Category Archives: Phil Gramm
John McCain and his..cough..adviser Phil Gramm heart the Enron Loophole. This loophole is why the price of energy is so fucking high..not because there is any shortage of oil on the market or that we need to drill in ANWAR or any other sensitive areas as Bush pushed this morning in his press conference speechifying. From Bill Scher’s article on TomPaine today:
President Bush’s push to drill in the Arctic National Wildlife Refuge — where an estimated 10 billion barrels of oil lie — would only reduce the price of crude oil per barrel by about 50 cents, 17 years from now, according to Bush’s own Energy Department. My colleague Isaiah just pointed me to a new Department of Energy analysis, adjusting that estimate to 75 cents.
The price of crude oil per barrel has jumped 100 dollars in the Bush Era, leading prices at the pump to more than double. Shaving the crude oil price 75 cents by 2025 amounts to no savings at the gas station.
That’s what we would get for ANWR’s 10 billion barrels. What about the moratorium areas off continental America’s coastlines?
McCain’s speech today estimates that there 21 billion barrels in the moratorium areas. That seems a touch high. The Energy Department put it at 18 billion a few years ago. Popular Mechanics reports an estimate of 19 billion.
Regardless, it’s about double of what’s estimated in ANWR.
Just to put a fine point on it, lowering the price of crude oil per barrel by $1 is roughly equal to a reduction in price at the pump of 2.5 cents per gallon. So lifting all of the above moratoriums, lowering the price of crude by $2.25 per barrel, would lower the price at the pump by less than 6 cents by 2025.
Meaningless, after prices have skyrocketed more than $3 a gallon between Dec. 2001 and today.
Thanks to a new article up on the website The Public Record, I now have an Excedrin headache. Philly Gramm has only served one constituency his entire public life…that of the Corporatocracy and it’s incestuous sister the Financial Industry. Now, as Weathervane McCain’s chief economic advisor, we can expect old Johnny to tow the corporate line too, but of course under the guise of helping Americans.
Phil Gramm hates regulation of any market or any business. His love of all things capitalistic is legendary, as Leopold points out in his piece. Gramm was instrumental in giving Enron free rein during their heyday.
It’s also a family affair for the Gramms. His wife Wendy was on the board of directors at Enron.
So, when McCain says he doesn’t like something that will hamstring businesses and/or corporations…he is really towing the line as laid out by Phil Gramm. Take the Farm Bill currently before Congress. Johnny says he doesn’t want to reward lobbyists…but if the truth be known..that ain’t the real bitch that McCain and his buddy Gramm have with the bill. From TPR’s article:
But the aide, who spoke on condition of anonymity, acknowledged that the presumptive Republican presidential nominee also opposes the farm bill because Gramm advised McCain that he should resist its regulatory language on the energy futures market.
Interesting no? Gramm is still looking out for his buddies. Bush has already stated he will veto the bill, because he too is a big supporter of unfettered capitalism..even at the expense of we, the people.