12 30 nyt, us buing for stratetic reserve, while selling oil in kind produced on federal lands; propping up price of oil as result;another tax on us taxpayer

[David Farber <dave () farber net>]

Begin forwarded message:

From: paul foldes <pfoldes () eidmgt com>
Date: December 30, 2006 8:55:56 AM EST
To: dave () farber net
Subject: 12 30 nyt, us buing for stratetic reserve, while selling oil  
in kind produced on federal lands; propping up price of oil as  
result;another tax on us taxpayer

please omit email address if posting to IP; have some clients who  
would not appreciate this posting
-----------------------------------------

Dave, for IP

Today's NYT: http://www.nytimes.com/2006/12/30/washington/ 
30royalty.html?pagewanted=print

According to report: US Govt has been contracting with oil companies  
to resell 'in-kind royalties' for oil produced on Federal lands

Rather than cut back purchases for Strategic Reserve on open market,  
which props up price of oil paid by all consumers, the Interior Dept  
which has done such a good job accounting for and paying  Native  
Americans for royalties for natural resources produced on their lands  
(litigation going on now for over 10 years in Federal Court), and has  
done such a good job recently  contracting for the DOD , Interior  
Dept put in charge of reselling oil produced on Federal Lands.

Another Bush/Cheney 'oil premium' paid by taxpayers above the premium  
on global oil prices due to instability caused in Mid East by Iraq  
invasion (anticipation of which started price increase on world  
markets, now more than 2x ( $ 60/barrel)  what price was before Bush  
started rattling his sword at Iraq ( $ 23 / barrel in late 2002)

Talk about a 'double' penalty for Bush/Cheney favoritism to the oil  
industry paid by the US (and world) petro consumers

paul


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