Pelosi's Cartoonish Comments on Gas Prices

Townhall.com ^ | February 26, 2012 | Chris Edwards

[Kaslin]

The congresswomen’s comments are so cartoonish, I don’t even have to comment on them. But I thought Cato readers would like to know what the minority leader of the U.S. House is saying about rising gas prices. From a Nancy Pelosi press release today:

Independent reports confirm that speculators are driving up the cost of oil, hurting consumers and potentially damaging the economic recovery. Wall Street profiteering, not oil shortages, is the cause of the price spike.

We need to take strong action to protect consumers from this speculation. Unfortunately, Republicans have chosen to protect the interests of Wall Street speculators and oil companies instead of the interests of working Americans by obstructing the agencies with the responsibility of enforcing consumer protection laws.

We call on the Republican leadership to act on behalf of American consumers and join our efforts to crack down on speculators who care more about their profits than the price at the pump even if these spikes harm the American consumer and our economy.

For a rational discussion on energy policy, see Downsizing the Department of Energy.

Department of Energy

The Department of Energy oversees nuclear weapons sites and subsidizes conventional and alternative fuels. The department has a history of fiscal and environmental mismanagement. Further, misguided energy regulations have caused large loses to consumers and the economy over the decades.

The department will spend about $45 billion in 2011, or about $380 for every U.S. household. It employs about 17,000 workers directly and oversees 100,000 contract workers at 21 national laboratories and other facilities across the nation. The department operates 37 different subsidy programs.

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Timeline of Government Growth

• See this timeline for key events in the department’s growth.

Reading Room

• Here are background studies that examine the department's activities.

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Spending Cuts Summary

• Here are proposed spending cuts to the department to save taxpayers about $18 billion annually.

Downsize This!

• Energy Subsidies. The department has spent billions of dollars over the decades on dead-end schemes and dubious projects that have often had large cost overruns.
• A Brief History of Energy Regulations. Most federal intrusions into energy markets have been serious mistakes. They have destabilized markets, reduced domestic output, and decreased consumer welfare.

• Energy Intervention Today. The current arguments for energy intervention and energy subsidies fall short.

"All Americans are involved in making energy policy. When individual choices are made with a maximum of personal understanding and a minimum of government restraints, the result is the most appropriate energy policy."

- Reagan administration energy plan, 1981

[Former Proud Canadian]

I don't know where you are coming from. The US has net imports of 9 million b/d.

Are you suggesting that the oil companies are exporting oil that should go to domestic consumption thereby driving up the price?

[Constitutional Patriot]

Pelosi is a complete idiot as is anyone from that G-d forsaken city who supports here. Still waiting for that earthquake...

[autumnraine]

I am suggesting that the oil is on federal lands, OUR lands.

This is the equivalent of someone buying water rights on your personal property, while you are thirsting to death and they are selling it to the highest bidder while you are struggling to buy it somewhere else.

At some point wouldn’t you penalize them for not giving you at least first opportunity to purchase or suffer a penalty for selling to someone other than yourself.

I am NOT saying the government should own the oil, I am not saying the government should TELL the oil companies what to do with their oil. I am saying there is nothing wrong with an export tax.

[Former Proud Canadian]

Ok, so you want to tax crude oil exported from the US. Does this include products? Gasoline? Propane? Bunker oil? Diesel? Natural gas? Coal?

At what rate would you set the tax?

What is the purpose of taxing these exports?

Can you foresee any bad side effects?

[a fool in paradise]

Warren Buffett lost one billion dollars in 2008 speculating on oil. CNN anchors were saying $200-400 barrel prices were coming.

Barack is quite content with $5 a gallon gas.

[LtKerst]

Nancy Pelosi
“Speculators”....She is Lying.
Remember..”You Have to Pass the Bill before We get to see whats in it”....She should have been Imprisoned just for that Lie.
Then there is the absurd...”Unemployment checks are Stimulating the Economy”...Only a Moron Democrat would swallow that Crap.
and also Her comment that She didn’t know about the WaterBoarding....another Lie to the American People.
She must be distracted getting her Family and Friends
rich off the Treasure Island Ripoff.
and dont forget Her Resturants and Winery dont allow Unions.....

[ripley]

Her comments may be cartoonish, but they will be accepted by many in the electorate and she may very well be speaker once again.

IMHO

[Seaplaner]

You are precisely correct.

They are not stupid. They work (in well-organized unison) to scare us into letting them "solve" all problems (real or falsified) by confiscating freedom and property, and installing themselves as the benevolent protectors against the free-market boogiepersons.

.