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Jaydebull

Response from Senator Klobuchar

121 posts in this topic

Dear Jeff:

Thank you for contacting me about oil and gas exploration. Your comments are important to me, and I appreciate hearing from you. In the Senate, I am working on both immediate solutions to high oil prices and long-term solutions to make America more energy independent.

In the short term, I am taking aim at financial speculators who have artificially inflated oil prices to a level nearly double what it was a year ago. Oil CEOs have testified to Congress that oil should be trading at $55 per barrel, not over $100.

The oil markets need a “cop on the beat” to return some order and fairness. That is why I am cosponsoring legislation (S.3139, the Increasing Transparency and Accountability in Oil Prices Act) to strengthen the resources and authority of the U.S. Commodities Futures Trading Commission, which is responsible for making sure our energy markets function honestly and efficiently, closing loopholes that currently allow traders to evade government oversight. I also want the U.S. Justice Department to create an Oil and Gas Fraud Task Force to investigate and prosecute illegal activity such as price manipulation.

In the long term, we need a bold, comprehensive energy strategy to reduce our dependence on foreign oil and protect our national security. Such a strategy should include development of new biofuels and other homegrown energy resources like hydro, geothermal and wind. In addition, it should include increased oil refining capacity, new coal technologies to limit carbon dioxide pollution, and safe nuclear power.

I would like to see the oil companies take better advantage of the many opportunities they have for domestic production. Eighty percent of America’s recoverable offshore oil is already open to drilling. But oil companies are producing from only 20 percent of these areas.

Since 1996, permits to drill on federal lands by the Bureau of Land Management have nearly quadrupled. In just the past year, the U.S. Minerals Management Service has held three oil and gas lease sales on the Outer Continental Shelf in the Central and Western Gulf of Mexico and in the Beaufort Sea in Alaska. In Alaska, I support oil extraction in the National Petroleum Reserve Area.

Just across the Minnesota border, North Dakota is already experiencing the beginnings of an oil boom, which promises to get even bigger. I believe this is a great opportunity both for meeting our nation’s oil demands and for promoting economic development in rural America.

Nonetheless, America’s proven domestic oil reserves are very modest compared to our energy demands, since America has only three percent of the world’s oil reserves. That means we must face the reality that, while we can increase domestic production, we will continue to import oil from other nations. That includes friendly nations such as our largest trading partner, Canada.

I am also a strong supporter of developing more efficient vehicles as well as homegrown biofuels that benefit the farmers and workers of the Midwest instead of the oil cartels of the Middle East.

I worked on and voted for the Energy Independence and Security Act of 2007. Signed into law by President Bush last December, this legislation is an important step toward a new energy future with the higher fuel efficiency standards and incentives for biofuels. Likewise, as a member of the Senate Agriculture Committee, I worked on and sponsored the Food, Conservation and Energy Act of 2008. This legislation lays the groundwork for developing the next generation of biofuels, based on cellulosic sources such as switchgrass, prairie grass and biomass like timber residue.

Because of our cold weather and the great distances we drive, Minnesotans suffer disproportionately from high energy prices. That is why Minnesotans understand better than many other Americans the need for a bold, comprehensive energy strategy that will provide relief to consumers in the short term while building a broad-based foundation for our long-term energy security and independence.

One of the most important parts of my job is listening to what the people of Minnesota have to say to me. I am here in our nation’s capital to do the public’s business and to serve the people of our state. With that in mind, please do not hesitate to contact me again about matters of concern to you.

Sincerely,

Amy Klobuchar

United States Senator

I have always had strong political views, but thanks to FM, I decided to write a letter to both Senator Klobuchar and Senator Coleman in regards to high Oil prices, particularily Oil exploration and opening up Drilling to wherever we need to go to get it. I am a Independant Republican, and as such felt that the Democratic approach or atleast what I was hearing seemed very ineffective. I think Senator Klobuchar has some very valid points in her response, I do like the alternative fuel Idea with switchgrass and Prairie grass if it is effective, and does not take as much energy to make as it would produce.

I am not sure where to confirm some of the information such as we are only sitting on 3% of the worlds Oil reserves.. That does not sound right to me.. I do appreciate that I received a response to my concerns. I would like other FM'ers thoughts on her statements.. I have not received a response back from Senator Coleman at this time..

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I got to the second paragraph and didn't need to read anymore to know that she is barking up the wrong tree again.

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In the short term, I am taking aim at financial speculators who have artificially inflated oil prices to a level nearly double what it was a year ago. Oil CEOs have testified to Congress that oil should be trading at $55 per barrel, not over $100.

I'm with her BIG time on this IDEA! I have always been saying it.

Take the Speculators "out of the game" and lets see what happnes?

if it works it works, if it doesn't it doesn't...BUT LETS TRY IT and find out!

Brian K

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Easy answer there. If anyone thinks that clamping or shutting down the market here in the USA is going to have any effect you're kidding yourself. Oil is a global commodity and doesn't need speculators in the USA to keep going. All that will happen is they will shift their efforts overseas and speculation will continue. This is a feeble attempt in keeping the American public off the Capitol steps with pitchforks and torches.

How about we "take aim" at the speculators who deal with corn, wheat, sugar, pork, etc?? Same difference. Ooops, did I just expose a double-standard again?

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Easy answer there. If anyone thinks that clamping or shutting down the market here in the USA is going to have any effect you're kidding yourself. Oil is a global commodity and doesn't need speculators in the USA to keep going. All that will happen is they will shift their efforts overseas and speculation will continue. This is a feeble attempt in keeping the American public off the Capitol steps with pitchforks and torches.

How about we "take aim" at the speculators who deal with corn, wheat, sugar, pork, etc?? Same difference. Ooops, did I just expose a double-standard again?

