"Congress and George Bush could take a step tomorrow that would create a drop in oil prices of between 25 and 50 percent overnight, simply by closing the Enron Loophole.

This is according to testimony before a Senate Committee two weeks ago by Michael Greenberger, the former director of Trading & Markets for the Commodities Future Trading Commission (CFTC), the government board that oversees commodities markets:

“Yes, overnight [closing the Enron Loophole] will bring down the price of crude oil to get at least a 25 percent drop in the cost of oil and a corresponding drop in the cost of gasoline. Some people estimate 50 percent.”

Greenberger’s testimony was brought to light by an investigation into the Enron Loophole by Keith Olbermann on MSNBC’s “Countdown” last week. (A transcript of Olbermann’s report follows.)

The Enron Loophole is the nickname for a provision written into the Commodity Futures Modernization Act (CFMA) of 2000 that was drafted by lobbyists for Enron and inserted in the bill by then Sen. Phil Gramm (R-Texas) that deregulated an aspect of the market Enron sought to exploit with its “Enron On-Line” trading program, the first Internet-based commodities transaction system."
http://www.pensitoreview.com/2008/06...op-oil-prices/

Too bad he didn't also explain that it would cause a Worldwide Depression...

I agree with him on Social Security, except instead of just "locking" it away, I would allow a portion to be "invested" by the Individual in a limitted amount of Securities.

__________________
"...I shall prefer emigrating to some country where they make no
pretense of loving liberty -- to Russia, for instance, where despotism
can be taken pure, and without the base alloy hypocrisy."

Abraham Lincoln

They helped.

__________________
"...I shall prefer emigrating to some country where they make no
pretense of loving liberty -- to Russia, for instance, where despotism
can be taken pure, and without the base alloy hypocrisy."

Abraham Lincoln

american car companies could have made more fuel efficient cars too. the dealership lots here are crammed with vans trucks and SUVs. wtf are they going to do with all of them.

watch american TV and every other vehicle ad is for a big ass truck or SUV. like wtf!! so out of touch. and they have been for a long time.

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What can be asserted without evidence can be dismissed without evidence.

Can't they be recycled somehow?

Artificial reefs!

ahh but China and India are the reason why the Artic ice is melting. Its not the co2 but the sulpher and nitrious oxide that they are putting off in massive amounts. Sulphur combinds with water to make sulphur dixoide which makes clouds of very fine water particles. These particles dont combine readily to make drops heavy enough to fall as rain. This cloud cover dirfts right over the Artic and warms the area melting the ice.
So what you are all saying is to destroy our ecomony, ie no employment and lots of hungry people, and ignore the real problem?

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Robbing Peter to pay Paul will always have the support of Paul. The locusts have desended on Washington.

And the reason why no one wants to buy an american made car is because they are low quality pieces of junk that are always in the shop. Thank you UAW.

__________________
Robbing Peter to pay Paul will always have the support of Paul. The locusts have desended on Washington.