I really wish I had more of a grasp on economics. I do know that I have a bad feeling about this "buy out". We should nationalize the oil industry instead.
Remember the scandal last week about the employees of the Interior Department office in Denver ? The very employees responsible for collecting fees from energy companies drilling on federal land have been caught in various outrageous examples of official misconduct, including sex, drugs and partying with representatives of ENERGY COMPANIES.
As the editorial in the Seattle Times says
"....In the midst of an epic financial crisis hemorrhaging money from the US Treasury, the new scandal raises questions about the collection of oil and gas royalties owed to the government...."
Also in today's news, the Environmental Protection Agency (yeah sure) announced that there is no need to rid drinking water of perchlorate, a toxic rocket fuel that has been found in at least 395 sites in 35 states. The levels found are high enough to interfere with thyroid function and pose serious developmental risks in babies and fetuses.
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