Oil hits $120 a barrel, Fossella just returning to work

We take a break from the ongoing news updates of Vito Fossella's arrest to bring you some news about the administration's failure to have any economic policies.

via Yahoo! Finance;

Light, sweet crude for June delivery rose 19 cents to US$120.16 a barrel in electronic trading on the New York Mercantile Exchange by midmorning Tuesday in Singapore. The contract surged to a trading record of US$120.36 a barrel overnight before settling at US$119.97 a barrel, up US$3.65 from Friday's close.

Threats to supply emerged over the weekend and on Monday from Iraq, Nigeria and Iran. Also, a pullback in the recovery of the dollar against the euro and yen pushed investors back to commodities such as oil as a hedge against inflation.

Normally at this point I would ask what exactly is Vito Fossella doing to help his constituents who are paying for this at the pump however he just returned to work today for the first time since his arrest, so the answer is pretty obvious, nothing.

via the NY State Democratic Party;

Today Vice President Dick Cheney came to Park Avenue to raise money from oil executives for his longtime buddy, Congressman Vito Fossella. At a fundraising luncheon at the Park Avenue home of billionaire oil executive David Koch, Cheney helped pad Fossella’s re-election campaign with money from Big Oil.

“What can we expect from Congressman Fossella in return? Higher prices at the pump and no accountability for oil companies banking record profits,” said NYS Democratic Chair June O’Neill.

“Vito Fossella’s campaign must be in serious trouble to have to import Dick Cheney and his oil buddies,” said O’Neill. “Vito Fossella has already received nearly a hundred thousand dollars in campaign contributions from Big Oil and sends his thanks by consistently voting against laws that would conserve energy. It’s sad that as gas prices continue to rise and too many are without health care, Vito Fossella is accepting thousands of dollars from the very people who are furthering the squeeze on the middle class. Vito Fossella should spend his time helping middle class families deal with rising gas prices instead of rubbing elbows with oil executives and Dick Cheney on Park Avenue.”

Oh and in 2000 Fossella made a big fuss about oil almost costing $30 a barrel. Now at $120 he is silent, and possibly still intoxicated.

see also:
Oil tops $115 barrel, Fossella silent
Oil tops $110 a barrel, Fossella doesn't care
Oil hits $105 a barrel, Fossella not concerned
Fossella skips out on Energy vote

Oil tops $115 barrel, Fossella silent

Oil broken $100 per barrel for the first time ever this year. At $105 a barrel a month ago, Fossella was typically silent. When it topped $110 a barrel a week after that Fossella again had no comment. Today oil broke $115 a barrel before closing at $114.

Hopefully by now you know that Vito Fossella infamously released a press release tirade on President Bill Clinton in 2000 when oil was approaching $30 a barrel;

...the Administration lacks a clear and comprehensive energy policy. Today we are sending a wake-up call to the Energy Department and others that Americans could be hit with escalating electricity rates this summer. Its failure to act following OPEC's production cutbacks last year and its subsequent decision to ignore our warnings of price surges for home heating oil and gas have mired us in this current predicament."

At what point will Fossella heed his own wake up call? My guess is once he can again blame a Democratic President. So January.

Oil tops $110 a barrel, Fossella doesn't care

Oil yesterday set a record when it topped $110 a barrel in trading. Fortunately it has retreated since down to the low low cost of $109.

I already covered the tantrum Fossella threw berating President Clinton over oil approaching $30 a barrel back in 2000. He has yet to make any similar comments to President Bush despite oil going up 350% since then. Can you find anyone who looking back think Fossella's crying over $1.50/gallon gas was justified?

This might also be a good point to revisit Vito Fossella's vote against HR 5351 the Renewable Energy and Energy Conservation Tax Act of 2008. This was just two weeks ago. Before we jump into that I want to point out some analysis from Goldman Sachs today on the future of oil costs via CNNMoney.com;

'Solving the politically driven supply constraints will be a very difficult and protracted process which will likely lead to explosive prices in the next couple of years, with oil prices potentially spiking toward 175 usd a barrel, particularly should growth in the G7 re-accelerate in 2009 and beyond.'
Goldman Sachs was one of the first investment banks to predict oil prices at 100 usd a barrel. They recently increased their 2008 average price forecast to 105 usd a barrel.

$175 a barrel! That House bill HR 5351 above that Fossella just voted against funds extension of renewable energy and energy conservation tax credits for individuals. Just how out of touch with average Americans is Fossella? Fortunately for the rest of us Congress passed this bill.

