January 27, 2007
-- by Dave Johnson
This is very interesting: TomPaine.com - Manipulating The Oil Reserve,
... It turns out there is good reason to believe that record oil prices may be due to our own strategic oil reserve, which the Bush administration may have been manipulating to drive up prices for the benefit of its clients. This is something Congress must investigate, and here is some preliminary evidence.Some time ago I wrote about Koch Supply and Trading getting the contract to supply oil to the Strategic Petroleum Reserve.
... The last three years have seen rapidly rising oil prices, and a tight oil market has meant that even small increases in demand have had large price impacts. During this period the Bush administration purposely expanded inventories of the strategic oil reserve, which rose from 600 million barrels in May 2003 to 700 million barrels in August 2005. The administration therefore increased demand by 125,000 barrels per day, and oil prices rose from 30 dollars per barrel to 70 dollars.
This company isn't JUST a "major GOP Donor." David H Koch is one of the prime funders of the whole right-wing movement. ... Koch played a role in founding the Cato Institute, which pumps out anti-government Libertarian propaganda. The Koch family had given Cato $21 million as of 1999. He was also involved in founding Citizens for a Sound Economy, another anti-government propaganda outlet. Contributions, again as of 1999, totaled $10 million. Koch also is a major funder of the Reason Foundation, yet another outlet for right-wing anti-government propaganda.One more thing the Congress needs to look into.
... This isn't just a quid pro quo. This government money will be pumped straight back into the Republican machine.
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Dave, you also wrote a post about the Bush Administration stockpiling the strategic reserves while petro was at an all time (then, anyway) high.
You wrote it here on your new site, it's definitely worth digging up and posting again.
Posted by: grannyinsanity at January 30, 2007 4:52 AM
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