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A magic way to make billions
Posted on Monday, February 27, 2006 @ 19:17:59 UTC by vlad

General By DONALD L. BARLETT, JAMES B. STEELE

The wording is so bland and buried so deep within a 324-page budget document that almost no one would notice that a multibillion-dollar scam is going on. Not the members of Congress voting for it and certainly not the taxpayers who will get fleeced by it. And that is exactly the idea.




With Washington reeling from the Abramoff lobbying scandal and Republicans and Democrats alike pledging to crack down on influence peddling, with one lawmaker already gone from Capitol Hill because he traded favors for cash, you're probably guessing this isn't the best time for members of Congress to dispense a fortune in favors to their friends.

Guess again.

Buried in the huge budget-reconciliation bill, on which House and Senate conferees are putting the final touches right now, are a few paragraphs that accomplish an extraordinary feat. They roll back the price of a barrel of crude oil to what it sold for two years ago. They create this pretend price for the benefit of a small group of the politically well connected. You still won't be able to buy gasoline for $1.73 per gal. as you did then, instead of today's $2.28. You still won't be able to buy home heating oil for $1.60 per gal., in place of today's $2.39. But a select group of investors and companies will walk away with billions of dollars in tax subsidies, not from oil but from the marketing of a dubious concoction of synthetic fuel produced from coal and dependent on government tax credits tied to the price of oil...

Read the whole article here: http://www.cnn.com/2006/POLITICS/02/27/synfuel.tm/index.html

 
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"A magic way to make billions" | Login/Create an Account | 2 comments | Search Discussion
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Re: A magic way to make billions (Score: 1)
by sparks35 on Monday, February 27, 2006 @ 20:51:03 UTC
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Your link is not working...try this one...

http://www.cnn.com/2006/POLITICS/02/27/synfuel.tm/index.html [www.cnn.com]



Re: A magic way to make billions (Score: 1)
by ElectroDynaCat on Tuesday, February 28, 2006 @ 15:50:25 UTC
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Synfuel is not a "dubious concoction" , it is essentially Fischer-Tropsch diesel, which has been running machinery and vehicles for close to 70 years in some parts of the world.
As far as the giveaway is concerned, we just have to remember the famous "cost plus" contracts issued during World War II that went a long way to ensuring victory. This is a war, and if we are strangled for fuel in the future by our enemies it will have be considered a judicial use of tax money when the spigots of the Middle East run dry or are shut off.

The US had a long time to get itself free from foreign sources, but we paid no attention to the situation, and must now pay the piper.



 

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