All Posts Tagged With: "energy deadlock"
AMERICANS SUFFER WHILE CONGRESS AND CANDIDATES ARGUE
ALARMING PERFECT STORM SLAMS STOCK MARKET
Upon news of a “perfect” storm the DOW collapsed today dragged backward by record per barrel oil, threats of corporate tax increases and windfall profit taxes, new taxes on investors, opposition to increasing domestic oil production and $7 per gallon fuel costs that impact companies from General Motors to Blackberry and predicted declining sales and earnings. Countrywide announced it is cutting 7,500 jobs.
The GOP introduced a bill in Congress to increase domestic oil production including offshore drilling and dropping the oil shale moratorium, adding incentives for alternative fuel vehicles, restrain speculators and keep away from ANWR.
Barack Obama spoke platitudes about “setting goals for energy” as the stock market collapsed he said the Federal Reserve needs from Congress, and called for a second stimulus package. He said the problem now is much more serious than in the early 1990s. He said ending the Iraqi War would help the domestic economy. He had no concrete suggestions. Clearly Obama is banking on a basket of untested and as yet undeveloped techniques to replace oil based fuels but nothing to change anything for 10 years. As he spoke oil touched $140 a barrel and the DOW averages dropped 358 points.
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