Oil hits $105 a barrel, Fossella not concerned

Oil has hit $105 a barrel and yet Vito Fossella seems unphased. via
the NY Times;

It is the second time this year that OPEC had ignored public calls from the United States to increase supplies. In January, Mr. Bush traveled to Saudi Arabia and urged producers to open their taps. But the plea failed to sway OPEC. When the group met in February, it kept its production level unchanged.

Fortunately we have Vito Fossella fighting the good fight for us and demanding answers;

"Unless production increases significantly, there could be a problem this summer," Fossella said. "If you thought we had difficulties with home heating oil and gas prices this winter, just wait. A surge in electricity rates and power outages may be just around the corner because the Administration lacks a clear and comprehensive energy policy. Today we are sending a wake-up call to the Energy Department and others that Americans could be hit with escalating electricity rates this summer. Its failure to act following OPEC's production cutbacks last year and its subsequent decision to ignore our warnings of price surges for home heating oil and gas have mired us in this current predicament."

Sadly you know the punch line. These comments are from Vito Fossella, March 23, 2000 criticizing President Clinton for his lack of response to oil then hitting $30 a barrel. Eight years later, oil has gone up 350%. Vito Fossella, well he has no comment. Which considering Vito Fossella's Fidel Castro embarrassment maybe it is better he keeps his mouth shut.

Vito Fossella's recent legislative votes

Renewable Energy and Energy Conservation Tax Act of 2008, HR 5351
Vote Passed (236-182, 11 Not Voting)

The House voted to repeal certain tax deductions for oil and gas companies in order to pay for the extension of renewable energy and energy conservation tax credits for individuals.

Rep. Vito Fossella voted NO

Vito Fossella on sky rocketing oil prices

via VetoFossella.com;

Pointing to the ongoing oil price crisis, Congressman Vito Fossella (R-NY13) today sounded an alarm that the ... Administration's lack of an energy policy could produce similar problems this summer with increased electricity rates and power outages.

"Unless production increases significantly, there could be a problem this summer," Fossella said. "If you thought we had difficulties with home heating oil and gas prices this winter, just wait. A surge in electricity rates and power outages may be just around the corner because the Administration lacks a clear and comprehensive energy policy. Today we are sending a wake-up call to the Energy Department and others that Americans could be hit with escalating electricity rates this summer. Its failure to act following OPEC's production cutbacks last year and its subsequent decision to ignore our warnings of price surges for home heating oil and gas have mired us in this current predicament." [Rep. Vito Fossella]

These words from Rep. Vito Fossella were issued in a press release, March 23, 2000 criticizing President Clinton for his "lack of an energy policy" as oil was approaching $30 a barrel. Today oil flirts with $100 a barrel and Rep. Vito Fossella has not one negative comment to say about this administration or their energy policy or lack thereof. Certainly Vito Fossella is no hypocrite and he would not play partisan games, right? Maybe you should revisit Fossella's thoughts on the war;

"The President has a responsibility to articulate America's long-term strategy before placing even one soldier in harm's way. He has asked the Congress and the American people to follow his lead, but he has shrouded in darkness where that road will take us. Leading military and foreign policy experts have questioned why the Administration won't define the mission and what plans are in place for us to withdraw."

"The President must have a frank discussion with the American people as to what our military's mission is, when victory will be achieved and how it will be achieved."

Rep. Vito Fossella, April 30, 1999. His criticisms today of this war and this President's strategy can not be found as he refuses to address the topic to the point that the Iraq War is not even mentioned on his campaign website.

Fossella and Bush oppose alternative energy funding

You pay $3 a gallon at the pump because of six years of Fossella's majority acting like this;

via the Houston Chronicle;

The House approved the first increase in federal automobile fuel efficiency requirements in three decades Thursday as part of an energy bill that also repeals billions of dollars in oil company tax breaks and encourages the use of renewable fuels.

snip

The bill would roll back $13.5 billion in tax breaks enjoyed by the five largest U.S. oil companies with the money to be used for tax incentives for development of renewable energy sources like ethanol from grasses and wood chips and biodiesel and for energy efficiency programs and conservation.

snip

The centerpiece of the bill is a requirement to boost automobile fuel economy by 40 percent to an industry average of 35 miles per gallon by 2020, the first such increase since 1975, when Congress enacted the federal auto fuel economy requirements.

Rep. Vito Fossella opposed this long term energy alternative legislation, no surprise really. This is a bill that President Bush has promised to veto so that Exxon and other oil giants don't lose their tax breaks while they are pulling in record profits. Vito Fossella happily obliged President Bush's wishes and sided with Exxon.

Truth 13: Fossella and Big Oil

I received this press release from a new organization, Truth 13, that looks like it could do some great work getting press to report on Rep. Fossella's lacking record and leadership. Good start.

REP. VITO FOSSELLA REPRESENTS BIG OIL IN CONGRESS INSTEAD OF CONSTITUENTS.


