54 -0700
To: 
Subject: CRAPO:  GAS BILL TAKES ACTION FOR PRICE RELIEF

FOR IMMEDIATE RELEASE
CONTACT:    Susan Wheeler (202) 224-5150

June 26, 2008
Lindsay Nothern (208) 344-1108

CRAPO:  GAS BILL TAKES ACTION FOR PRICE RELIEF 

Co-sponsors the Gas Price Reduction Act of 2008

Washington, DC - Idaho Senator Mike Crapo announced today that he is
co-sponsoring the Gas Price Reduction Act of 2008 because it seeks to
both reduce prices at the pump and provide long-term energy policy
specific to vehicle fuels that will benefit consumers and the
environment.  Crapo joined with more than 40 other Senators, including
Senate Republican Leader Mitch McConnell, in introducing the legislation
today.

"The key to our energy future is to take a balanced approach to domestic
production, conservation and alternative fuel development," said Crapo,
a member of the Senate Renewable and Energy Efficiency Caucus.  "This
legislation may be our best chance to see price relief because it
addresses all the major areas of debate on gas prices-increased domestic
production off-shore and possible oil shale development, utilizing more
electric and alternative fuel vehicles, and strengthening oversight of
oil futures trading to prevent abuses which could affect prices."

Crapo noted studies show that oil shale reserves centered in Utah,
Colorado and Wyoming could hold up to three times the oil reserves of
Saudi Arabia and that deep-sea exploration could produce more oil than
all the exports from the Persian Gulf over the past 15 years.

"This legislation frees our nation to aggressively move to become much
less dependent on foreign sources of energy," Crapo added.  "Energy
independence and a transition to alternative and reusable forms of
energy are critical to our long-term economic security." 

More information about the Gas Price Reduction Act of 2008 is available
on Crapo's website at http://crapo.senate.gov
<http://crapo.senate.gov/>
.  He will also host a radio talk show on energy issues next Tuesday,
July 1st, from 4:00 to 7:00 p.m. in Boise on KBOI-AM 670.  Crapo has
received well over a thousand e-mails from Idahoans concerned about high
energy prices. 

To directly link to this news release, please use the following address:

http://crapo.senate.gov/media/newsreleases/release_full.cfm?id=299797

# # #

FOR INTERESTED MEDIA: A radio actuality is available by calling
1-800-545-1267.  Press 327 at any time during or after the greeting and
instructions.  You can also access the actuality through the Internet at
http://src.senate.gov/radio/.

......................................................................

This is generated from an unattended mailbox. If you have constituent
comments or information you would like forwarded to Senator Crapo,
please do so at the Senator's website, http://crapo.senate.gov
<http://crapo.senate.gov/> . Comments sent to this e-mail address will
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