JUNE
27, 2005 --
LPR
heardrecently that Washington is going to take action on the
Administration's energy bill.
Considering the skyrocketing price of crude oil, reported recently to be attributed
in part to anxious oil traders, LPR has no objection if the energy measure
require oil traders to be tested for anxiety, and, if necessary, receive treatment
for
the malady.
Last week, the drop in stock market prices was attributed to the zooming price
of oil. The Dow Jones closed at 10297.84, June 24. This represents a drop of
485.17 points -- some 4% -- from from the 2004 closing price of 10783.01.
Perhaps President Bush might offer this variation on a theme of Franklin D.
Roosevelt: "The only thing we have to fear as to the price of oil is the
fear of oil traders, themselves" -- and then the President should act
accordingly.
LPR believes that high oil prices are not good for the economy, not good for
the common good, and certanly not in the national interest.
LPR has a hunch that strangling oil prices are good for the aggrandizers who
believe they are entitled to get very, very rich on the sacrifice of others
- a mindset that this country disfavored, Madison indicated in Federalist Paper
No.57.
When is a public official going to call attention to the "common good" spirit
of Federalist 57 -- a spirit that is at the core
of the legacy left us by the Founding Fathers?
To see the Dow Jones average in inverse proportion with oil prices is to imagine
an Ian Fleming-like group -- Committee to
Acquire Bargain Assets in the Land of Liberty (CABALL) -- working to bring
the United States to its economic knees. Who would stand against CABALL?
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Gas
prices at an Amoco station in Bronx, New York, June 22.
Two days later the prices were six cents higher.
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Thus far, LPR
sees no response from Republicans and Democrats who apparently
are to busy squabbling with
each other than to take a moment to address the common good.
Again, LPR believes it quite significant that we have yet to hear a Republican
or Democrat call for the parties to come together and work for the common good
to end the oil squeeze on our country.
Polls continue to indicate the people are losing confidence in the president
and Congress. Certainly the drop in the stock market is not an expression of
cofidence in our political leaders. LPR would add that the rising price of
oil is an indication that the oil sector has little respect for the Bush Administration.
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