Wednesday, December 03, 2008 | 5:06 p.m.

Oil Woes Left and Right

by Mona Charen

So much for the idea that Bush went to war for cheap oil. Yes, I know, they're now imagining that high gas prices are actually lining the pockets of the president's cronies at Exxon and Sunoco. But this is not an argument advanced by grownups.

I cannot pretend to plumb the intricacies of oil prices. I gather that the current high prices are attributable to a number of factors including, in no particular order: the decline of the dollar, high demand, and OPEC. But it does appear to me t ...

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Posted by: Westy
Comment: #1
Tue Jun 3, 2008 12:05 AM

Having been the subject of a number of media interviews as well as having personally been the beneficiary of millions of petro dollars from three of the largest oil companies in the past decade, I have some amount of relevant experience in witnessing the ever continuing sloth and laziness of members of the forth estate. Could you have spent just a few moments making just a few calls, doing just a modest amount of insightful research or even devoting an hour of thoughtful reflection on your oil and energy disinformation brain fart? Oil prices: Seven years of erosion of the value of the dollar brought on by a borrow and spend binge unprecedented in world history; coupled with a spectacular explosion of the housing bubble sends frightened institutional investors in search of the next commodity beyond securitized mortgage instruments. The erosion of the dollar begins the rise of oild prices but the acceleration is fairly clearly driven by the fight or flight response of dumb money hedge funds seeking illusive security. Duh. This too shall explode spectacularly like the bubbles that have preceeded it and the flight of capital shall then create a new bubble elsewhere in the market driven by the lemminng mentality of slothful, lazy investment fund managers. Bush: "Some call you the Elite, I call you my base." To imply that his actions and to sheep like commitment of the mindless in congress have not padded the nouveau fortunes of campaign donors is silly. From investment bankers to oil executives the bubble has provided near immeasurable wealth to some and increasing hardship to many. Solar: The replacement of imported oil with alternative electricity sources including centralized and decentralized solar production by any sensible measure could have been accomplished for less that the three trillion dollars wasted in the installation of a pro-Iraninan, undemocratic regime in Iraq. Do the math, it's not hard to look at total production costs, consumption patters and investment requirements. It should take you about an hour of internet research and another 30 minutes with a spreadsheet to determine that three trillion was plenty. Anwar: This long discredited propaganda campaign is simply a ruse for expanding an already obscene Alaskan welfare program formulated by the now humiliated former governor and his two side kicks now under federal investiation for their even more corrupt adventurism. Could you spend 20 minutes and pull up the former governor's last appearence on 60 Minutes where he gleefully admitted to the charade? It's about building a pipeline to nowhere. Clearly it has more oild than Chesapeak Bay but Pruhome bay? Only in the wet dreams of Alaskan Republicans eager for the next payoff. Duh. Conservatives with juvenile self loathing public temper tantrums: Who knew? The real cost of using some assets is born not by the owner of the asset but rather by the innocent harmed by the use of the asset. Acid rain in the north east, climate change, water pollution, land contamination the list of inevitable consequences of pretending that because you can claim ownership to an asset gives you the right to use it in any way you like without regard to who else might be harmed is a silly as someone putting a pistol to your head, pulling the trigger and claiming that they should face no sanction because they "owned" the gun. Nuclear Power: The Department of Energy exists primarily to manage the billions of dollars of government subsidies funnelled to the nuclear industry so that those who build, own or operate the facilities can claim they are cost effective and clean with a straight face. Get rid of the department of energy and who would distribute the corporate welfare required to support that very profitable lie. Get rid of the DoE and the hot and cold running supply of nuclear weapons might be compromised. Nulear energy and nuclear weapons are inherently unsafe, produce materials as a by product that are even more unsafe when diverted to public or private weapons development programs and evoke a NIMBY response more powerful than a derogatory Cheney joke. But since you couldn't be bothered to take some well know cost numbers and determine the cost of replacing foreign oil that fuels despotic regimes and terror states who could expect you to be bothered to figure out the real costs of the nuclear subsidy industry?

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Wednesday, December 03, 2008 | 5:06 p.m.
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