American Companies Skip Iraqi Oilfield Bidding

• Report this Comment On December 17, 2009, at 1:49 AM, karlwmiller wrote:

  Energy Icon Continues to Press Washington to Focus on Real Problems and Abandon Flawed Renewable Energy Proposals

  MIAMI - December 17, 2009 - Karl W. Miller, a senior energy executive and institutional investor, today issued the following statement through his advisors that Washington Politicians need to start listening to senior industry executives and experts to solve the U.S. real estate debacle, put a credible energy plan in place and focus on investing in America.

  Politicians must acknowledge the cold hard facts regarding where the U.S. Economy and energy industry are today. We have serious and deep rooted problems in the U.S. Economy with no credible energy plan in place and must start addressing these problems immediately.

  It starts with truly cleaning up the banks, hedge funds and insurance companies' bad debts and scraping the currently flawed renewable energy and carbon emissions plans being proposed by the current administration.

  To hear U.S. Financial and political figureheads stating publicly to the Global community that the U.S. Government is "out of bullets" is ludicrous and a global embarrassment. The Government is simply not listening to industry executives and experts and not taking the necessary and very painful steps to start solving the problems.

  The U.S. has the financial capital, energy resources and executive skills to solve its own problems. What the Washington politicians, both Democrat and Republican need to do is to start listening to industry experts, which they have refused to do thus far.

  The U.S. Economy runs on three key factors; i) a stable housing market and; ii) affordable and dependable energy supply and; iii) stable employment environment. Without these three critical factors functioning properly, there will be no meaningful economic recovery in the U.S. Economy.

  The defunct real estate loans in the residential and commercial marketplace must be properly vetted, written down to net realizable value, and moved off the banks, hedge funds and insurance company books. The Government must force this to happen quickly and without preference for any specific group, despite the strong lobby by various groups. There will be bankruptcies and liquidations; these are the cold hard facts of a capitalist society, which the U.S. Economy is founded upon.

  The U.S. needs a credible and sensible energy policy and emissions plan. We have "abundant natural gas and coal resources" to support our energy needs for many years into the future. Despite the feel good factor all Americans desire by declaring themselves green and renewable friendly, industry executives have consistently counseled the current democratic administration, republican leadership and industry officials that the proposed terms of the cap-and-trade bill will lead to disastrous consequences for the U.S. Energy industry. Nor will it have any meaningful effect for the re-powering and re-fueling of the U.S. power generation industry, nor will it deliver sustainable efficient energy production.

  To view Mr. Miller's Full report: U.S. Renewable Energy: A Self Inflicted Crisis in the Making go to: http://news.prnewswire.com/ViewContent.aspx?ACCT=109&STO...

  About Mr. Miller:

  Mr. Miller is a globally recognized energy executive and institutional investor with a balance of both financial and energy sector expertise.

  Mr. Miller began his career on Wall Street during the 1980s and has an extensive background in banking, commodities trading and risk management.

  Mr. Miller has a long history in the global energy business and has held a variety of executive management positions both within the United States, Europe and Asia. Mr. Miller has bid on over $25 billion in energy related assets during his career.

  Mr. Miller has built, restructured and managed energy businesses for major public energy companies on several continents, including PG&E Corporation, Electricite de France, El Paso Energy, Enron Corporation and JPMorgan Chase.

  Mr. Miller holds an MBA in Finance from the Kenan-Flagler Business School at The University of North Carolina, Chapel Hill. Mr. Miller also holds a B.A. in Accounting from Catholic University located in Washington DC.

  Mr. Miller is currently on medical leave until 2010.

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