Destroying the Arctic Refuge Isn't the Answer

The Bush/Cheney administration continues to be a one-trick pony for Big Oil, proposing more of the same disastrous drilling plans that further benefit oil speculators and the oil industry – at the expense of our coasts and the Arctic National Wildlife Refuge.

Ultimately, America needs long-term solutions focused on renewable energy and better fuel efficiency -- not more drilling. But the oil markets have weak oversight and accountability, which allows wealthy investors from around the world to drive up the price we pay for gas by buying up large amounts of oil and selling it back to each other over and over again.

In the short-term, reining in oil speculators could make a real difference in the cost of gas – and save our natural resources for our planet's future.

Please sign the petition today urging President Bush to rein in oil speculation and give Americans better alternative energy choices to reduce energy costs across the board.

Dear President Bush:

Oil market speculation is dramatically driving up oil prices and causing major pain at the pump for Americans. But the destructive drilling off our coasts and in the Arctic National Wildlife Refuge that you have called for will not provide real relief for Americans who need effective solutions that will save them money now.

Ultimately, America needs long-term solutions focused on renewable energy and better fuel efficiency -- not more drilling. In the short-term, reining in oil speculators could make a real difference in the price we pay at the pump.

It is time to establish hard-hitting policies that will rein in oil speculation, restore accountability in the oil commodity markets and give Americans better choices to help reduce energy costs across the board. Even Gerry Ramm, an Inland Oil Company senior executive, has admitted "excessive speculation on energy trading facilities is the fuel that is driving this runaway train in crude oil prices."

Over the past 20 years, the number of speculators who trade oil on paper has tripled. These speculators buy up large amounts of oil and sell it back to each other over and over again - a single barrel of oil may be traded over 20 times before it is actually used. The resulting inflated oil prices end up penalizing drivers at the gas pump.

To address the current fuel crisis, we need to rein in the rampant oil speculation that's driven prices through the roof - not diverting tactics that will trade away our coasts and other special places to help further pad the profits of Big Oil. Closing the so-called "Enron Loophole" and other sweetheart deals for speculators could dramatically reduce the price drivers are paying at the pump.

Americans need real solutions now to ease the energy crisis, not more of the same disastrous drilling plans that further benefit oil speculators and Big Oil's fat cats.

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