But they want taxpayer bailouts when their speculation goes bad...

Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world - more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. Three companies have been chosen to lead the way. Test drilling has already begun
http://www.rense.com/general70/doro.htm
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__________________
"What is History,' said Napoleon, 'but a fable agreed upon' - Ralph Waldo Emerson - 1848
"A Scottish philosopher once said that history is a set of lies agreed upon." - Enos Abijah Mills - 1920
"Napoleon said history is a set of lies agreed upon" - Modern day authors
"The exact contrary of what is generally believed is often the truth." - Jean de La Bruyère
Napoleon said none of the above. Tell me, what did Napoleon actually say about history?

Rep. Maurice Hinchey (D-NY), member of the House Appropriations Committee...."We (the government) should own the refineries. Then we can control how much gets out into the market."

Additional rhetoric from House Democrats

"The White House has become a ventriloquist for the oil and gas energy. The finger should be directed back at them. They had plenty of opportunity to (arrange an energy policy). But they did not put an energy policy in place." Rep. Ed Markey (D-MA), chairman of the House Select Committee on Global Warming

"What we do has to be in the interest of the American people. Not major corporations." Rep. Rahm Emanuel (D-IL)

No oil bashing session is complete without......

"You cannot drill your way out of this."
Rep. Ed Markey (D-MA), chairman of the House Select Committee on Global Warming

continued.........
http://www.energyinvestingnews.org/
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__________________
"What is History,' said Napoleon, 'but a fable agreed upon' - Ralph Waldo Emerson - 1848
"A Scottish philosopher once said that history is a set of lies agreed upon." - Enos Abijah Mills - 1920
"Napoleon said history is a set of lies agreed upon" - Modern day authors
"The exact contrary of what is generally believed is often the truth." - Jean de La Bruyère
Napoleon said none of the above. Tell me, what did Napoleon actually say about history?

Wonderful. First the Democrats in Congress want to nationalize catastrophic flood insurance. Now they talk about nationalizing oil refineries.

Isn't Exxon suing Venezuela for doing that very thing?

Don't we have an embargo on Cuba for nationalizing American assets?

__________________
Czar of the 26th Ward.

I am skeptical of this "secret" discovery or solution. Not only is oil shale hard to extract but it uses more energy to convert it into actual crude. Moreover, how long to get this stuff on the market before it drives the price of crude back down to $10-20 a barrel? I'll believe all this when I see it.

As far as nationalization ..well sovereign wealth funds are the direct result of nationalization of resources..the trend is increasing as nations begin to realize their resources should no longer be exported but retained for domestic consumption due to growing scarcity..whether right or wrong it is an increasing reality...

Governments risk losing legitimacy if they do not manage their own natural resources responsibly....SECURITIZING resources overseas militarily is also costly in more ways than one (blood and treasure).

They killed the electric car and they will kill everything else too.

Living without oil
Mon Feb 10, 2003 - 12:00 AM ET

"Grant Goodman wanted to do his part to reduce U.S. dependence on foreign oil. So two years ago, the Phoenix concrete producer began using biodiesel--made from refined soybean oil--to fuel his fleet of 130 diesel-powered cement mixers and excavators. For his efforts, Goodman in 2001 won a local entrepreneur of the year award and plaudits from the Environmental Protection Agency (news - web sites ). But protecting the Earth was not Goodman's only concern. "Let's start with national security--the billions and billions we waste dancing around the issue, protecting those pipelines, invading Iraq (news - web sites), doing whatever else we're doing in the Middle East. It all gets down to continuing the flow of oil to this country."

Goodman's stance hasn't been easy. Biodiesel fuel sold for 70 cents per gallon more than regular diesel fuel, giving competitors of his Rockland Materials a decided edge. "It cost me a few hundred grand," says Goodman. Those harsh economics forced him last year to resort to a petroleum mix including 40 percent or less of biodiesel. But don't count him out. He plans to build his own soybean oil re-finery this year to help him return to 100 percent biodiesel. Goodman has urged other local businesses to make the switch, but as long as petroleum is cheaper, he says, "I'm this guy screaming in the wind."

