what's really driving the high price of oil?
Last week the price of crude oil reached about $130 a barrel after spiking to $140 briefly. The immediate cause? Guesses by oil man T. Boone Pickens and Goldman Sachs that the price could go to $150 and $200 a barrel respectivly in the near future. They were referring to what can be called the hoopla pricing party on the New York Mercantile Exchange. (NYMEX)
(...) Oil was at $50 a barrel in January 2007, then $75 a barrel in August 2007. Now at $130 or so a barrel, it is clear that oil pricing is speculative activity, having very little to do with physical supply and demand. An essential product—petroleum—is set by speculators operating on rumor, greed, and fear of wild predictions.
(...) Over the time since early 2007, U.S. demand for petroleum has fallen by 1 percent and world demand has risen by 1.3 percent. Supplies of crude are so plentiful, according to the Wall Street Journal, “traders of physical crude oil say their market is suffering from too much supply, not too little.” Iran, for instance, is storing 25 million barrels of heavy, sour crude oil because, in the words of Hossein Kazempour Ardebili, Iran’s oil governor, “there are simply no buyers because the market has more than enough oil.”
(...) In an ironic twist, the major price determinant has moved from OPEC (having only 40% of the world production) and the oil companies to the speculators in the commodities markets. What goes on in the essentially unregulated New York Mercantile Exchange (NYMEX)—without Commodity Futures Trading Commission (CFTC) enforced margin requirements, and, unlike your personal purchases, untaxed—is now the place that leads to your skyrocketing gasoline bills. OPEC and the Big Oil companies reap the benefits and say that it’s not their doing, but that of the speculators. Gives new meaning to “passing the buck.”
(...) He cites “some industry experts, who profit greatly from the high price of crude, and have stated openly that the worldwide economic price of crude, absent speculators, would be around $50 to $60 per barrel.

ralph nader on mike gravel:
Very briefly, The Democracy Amendment asserts the Power of People to make laws, creates an Electoral Trust to administer the national elections, limits the use of money in National Initiative elections to natural persons (e.g. not corporations), and enacts the National Initiative through a federal ballot, when fifty percent of the voters (equal to half of the votes cast in the most recent presidential election) deliver their votes in its favor. Voting can be through traditional and electronic modes.
(...) Mr. Gravel’s political positions place him high on the progressive wing of the Democratic Party. Cong. Dennis Kucinich will find that he is not alone during the forthcoming debates scheduled by the Democratic Party. Don’t expect Mike Gravel to show up in the money-raising sweepstakes. For he really believes in a government of, by and for the People.

military rapes and other problems that need our outrage (nader):
(...) The evidence she amassed included a report in 2003, funded by the Department of Defense (DOD), which declared that nearly one-third of a nationwide sample of female veterans seeking health care through the V.A. said they experienced rape or attempted rape during their service. Of that group, 37 percent said they were raped multiple times, and 14 percent reported they were gang-raped.
(...) All those groups and civil rights leaders who conquered and ended the Don Imus media empire should ask themselves what have they done in any sustained manner, given their power and media access, about the brutality of racism by commercial interests in the urban ghettos. Deaths, injuries, disease and loss of livelihood are a daily occurrence, apart from raw street crime and drugs. Little children seriously poisoned by lead, asbestos and other toxics. Whole neighborhoods redlined without adequate corporate police protection. Predatory lending, predatory interest rates, marketing shoddy products and contaminated food proliferate.