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	<title>The Liberty Papers &#187; Energy Policy</title>
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	<link>http://www.thelibertypapers.org</link>
	<description>Life. Liberty. Property. Defending individual freedom and liberty, one post at a time.</description>
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		<title>If You Kill Your Cattle, You Will Starve</title>
		<link>http://www.thelibertypapers.org/2009/07/11/if-you-kill-your-cattle-you-will-starve/</link>
		<comments>http://www.thelibertypapers.org/2009/07/11/if-you-kill-your-cattle-you-will-starve/#comments</comments>
		<pubDate>Sun, 12 Jul 2009 05:09:41 +0000</pubDate>
		<dc:creator>tarran</dc:creator>
				<category><![CDATA[Dumbasses and Authoritarians]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Environment]]></category>
		<category><![CDATA[Free Trade]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=6372</guid>
		<description><![CDATA[Over at the Master Resource Blog,  law professor Gail Heriot points out the similarities between global warming, fear-monger Al Gore and Xhosa Prophetess Nongqawuse:
Nongqawuse was a teenager and a member of the Xhosa tribe in South Africa.  One day in April or May of 1856, she went down to the river to fetch water.  When [...]]]></description>
			<content:encoded><![CDATA[<p>Over at the <a href="http://masterresource.org/">Master Resource Blog</a>,  law professor <a href="http://home.sandiego.edu/~gheriot/">Gail Heriot</a> points out <a href="http://masterresource.org/?p=3595">the similarities between global warming, fear-monger Al Gore and Xhosa Prophetess Nongqawuse</a>:</p>
<blockquote><p><em>Nongqawuse was a teenager and a member of the Xhosa tribe in South Africa.  One day in April or May of 1856, she went down to the river to fetch water.  When she returned, she said that she had encountered the spirits of three of her ancestors who told her that her people must destroy their crops and kill their cattle.  In return, the sun would rise red on February 18, 1857, and the Xhosa ancestors would sweep the British settlers from the land and bring them fresh, healthier cattle.  (Some of the Xhosa cattle had been suffering from a lung ailment, which may or may not have been brought by the British settlers’ cattle.)</em></p>
<p><em>Astonishingly, the Xhosa chieftain, Sarhili, agreed to do exactly as this young girl urged.  Over the next year, a frenzy occurred in which it is estimated that between 300,000 and 400,000 cattle were killed and crops destroyed.  Historians sometimes call it the “Great Cattle Killing.”</em></p>
<p><em>But on February 18, 1857, the sun rose as usual.  It was not red.  And the Xhosa ancestors did not show.  But the Xhosa people had destroyed their livelihood.  In the resulting famine, the population of the area dropped from 105,000 to less than 27,000.  Cannibalism was reported.  Following Nongqawuse’s advice was a calamity of staggering proportions for the Xhosa people.</em></p>
<p><em>Like Nongqawuse, Gore tells us that the sun will soon rise red over the land.  Well, maybe.  But already the models that he relies on have been proven wrong.  The intense period of warming that these models predicted over the past ten years never came to pass.  Yet we are repeatedly told that it’s still coming and that it’s just a little late.  Apparently, we should pay no attention to the fact that the polar ice is expanding again.  Instead, we must put the brakes on our use of energy–the very thing that makes the modern world possible–to avoid antagonizing the spirits of our ancestors, I mean to avoid climate disaster.</em></p></blockquote>
<p>The most infuriating aspect of the fear-mongers&#8217; movement is that their solution to climate change is for humanity to adopt an economic system that has brought misery and death nearly every time it has been tried.  From the tropics to the poles,  free markets have brought prosperity, comfort and longevity to the masses.  No matter how well intentioned they are, the fear-mongers threaten to wreck the engine that allows the Earth to support a human population in the billions.</p>
<p>The Earth&#8217;s climate is in a state of flux. The notion that humanity should doom itself to privation and famines in a futile attempt to maintain climactic parameters within a set of narrow bands is the height of folly.  If we kill our cattle, we too will starve.</p>
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		<title>Petty Meddlers Face Jackboot</title>
		<link>http://www.thelibertypapers.org/2009/06/27/petty-meddlers-face-jackboot/</link>
		<comments>http://www.thelibertypapers.org/2009/06/27/petty-meddlers-face-jackboot/#comments</comments>
		<pubDate>Sat, 27 Jun 2009 21:33:51 +0000</pubDate>
		<dc:creator>Brad Warbiany</dc:creator>
				<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Environment]]></category>
		<category><![CDATA[Government Regulation]]></category>
		<category><![CDATA[Individual Rights]]></category>
		<category><![CDATA[Property Rights]]></category>
		<category><![CDATA[Zoning and Land-Use]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=6248</guid>
		<description><![CDATA[Homeowners&#8217; Associations are one of life&#8217;s little sour tastes of government.  Petty meddling nannies who tell you that you can&#8217;t do X, or that you must do Y, in order to keep the neighborhood &#8220;uniform&#8221; or somesuch.  Sadly, it&#8217;s also a microcosm for most peoples&#8217; reactions to government.  When it&#8217;s a neighbor [...]]]></description>
			<content:encoded><![CDATA[<p>Homeowners&#8217; Associations are one of life&#8217;s little sour tastes of government.  Petty meddling nannies who tell you that you can&#8217;t do X, or that you must do Y, in order to keep the neighborhood &#8220;uniform&#8221; or somesuch.  Sadly, it&#8217;s also a microcosm for most peoples&#8217; reactions to government.  When it&#8217;s a neighbor doing something they don&#8217;t like, they scour the by-laws for a way to run off to the HOA board of directors to get a nice little note sent to the neighbor.  But when it&#8217;s their own behavior scrutinized, they think the HOA board of directors is an intolerable PITA.</p>
<p>So you can imagine I&#8217;m not a big fan of HOA&#8217;s, and there&#8217;s a little bit of schadenfreude in watching them get their hands slapped&#8230;  But I still can&#8217;t support this (via <a href="http://voices.washingtonpost.com/ezra-klein/2009/06/ch-ch-ch-changes.html">Ezra Klein</a> &#8212; hence calling this &#8220;good&#8221; &#8212; on Waxman-Markey):</p>
<blockquote><p>Lots of small tweaks were added in the past day or two. And some of them were good! Rep. Dennis Cardoza, for instance, added a smart amendment to discourage neighborhood associations from prohibiting solar panels of aesthetic grounds.</p></blockquote>
<p>So, they can tell you not to paint your door green, but they can&#8217;t stop you from filling your roof with a solar array the size of a tennis court.</p>
<p>I have a coworker facing this issue right now.  He lives in Newport Beach, CA, and his HOA has some waterfront homes.  One of his neighbors with oceanfront (cliff, not sand) is planning to put solar panels down the face of the cliff to electrically heat his pool.  This, of course, is California.  There are environmental laws, and the HOA doesn&#8217;t want to see this happen either.  But being California, they ALREADY have laws that stop the HOA or anyone else (including the Greens) from interfering, because solar energy takes precedence.  Now it sounds like this will extend nationwide.</p>
<p>This is one of those issues that gets thorny for libertarians.  It comes down to property rights, but the question of what legitimate hindrances can be placed on the owners by HOA&#8217;s.  After all, an HOA is a contract that a buyer of a house willingly enters into.  But it doesn&#8217;t seem to me like an issue in which Congress has any right to intervene.</p>
<p>As a renter who is waiting for the complete collapse of the market before I buy a home, I know that I may be faced with a tough decision regarding my purchase based upon whether or not I&#8217;ll choose a neighborhood with an HOA, and whether the existence of an HOA is enough to dissuade me from the house we otherwise find desirable.  But I know what I <strong>don&#8217;t</strong> want, and that is for Congress to be the one telling my HOA what it can or cannot do.</p>
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		<title>I have to give the man some credit</title>
		<link>http://www.thelibertypapers.org/2009/06/26/i-have-to-give-the-man-some-credit/</link>
		<comments>http://www.thelibertypapers.org/2009/06/26/i-have-to-give-the-man-some-credit/#comments</comments>
		<pubDate>Sat, 27 Jun 2009 03:56:17 +0000</pubDate>
		<dc:creator>Chris</dc:creator>
				<category><![CDATA[Democracy]]></category>
		<category><![CDATA[Democrats]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Environment]]></category>
		<category><![CDATA[Government Regulation]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Taxation]]></category>
		<category><![CDATA[Theory and Ideas]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=6246</guid>
		<description><![CDATA[I happen to live in Arizonas 5th congressional district; and am currently represented in the house by Harry Mitchell.
