NM-Sen: Udall's New Ad and Statements Tackle Gas Prices with The Facts

I really like the new ad by U.S. Senate candidate Tom Udall, which goes up on the air tomorrow. It takes on the issue of exploding gas prices and what we can do to address the problem. Number one on Tom's list of what we can do right now? Stop hedge fund speculators from driving up prices unnaturally. Rah.

The new ad follows on the heels of Udall's Friday round table on gas prices in Albuquerque, which you can read about here (with photos). Also, watch the video above of Tom's statement to reporters at the round table. Unlike the soundbites favored by much of our MSM, the video gives you a more complete statement about oil prices and energy policy by Udall. AND READ THE FACTS BELOW THE FOLD.

Too bad KOB-TV news, the only local news station that covered the round table (to my knowledge), decided to slant their coverage so heavily to a Steve Pearce, pro-drilling as an end all and be all focus. They even went so far as to provide Steve Pearce with a special, lengthy appearance on camera even though he hadn't held any recent public events or held any press conferences about gas prices. They provided a sound bite of about one sentence from Udall. Bah humbug. You can't seem to get the facts from them.

Udall Provides the Facts
Forget about the MSM and the pundits, and read the following statement from the Udall campaign that lays out the facts on gas prices and our energy future. I'm sure you won't see these facts anywhere on the corporate-owned media -- not if they can help it anyway:

“Rising gas prices, and the additional associated costs, are crushing New Mexico citizens,” said Udall Campaign Manager Amanda Cooper. “Tom Udall is proposing effective solutions that could help stabilize prices and bring relief to New Mexicans right now.”

Udall has long advocated for a balanced energy policy with a range of solutions to help put our nation on a path towards greater energy independence. “Right Now”, which is set at a gas station and debuts statewide on Tuesday, outlines his ideas about what can be done to address escalating gas prices, today.

Udall’s plan includes:

Immediately cracking down on hedge fund speculators who are manipulating markets to drive up the price of oil to reduce the cost of a barrel of oil by approximately one third knock up to a dollar off of the price of a gallon of gas. 

• Bringing new, clean refineries online to increase domestic supply.
• Getting serious about alternative energy to reduce both gas and food prices.
• Raising fuel economy standards for our vehicles.
• Responsible drilling to increase domestic oil production.
• Supporting legislation that would punish price gouging by unscrupulous companies.
• Encouraging additional conservation efforts throughout our economy, including tax credits for renewable energy.

“Tom Udall believes we have the skills and vision to right here in New Mexico to play a vital role in our national energy security while simultaneously creating the jobs of the future here at home,” said Cooper. “In the Senate, Tom Udall will do what’s right and work to put us on a path towards greater energy independence.” 

The text and facts behind Udall’s new, 30-second ad, which will begin airing throughout New Mexico on Tuesday, are below.

“RIGHT NOW” (:30), Release Date - July 15, 2008

Tom Udall: “Is there anything we can do right now to lower gas prices? I’m Tom Udall and, first, stop hedge fund speculators from driving up the price of oil.

FACT: Hedge funds, investment banks, and other institutional investors are now swamping oil markets.  These investors, who are seeking paper profits, not oil, are driving up oil prices by as much as $40 per barrel according to experts, a Senate subcommittee report, oil company executives, and others. [Senate Commerce Committee, Testimony of Mark Cooper, 6/3/08; Senate Commerce Committee, Testimony of Gerry Ramm, 6/3/08]

FACT: On June 26, 2008, Congressman Tom Udall voted on HR 637, Energy Markets Emergency Act of 2008, a bill that “directs the Commodity Futures Trading Commission to use all its authority, including the agency's emergency powers, to ‘curb immediately’ the role of excessive speculation in energy futures markets.” [June 26, 2008, Reuters; Roll Call #468]

Tom Udall: Get oil companies to build new clean refineries in the U.S. to increase supply, or take away their tax breaks.

FACT: “Existing refineries in the U.S. produce gasoline and other end-use products in the 90 percent plus range of capacity. While refining capacity has crept up a small amount since 2005 through operating efficiencies, the solution — adding significant refinery capacity — is more easily said than done.” [“Shock at pump stems from high crude oil prices.”Sandia.gov, April 23, 2008.]

FACT: In Congress, Tom Udall has supported measures to promote the development of clean refineries. [Voted for Amendment offered by Rep. Stupak: “Federal Response to Energy Emergencies Act of 2005”; Voted for Rep. Boucher Motion to Recommit HR 5254, 2006]

Tom Udall: And get serious about alternative energy.

FACT: In Congress, Tom Udall wrote bi-partisan legislation that requires electric suppliers to provide 15 percent of their electricity using alternative energy resources and energy efficiency measure by the year 2020. The amendment passed 220-190. [H.AMDT.748 to H.R.3221, Vote #827, 8/04/07] According to the U.S. Energy Information Administration (EIA), consumers would save $1.3 billion to $6.1 billion in lower electricity and natural gas bills cumulatively by 2020. [Union of Concerned Scientists Fact Sheet, “EIA Study: 15 Percent Renewable Electricity Standard Would Save Consumers Money and Reduce Global Warming Pollution.”]

Tom Udall: I’m running for the U.S. Senate and I approve this message because record profits for big oil companies, while we pay record prices for gas, is wrong.”

FACT: “High gas prices may have cinched American consumers’ wallets in 2007, but they loaded the coffers of the big five oil companies: BP, Chevron, Conoco Phillips, ExxonMobil, and Shell. ExxonMobil, after record high profits in 2005 and 2006, smashed the record for highest profits ever made by a public U.S. company—previously held by Exxon—by posting a net profit of $40.6 billion in 2007. To put these figures in perspective, Exxon’s $40.6 billion profit in 2007 is roughly equal to receiving ‘$30 for every person in China and $132 for every U.S. resident.’ Another way of looking at it is that Exxon made $77,245 per minute in 2007—that’s more money generated per minute than 70 percent of Americans earned all year, according to the Census Bureau.” Daniel J. Weiss, Nick Kong. “Big Oil Feasts on Economic Woes. Record Profits from Big Five Oil Companies Feed on High Gas Prices.” American Progress.com February 5, 2008

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