STATEN ISLAND, NY -- "Oil prices are yet again on the rise and there is no reason to believe they won't continue in an ever-upward direction" said Richard Marini of Truth13, a group of concerned citizens residing in New York's 13th congressional district who are challenging the voting record of their representative in congress. As of November 21, according to the Wall Street Journal [1] prices have reached as high as $99.28 a barrel – more than $3 a gallon for gasoline, with diesel fuel prices at record levels of more than $3.30 a gallon. Mr. Marini who lives in Great Kills said "As prices increase, small businesses suffer and households tighten their wallets. All the while, oil companies continue to make record profits" – On November 1st 2007, Exxon Mobil reported third quarter profits [2] of $9.4 billion dollars (Exxon Mobil News Release 11/1/07).


Every year, Big Oil spends millions of their dollars lobbying Congress. Since 1990, more than $150 million dollars of oil and gas industry profits has gone into the hands of Republicans according to the Center for Responsive Politics [3]. The Republican Congressman representing Staten Island and Brooklyn, where the effects of high oil prices may be hitting hardest, is no different. According to Federal Election Committee records, Rep. Vito Fossella (R-NY) has received over $68,000 in political contributions from oil and gas industry political action committees. This includes a staggering $11,500 from Exxon’s PAC [4].


In 2005, Fossella voted to give over $16 billion in tax breaks to oil companies already making record profits (HR 6, 7/28/05; HR 3893, 10/7/05). In July of 2007, he voted against an appropriations bill (HR 2641, 7/17/07) that included $213 million dollars for developing hydrogen-based energy technologies. Earlier that year in January, Fossella voted against a bill (HR 6, 1/18/07) that would reduce U.S. dependence on foreign oil by investing in clean renewable energy thus reducing our reliance on unstable regions which are generally governed by dictatorial means. These regions are generally anti-western and help fund anti-American groups that are uncontrollable by western influences. "Voting against non-fossil fuel energy programs endangers our national security by forcing our continued reliance on energy from the Middle East to drive our cars and heat our homes" said Richard Greve, a member of Truth13.


Most recently, Rep. Fossella voted against an important bill (HR 2776, 8/4/07) that would repeal enormous tax breaks for highly profitable oil and gas companies, while providing incentives for the production of renewable energy and energy conservation. He also voted against a bill (H.R. 3221, 8/4/07) that would move the United States toward greater energy independence and security by developing new technologies, creating green jobs, and modernizing our energy infrastructure. Mr. Greve said "We face a long term energy problem, not just here in Staten Island, but nationwide. As oil and gas prices continue to rise, our solution must not be to give Big Oil more money, but to wean ourselves off a dependence on oil. On this front Rep. Vito Fossella's record in Congress, regrettably, has been catastrophic."


Founded in 2007, Truth 13 is a group of concerned citizens residing in New York's 13th Congressional district in Staten Island and Brooklyn who are concerned about how their representative in Congress is failing to work towards the interest of his constituents. Their mission is to educate voters of the 13th Congressional District (NY) to the voting record of their elected representative in Washington, D.C.

1. http://hosted.ap.org/dynamic/stories/O/OIL_PRICES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2007-11-06-16-51-13


2. http://exxonmobil.com/corporate/files/corporate/investor_earnings_3q07.pdf


3. http://www.opensecrets.org/industries/indus.asp?cycle=2008&ind=E01

4. http://query.nictusa.com/cgi-bin/can_give/H8NY13028


###

High gas prices fund Exxon donations to Fossella

This is not a donation for renewable energy legislation, mass transit solutions for Staten Island or asthma and respiratory health care brought on by air pollution.

This is a donation from ExxonMobil to encourage Rep. Vito Fossella to continue to vote to stay in Iraq. The more oil potential Exxon receives the more they can line their pockets and make you, the consumer pay for donations like these at the pump.

Follow along on what stories we are working on with updates from Twitter.

Why is Fossella protecting Exxon's interests?

On February 28, 2007 HR 1252 was submitted titled the "Federal Price Gouging Prevention Act." The summary of this bill reads;

"Federal Price Gouging Prevention Act - Makes it unlawful for any person to sell crude oil, gasoline, natural gas, or petroleum distillates at a price that: (1) is unconscionably excessive; or (2) indicates the seller is taking unfair advantage unusual market conditions or the circumstances of an emergency to increase prices unreasonably."

Two fellow NY state Republicans co-sponsored this legislation;
On February 28, 2007 Republican Rep. McHugh (NY)
On March 20, 2007 Republican Rep. Kuhl (NY)

On May 23, 2007 the House voted on this bill, passing it by a vote of 284 - 141. Rep. Vito Fossella voted against it.