Congressman Mitchell and I disagree about a lot of things. Abortion, social security and government health care, school choice and education policy, many economic issues, government intervention and regulations in general, and the overall wisdom of his [...]]]></description>
			<content:encoded><![CDATA[<p>I happen to live in Arizonas 5th congressional district; and am currently represented in the house by Harry Mitchell.</p>
<p>Congressman Mitchell and I disagree about a lot of things. Abortion, social security and government health care, school choice and education policy, many economic issues, government intervention and regulations in general, and the overall wisdom of his party leadership and the DNC&#8230;</p>
<p>However, I have to give the man some credit. He has generally been good on energy policy, and on guns since he came to congress (as a local politician his record on guns was mixed). He was also against the auto industry bailout, against TARP, and especially against the unconstitutional TARP bonus tax. He&#8217;s even reasonable on national security issues, and veterans affairs.</p>
<p>I believe he has ably represented the interests of his district within the congress; and bucked the leadership when he thought it was best for the district (if perhaps not bucking them enough outside of issues of direct interest to the district).</p>
<p>Today, he voted against his leadership; choosing to vote for the greater good of Arizona, and of the nation; against the Waxman cap and trade bill.</p>
<p>Unfortunately, we all lost in that vote; but senate leaders are already saying it&#8217;s dead on their floor&#8230; so we&#8217;ll see.</p>
<p>Last week, and again this morning, I urged congressman Mitchell by telephone to both his offices, and by email, to vote against the bill; as it was against the interest of both the district, and the nation. This evening, having found out how he voted, and reading his statement on the issue, I called to thank him.</p>
<p>We may disagree with our elected representatives, we may have voted for the other guy, we may think they are the wrong person to be in that chair; but once they are there, they are OUR representatives. The peoples representatives.</p>
<p>Letting them know how you feel about something, how important it is to you, what benefit or harm it will do you personally; it works. It may not seem so much of the time, but most congressmen really do care about what the people of their districts think; if for no other reason that it improves their chances for reelection.</p>
<p>So participate. Let them know. After all, it can&#8217;t hurt; and it just might make a difference.</p>
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		<title>Obama: Third Term for Bush</title>
		<link>http://www.thelibertypapers.org/2009/03/05/obama-third-term-for-bush/</link>
		<comments>http://www.thelibertypapers.org/2009/03/05/obama-third-term-for-bush/#comments</comments>
		<pubDate>Thu, 05 Mar 2009 18:16:11 +0000</pubDate>
		<dc:creator>tarran</dc:creator>
				<category><![CDATA[Activism]]></category>
		<category><![CDATA[Energy Policy]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=4273</guid>
		<description><![CDATA[Barack Obama is making the same disastrous mistake that George Bush did, and I am amazed that neither he nor his advisers are aware of it.
Many people have commented that Obama has effectively given Pelosi and Reid free rein to insert as much prok as they wish into their spending bills while pontificating in mock [...]]]></description>
			<content:encoded><![CDATA[<p>Barack Obama is making the same disastrous mistake that George Bush did, and I am amazed that neither he nor his advisers are aware of it.</p>
<p>Many people have commented that Obama has effectively given Pelosi and Reid free rein to insert as much prok as they wish into their spending bills while pontificating in mock outrage about the need to reduce pork.  The question on many people&#8217;s minds is &#8216;why?&#8217;</p>
<p>In the meantime, <a href="http://climateprogress.org/2009/02/11/dont-miss-the-holdren-and-lubchenco-nomination-hearing-thursday-10-am-est/">Obama has been stacking his administration with idelogues</a> who are convinced that the only way to save the human race from extinction in the coming years is to radically reduce the amount of greenhouse gasses that are emitted by human activity by radically <a href="http://masterresource.org/?cat=35">reducing standards of living</a>.  In effect, much like George Bush secretly preparing for an invasion of Iraq from the outset of his administration, <a href="http://www.cafehayek.com/hayek/2009/02/the-obama-vision.html">Obama appears to be preparing for a Great Leap Forward</a> to radically alter the production and consumption of energy.</p>
<p>The early stages of these efforts can be seen in the effective take-over of the U.S. car industry with mandates to produce green cars that consume far less gasoline.  It also can be seen in the early promises to employ people in &#8220;green&#8221; jobs paid for by the government.  Banks that now have the Federal governemnt as a major shareholder are being encouraged to make loans to &#8217;sustainable&#8217; projects.</p>
<p>And, in order to get these questionable and expensive bills passed, the government is breathlessly making announcements about the dire economic emergency we find ourselves in, <a href="http://www.nypost.com/seven/02092009/postopinion/opedcolumnists/its_a_recession_not_a_catastrophe_154174.htm">despite the numerous statistics that imply otherwise</a>.  More troublingly, <a href="http://www.reason.com/news/show/131612.html">the government has moved to cut off debate, painting people who are either skeptical of their aims, or who question the effectiveness of their measures to meet their stated goals as being reactionary ideologues who are obstructing needed reforms mindlessly or out of greed</a>.</p>
<p>The manifold failures of the George Bush administration did not come as a surprise to many.  Every major policy initiative, every major hiring and firing decision, every piece of legislation was, to a greater or lesser degree, scrutinized by intelligent people who then accurately predicted the outcome, and publicized it nationally.  It was the ability of the Bush administration to marginalize opponents while buying supporters off with pork projects that allowed the Bush administration to veer so far onto dangerous ground before they were forced to rethink their position and alter course.  Had these voices carried greater weight earlier in the administration, the Bush administration would not have been able to engage in inflationary spending, and wreck the U.S. military to the degree that they did.</p>
<p>6000 years or so of written history stand in mute testimony to the danger posed by the hubris of kings. We know that the massive increases in government spending will wreck the economy &#8211; not improve it.  We know that the increased taxes and regulatory uncertainty will hinder investments in capital goods &#8211; not enhance them.  We know that when workers are diverted from productive tasks to make-work projects, we are all left poorer as a result.  We know that increased regulation and surveillance by the government will not result in greater happiness of the population.</p>
<p><a href="http://www.thelibertypapers.org/2009/03/02/barry-goldwaters-revenge-and-other-republican-myths/">We cannot afford Obama to get the same pass that LBJ did</a>.  The destructive policies, once put in place, will do great long-term harm to the bulk of the citizenry.  We must all do our part to turn the public against the Obama administration&#8217;s adoption of Bush&#8217;s political strategies.</p>
<p>I call upon all of you reading this, work on the Obama supporters you know.  Point out calmly, non-judgmentally, all the dangerous warning signs surrounding his presidency.  Turn his base against him, and he cannot do anything but fall.</p>
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		<title>So, we&#8217;re not all going to drown, or be killed by hurricanes?</title>
		<link>http://www.thelibertypapers.org/2009/02/08/so-were-not-all-going-to-drown-or-be-killed-by-hurricanes/</link>
		<comments>http://www.thelibertypapers.org/2009/02/08/so-were-not-all-going-to-drown-or-be-killed-by-hurricanes/#comments</comments>
		<pubDate>Mon, 09 Feb 2009 06:53:34 +0000</pubDate>
		<dc:creator>Chris</dc:creator>
				<category><![CDATA[Dumbasses and Authoritarians]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Environment]]></category>
		<category><![CDATA[Fascism in America]]></category>
		<category><![CDATA[Government Incompetence]]></category>
		<category><![CDATA[Political Correctness]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Theory and Ideas]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=3941</guid>
		<description><![CDATA[This is the single best, and clearest, explanation of the Rationalist Position on global warming I&#8217;ve Ever Seen
 
Key line: &#8220;So, why don&#8217;t we ever talk about the suns contribution to global warming? &#8230;Well, because we can&#8217;t regulate it, tax it, or make it feel guilty for what it&#8217;s doing&#8220;.
Got it in one there friend.
There&#8217;s [...]]]></description>
			<content:encoded><![CDATA[<p>This is the single best, and clearest, explanation of the Rationalist Position on global warming I&#8217;ve Ever Seen</p>
<div align="center"><embed src="http://blip.tv/play/nhC1pAmJxDU" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" height="300" width="480"></embed> </div>
<p>Key line: &#8220;<span style="font-style: italic;">So, why don&#8217;t we ever talk about the suns contribution to global warming? &#8230;Well, because we can&#8217;t regulate it, tax it, or make it feel guilty for what it&#8217;s doing</span>&#8220;.</p>
<p>Got it in one there friend.</p>
<p>There&#8217;s no profit, political gain, or power to be grabbed from acknowledging the real causes, and real effects of whatever global warming there actually is. So, the interested parties simply ignore all that, shout down anyone who disagrees with them, and go about seizing as much power as they can, in a disorderly fashion.</p>
<p>From &#8220;<a href="http://www.whatyououghttoknow.com/show/2008/04/29/global-warming/">What You Oughta Know</a>&#8220;, a website with videos explaining an assortment of general, and sometimes esoteric knowledge.</p>
<p>Oh and here are the links he mentioned in the video:</p>
<p>Pacific Research Institute:<br />
<a href="http://www.aconvenientfiction.com/">the documentary</a>, <a href="http://environment.pacificresearch.org/latest-studies">more information</a></p>
<p><a href="http://www.wecnmagazine.com/2007issues/may/may07.html">Reid A. Bryson</a> &#8211; scroll down for ice cap article</p>
<p><a href="http://www.john-daly.com/solar/solar.htm">Solar Activity: A dominant factor in climate dynamics</a> &#8211; scroll down read sections in blue</p>
<p><a href="http://video.google.com/videosearch?q=great+global+warming+swindle&amp;sitesearch=">BBC’s The Great Global Warming Swindle</a></p>
<p><a href="http://www.physorg.com/news11710.html">Other possible causes for global warming</a></p>
<p>Oh and just for fun, here&#8217;s the same sites take on &#8220;<a href="http://www.whatyououghttoknow.com/show/2008/04/30/liberals-vs-conservatives/">Liberals vs. Conservatives</a>&#8220;&#8230; which is really a pretty solid explanation of the foundations of minarchist positions:</p>
<div align="center"><embed src="http://blip.tv/play/nhC1tVOJxDU" type="application/x-shockwave-flash" width="480" height="300" allowscriptaccess="always" allowfullscreen="true"></embed></div>
<p>And a great take on the bailout:</p>
<div align="center"><embed src="http://blip.tv/play/nhDquwmJxDU" type="application/x-shockwave-flash" width="480" height="300" allowscriptaccess="always" allowfullscreen="true"></embed> </div>
<p>&#8220;Because there is no disaster that immediate, decisive, wrong action cannot make worse&#8221;</p>
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		<title>Oil &#8212; Where Is It Going?  Up, Up And Away!</title>
		<link>http://www.thelibertypapers.org/2008/12/09/oil-where-is-it-going-up-up-and-away/</link>
		<comments>http://www.thelibertypapers.org/2008/12/09/oil-where-is-it-going-up-up-and-away/#comments</comments>
		<pubDate>Tue, 09 Dec 2008 20:57:13 +0000</pubDate>
		<dc:creator>Brad Warbiany</dc:creator>
				<category><![CDATA[Credit Crisis]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Monetary Issues]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=3349</guid>
		<description><![CDATA[Last week, I posted about my belief that oil has currently dropped to a price level that is damaging to the long-term stability of the oil market, and that while it seems wonderful right now, it won&#8217;t last.
