Tuesday, November 18, 2003

Anatomy of Stealing $49 Billion Here is why I support Howard Dean.  We must put a stop to the robbery of our resources by companies that control politicians.   The figures here are approximate, but the issue of MBTE is a perfect illustration of how we are all harmed by the greed of companies who now use the federal budget as one of their primary sources of profits.   MBTE was originally proposed as a gasoline additive because it would reduce smog.  However, in the 1980’s, when it was being researched the oil companies new that MBTE was much more soluble in water than other gasoline additives.    One of the leading proponents of using MBTE was an oil executive who was a golfing partner of Pres. Bush (senior), and of course a big campaign contributor.   In 1990, the Clean Air Act required the use of MBTE providing a massive financial windfall to oil companies.   However, soon problems began to be apparent.  The solubility of MTBE meant that it quickly spread to groundwater when it leaked out of gasoline storage tanks.  After seeing numerous wells contaminated, and fearing the health effects of a carcinogen in drinking water, first some states, and then the U.S. banned further use of MBTE.   Now the money comes in.  The clean up of MTBE is estimated to cost as much as $29 billion.  Numerous local governments have sued the oil companies to recover the clean up costs, based on the fact that the oil companies knew the additive was a risk to groundwater when they developed it, but failed to take any remedial action.   So what do oil companies facing a $29 billion clean up bill do.  They use their purchased hands, such as Dick Cheney, and secretly write a provision in the energy act giving them protection from lawsuits over their negligence.   Then they get the vice-president to give them another subsidy of about $20 billion for development of other additives, new extraction techniques, and a laundry list of other wishes.   It is all as if Enron had never happened.  The energy industry gets in effect $49 billion, while local governments are forced to pay their own clean up costs (of $29 billion), and lose the benefit of another $20 billion in federal taxes.   This is why we need to revolutionize politics: this type of greed and wanton disregard of the collective welfare of our cities and towns is equal to the worst excesses of the railroad robber barons.    Every Senator and Congressman who votes for this bill, democrats included, should be driven out of Washington for failure to uphold their oath of office to defend the people of the United States.  We need the anger of people who say we won’t take this crap anymore. 6:33:32 PM   comment []

© Copyright 2003 Toby Sackton. Last update: 12/15/2003; 9:28:16 PM.