Prometheus 6

Enron may be gone, but its legacy lingers in the work done by politicians who did its bidding. And Gramm, who once told corporate contributors, “I have the most reliable friend you can have in American politics, and that’s ready money,” is now the chief economic adviser to Senator John McCain.

The Petro-Manipulators
Timothy Egan

Anyone who lived on the West Coast during the phony energy crisis of 2000 and 2001 cannot help thinking of Texas and two of its worst products — Enron and a politician not named George Bush — as gas creeps up toward $5 a gallon this summer.

What happened during the great energy heist at the start of the new century was like an extended bad dream, part “Twilight Zone” and part “Chinatown,” the extraordinary 1974 film about water manipulation and long-buried secrets.

The price of energy spiked — tenfold, a hundredfold — despite low demand. Californians became the most efficient users of power in the nation, and still suffered through dozens of rolling blackouts. None of it added up.

And into the worst energy crisis since the Arab oil embargo of 1973 came Vice President Dick Cheney, blasting conservation as a sissy virtue and saying the nation needed to build a new power plant every week for the next 20 years.

The administration’s neglect was breathtaking, a harbinger of what was to come when a natural disaster, Hurricane Katrina, would do to Louisiana what a man-made disaster had done to California. We now know, of course, that the problem eight years ago was caused by manipulation by Enron and other speculators who gamed a faulty system, sticking it to Grandma Millie while laughing at how easy it was to rob 40 million people.