Today we find a bit of evidence that may only support this point:
The $25 low-end estimate [Francisco] Blanch [...]]]></description>
			<content:encoded><![CDATA[<p>Last week, I <a href="http://www.thelibertypapers.org/2008/12/01/oil-is-too-cheap/">posted</a> about my belief that oil has currently dropped to a price level that is damaging to the long-term stability of the oil market, and that while it seems wonderful right now, it won&#8217;t last.</p>
<p>Today we find <a href="http://finance.yahoo.com/news/The-Oil-Market-Becomes-Even-tsmp-13781596.html">a bit of evidence</a> that may only support this point:</p>
<blockquote><p>The $25 low-end estimate [Francisco] Blanch recites is based upon a furthering destruction of Chinese and other emerging-market growth in 2009, and it is astounding if it turns out to be true.</p>
<p>We have witnessed the perfect storm of declining commodity pricing in the last six months &#8212; a tsunami of credit tightening, capital withdrawal on a massive scale, dollar strength, weakening emerging-market growth and finally a deflationary spiral that seems to never be ending.</p>
<p>The oil markets, if they represent perfect efficiency as the equity markets normally do, would indicate either that Francisco is very, very wrong with his oil predictions or that we are in for far deeper problems with the rest of our economy. Far-forward contracts of oil are trading at a premium to front months rarely seen before in my history of trading the stuff and in a way that looks unbelievable to other longtime participants.</p>
<p>As I write this piece, January crude is trading for delivery later this month at $43.40 a barrel. Amazingly, <em>January crude for delivery in December of 2009 is trading at $57.50 a barrel</em>, a premium of more than 32%. This premium (contango) nature of the markets has rarely been so great and would allow for a riskless trade. One could buy crude oil for delivery this month, store it and sell next January&#8217;s contract for delivery 12 months later. With margin, storage and financing costs, you&#8217;d still clear a healthy 11% profit.</p></blockquote>
<p>Now, I&#8217;m a big fan of futures markets.  However, futures markets don&#8217;t represent truth, they represent an aggregate of belief &#8212; and are often trustworthy because it&#8217;s belief backed up with money.  As such, futures markets tend to be extremely accurate when correct.  When wrong, though, they&#8217;re often <strong>spectacularly</strong> wrong, because when groupthink takes over, belief becomes decoupled with reason.  This could be easily seen in the housing market, houses representing a similar case to a futures market (i.e. you buy and hold, betting the price in the long-term future will continue to rise, and then even more so recently with house &#8220;flippers&#8221; speculating on near-term future prices), where the belief that it will simply keep going up only enhances the height it reaches before the inevitable crash.</p>
<p>But I don&#8217;t think that is the case here.  The pundits are all asking &#8220;how low will oil go.&#8221;  The futures market says it&#8217;s headed up.  If the futures traders were trading these contracts at $25/bbl, I&#8217;d call it groupthink, the belief that things are just going to spiral down worse out of control.  But they&#8217;re not, they&#8217;re exercising a contrarian point with the $57/bbl price.  When pundits and futures traders disagree, I know who I&#8217;m more likely to trust.</p>
<p>I think what we&#8217;re seeing here is a confluence of unintended consequences that many people only purport to understand.  Extremely complex are markets making moves that appear contrary to &#8220;normal&#8221; behavior, and thus everything is becoming very unpredictable.  Bailouts here, money-printing there, and debt deflation out of left field have all thrown markets out of whack.  It&#8217;s going to take time to sort this out, but the oil futures traders are assuming that when it finally happens, we&#8217;re more likely to be at $57+/bbl than $25/bbl.</p>
<p>They [and I] may be wrong&#8230;  When dealing with such complex systems, it&#8217;s hard to gauge all the inputs and outputs and every relationship between them.  But when you take the prospective theories about what&#8217;s going on, I think the plausibility of demand destruction creating a 70% downward move in prices is in question.  I think the belief that this is a strong dollar / credit crunch issue is a lot more plausible, and with all the money-printing going on worldwide, I don&#8217;t see how anyone can reasonably predict $25/bbl oil.</p>
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		<title>Oil Is Too Cheap</title>
		<link>http://www.thelibertypapers.org/2008/12/01/oil-is-too-cheap/</link>
		<comments>http://www.thelibertypapers.org/2008/12/01/oil-is-too-cheap/#comments</comments>
		<pubDate>Mon, 01 Dec 2008 19:11:24 +0000</pubDate>
		<dc:creator>Brad Warbiany</dc:creator>
				<category><![CDATA[Credit Crisis]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Free Trade]]></category>
		<category><![CDATA[Monetary Issues]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=3257</guid>
		<description><![CDATA[No, not for the reason these guys think:
Venezuela will back repeated cuts in OPEC oil production until prices stabilize, Oil Minister Rafael Ramirez says, and Russia is proposing closer cooperation with the oil cartel.
Ramirez said Wednesday that his country will back a proposed 1 million barrel per day cut when OPEC meets Saturday in Cairo. [...]]]></description>
			<content:encoded><![CDATA[<p>No, not for the reason <a href="http://www.google.com/hostednews/ap/article/ALeqM5hkb-RPrBFASwipZwAqOrFJQkpmwQD94NBJE00">these guys think</a>:</p>
<blockquote><p>Venezuela will back repeated cuts in OPEC oil production until prices stabilize, Oil Minister Rafael Ramirez says, and Russia is proposing closer cooperation with the oil cartel.</p>
<p>Ramirez said Wednesday that his country will back a proposed 1 million barrel per day cut when OPEC meets Saturday in Cairo. If that doesn&#8217;t halt the price slide, &#8220;We will keep cutting until the market stabilizes,&#8221; he said during a visit by Russian President Dmitry Medvedev.</p>
<p>Oil prices fell below $54 a barrel Thursday as dismal U.S. economic data and rising crude inventories outweighed the possibility of production cuts by OPEC and non-member Russia.</p>
<p>&#8230;</p>
<p>Russia, the largest oil producer outside OPEC, produces around 11 percent of the world&#8217;s oil and it could be eager to seek new customers to shore up its suffering economy. OPEC output is estimated at about 31.5 million barrels a day — about 40 percent of daily world demand.</p>
<p>Venezuela&#8217;s President Hugo Chavez has said OPEC should work to keep global oil prices in a &#8220;band between $80 and $100.&#8221;</p></blockquote>
<p>I normally explain price moves using conventional terms of supply and demand.  In this case, though, the rules are somewhat different*.  There is certainly some demand destruction that has reduced the price of crude oil, but I hardly think it&#8217;s a large enough change to move from $147/barrel to $50/barrel oil.  At this point, the price of oil seems artificially low, considering the fact that fundamental supply and demand forces haven&#8217;t changed.</p>
<p>Yet the response from OPEC, Venezuela, and the big oil companies is the same as if the price decline was natural &#8212; they reduce production.  This is not only true of the state-owned oil companies, but areas such as Canadian tar sands and some of the more difficult offshore fields have stopped production or shelved new exploration projects.  This only makes sense, of course, as the marginal cost of production of many of these projects is well over $50/barrel, and they don&#8217;t want to lose money.</p>
<p>This causes a major problem for two reasons, assuming that the fundamentals haven&#8217;t changed:</p>
<ul>
<li>It takes supply offline in the short-term, and due to the nature of drilling, shutting down existing fields may reduce the ability to pump oil from those fields in the future.  I.e. if a field is pumping 500,000 bbl/day before being shut down, it may only reopen with the capacity to produce 460,000 bbl/day.  Thus, taking oil offline in the short term reduces potential oil recovery in the long term.</li>
<li>Reduction of exploration projects reduces oil supply in the future.  While this may only push out exploration projects 2-3 years, current <a href="http://online.wsj.com/article/SB122600164194705909.html?mod=googlenews_wsj">IEA projections of decline</a> suggest that we should be searching for oil right now &#8212; and fast.</li>
</ul>
<p>What does this mean for future oil prices?  They&#8217;re going to go up, and they may be going up faster than before.  This isn&#8217;t a return to the norm, this is the swinging of a seesaw.  We&#8217;re at a low point right now, but an 800-lb gorilla just got on the other side.</p>
<p>Of course, to hear that oil prices are too cheap is not a common theme these days, as here in California gas has dropped under the $2/gallon mark.  From a personal level, of course, I&#8217;m enjoying the reprieve.  But now may simply be the best time to jump out and buy yourself a gas-saving auto, because these prices will not last.<br />
<span id="more-3257"></span><br />
* The new paradigm can still be related in terms of supply and demand, but it&#8217;s the supply of money that has shrunk.  The deleveraging process has sucked money out of a number of markets, and while the monetary base hasn&#8217;t shrunk (in fact it is growing quickly), the velocity of money is far lower.  In a fractional reserve world, that has a deflationary effect.  Demand is still strong for gasoline, but there is a far smaller supply of dollars on a commodities trading floor to pay for it &#8212; all this at a time when the costs of production are still paid in old dollars.  Supply and demand still applies, but it requires a different vantage point to understand the change.</p>
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		<title>IEEE and U.S. Hegemony</title>
		<link>http://www.thelibertypapers.org/2008/11/15/ieee-us-hegemony/</link>
		<comments>http://www.thelibertypapers.org/2008/11/15/ieee-us-hegemony/#comments</comments>
		<pubDate>Sat, 15 Nov 2008 16:55:09 +0000</pubDate>
		<dc:creator>tarran</dc:creator>
				<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Free Trade]]></category>
		<category><![CDATA[Non-Intervention]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=3212</guid>
		<description><![CDATA[In IEEE&#8217;s  flagship magazine, Spectrum, there is a fairly idiotic editorial warning Europeans against buying natural gas from Russia.
