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> Puckett to hold townhall meetings on energy prices
Southsider2k12
post Jun 18 2008, 02:03 PM
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Puckett to Hold Town Hall Meetings



South Bend, IN – Luke Puckett, Indiana Second District Republican nominee, announced today that he will hold three town hall meetings next week to discuss soaring energy prices and its overall affect on Second District voters quality of life.



“Soaring energy prices are not only hurting Second District voters in their wallets when they visit the gas pump but also when they visit the grocery store and are forced to pay higher food prices, or when the bill comes in the mail for cooling their homes and inevitably when the bill shows up this winter for home heating costs,” Puckett said. “This is why I am holding three town hall meetings next week to discuss my plan when elected to Congress to reduce our dependence on foreign oil by again opening up the door to domestic exploration.”



Puckett will hold his first town hall meeting on Wednesday, June 25 between the hours of 6pm-8pm EST at the Harris Township Library in the Large Conference Room in Granger, IN.



Puckett will hold his second town hall meeting on Thursday, June 26 between the hours of 6pm-8pm CST at the La Porte County Library Main Branch in the Large Conference Room in La Porte, IN.



Puckett will hold his third town hall meeting on Friday, June 27 between the hours of 6pm-8pm EST at the Rochester Town Hall Complex in the Town Council Chambers in Rochester, IN.



“There is a clear difference between me and Joe Donnelly when it comes to how to tackle rising energy costs,” Puckett said. “Donnelly is on the record as voting for prohibiting domestic exploration and sticking with the status quo failed energy policies of the last three decades. I support finally achieving “Freedom from Foreign Oil” by drilling for oil and gas we know exists right here at home.”
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Dave
post Jun 18 2008, 04:54 PM
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I wonder if Puckett supports drilling for oil under the Great Lakes. rolleyes.gif

He's going to have a hard sell on energy (read: gasoline) prices unless he puts some serious distance between himself and Bush & Co., the good folks who have all that experience in the oil industry, but somehow failed to prevent a 400% increase in gas prices over the past 8 years.
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Southsider2k12
post Jun 18 2008, 04:55 PM
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QUOTE(Dave @ Jun 18 2008, 05:54 PM) *

I wonder if Puckett supports drilling for oil under the Great Lakes. rolleyes.gif

He's going to have a hard sell on energy (read: gasoline) prices unless he puts some serious distance between himself and Bush & Co., the good folks who have all that experience in the oil industry, but somehow failed to prevent a 400% increase in gas prices over the past 8 years.


I just saw a poll today that said 67% of Americans favor increased domestic drilling.
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Roger Kaputnik
post Jun 19 2008, 07:38 AM
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I think you would find that at least that many think if you drill into the Earth you get gasoline out.


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Dave
post Jun 19 2008, 11:28 AM
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I saw this video last night on Countdown with Keith Olbermann:

QUOTE
From Countdown with Keith Olbermann:


McCain, gas prices and the Enron loophole

June 18: A Countdown Special Report on how John McCain's chief economic advisor and others in his campaign helped create and defend pivotal legislation that unleashed speculators to run up gas prices.

http://www.msnbc.msn.com/id/3036677/vp/25252591#25252591




You'll need broadband to see the video.

The claim on there is that the "Enron loophole" which was created in legislation back in, if I remember correctly, 2000, has allowed speculation which may be responsible for as much as 50% of the recent rise in crude oil prices. McCain was involved several different ways with this, initally against the loophole, and now against closing the loophole.

I wonder what Mr. Puckett's stand is on closing the "Enron loophole"? It certainly isn't mentioned in that newspaper article, and google searches of his website (puckett08.com) don't get any hits for the terms "Enron" or "speculation," and the only hits for "loophole" have to do with the alleged need for warrantless wiretaps for anti-terrorism activities (which have also been credited with allegedly "stopping a number of terrorist attacks before they happened" -- does anyone recall hearing about arrests and prosecutions for that? Because I haven't.) He talks about more domestic drilling, which I have no problems with if it doesn't create environmental disasters. Somehow, though, I suspect the drilling and pumping would be happening already if domestic oil was available cheaper than it could be gotten on the international market.
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Roger Kaputnik
post Jun 19 2008, 11:38 AM
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The domestic drilling is just as you described. It will not lower prices because the international oil companies are in full control. Enron is a good story--personally, I think Lay got killed in prison so the wife and family could keep the ill-gotten gains.


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Dave
post Jun 19 2008, 11:43 AM
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QUOTE(Roger Kaputnik @ Jun 19 2008, 12:38 PM) *

The domestic drilling is just as you described. It will not lower prices because the international oil companies are in full control. Enron is a good story--personally, I think Lay got killed in prison so the wife and family could keep the ill-gotten gains.


