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We all know that the USA economy pretty much sucks right now, right? Gas prices are on the rise and from the looks of it, it doesn’t look like they are going to be going back down any time soon. Since the USA is the largest online consumer… their economy affects all of us.

We want to introduce all of you to a man named Bart Stupak. Have you ever heard of him? Probably not. Well Mr. Stupak is a politician and represents Michigan’s 1st Congressional District.

Mr. Stupak is trying to urge the committee to pass the PUMP act. Now what this act stands for is the: Prevent Unfair Manipulation of Prices Act. What this act will be able to do is close loopholes that allows the inflate in energy prices.

Now Mr. Stupak here has held two hearings in the past six months. In these hearings he has been able to have experts testify that if the PUMP act is indeed passed, then our gas prices that we all hate, can be reduced by around 50%…in 30 days.

Over the past few years we have all watched as the price of Crude Oil has risen and has continued to rise. We will not for one instant say that this is the cause of the slumping economy but it sure as heck is causing major issues with it.

Vehicle manufacturers are closing down plants due to low sales, (who wants to buy a SUV right now?), airlines are raising their prices for flights AND are eliminating service to 100 cities and laying off thousands. Truck Drivers are loosing just as much money and are beginning to park and Farmers, well their prices have increased in all stages for their operation.

The point is the rising cost of crude oil is not reflective of actual demand, if it was then tere would be no argument here. But the way it currently happends is border line illegal, and nothing is being done.

Mr. Stupak believes that the price of crude oil shouldn’t be above $60 a barrel and he has even talked to the president of SHELL who has been quoted as saying that the price of oil should be “Somewhere between $35 and $65 a barrel.”

Mr. Stupak has taken a lot of time and effort to back up all of his points with a lot of information and he truly believes in this PUMP Act. In fact if this PUMP Act does indeed get passed it appears that the results would be beneficial, but of course we would not know for certain. We also know this is not a long term solution, we need to reduce and eventually eliminate our dependance on petroleum plus we need to become part of the solution and not just pont fingers and expect others to bail us out but some relief to those who need it is always welcome… especially reading things like…

Royal Dutch Shell’s first quarter 2008 earnings, on a current cost of supplies (CCS) basis, were $7.8 billion compared to $6.9 billion a year ago. Basic CCS earnings per share increased by 15% versus the same quarter a year ago.

and

SAN RAMON, Calif., May 2, 2008 - Chevron Corporation (NYSE: CVX) today reported net income of $5.17 billion ($2.48 per share – diluted) for the first quarter 2008, compared with $4.72 billion ($2.18 per share – diluted) in the 2007 first quarter. Earnings in the 2007 period included a $700 million gain on downstream asset sales in Europe.

To learn more on this, check out Bart Stupak’s page and listen to the MP3 at the bottom of the page.

What are your thoughts about this, do you believe it is an issue… what do you think is the long term solution to this issue and do you think Bart Stupak’s plan makes sense?

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