Why can’t the European Union just adopt a strategy of energy independence and wean itself from Russia and the “stans”? 
Of course, there is no way for Europe to be “independent” with respect to natural gas. [...]]]></description>
			<content:encoded><![CDATA[<p>In <a href="http://www.ieee.org/web/aboutus/home/index.html">IEEE</a>&#8217;s  flagship magazine, <a href="http://www.spectrum.ieee.org/magazineindex">Spectrum</a>, there is a <a href="http://ieeexplore.ieee.org/xpl/freeabs_all.jsp?isnumber=4659367&amp;arnumber=4659378&amp;count=19&amp;index=10">fairly idiotic editorial</a> warning Europeans against buying natural gas from Russia.</p>
<blockquote><p><em>Why can’t the European Union just adopt a strategy of energy independence and wean itself from Russia and the “stans”? </em></p></blockquote>
<p>Of course, there is no way for Europe to be “independent” with respect to natural gas.  There aren&#8217;t sufficient reserves in Europe to meet the current demand.  A reduced supply of natural gas will necessarily result in higher prices for energy.  Higher prices for energy translate to reduced economic development and everybody being poorer. Why should the Europeans impoverish themselves?</p>
<p>Of course, the writer of the editorial, William Sweet, is not really opposed to Europeans purchasing gas from non Europeans; he praises a pipeline being developed to ship it from Nigeria.  Rather, he seems upset with people buying gas from Russian suppliers. Why?</p>
<blockquote><p><em>Russia has repeatedly shown its willingness in recent years to cut off gas supplies for political reasons,  basically to bring countries it considers its satellites to heel, notably Ukraine. Of course it wouldn’t dare cut supplies to a country like Germany, which gets about half its gas from Russia. But where German and Russian interests and values collide, Russia could manipulate markets to get its way and use the threat of its market power to ward off diplomatic or military action.</em></p></blockquote>
<p>In other words, if Europeans are trading with Russians, they might refuse to back some third party who is contemplating some intervention targeting Russia.  Hmm,  I wonder who this unnamed party might be?</p>
<blockquote><p><em>A recent survey by London’s Financial Times found that European mistrust of Russia has increased sharply in the past six months: the proportion of respondents who  consider Russia the greatest threat to world stability rose from just a few percent in July to nearly 20 percent in September, putting it well ahead of Iran and almost as high as China. It may come as a shock to many American readers, however, that the United States still ranks in European minds as the greatest threat to world stability, scoring over 25 percent in September. </em></p></blockquote>
<p>And here we see the problem.  If Europeans are trading with Russians, they might not side with the U.S. in a dispute with Russia.</p>
<p>This article highlights why I have mixed feelings about my IEEE membership.  The work it does in developing and maintaining standards is wonderful.  But their consistent support for the American military-industrial complex gives me pause.  Like IBM supplying Hollerith tabulators to the Nazis with no concern for what they were being used for – there is no U.S. military or security program, no matter how abusive of civil liberties or vulnerable to tyrannical misuse that IEEE won&#8217;t support. Normally the IEEE leadership concerns itself solely with the technical problems that are needed to enhance U.S. government power.  In this case, the Spectrum editorial board is going further and demanding that European politicians adopt policies solely for the benefit of the U.S. government (and to the detriment of people living in Europe).</p>
<p>Yes, the Russian government has imperial ambitions.  Yes, Putin&#8217;s government is a fascistic one.  However, if Russians are <em>trading</em> with Europeans, if the Russian economy integrates with the European one,  the likelihood of of a Russian millitary attack of Europe is much lower.  Increased economic integration between Europeans and the people living in former Russian satellites will also reduce the likelihood of conflicts between Russia and the satellites as well (especially since it would lead to greater Russian/former satellite integration as well).</p>
<p>Bastiat&#8217;s dictum applies:</p>
<blockquote><p><em>If goods don&#8217;t cross borders then armies will.</em></p></blockquote>
<p>The U.S. government&#8217;s global hegemony is ending. If IEEE wishes to retain its technical leadership in a multipolar world, it should stop viewing itself as a unofficial arm of the U.S. government and stick to its valuable work in developing standards.</p>
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		<title>Third Party Debate</title>
		<link>http://www.thelibertypapers.org/2008/11/03/third-party-debate/</link>
		<comments>http://www.thelibertypapers.org/2008/11/03/third-party-debate/#comments</comments>
		<pubDate>Mon, 03 Nov 2008 19:45:12 +0000</pubDate>
		<dc:creator>Stephen Littau</dc:creator>
				<category><![CDATA[Constitution]]></category>
		<category><![CDATA[Credit Crisis]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Election '08]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Federalism]]></category>
		<category><![CDATA[Foreign Affairs]]></category>
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		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Religious Liberty]]></category>
		<category><![CDATA[Socialism]]></category>
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		<category><![CDATA[Taxation]]></category>
		<category><![CDATA[The Bill Of Rights]]></category>
		<category><![CDATA[The Nanny State]]></category>
		<category><![CDATA[The Surveillance State]]></category>
		<category><![CDATA[The Welfare State]]></category>
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		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=3123</guid>
		<description><![CDATA[The City Club of Cleveland extended an invitation to the top six presidential candidates*. Of the six candidates, Libertarian Party candidate Bob Barr, Constitution Party candidate Chuck Baldwin, and independent candidate Ralph Nader participated; Democrat Barack Obama, Republican John McCain, and Green Party candidate Cynthia McKinney were no-shows. 
