From Senator McCain blaming Barack Obama for high gas prices, to the House GOP’s recent (and ongoing) faux-libuster demanding an up-or-down vote on increasing domestic oil drilling, there’s no doubt that the Republican Party is pulling out all the stops to make oil the wedge issue in the upcoming election.

But speaking today at Michigan State University, Barack Obama revealed his “New Energy Plan For America,” which he said would create 5 million new jobs and eliminate our need for Middle Eastern oil in 10 years.

Obama’s plan would release light oil from the emergency oil stockpile and replace it later with heavier crude. Light crude oil is easier to refine into gasoline than heavier oil. In 2000, President Clinton used a similar tactic to make oil available at a time of rising oil prices. Obama’s new plan would also create a windfall profits tax on oil companies and a $1,000 energy rebate for families (read it here: Barack Obama’s New Energy Plan For America).

Obama’s remarks today in Michigan are part of a coordinated push-back against his Republican opponent. As part of that push, the Obama camp released a new television commercial linking McCain to Bush, Bush to McCain, and both of them to Big Oil. This post contains additional media. Click here to view the full post.

“Our dangerous dependence on foreign oil has been 30 years in the making and was caused by the failure of politicians in Washington to think long-term about the future of the country.”

“What Senator McCain neglected to mention was that during those 30 years, he was in Washington for 26 of them.”

Related Posts:

• Why Liberals Should Be Happy Obama Changed His Position On Offshore Drilling
• 5 Reasons Why We Don’t Need a Windfall Profits Tax on Energy Firms
• Poll: Americans Don’t Think More Drilling Will Lower Gas Prices
• Obama Campaign Seeks To Make Oil Prices Irrelevant

Photo: Transplanted Mountaineer via flickr under a Creative Commons License

A modern planetarium is an especially terrific asset for the country, as evidence from many of Peru’s archaeological sites suggest that ancient Peruvian peoples used the stars above and our solar system to their benefit. Examples of places where these observations occurred include Machu Picchu and also the site of Chankillo, which is thought to be the site of the most ancient solar observatory in the Americas. Now the people of today’s Peru can also use a special tool to learn about what happens in the skies above.

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The Price – how is it determined?

Asia Times Online reports that approximately 60% of the price of oil per barrel is determined by

“…unregulated futures speculation by hedge funds, banks and financial groups using the London ICE Futures and New York Nymex futures exchanges and uncontrolled inter-bank or over-the-counter trading to avoid scrutiny”.

This report goes on to explain how oil futures are purchased using a system that creates a leverage that helps drive prices continually higher.

Also, constant talk of our oil supply depleting (often referred to as “peak oil”) causes the price to continue to rise. Despite current big oil producers such as Saudi Arabia and Brazil making plans to extract more oil and recent reports by the American Geological Survey showing an estimated 3.65 billion barrels of oil in the Bakken there is still talk of the world’s oil supply being diminished.

What can we do?

It is apparent that the world still has an oil supply, big business is determining the price of oil and we are still purchasing gas for daily consumption. Out of necessity or desire we can make a decision to purchase less gas. We can make a statement with our purchasing power. Until we, as a community, decide to stop (or greatly reduce) buying gas at these prices, the prices will continue to rise.

Again we return to the pursuit of alternative energy. As a community we must continue this pursuit. As products and services grow, business opportunities grow too and we will see “money talk”. When we start spending our time and resources on things other than gas and oil the government will jump on board too. We can begin today, avoiding the gas pump!

Photo Credit: gimlack on Flickr