Monday, February 2, 2009

John W. Rich, Jr: OPEC Plot Could Siphon 15-20% of Stimulus Dollars to Offshore Oil Suppliers' Bank Accounts

/PRNewswire-USNewswire/ -- Congress's trillion dollar economic stimulus plan fails to address one of the primary threats to our future economic stability: OPEC's plan to push oil prices up which will siphon hundreds of millions of stimulus dollars to the offshore oil producers, according to John W. Rich, Jr., a leader in the waste coals to liquid transportation fuels field.

"Just recently, OPEC announced plans to cut production by 4.2 million barrels a day and has stated its goal is to get oil prices back to $75 per barrel. If OPEC succeeds in getting oil prices back up, that could mean that more than 15 or 20% of the new stimulus dollars would simply be exported to foreign oil producers' bank accounts which will further diminish, not stimulate, our economy," said John W. Rich, Jr. "Congress should not ignore the problem with OPEC and prepare a stimulus bill that could essentially be a direct deposit of billions of dollars into foreign oil suppliers' pockets."

Oil spiked to $147 per barrel last summer, driving gas prices to nearly $5 per gallon and crippling our economy. If OPEC succeeds in driving the $30 per barrel price ($300 million per day) of a month ago to $75 per barrel, that would mean the U.S. would be exporting another $450 million per day for a total of $750 million per day to the offshore oil suppliers.

John W. Rich, Jr. has been a leader in the energy sector for decades and he is the CEO of WMPI PTY, LLC in Gilberton, PA. For over a decade his company has been leading the drive to build a waste coal to liquid transportation fuels industry in the United States. Rich is proposing utilizing new technology for the gasification of existing waste coal intermingled with traditional biomass feedstock to produce an abundant supply of domestic liquid transportation fuels that will displace the foreign oil we are importing.

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