Unlike the debates we have already seen [...]]]></description>
			<content:encoded><![CDATA[<p>The City Club of Cleveland extended an invitation to the top six presidential candidates*. Of the six candidates, Libertarian Party candidate Bob Barr, Constitution Party candidate Chuck Baldwin, and independent candidate Ralph Nader participated; Democrat Barack Obama, Republican John McCain, and Green Party candidate Cynthia McKinney were no-shows. </p>
<p>Unlike the debates we have already seen in this cycle, the candidates in this debate actually debated the issues!   </p>
<p><object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/gHxcGan9ekQ&#038;hl=en&#038;fs=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/gHxcGan9ekQ&#038;hl=en&#038;fs=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="425" height="344"></embed></object></p>
<p>*The candidates who could theoretically receive the requisite electoral vote to win the presidency</p>
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		<title>One Congressman Stands Up For Sanity</title>
		<link>http://www.thelibertypapers.org/2008/10/28/one-congressman-stands-up-for-sanity/</link>
		<comments>http://www.thelibertypapers.org/2008/10/28/one-congressman-stands-up-for-sanity/#comments</comments>
		<pubDate>Wed, 29 Oct 2008 05:53:37 +0000</pubDate>
		<dc:creator>Brad Warbiany</dc:creator>
				<category><![CDATA[Credit Crisis]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Free Trade]]></category>
		<category><![CDATA[Government Regulation]]></category>
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		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=3109</guid>
		<description><![CDATA[Ed Schafer, US Secretary of Agriculture, seems to think we need to bail out the ethanol industry:
Agriculture Secretary Ed Schafer’s statement on Oct. 17 that the U.S. Department of Agriculture could provide ethanol companies that got into trouble by speculating on corn with up to $25 million per company in refinancing has caused a firestorm [...]]]></description>
			<content:encoded><![CDATA[<p>Ed Schafer, US Secretary of Agriculture, seems to think <a href="http://www.agweek.com/articles/?id=1394&#038;article_id=12614&#038;property_id=41">we need to bail out the ethanol industry</a>:</p>
<blockquote><p>Agriculture Secretary Ed Schafer’s statement on Oct. 17 that the U.S. Department of Agriculture could provide ethanol companies that got into trouble by speculating on corn with up to $25 million per company in refinancing has caused a firestorm of criticism among ethanol critics who say he is favoring one segment of agriculture and might waste taxpayer money.</p>
<p>&#8230;</p>
<p>According to a report on Agweb.com, Schafer said at the World Food Prize symposium in Des Moines, Iowa, “There’s going to have to be some credit applied to companies to buy some lower-priced corn to blend with their higher-priced corn. This is important public policy for the country because corn-based ethanol is a stepping stone to energy independence through cellulosic ethanol. We’re going to continue to support it as much as we can. We have the responsibility to make sure we cement in the infrastructure of rural America and ethanol production has increased the economic opportunities, the jobs and the building of rural America.”</p></blockquote>
<p>One can&#8217;t claim that these companies are &#8220;too big to fail&#8221; or that their failure will endanger our entire economy.  One can&#8217;t claim, with any sense of honesty, that the ethanol experiment has really done much positive for America.  In reality, one can&#8217;t say a good word about this mess.</p>
<p>Which just proves, once again, that government is more than willing to engage in theft of tax dollars and redistribution to industry in order to satisfy the politically-correct goal of the day.  And nobody will stand up to them&#8230;  Scratch that&#8211; <a href="http://www.bizjournals.com/phoenix/stories/2008/10/20/daily45.html"><em>nearly</em> nobody</a>:</p>
<blockquote><p>Ethanol plants may be the next beneficiary of a federal bailout and Mesa congressman Jeff Flake is among those opposed to that idea.</p>
<p>&#8230;</p>
<p>Flake, a fiscal conservative, panned the plan Wednesday saying federal promotion of ethanol production is the problem. “The federal government’s ethanol policies have driven up the price of corn,” said Flake. “But rather than reforming the policies that have caused a spike in corn prices, the federal government wants to bail out ethanol producers who speculated on the price of corn. Only the U.S. Department of Agriculture could dream up a policy like this.”</p>
<p>Flake said tax breaks and credits for ethanol producers should be repealed. “The high price of corn has had a ripple effect over our entire economy. Instead of trying to bail out every industry hurt by it, the federal government needs to take a serious look at reforming our ethanol policies,” said the East Valley Republican.</p></blockquote>
<p>I&#8217;m never one to look to Congress to solve my problems; nor do I think that elections are likely to improve our collective lot.  But it&#8217;s good to see someone who wishes to stand athwart the tide, and I can&#8217;t say I&#8217;d mind seeing a few more like him.</p>
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		<title>Why Libertarians Should Vote: Threats to Liberty from the Left and the Right on the Colorado Ballot (Part 2 of 3)</title>
		<link>http://www.thelibertypapers.org/2008/10/04/why-libertarians-should-vote-threats-to-liberty-from-the-left-and-the-right-on-the-colorado-ballot-part-2-of-3/</link>
		<comments>http://www.thelibertypapers.org/2008/10/04/why-libertarians-should-vote-threats-to-liberty-from-the-left-and-the-right-on-the-colorado-ballot-part-2-of-3/#comments</comments>
		<pubDate>Sat, 04 Oct 2008 22:56:45 +0000</pubDate>
		<dc:creator>Stephen Littau</dc:creator>
				<category><![CDATA[Abortion]]></category>
		<category><![CDATA[Crime and Punishment]]></category>
		<category><![CDATA[Democracy]]></category>
		<category><![CDATA[Democrats]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Education]]></category>
		<category><![CDATA[Election '08]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[General]]></category>
		<category><![CDATA[Government Regulation]]></category>
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		<category><![CDATA[Republicans]]></category>
		<category><![CDATA[Strategies For Advancing Liberty]]></category>
		<category><![CDATA[The Nanny State]]></category>
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		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=2922</guid>
		<description><![CDATA[Cont&#8217;d from Part 1
What motivates these very nice people to be such tyrants? Some will vote in ignorance of the issue* and others out of a sense of ‘social justice.’ Very few will intentionally vote to take liberty or property from a fellow citizen; most will vote to do so out of a well intentioned [...]]]></description>
			<content:encoded><![CDATA[<p><a href="http://www.thelibertypapers.org/2008/10/04/why-libertarians-should-vote-meet-the-tyrants-next-door-part-1-of-3/">Cont&#8217;d from Part 1</a></p>
<p>What motivates these very nice people to be such tyrants? Some will vote in ignorance of the issue* and others out of a sense of ‘social justice.’ Very few will intentionally vote to take liberty or property from a fellow citizen; most will vote to do so out of a well intentioned but misguided sense of right and wrong.  </p>
<p>The <a href="http://ballotpedia.org/wiki/index.php/Colorado_2008_ballot_measures">Colorado ballot </a>contains 18 ballot measures, most of which are proposed amendments to the state’s constitution. About half of these measures would restrict liberty, increase taxes, or otherwise punish individuals for activities which ought not to be a crime in a free state or country. </p>
<p><strong>Threats to Liberty from the Left</strong></p>
<p>Union backed amendments 53, 55, 56, and 57 are all very hostile to business. Amendment 53 targets business executives for criminal liability (as if business executives are not already criminally liable for committing crimes), 55 would change Colorado from a “right to work state” to a “just cause state,” 56 requires employers with 20 employees or more to provide health coverage for employees and their dependants, and 57 would put employers at greater liability than the existing workman’s comp laws.</p>
<p>All of these amendments would make Colorado a less attractive place to do business and would likely mean fewer decent paying jobs. Like most populist proposals, the people who the advocates of these measures are trying to help would be hurt the most. </p>
<p>Amendments 51, 58, and 59 concern taxation. Amendment 51 would increase the sales tax to fund programs for the developmentally disabled, 58  directly taxes the oil and gas industry (Coloradans who wish to pay more for gas should support this measure), and 59 redirects funds which under current law are rebated to taxpayers under the <a href="http://www.cato.org/pub_display.php?pub_id=2637">Taxpayer Bill of Rights (TABOR)</a> to an education savings fund. </p>
<p>Given governments’ track record of mismanaging taxpayer money (especially given what’s going on in Washington), I am in no mood to pay additional taxes or allow the government at any level to keep more no matter what the reason. </p>
<p><strong>Threats to Liberty from the Right</strong></p>
<p>While many of the ballot measures are economically on the Left, at least one is socially conservative. Amendment 48, the so-called “personhood” amendment would amend the Colorado Constitution to define all fertilized eggs, embryos, and fetuses as people complete with all legal rights associated with being a person. Clearly, this amendment is an attempt to ban abortion in the state of Colorado. Inevitably, if 48 is passed, there will be legal challenges which 48’s proponents hope would ultimately lead to overturning <em>Roe v. Wade</em>.  </p>
<p>Amendment 48 makes no exceptions for rape** or incest. While there is an exception for abortion in the event that the life of the mother is threatened, opponents of 48 believe that doctors would put women at unnecessary mortal risk out of fear of being prosecuted for murdering the unborn. Because a fertilized egg would have the same legal rights as a person, a woman and her doctor could face life imprisonment and even the death penalty (someone explain to me how this is “pro-life”!). </p>
<p>Opponents of 48 also fear that doctors would be compelled to violate doctor/patient confidentiality as they may be required to report miscarriages to the authorities if s/he has the slightest suspicion that the miscarriage was caused intentionally***.   </p>
<p>Giving fertilized eggs a definition of personhood would also:</p>
<p>- Ban commonly used birth control such as the birth control pill and the morning after pill<br />
- Ban embryonic stem cell research (both public and private)<br />
- Raise additional legal reproductive rights questions on issues with regard to artificial insemination </p>
<p>Despite what both pro-lifers and pro-choicers say, the abortion issue is very complex and there is plenty of room for debate on the merits of this issue among libertarians. What I would hope abortion foes would realize is that <a href="http://capmag.com/article.asp?ID=5289 ">this measure </a>has implications far beyond a legal prohibition of abortion.</p>
<p>NEXT: <a href="http://www.thelibertypapers.org/2008/10/08/why-libertarians-should-vote-restoring-liberty-via-the-ballot-box-part-3-of-3/">Why Libertarians Should Vote: Restoring Liberty via the Ballot Box (Part 3 of 3)</a></p>
<p><span id="more-2922"></span><br />