Sure, in theory, everyone agrees the nation should break its 20 million-barrel-a-day oil habit, 58 percent of it imported. Last week, President Bush (news - web sites ) noted that "sometimes we import from countries that don't particularly like us. It jeopardizes our national security." Antiwar protesters, who argue that Iraq's massive oil reserves have made it a U.S. target, use sharper rhetoric. "No blood for oil!" they shouted at demonstrations at gasoline stations around the country last week. At the other end of the political spectrum, Martin Feldstein, who headed former President Reagan's panel of economic advisers, has argued that the United States should set a goal of complete oil independence by the year 2020. "Otherwise, we will continue to be hostage to the policies of the current and future rulers of Saudi Arabia, Iraq, Iran, and their neighbors." And indeed, the jitters of potential war in the Middle East and political upheaval in Venezuela, the nation's fourth-largest oil supplier, have pushed up the price of gasoline for eight consecutive weeks. If global events turn awry, an oil price shock could, as has happened repeatedly in the past, tip the struggling economy back into recession.

Within reach. But has anyone found a reasonable alternative to the black gold that fuels the U.S. economy? Some answers seem tantalizingly close, especially for transportation, which consumes the vast majority of our oil. Hundreds of truck fleets and bus systems already run on two diesel-fuel alternatives, biodiesel and natural gas. Meanwhile, biotechnology has made it possible to extract fuels from farm products like corn husks, long discarded as waste. And, of course, there are the many recent advances in the harnessing of energy from the world's most abundant element, hydrogen--the science for which Bush pledged $1.2 billion support in his State of the Union message.

But much more money and an even broader government commitment will be needed to reverse the current U.S. trajectory toward greater oil addiction. After all, largely because of the popularity of gas-guzzling sport utility vehicles, the average fuel economy of the 2003 fleet of cars sank 6 percent below the peak set 15 years ago. Critics say that until the new technology is ready to help the nation kick the oil habit, the Bush administration should focus on breaking the addiction step by step. Fuel-economy regulations, they argue, could force greater use of the breakthrough hybrid gas-electric engine and other lesser-known innovations that can squeeze more miles out of every gallon of gasoline.

Japan's government, for example, vows to put 10 million "ecofriendly" cars on its roads by 2010, a number it hopes will include not only 50,000 hydrogen fuel cell cars but also natural gas vehicles, electric autos, and hybrids. Japan's auto industry views that as an attainable goal, given the tax incentives and subsidies that support it. Stephen Tang, president of Millennium Cell, an Eatontown, N.J., firm that has developed a hydrogen fueling system, is hopeful that a similar commitment will catch fire here. "If we can get the oil man to say the word 'hydrogen,' that's significant progress," says Tang.

In his so-called FreedomFUEL initiative, the president zeroed in on what is unquestionably the most promising alternative fuel. Hydrogen is everywhere, and when used to power a special battery called a fuel cell, its only waste product is water. It's an alluring option, but slippery. Hydrogen is extremely difficult to harness, store, and distribute. And many people are most familiar with hydrogen for its darkest moment: the 1937 Hindenburg dirigible disaster. However, scientists reported in 1998 that the zeppelin's flammable coating, not its fuel, ignited this deadly blaze.

Lip service? All of the major oil firms have investments in hydrogen; in fact, BP's new motto is "Beyond Petroleum." But energy analyst Fadel Gheit of Fahnestock & Co. says the corporate commitment is "minuscule." The Royal Dutch/Shell Group's promised $1 billion for renewable energy over the next four years fades beside its $24.6 billion capital investment, mostly in oil and natural gas, in 2002 alone. "These companies don't want to be left out in the event that some of these ventures come to fruition," Gheit says, but "they're not holding their breath."

How soon will cars that run on hydrogen be on the market? "My answer has always been 'four years after we figure out how to have hydrogen at the corner gas station,' " says Thomas Moore, vice president of DaimlerChrysler's advanced car division. Perhaps scores of firms are working on solutions. DaimlerChrysler, which has earmarked $1.4 billion for fuel cell research from 2001 to 2004, has worked with Millennium Cell on a concept car, the Natrium, named after the Latin word for sodium. It is fueled with a water solution of the compound sodium borohydride, and a chemical reaction releases hydrogen as needed. Energy Conversion Devices, a Rochester Hills, Mich., company chaired by former General Motors CEO Robert Stempel and developer of the nickel metal hydride battery that now powers hybrid cars, has worked with ChevronTexaco to convert that same technology into a hydrogen storage and delivery system. A metal hydride element aboard the car would absorb hydrogen, like a sponge, then release it as needed into the fuel cell to power the vehicle.

