Wow.. This is brilliant analysis. Read the whole thing.
-Ian.
—— Forwarded Message From: “B.K. DeLong”
(Sidenote: I’ve since discovered that since the price cap went from $750 to $500, it’s bee dropped to a hard cap of $250 and a soft cap of $150. However, a letter from some power generators I came across says that an order from our current Sec. Energy superceeds both current hard and soft caps and may allow for a return to much higher prices. Can you say “Bush-generated power crisis?” More info to come….)
At 07:19 AM 05/15/2001 -0400, Grlygrl201 [at] aol [dot] com wrote:>i just can’t get over that he suggested we use our tax “refund” to cover the
>increased cost of energy – and the accompanying increases in food, shelter,
>you name it – and no one is calling him on it.
Agreed. I haven’t been following the thread but correct me if I’m wrong – the only reason energy prices are so high is because the unregulated producers of said energy have marked up the price almost 1900% during peak usage times [1] and the only reason there is an energy shortage is because the utilities cannot afford to purchase as much energy from said producers due to this unregulated price gouging…hence, there is no energy shortage and both Dubya and Cheney (the latter of whom declared $36M[2] on last year’s taxes, most of which came from his exercising of stock options from Halliburton Co a *surprise* energy company that boasts it helped stimulate the most prolific producing oil well in the Gulf of Mexico) have no plans to step in and intervene with the energy companies. Hey, Bush and Cheney are oil men and many of the key people involved in the raping of California with regards to power are the very people who made contributions and helped get them elected.
The point? Of course they’d recommend we use our tax cuts towards paying increased energy costs. Of course Cheney would make the absolute ridiculous claim that “Conservation may be a sign of personal virtue, but it is not a sufficient basis for a sound, comprehensive energy policy” [3] while Bush is running around trying to use eminent domain[4] at the Federal level to put up as many power lines as he can. They’re primary supporters are making loads of money! What’s even funnier is that we have no shortage of energy [5] and even the Federal government’s own scientists have produced research[6] at odds with the Bush administration.
It’s just something Cheney and Bush are pushing, I’m guessing, because since two oilmen hold the top two positions in the country, they want to do everything they can to give the environmental movement the finger, pay back all their supporters, destroy the environment in as many ways as possible that they previously weren’t allowed to, and pave the way for good jobs at energy companies before they are kicked out of office and the Democrats are brought back in to clean things up.
[1] According to a June 2000 article from SJM, prices were spiking as high as $750 per megawatt hour until the ISO board lowered the cap to $500. “Normally, the price of a megawatt hour — which is enough to power 1,000 homes for an hour — ranges between $25 and $40. ”
[2] According to an April 14th AP article, “Vice President Dick Cheney took in $36 million, according to income-tax documents released Friday.” …”Most of Cheney’s income came when he exercised stock options and sold stock in Halliburton Co., the Dallas-based energy services firm he headed until late in the presidential campaign. The vice president received $4.3 million in deferred compensation and bonuses. He reported $806,332 in salary and $823,509 in capital gains.” ….”Cheney’s tax total put him in the rarified realm of the top 39.6 percent tax bracket, which Bush wants to eventually reduce to 33 percent.” ….”Using the small standard deduction of $7,350, the calculator estimates Cheney’s tax cut under the Bush plan at more than $2.3 million, a 16.1 percent cut. ”
[3] Source for quote and hideous pro-resource consumption rhetoric: http://channel.nytimes.com/2001/05/01/politics/01CHEN.html
[4] “We need more electricity wires carrying product across the country,” the president said Tuesday night at a speech to the Electronic Industries Alliance in Washington. One of the ways Bush intends to achieve that goal is by asking Congress to pass legislation that substantially expands the government’s eminent domain authority http://abcnews.go.com/sections/politics/DailyNews/Electricity_Bush010509.htm l
[5] Forbes says there is no energy crisis and that not even the whole state of California is effected – LA has it’s own municipal power service. Oil and Natural Gas reserves are at an all-time high. http://www.forbes.com/2001/05/02/0502nocrisis.html
[6] “Most of the savings came from installing geothermal heat pumps, an efficient home-heating and cooling system that circulates fluids through underground coils but otherwise uses conventional technologies.” … “The heat pumps, though still something of a novelty, are proven and save so much money that President Bush installed a system at his new ranch home in Crawford, Texas. Cheney’s official home, the Naval Observatory in Washington, also uses geothermal heat pumps to cut down on its energy bill.” http://seattletimes.nwsource.com/html/nationworld/134292670_power06.html
— B.K. DeLong bkdelong [at] pobox [dot] com 617.877.3271
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