*To be fair, some of the language found in some ballot measures is very difficult to understand for those who do not have a legal background. The campaigns which support and oppose these measures understand this and create misleading ads to appeal to the ignorance of the voters to vote with emotion rather than reason.  </p>
<p>**Women who become pregnant as a result of rape should never, ever, be forced to give birth to the spawn of her attacker. Never.  </p>
<p>***The tragedy of a miscarriage is horrible enough without being interrogated by the police.</p>
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		<title>Inconvenient Convention Facts and Fictions Exposed</title>
		<link>http://www.thelibertypapers.org/2008/09/08/inconvenient-convention-facts-and-fictions-exposed/</link>
		<comments>http://www.thelibertypapers.org/2008/09/08/inconvenient-convention-facts-and-fictions-exposed/#comments</comments>
		<pubDate>Tue, 09 Sep 2008 02:50:02 +0000</pubDate>
		<dc:creator>Stephen Littau</dc:creator>
				<category><![CDATA[Corruption]]></category>
		<category><![CDATA[Democrats]]></category>
		<category><![CDATA[Doublespeak]]></category>
		<category><![CDATA[Dumbasses and Authoritarians]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Election '08]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[General]]></category>
		<category><![CDATA[Government Regulation]]></category>
		<category><![CDATA[Government Waste]]></category>
		<category><![CDATA[Huckabee Watch]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Republicans]]></category>
		<category><![CDATA[The Welfare State]]></category>
		<category><![CDATA[Theory and Ideas]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=2770</guid>
		<description><![CDATA[Now that the conventions are over, it’s time to separate the facts from the fiction. With so much misinformation being peddled by the political campaigns (not to mention rumors spread through e-mail, the internet and the MSM), this is very often a difficult task. My approach is to be skeptical until I am satisfied that [...]]]></description>
			<content:encoded><![CDATA[<p>Now that the conventions are over, it’s time to separate the facts from the fiction. With so much misinformation being peddled by the political campaigns (not to mention rumors spread through e-mail, the internet and the MSM), this is very often a difficult task. My approach is to be skeptical until I am satisfied that I have looked at a variety of sources which I believe to be objective. <a href="http://snopes.com/">Snopes</a> and Factcheck.org are among the sources I use as a starting point.  </p>
<p>The video below comes from <a href="http://www.factcheck.org/">factcheck.org</a>. I generally trust this site because, in my judgment at least, they seem to be very even handed in their analysis,* they cite their sources, and go into detail as to how they arrive at their conclusions. This video provides an overview of the misleading statements made in Denver and in St. Paul; <a href="http://www.factcheck.org/just-the-facts/the_partys_over.html">the website </a>goes into more detail about these statements complete with sources. </p>
<p>(If the video fails to play, <a href="http://www.factcheck.org/just-the-facts/the_partys_over.html">click here to watch</a>)</p>
<p><object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/2BxxUynradQ&#038;hl=en&#038;fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/2BxxUynradQ&#038;hl=en&#038;fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object></p>
<p>A few observations:</p>
<p>This b.s. about “giving tax breaks to Big Oil companies” is maddening. Businesses, whether large or small, should neither pay taxes <a href="http://www.thelibertypapers.org/2008/09/08/the-bush-administration-embraces-socialism/">nor be subsidized</a>. Businesses only pay taxes on paper; taxes are passed down to employees in the form of lower wages and higher prices for consumers. Why do we assume that the money that companies or individuals make belong to the government in the first place? If McBama was truly interested in creating jobs, reducing the price of groceries and gas, and improving the overall economy,** he would eliminate taxes and subsidies for all businesses. This would encourage businesses to bring jobs back to America rather than leaving America to escape the tax code. If the practice of subsidizing failing businesses ended, companies would have to survive by producing goods and services people actually want. Now that’s the “change” that I believe in!   </p>
<p>Mike Huckabee. What can I say? As bad of a choice as John McCain is for the Republican ticket, the Republicans would have done much worse with Huckabee. Either Gov. Huckabee is insanely bad at math or he deliberately lied to the G.O.P. delegates and the country about Sarah Palin receiving more votes as Mayor than Joe Biden did in the Democrat primaries. Did he really think that no one would check? Did he really think that he was helping the McCain campaign? </p>
<p><span id="more-2770"></span><br />
*For example take a look at their most recent article <a href="http://www.factcheck.org/elections-2008/sliming_palin.html ">Sliming Palin  </a>and their January 10, 2008 article <a href="http://www.factcheck.org/elections-2008/sliming_obama.html">Sliming Obama </a>  </p>
<p>** Of course McBama isn’t interested in doing any of this. McBama wants the current tax code to remain the way it is to use as a tool of social engineering. Without the power to tax or redistribute wealth (steal from Peter to pay Paul) among businesses and individuals, the government loses a great deal of power.  </p>
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		<title>Ron Paul’s Speech at the “Rally for the Republic”</title>
		<link>http://www.thelibertypapers.org/2008/09/02/ron-paul%e2%80%99s-speech-at-the-%e2%80%9crally-for-the-republic%e2%80%9d/</link>
		<comments>http://www.thelibertypapers.org/2008/09/02/ron-paul%e2%80%99s-speech-at-the-%e2%80%9crally-for-the-republic%e2%80%9d/#comments</comments>
		<pubDate>Wed, 03 Sep 2008 04:08:50 +0000</pubDate>
		<dc:creator>Stephen Littau</dc:creator>
				<category><![CDATA[Constitution]]></category>
		<category><![CDATA[Corruption]]></category>
		<category><![CDATA[Economics]]></category>
		<category><![CDATA[Education]]></category>
		<category><![CDATA[Election '08]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Federalism]]></category>
		<category><![CDATA[Founding Fathers]]></category>
		<category><![CDATA[Free Speech]]></category>
		<category><![CDATA[Free Trade]]></category>
		<category><![CDATA[General]]></category>
		<category><![CDATA[Government Regulation]]></category>
		<category><![CDATA[Government Waste]]></category>
		<category><![CDATA[Healthcare]]></category>
		<category><![CDATA[History]]></category>
		<category><![CDATA[Human Rights]]></category>
		<category><![CDATA[Individual Rights]]></category>
		<category><![CDATA[Keep and Bear Arms]]></category>
		<category><![CDATA[Legal]]></category>
		<category><![CDATA[Libertarians]]></category>
		<category><![CDATA[Politics]]></category>
		<category><![CDATA[Privacy]]></category>
		<category><![CDATA[Property Rights]]></category>
		<category><![CDATA[Republicans]]></category>
		<category><![CDATA[Strategies For Advancing Liberty]]></category>
		<category><![CDATA[Taxation]]></category>
		<category><![CDATA[The Bill Of Rights]]></category>
		<category><![CDATA[The Nanny State]]></category>
		<category><![CDATA[The Surveillance State]]></category>
		<category><![CDATA[The War on Drugs]]></category>
		<category><![CDATA[The Welfare State]]></category>
		<category><![CDATA[Theory and Ideas]]></category>
		<category><![CDATA[Unions]]></category>
		<category><![CDATA[War on Terror]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=2716</guid>
		<description><![CDATA[Ron Paul spoke in front of a crowd of approximately 10,000 at the “Rally for the Republic” (AKA the “Ron Paul Convention”) across the river from the Republican National Convention. 
Below are the first 3 parts of his speech, the full text of the speech can be read here.
 

 
Other speakers on the last [...]]]></description>
			<content:encoded><![CDATA[<p>Ron Paul spoke in front of a crowd of approximately 10,000 at the “Rally for the Republic” (AKA the “Ron Paul Convention”) across the river from the Republican National Convention. </p>
<p>Below are the first 3 parts of his speech, <a href="http://www.campaignforliberty.com/blog/?p=432#more-432">the full text of the speech can be read here</a>.</p>
<p><object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/QGONDUxUxc4&#038;hl=en&#038;fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/QGONDUxUxc4&#038;hl=en&#038;fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object> </p>
<p><object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/MbzdOFhDydc&#038;hl=en&#038;fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/MbzdOFhDydc&#038;hl=en&#038;fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object></p>
<p><object width="425" height="344"><param name="movie" value="http://www.youtube.com/v/PPO9mPCqG70&#038;hl=en&#038;fs=1"></param><param name="allowFullScreen" value="true"></param><embed src="http://www.youtube.com/v/PPO9mPCqG70&#038;hl=en&#038;fs=1" type="application/x-shockwave-flash" allowfullscreen="true" width="425" height="344"></embed></object> </p>
<p>Other speakers on the last day of the rally included Tucker Carlson, Lew Rockwell, Gov. Jesse Ventura (who hinted that he might make a presidential run in 2012), and Barry Goldwater Jr. </p>
<p>Libertarian presidential nominee <a href="http://blogs.abcnews.com/politicalradar/2008/09/bob-barr-attend.html ">Bob Barr was also in attendance </a>at Ron Paul’s big show but Barr said he was not disappointed that Paul did not make an official endorsement of his campaign:</p>
<blockquote><p>Barr, a former GOP congressman, told ABC News he respects Paul’s intent not to make an endorsement in the general election, and is &#8220;here today because there are thousands of people who believe we need to shrink the power, the size, the scope of the federal government.  </p>
<p>“These are liberty-loving Americans, and those are my kind of people,&#8221; Barr exclaimed.</p>
<p>[…]</p>
<p>&#8220;We&#8217;re all in this together &#8212; we believe in the same things,” Barr said.</p>
<p>“Ron has chosen to work within the Republican Party, I&#8217;ve chosen to work through the Libertarian Party through the electoral route, but we all want the same thing,&#8221; he added.</p></blockquote>
<p>http://www.campaignforliberty.com/   </p>
<p>http://www.bobbarr2008.com/</p>
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		<title>Cali Going &#8220;Green&#8221; &#8212; Raising House Prices By Restricting Supply</title>
		<link>http://www.thelibertypapers.org/2008/07/23/cali-going-green-raising-house-prices-by-restricting-supply/</link>
		<comments>http://www.thelibertypapers.org/2008/07/23/cali-going-green-raising-house-prices-by-restricting-supply/#comments</comments>
		<pubDate>Thu, 24 Jul 2008 05:01:26 +0000</pubDate>
		<dc:creator>Brad Warbiany</dc:creator>
				<category><![CDATA[Economics]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Environment]]></category>
		<category><![CDATA[Government Regulation]]></category>
		<category><![CDATA[Property Rights]]></category>
		<category><![CDATA[The Nanny State]]></category>
		<category><![CDATA[Zoning and Land-Use]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=2674</guid>
		<description><![CDATA[California, in an attempt to fix the housing mess* by making houses less affordable by making you buy features you wouldn&#8217;t otherwise**, has announced new statewide building restrictions to go &#8220;green&#8221;.