Although President Bush called hydrogen a "pollution free" technology, that isn't necessarily the case. Extracting hydrogen from its most common source, water, requires electricity. Energy Secretary Spencer Abraham (news - web sites ) says that electricity could come from coal, a domestic but dirty source, or from nuclear energy, an option whose expansion the U.S. public has not welcomed. Hydrogen also can be gleaned from gasoline, an idea that has garnered notable support from Big Oil. Environmentalists want to see large amounts of new wind and solar power deployed to help generate the fuel, and the Bush plan would put most funding toward that goal. But wind power, although competitive and growing at a rate of 28 percent last year, still accounts for less than 1 percent of U.S. electricity. Expensive solar's footprint is even smaller. Until renewable energy is more widespread, many suspect that hydrogen will be manufactured out of a clean, though not ideal, alternative fuel, natural gas.

That's the hope of H2Gen of Alexandria, Va., which plans to roll out its first on-site hydrogen generation stations using natural gas later this year. The company hopes to silence critics who say distributing hydrogen would be prohibitively expensive, requiring either tanker trucks of liquid hydrogen or construction of a new nationwide pipeline system. H2Gen's idea is to hook its 6-by-7-foot fueling stations to existing natural gas lines and, through an on-site chemical process, extract hydrogen at a cost competitive with that of gasoline. "We see ourselves as a transition to the renewable hydrogen future," when there's enough wind and solar energy to produce hydrogen from water, says Sandy Thomas, company president.

When consumers begin to see hydrogen cars in showrooms, which General Motors Vice President Larry Burns thinks will be by 2015, they may not be recognizable. GM's version, the Hy-wire, has no hood, steering wheel, or pedals. The driver uses handgrips to steer, accelerate, and brake while looking out through a floor-to-ceiling windshield. "We think we can truly reinvent the automobile and the industry around the fuel cell and make good money doing that," says Burns.

High stakes. But with terrorism a national concern, many observers see 12 years as too long to wait for the country to wean itself from Middle East oil. Given the high stakes, is any alternative ready now? U.S. farms and fields have yielded some homegrown energy choices, like biodiesel, natural gas, and ethanol, but..." more:
http://www.google.com/search?hl=en&q...=Google+Search
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__________________
"What is History,' said Napoleon, 'but a fable agreed upon' - Ralph Waldo Emerson - 1848
"A Scottish philosopher once said that history is a set of lies agreed upon." - Enos Abijah Mills - 1920
"Napoleon said history is a set of lies agreed upon" - Modern day authors
"The exact contrary of what is generally believed is often the truth." - Jean de La Bruyère
Napoleon said none of the above. Tell me, what did Napoleon actually say about history?

Shale oil will never drive the cost of crude down to $10 or $20, as you say it costs too much to extract. It could help it to stabilize in the $100 range though.

NHA, if you want people to switch to renewables they need to have economic reason to do so. When they're cheaper, people will eat them up. You could force the issue by slapping a huge tax on gas, but that probably won't go over well right now.

I would consider this as a last resort...better still, abolish the FED, and nationalize all mojor 'money center' banks, like JPMorgan/Chase, CitiBank, and 'investment banks' like Goldman Sachs.

Good lord, you're all sorts of crazy, aren't you?

We had a central bank once. Andrew Jackson abolished it because he thought Philadelphian were "uppity".

Exxon Valdez $2.5 bln oil spill ruling overturned
18 minutes ago

The Courts do a fair job at bailouts too.
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__________________
"What is History,' said Napoleon, 'but a fable agreed upon' - Ralph Waldo Emerson - 1848
"A Scottish philosopher once said that history is a set of lies agreed upon." - Enos Abijah Mills - 1920
"Napoleon said history is a set of lies agreed upon" - Modern day authors
"The exact contrary of what is generally believed is often the truth." - Jean de La Bruyère
Napoleon said none of the above. Tell me, what did Napoleon actually say about history?