Heck, simple economics as well. If domestically produced crude oil was substantially cheaper than crude on the international market, they'd be drilling it and -- selling it on the international market.

Except Lay died before he spent a day in prison, supposedly of natural causes. Now THAT is a conspiracy theory that someone could do some interesting work on!

This post has been edited by Dave: Jun 19 2008, 11:46 AM
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Roger Kaputnik
post Jun 19 2008, 11:51 AM
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Oh? I thought he was in the can and then in a box. At any rate, the theory still holds.


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Southsider2k12
post Jun 19 2008, 11:51 AM
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QUOTE(Dave @ Jun 19 2008, 12:28 PM) *

I saw this video last night on Countdown with Keith Olbermann:
You'll need broadband to see the video.

The claim on there is that the "Enron loophole" which was created in legislation back in, if I remember correctly, 2000, has allowed speculation which may be responsible for as much as 50% of the recent rise in crude oil prices. McCain was involved several different ways with this, initally against the loophole, and now against closing the loophole.

I wonder what Mr. Puckett's stand is on closing the "Enron loophole"? It certainly isn't mentioned in that newspaper article, and google searches of his website (puckett08.com) don't get any hits for the terms "Enron" or "speculation," and the only hits for "loophole" have to do with the alleged need for warrantless wiretaps for anti-terrorism activities (which have also been credited with allegedly "stopping a number of terrorist attacks before they happened" -- does anyone recall hearing about arrests and prosecutions for that? Because I haven't.) He talks about more domestic drilling, which I have no problems with if it doesn't create environmental disasters. Somehow, though, I suspect the drilling and pumping would be happening already if domestic oil was available cheaper than it could be gotten on the international market.


Working with those dirty speculators, and as an economist... That is a myth. There may be shortterm gains, but because crude oil is a deliverable product, those contracts have to be sold, which would result in a corresponding price fall right before the last trading day of the contract. Those divergences have not happened.
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Dave
post Jun 19 2008, 02:27 PM
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QUOTE(southsider2k7 @ Jun 19 2008, 12:51 PM) *

Working with those dirty speculators, and as an economist... That is a myth. There may be shortterm gains, but because crude oil is a deliverable product, those contracts have to be sold, which would result in a corresponding price fall right before the last trading day of the contract. Those divergences have not happened.

Not yet they haven't. Speculators drove the price of silver up ridiculously high in the early '80's (Hunt brothers), and that bubble burst eventually.
I just hope that if the speculative energy bubble bursts that the government tells companies like Morgan Stanley to go pound sand when they ask for a bailout.
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Roger Kaputnik
post Jun 20 2008, 10:03 AM
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The big banks in NY (and the world) pretty much own the gov't. If there is a bailout, do not expect it to be out in the open.


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Southsider2k12
post Jun 20 2008, 10:24 AM
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QUOTE(Dave @ Jun 19 2008, 03:27 PM) *

Not yet they haven't. Speculators drove the price of silver up ridiculously high in the early '80's (Hunt brothers), and that bubble burst eventually.
I just hope that if the speculative energy bubble bursts that the government tells companies like Morgan Stanley to go pound sand when they ask for a bailout.


The Hunt bothers weren't speculators, they were criminals. Big difference. Speculators provide a critical role to the market place in giving suppliers a hedge against price changes.
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Roger Kaputnik
post Jun 20 2008, 12:09 PM
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The Hunts were illegally cornering the market. Weren't they pals of the bush's?


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Dave
post Jun 20 2008, 12:43 PM
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QUOTE(southsider2k7 @ Jun 20 2008, 11:24 AM) *

The Hunt bothers weren't speculators, they were criminals. Big difference. Speculators provide a critical role to the market place in giving suppliers a hedge against price changes.

I don't dispute that. So long as Morgan Stanley doesn't expect the government to treat it the same way Bear Stearns got treated, I have no problems with them either. But should the bubble burst and Morgan Stanley ends up with a bazillion dollars of worthless paper, I expect them to get treated the same way I am when I buy a losing lottery ticket.
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Southsider2k12
post Jun 20 2008, 01:03 PM
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QUOTE(Dave @ Jun 20 2008, 01:43 PM) *

I don't dispute that. So long as Morgan Stanley doesn't expect the government to treat it the same way Bear Stearns got treated, I have no problems with them either. But should the bubble burst and Morgan Stanley ends up with a bazillion dollars of worthless paper, I expect them to get treated the same way I am when I buy a losing lottery ticket.


The Bear Sterns bailout was a different story. The banking sector could have been in jeapordy if they went under. A better parallel would be the Man Financial $140 million trading loss that they took, or the $500 million Refco losses, with neither company getting bailed out for trading losses.
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