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Tuesday, October 03, 2006

George Allen and the Manipulation of Gas Prices

I just wanted to put a bow on my posts from yesterday about price manipulation in energy markets. While I made the case for Republicans in general being responsible for allowing unchecked speculation in energy markets (unchecked speculation being a significant driving force in the massive increases in and recent drop in crude oil and gasoline prices), I think it is important that Virginia voters know how George Allen feels about the practice that has helped put a strain on our wallets while helping the rich get richer.

He's totally cool with it.

Unregulated energy speculation is a holdover from the special favors that were granted to Enron by the Republicans. You remember Bush's buddy "Kenny-boy" Lay, right? George Allen sure does. You see, he took money from Enron.

But hey, anybody can make a mistake, right? The Enron debacle showed everyone that regulation was needed in energy. So, what did "Senator" Allen do? Did he sponsor a bill to give some oversight to the energy speculation market?

I think we all know better than that.

He did what he has done his entire time in the Senate. Jack $#!#.

Actually, that's not entirely true, he also "raised over $380K from individuals working in energy and over $420K from energy PACs."

Oh, and he "voted against the Cantwell, D-Wash., amendment to the Domenici, R-N.M., amendment. The Cantwell amendment would prohibit manipulative practices in energy markets."

Oh, and most importantly, he "voted against the Feinstein, et al., amendment which requires the Federal Energy Regulatory Commission (FERC) to promulgate regulations establishing an electronic information system to facilitate price transparency and participation in markets subject to the jurisdiction of the Commission. It also repeals the "Enron" exemption for large traders in energy derivatives and applies the anti-manipulation and anti-fraud provisions of the Commodity Exchange Act to all over-the-counter trades in energy derivatives; and provides an exception for financial derivatives and metals."

Nowhere in Allen's energy independence plan does he call for regulation on energy speculation. Considering the amount of money Allen has taken from energy interests, this ommission is scandalous if not outright corrupt.

So, "Senator", you want to talk about issues? How about you start by explaining your position on this. I'm sure people would love to hear why you put corporate interests ahead of the interests of everyday Virginians.

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