From the Governator on down, nanny statists in California are more than willing to use force to make your life more expensive, and are quite [...]]]></description>
			<content:encoded><![CDATA[<p>California, in an attempt to fix the housing mess* by making houses less affordable by making you buy features you wouldn&#8217;t otherwise**, has announced <a href="http://www.scsa.ca.gov/news/pdf/Press_Release_071708.pdf">new statewide building restrictions to go &#8220;green&#8221;</a>.</p>
<p>From the Governator on down, nanny statists in California are more than willing to use force to make your life more expensive, and are quite happy to gloat about it the whole while:</p>
<blockquote><p>Today, the California Building Standards Commission announced the unanimous adoption of the nation’s first statewide “green” building code. The code is a direct result of the <a href="http://www.leginfo.ca.gov/pub/07-08/bill/asm/ab_1051-1100/ab_1058_vt_20071014.html">Governor&#8217;s direction to the Commission</a> and will lead to improved energy efficiency and reduced water consumption in all new construction throughout the state, while also reducing the carbon footprint of every new structure in California.</p></blockquote>
<p>Unanimous?  There&#8217;s nobody willing to step up and say &#8220;maybe we should let individuals decide how their houses should be built&#8221;?  You can argue day in and day out whether building codes for safety purposes are a legitimate form of government coercion, but this is just nanny-state do-gooderism.  It&#8217;s the logical next step to a government that won&#8217;t allow any market forces the freedom to develop the energy people want to use, so simply requires that they use less.  <a href="http://www.coyoteblog.com/coyote_blog/2008/07/water-and-prici.html">Allowing market forces to price water</a>, for example, might suggest to people that they should save water for their own sake.  But government regulation artificially keeping water prices low means, of course, that they must either ration water, mandate regulation to reduce use through the building code, or both.  Throwing bad government after bad?  I&#8217;d say so.</p>
<blockquote><p>“Once again California is leading the nation and the world in emissions reductions and finding new ways to expand our climate change efforts,” said Commission Chair Rosario Marin.</p></blockquote>
<p>Sometimes <a href="http://en.wikipedia.org/wiki/Medical_marijuana#California">being first is a good thing</a>.  Sometimes <a href="http://en.wikipedia.org/wiki/List_of_smoking_bans_in_the_United_States">it&#8217;s not</a>.  Something tells me that increasing housing prices in a place like California, already far too expensive with other taxes and regulations (and market forces) for the average person to survive comfortably, will not end up helping the state.</p>
<blockquote><p>“The commission should be commended for bringing everyone to the table including representatives of the construction and building trades industry, environmental groups and labor organizations, and achieving something no other state has been able to.&#8221;</p></blockquote>
<p>&#8220;We railroaded this through in a bipartisan manner.  Therefore it&#8217;s obvious that it&#8217;s futile to resist.&#8221;</p>
<blockquote><p>The new California Green Building Standards Code goes well beyond the current building standards. These new statewide standards will result in significant improvements in water usage for both commercial and residential plumbing fixtures and target a 50 percent landscape water conservation reduction.</p></blockquote>
<p>Plumbing fixtures?  Better buy a plunger.  Maybe even an auger when they get through with your house.  Oh, and I hope you like Xeriscapes, because you&#8217;re going to see a lot more of them.  (Again, this is a result of government artificially pricing water too low, and then enacting use restrictions that natural market forces could already have arranged).</p>
<blockquote><p>They also push builders to reduce energy use of their structures by 15 percent more than today’s current standards.</p></blockquote>
<p>Again, in many ways this is a good thing.  But it&#8217;s not something that most people had deemed necessary to pay for in the past, or it wouldn&#8217;t need to be regulated.</p>
<blockquote><p>They also push builders to reduce energy use of their structures by 15 percent more than today’s current standards.</p></blockquote>
<p>I guess they thought this was really important to point out, since they repeated the sentence in the press release.  Or perhaps they are just experts on &#8220;being green&#8221;, and not so much into the whole proofreading thing&#8230;</p>
<blockquote><p>The new standards declare the minimum California will accept in environmentally friendly design &#8211; local jurisdictions and builders who wish to do more are applauded.</p></blockquote>
<p>[clap clap clap]Yay, Berkeley!  You go girl![/clap clap clap]</p>
<blockquote><p>In addition to the new codes adopted today, Governor Schwarzenegger&#8217;s Green Building Initiative (Executive Order S-20-04) (http://gov.ca.gov/executive-order/3360/) directs state agencies to reduce energy use at state-owned buildings 20 percent by 2015, while also reducing the impact state buildings have on climate change.</p></blockquote>
<p><strong>Please</strong> tell me they&#8217;re going to do this by reducing quantity of state buildings and number of state employees by this much!</p>
<blockquote><p>His executive order directs that new state construction and <strong>major renovation projects</strong> should meet a minimum of the U.S. Green Building Council’s LEED (Leadership in Energy and Environmental Design) Silver certification in order to save energy, conserve water, divert waste from landfills and cut greenhouse gas emissions. To date, 13 state buildings have achieved LEED certification.</p></blockquote>
<p>I guess that&#8217;s the end of major renovation projects to state buildings.  Oh, wait, they&#8217;re spending <em>our</em> money?  Never mind.</p>
<p>And wow, 13 whole buildings so far?  What size bucket does that drop fall into?</p>
<blockquote><p>According to the U.S. Green Building Council, buildings nationwide account for 70 percent of electricity consumption, 39 percent of energy usage, 12 percent of potable water consumption, 40 percent of raw materials usage, 30 percent of waste output (136 million tons annually), and produce 39 percent of associated greenhouse gases (CO2).</p></blockquote>
<p>I thought I learned from the NRA that buildings don&#8217;t waste energy, <em>people do</em>.  Up next, Washington DC outlaws private ownership of buildings!</p>
<blockquote><p>California’s new building standards will result in increased water and energy savings through a combination of more efficient appliances, use of efficient landscapes and more efficient building design and operation.</p></blockquote>
<p>Again, I&#8217;m sure they&#8217;re not doing anything to increase the efficiency of government.</p>
<blockquote><p>The code also encourages the use of recycled materials in carpets and building materials, and identifies various site improvements including parking for hybrid vehicles and better storm water plans.</p></blockquote>
<p>Hey, so you get primo parking for your 20 mpg Chevy Tahoe Hybrid, while the guy with the much more environmentally-friendly 36 mpg Honda Civic languishes at the back of the lot.  I&#8217;ll bet he produces a <a href="http://en.wikipedia.org/wiki/Smug_Alert!">lot less smug</a>, too.</p>
<blockquote><p>Additionally, the new code contains standards for single-family homes, health facilities and commercial buildings. The code is composed of optional standards that will become mandatory in the 2010 edition of the code. This adjustment period will allow for industry and local enforcement agencies to prepare for, and comply with, the new green building standards.</p></blockquote>
<p>This is why the construction industry went along&#8230;  Anyone with half a brain will be pushing for their construction to be complete by 2010!  After all, what California really needs is MORE real estate being developed, because we don&#8217;t have quite enough of a surplus now!</p>
<blockquote><p>Moving forward after 2010, the California Green Building Standards Code will be updated on an annual basis to ensure that the latest technology and methods of construction have been incorporated to always maintain a high level of standards.</p></blockquote>
<p>And here&#8217;s the giveaway to lobbyists.  Just think how much money is going to be spent at the state capital ensuring that pet technologies get implemented into the code.  Oh, and I&#8217;m sure regulations that change yearly will require a lot more inspectors and training, another fun way to spend taxpayer money.  Sacramento should be a boom town over the next few years.</p>
<blockquote><p>For more than 20 years, the California Building Standards Commission has established California as an international leader in areas such as energy conservation, water conservation and seismic strengthening—resulting in some of the most efficient and sustainable buildings in the world.</p></blockquote>
<p>Ahh, the final buzzword.  &#8220;Sustainable.&#8221;  As long as they keep taxes and regulation <strong>just</strong> shy of killing the goose that laid the golden egg, Sacramento&#8217;s economy should remain sustainable.  But just imagine if the local government was trying to pull this sort of shit in a state without beautiful scenery and picturesque beaches&#8230;  They&#8217;d call it Detroit.<br />
<span id="more-2674"></span><br />