On May 23, 2007, the same exact day this bill came to a vote on the floor, and the same exact day that Rep. Vito Fossella voted against protecting Americans from massive oil conglomerates such as Exxon Mobil, Rep. Vito Fossella submitted HR 2460. Admittedly we are quick to suggest Rep. Fossella is useless and does little or no work that is meaningful in Congress so we ask you to judge for yourself his work in this area. What is his bill?

HR 2460 is titled the 'Federal Energy Price Protection Act.'

What does the bill do?

It shall be unlawful for any supplier to increase the price at which that supplier sells, or offers to sell, crude oil, gasoline, or petroleum distillates in an area covered by a Presidential proclamation issued under section 4(a)(1) by an unconscionable amount during the period beginning on the date the proclamation is issued and ending on the date specified in the proclamation.

So it, just like the bill he voted against calls for making it illegal to unconscionably raise the price of gasoline to take advantage of consumers specifically during emergencies. So what is Fossella thinking? Clearly HR 1252 had bi-partisan support, since his own NY Republican co-workers are supporting it. The difference is that he does not want to make it illegal for gas companies to unconscionably make profits off of consumers unless President Bush declares the region to be in some sort of disaster emergency. So he wants to leave it up to the President whose family has vested interests in major oil companies to declare when it would be illegal for Exxon to gouge prices for the sole purposes of increasing profits. [updated: after review this is incorrect] Aside from this what are the other differences, mainly the severity of the crime;

HR 1252; the good bill that passed (Fossella voted against)
HR 2460; the sham bill Fossella wrote

HR 1252; $3 million maximum civil penalty
HR 2460; $5 million maximum civil penalty
(Note this is the only occasion where Fossella lays out a stronger penalty)

HR 1252; Each day of a violation should be considered a separate violation
HR 2460; Each determination of a violation should be considered a separate violation

HR 1252; $1 million civil penalty for falsification of information
HR 2460; nothing

HR 1252; $150 million maximum criminal penalty
HR 2460; $1 million maximum criminal penalty

HR 1252; $2 million maximum individual criminal penalty
HR 2460; $1 million maximum criminal penalty

HR 1252; 10 years imprisonment for individual criminal convictions
HR 2460; 2 years imprisonment for individual criminal convictions

So why is Rep. Vito Fossella voting against the stronger bill and introducing his own mock proposal intentionally weakening fines, prison sentences and penalties, consider this;

$10,500 from Exxon Mobil
$5,000 Occidental Petroleum Corp PAC
$5,000 Valero
$2,500 Texaco
$1,000 Shell Oil Company

Source: FEC

The choice was Fossella's and he sold out his constituents to support Exxon Mobil.

For all your latest Fossella stories become a friend on Twitter.

Fossella supports high gas prices

Following up on yesterday's post is some comparative analysis from the Washington Post;

By far, the largest factor determining prices at the pump is the international price of oil. About 85 percent of the fluctuations in gasoline prices over the last 20 years were due to changes in the price of crude oil in the world market, according to the Federal Trade Commission. But that doesn't seem to be the case at present. The price of crude oil is actually lower now than it was last summer, yet gasoline prices are considerably higher. In fact, the Energy Information Administration (EIA) predicts that crude oil prices will average about $66 a barrel this summer, $4.00 per barrel less than last summer's $70.00 price. But the EIA is predicting that gasoline will average about $2.95 a gallon this summer, up about 11 cents from last summer's average of $2.84 per gallon.

Remember Rep. Fossella voted in favor of allowing Oil companies to excessively raise prices at the gas pump regardless of crude prices or supply costs. Via the DNC;

Gas prices have continued to skyrocket in recent weeks, though crude oil is lower than it was last summer. At the same time, as Stephanie pointed out, "ExxonMobil reported this year the largest annual profit of any U.S. company ever: $39.5 billion."

So once again we ask, why is Rep. Vito Fossella supporting the greed of companies like ExxonMobil as opposed to average citizens struggling to afford filling up their car with gas just to get to work?

Why did Fossella vote to allow oil companies to gouge prices at the pump?

via ABC News;

With average U.S. pump prices at an all-time, inflation-adjusted high of $3.22 a gallon, the House voted 284-141 for the "Federal Price Gouging Protection Act," which bans sellers from charging prices that are "unconscionably excessive," or take "unfair advantage" of consumers.

HR 1252, Federal Price Gouging Prevention Act, received 56 Republican votes (in addition to 228 Democrats) as well as being co-sponsored be fellow NY Republicans Rep. Kuhl and Rep. Walsh. So why did Rep. Vito Fossella decide to oppose this and support Oil Companies should they decide to excessively raising gas prices?