The test vote on this legislation passed in the Senate today 94-0. This isn't the magic bullet, but there is no doubt that many investors used oil futures as a hedge against the falling U.S. dollar and in response to falling equity prices.

Now if Pelosi would realize nearly three quarters of Americans support lifting the ban on Off-shore drilling and allow a vote. This lady is a nightmare and gets in the way of progress far too often.

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Quote:
How about we "take aim" at the speculators who deal with corn, wheat, sugar, pork, etc?? Same difference. Ooops, did I just expose a double-standard again?

They should be looking at all of it!! And there is more to the commodities monitoring and regulations proposed than just American investors. There has been a few papers proposed and one should read them before saying it won't work. Besides we need to start somewhere or we will get nowhere.

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I'm waiting for Colemans reply...............Will it ever come?

But I have to say for not liking Klobuchar much when she ran,My opinion has Changed! Shes right in there and ontop of things,No reteric there DOWN TO BUSSISNESS.Unlike our NewYorker with asperations!!

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Apparently her canned response letter snagged one person...

I mean come on. What do you think her or any other congressman is going to say? They're all just playing up to the more favorable public opinion.

94-donut eh? Ahhh yes....another feel-good vote to put on the ol' political resume that means absolutely nothing.

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Apparently her canned response letter snagged one person...

I mean come on. What do you think her or any other congressman is going to say? They're all just playing up to the more favorable public opinion.

94-donut eh? Ahhh yes....another feel-good vote to put on the ol' political resume that means absolutely nothing.

Are you predicting it doesn't pass the Senate then?

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Quote:
How about we "take aim" at the speculators who deal with corn, wheat, sugar, pork, etc?? Same difference. Ooops, did I just expose a double-standard again?

They should be looking at all of it!! And there is more to the commodities monitoring and regulations proposed than just American investors. There has been a few papers proposed and one should read them before saying it won't work. Besides we need to start somewhere or we will get nowhere.

Exactly. The fact that this isn't the only answer is the same bad logic as new drilling won't bring oil for 5-10 years. The point is they are both positive actions in the right direction to slowing this madness.

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No. If it was 94-0 for the test vote then why wouldn't it? I don't see how you came to that conclusion from my post.

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Sorry I guess I misunderstood your point.

I guess its' only pointless if the world's other commodity markets don't follow suit.

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I'm finding it hard to argue with a lot of her points. It's a very obvious canned response, but seems logical. Speculation is one part of the problem. The increasing world demand without viable alternatives is the main driver.

Every little bit will help, but I don't believe for a second that we will fix this problem easily. Like getting to $2 gas by drilling on the continental shelf and opening up ANWR smile That was a good one.

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The wisdom of Bauchman I think she was the one the repubs elected to take fire on that. They she's expendable and wont be here next election. I'm embarrassed she represents my district.

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I'm finding it hard to argue with a lot of her points. It's a very obvious canned response, but seems logical. Speculation is one part of the problem. The increasing world demand without viable alternatives is the main driver.

Every little bit will help, but I don't believe for a second that we will fix this problem easily. Like getting to $2 gas by drilling on the continental shelf and opening up ANWR smile That was a good one.

Exactly, If we change nothing, nothing will change. We need to start with something. And if they can reign in speculation that will be good start. I have read a couple reports that say %60 of the price of gas is due to speculation alone. Add some more drilling and maybe a refinery or 3 and things should stablize pretty well.

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As far as the speculators go, the only limit I feel they should have, and this goes for ALL markets...They must have 100% of the capital they intend to invest. No hedge funds.

The I say DRILL DRILL DRILL!

Conservation is a joke, why? SO the Chineese can use more?

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As far as the speculators go, the only limit I feel they should have, and this goes for ALL markets...They must have 100% of the capital they intend to invest. No hedge funds.

The I say DRILL DRILL DRILL!

Conservation is a joke, why? SO the Chineese can use more?

The world wide consumption has decreased by about 6% depending on the report you read. So the normal supply and demand rules are out the window. Drilling will only increase the supply, and not have the normal affect on prices.

So conserving has had no affect other than what Wade says, we are making sure that the Chinese and others have more, while we use less.

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Start drilling in ANWR and put a muzzel on the Speculators

and watch the Price drop.

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Yes a two prong attack would be the best.

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Wade I believe that is called "naked hedging" of something like that. (To lazy to look it up and make sure) And I agree with you 100%. If you have the money hedge all you want, but if you don't have the money you can't. All in all though this tirade over speculation is just smoke and mirrors to make it seem like they are doing something when they are really doing nothing. It is always easier to blame someone over your problems than to actually do something about them. A agree with a two prong approach, more supply with reduced consumtion.

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I think the increase in price has more to do with an increase in demand from China and India than speculators.

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I think the increase in price has more to do with an increase in demand from China and India than speculators.

I would buy that but there are reports that say world wide demand is down 4 to 6%. There is more to it than shear demand. Not that a dramatic lower of demand wouldn't have an affect, just aht the reduction would have to be HUGE!

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I think demand fell here in the US, because of people purchasing smaller cars and traveling less. In China and India, when those countries lifed the subsidies on oil their demand has dropped rapidly as well..

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I have not seen thoes reports. If it is from the last week or so, it could possibly explain the recent price drop. Hopefully you are correct and the bubble will burst just like the internet and the real estate market!

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The speculation price Just went UP Because fears of something in Iran,Probably caused by Condies visit with arab nations over Iran.I dont believe price has much to do with supply & demand much these days as it once did.I wonder? when oil drops why dont Gas?? OK they say one has to wait for the market to catch up,,But when oil goes up Gas is up right away???Where's the Market there?????

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