* Yes, I realize this measure is largely perpetrated by the forces of environmentalism, not about the housing crisis.  But by artificially reducing the supply of homes, they may artificially raise the cost of housing.  That&#8217;s very good for property taxes.</p>
<p>** Energy-efficiency is a money-saver in the long term.  But apparently some of the trade-offs they&#8217;re proposing aren&#8217;t worthwhile, or consumers would already be demanding them.  Of course, with heavily regulated water and electricity, it&#8217;s mainly due to artificially low prices that they need to mandate lower usage, so market forces aren&#8217;t being allowed to work at all.</p>
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		<title>Recycling Bad Ideas: Bringing Back 55</title>
		<link>http://www.thelibertypapers.org/2008/07/05/recycling-bad-ideas-bringing-back-55/</link>
		<comments>http://www.thelibertypapers.org/2008/07/05/recycling-bad-ideas-bringing-back-55/#comments</comments>
		<pubDate>Sat, 05 Jul 2008 14:37:47 +0000</pubDate>
		<dc:creator>tarran</dc:creator>
				<category><![CDATA[Economics]]></category>
		<category><![CDATA[Energy Policy]]></category>
		<category><![CDATA[Government Regulation]]></category>
		<category><![CDATA[Technology]]></category>
		<category><![CDATA[Theory and Ideas]]></category>

		<guid isPermaLink="false">http://www.thelibertypapers.org/?p=2657</guid>
		<description><![CDATA[Senator Warner has a brilliant idea how to reduce gas prices; force Americans to consume less at gun point:
Sen. John Warner, R-Va., asked Energy Secretary Samuel Bodman to look into what speed limit would provide optimum gasoline efficiency given current technology. He said he wants to know if the administration might support efforts in Congress [...]]]></description>
			<content:encoded><![CDATA[<p>Senator Warner has a brilliant idea how to reduce gas prices; <a href="http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/070408dnmetspeedlimit.214e93d0.html">force Americans to consume less at gun point</a>:</p>
<blockquote><p>Sen. John Warner, R-Va., asked Energy Secretary Samuel Bodman to look into what speed limit would provide optimum gasoline efficiency given current technology. He said he wants to know if the administration might support efforts in Congress to require a lower speed limit.</p>
<p>Warner cited studies that showed the 55 mph speed limit saved 167,000 barrels of oil a day, or 2 percent of the country&#8217;s highway fuel consumption, while avoiding up to 4,000 traffic deaths a year.</p>
<p>&#8220;Given the significant increase in the number of vehicles on America&#8217;s highway system from 1974 to 2008, one could assume that the amount of fuel that could be conserved today is far greater,&#8221; Warner wrote Bodman.</p>
<p>Warner asked the department to determine at what speeds vehicles would be most fuel efficient, how much fuel savings would be achieved, and whether it would be reasonable to assume there would be a reduction in prices at the pump if the speed limit were lowered.</p>
<p>The department&#8217;s Web site says that fuel efficiency decreases rapidly when traveling faster than 60 mph. Every additional 5 mph over that threshold is estimated to cost motorists &#8220;essentially an additional 30 cents per gallon in fuel costs,&#8221; Warner said in his letter, citing the DOE data.</p></blockquote>
<p>This law is patently unconstitutional: nowhere in the United States Constitution is the Federal Government permitted to pass laws governing speed limits.  The Congress can get around this limit on their power using the usual dodge of merely passing voluntary regulations and withholding highway funds from states that refuse to go along.</p>
<p>This proposed law is ridiculous on many levels.  First, the optimum speed varies from vehicle to vehicle.  A one size fits all law would really require some people to drive at suboptimal speeds.  The law would have the effect of limiting innovation: why research ways to make fuel efficiency at 70 mph better if nobody is allowed to drive at that speed?   Just as when the courts in the 19th century gave polluters carte-blanche to pollute on their neighbors&#8217; properties and killed the nascent emission reduction industry &#8211; this law will kill all such groundbreaking research.</p>
<p>Second, contrary to Sen Warner&#8217;s assertion, a reduced speed limit does not save lives. <a href="http://www.ibiblio.org/rdu/65-lives.html"> In fact, quite the opposite</a>:</p>
<blockquote><p>Taken as a whole, these different analyses lead to the conclusion that overall statewide fatality rates fell by 3.4 to 5.1 percent in the states that adopted the 65 mph limit.</p>
<p>Why did the new speed limit lower the fatality rate?  1) Drivers may have switched to safer roads;  2) highway patrols may have shifted resources to activities with more safety payoff; and  3) the speed variance among cars may have declined &#8212; it might decline on the interstates as law abiding drivers caught up with the speeders, and it might have declined on other highways as their speeders switched to the interstates.  The evidence indicates that events 1 and 2 did occur; we have no evidence for event 3.  Future research ought to be directed toward disentangling the relative contribution of these factors.</p></blockquote>
<p>What about its impact on the price of oil?</p>
<p>True, such a law would result in lower consumption of gasoline on the roads, both because of lower fuel consumption and because people would curtail long road trips (because they would take too long).  But the reduction in demand for driving would have no impact on the other manifold uses of petroleum.    <a href="http://www.theoildrum.com/node/3892#more">People living in the United States consume upwards of 9 billion barrels a day</a>. If we are charitable, and assume that this time around the savings in consumption will be 100 times larger &#8211; that would still amount to 16 million barrels a day, or less than 1% of the oil consumed in the United States each day.  Obviously this move would have a barely perceptible effect on the price of unrefined oil.</p>
<p>What about the impact on the price of gasoline?</p>
<p>Well, the price of gasoline is set almost entirely by the supply available.  The run up in price could be due not only to to a shortage of available oil, but also due to the availability of refining capacity. And indeed, the oil industry has been expanding its refining capacity at a much lower rate than the rate at which gasoline consumption is growing. <a href="http://petrostrategies.blogspot.com/2008/04/refinery-capacity-and-gasoline-prices.html"> Last year, refineries supplying the U.S. market were pumping out 98% of the maximum amount of gasoline that they can theoretically produce</a>.</p>
<p>In such a circumstance, a small drop in the consumption of gasoline could have a major impact on the price.  So Senator Warner could be right, forcing everyone to drive more slowly could result in a 10% reduction in the price of gasoline&#8230; in the short term.  Of course, 5 &#8211; 10 years from now, demand would have risen to current levels, and we would be right back where we are today.</p>
<p>The obvious question is why aren&#8217;t refiners expanding capacity?  After all, gasoline is liquid gold.  If they make it, they will be able to sell it at a profit.  We should be seeing refiners adding capacity to their operations.  Are these refiners idiots?  Are they walking away from money?  Apparently not!  <a href="http://www.iht.com/articles/2007/05/24/sports/prices.php">Two years ago, they were trying to avoid wasting money because they didn&#8217;t want to invest in major expansions until they figured out what regulations the government is going to impose upon them</a>.</p>
<blockquote><p>In hearings before Congress [in 2006], oil executives outlined plans to increase fuel production by expanding their existing refineries. Those plans would add capacity of 1.6 million to 1.8 million barrels a day over the next five years, for an increase of 10 percent, according to the National Petrochemical &amp; Refiners Association.</p>
<p>But those plans have since been winnowed to no more than 1 million barrels a day, according to the Energy Information Administration, an arm of the federal government.</p>
<p>&#8220;If the national policy of the country is to push for dramatic increases in the biofuels industry, this is a disincentive for those making investment decisions on expanding capacity in oil products and refining,&#8221; said John Hofmeister, the president of Shell Oil. &#8220;Industrywide, this will have an impact.&#8221;</p></blockquote>
<p><span class="vitstorybody"><span class="vitstorybody">So, because refiners are afraid that their investment in additional capacity can be rendered worthless at the stroke of  a presidential pen, they are holding off making any such investment.  And I can hardly blame them.</span></span></p>
<p>The 55 mph speed limit was one of many dumb ideas that came out of the Federal Government  in the early 1970&#8217;s.   Thankfully, it was abandoned in the 1990&#8217;s for reasons that are still operative today.  It is a shame that an economic ignoramus who manages to win an election could have he power to reinstitute such a dumb law.  Senator Warner would be making a better use of his time and political capital if he worked towards ending the disastrous &#8220;Energy Independence/Sustainability&#8221; initiatives that are wreaking such havoc with the production of energy world wide.  Let&#8217;s leave the disastrous ideas of the 1970&#8217;s in the dustbin, where they belong.</p>
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