Lifting the drilling ban: Just do it now, Mr. President
You’ll notice that I didn’t blindly, wildly applaud President Bush’s remarks yesterday calling on Congress to lift its offshore drilling ban. (Full speech text here.)
Better late than never, of course. But let’s not kid ourselves into thinking that this is leadership. Or that the Democrats bear 100 percent of the blame for inaction.
There are two bans on drilling–one by Congress and one by an White House executive order put in place by President Bush’s father. Why won’t the son revoke that order NOW if he truly believes expanding American oil production by increasing access to the Outer Continental Shelf is an urgent priority. I quoted the Institute for Energy Research last week: “Mr. Bush, Tear Up That Offshore Drilling Ban.”
Instead, Mr. Bush is playing a game of You First:
Republicans in Congress have proposed several promising bills that would lift the legislative ban on oil exploration in the OCS. I call on the House and the Senate to pass good legislation as soon as possible. This legislation should give the states the option of opening up OCS resources off their shores, provide a way for the federal government and states to share new leasing revenues, and ensure that our environment is protected. There’s also an executive prohibition on exploration in the OCS. When Congress lifts the legislative ban, I will lift the executive prohibition.
What the…?!?!?!
I’m not the only one bothered by the White House’s failure to lead. Here’s the Wall Street Journal today:
Even some of Washington’s fiercest opponents of oil drilling are thinking anew, and the politics of domestic energy production seem to be shifting. This isn’t surprising with gas prices as a top-tier campaign issue. More confounding was President Bush’s timidity yesterday as he tried to prod Congress into movement.
Mr. Bush argued that leaving most of America’s immense offshore oil-and-gas resources off-limits was “outdated and counterproductive,” and he called on Congress to end its quarter-century ban. Fair enough. But the ban actually has two components, one of which is a 1990 executive order; like launching a warhead, both keys must be turned. Mr. Bush said he would only turn his after Congress did.
The Administration has botched a prime political opportunity. Lifting the Presidential ban would have been symbolic for now, because Congress’s ban would still apply. But it would have put the spotlight on Congress as the last political obstacle to exploiting domestic reserves, just as public support for more drilling is rising…
…If it isn’t already obvious, Democrats seem intent on proving that they do not understand the oil business – and Mr. Bush would have done better to ramp up the pressure. The White House says it wants to work out a compromise with Congress, which isn’t likely unless Republicans start playing their strongest hand.
And the Beltway elephants wonder why the Republican Party is in such trouble…
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Talk about a weak negotiating position. Geez! Lead by example, Mr. President. Lift the executive order and then challenge Congress to follow suit by lifting their restrictions.
Politics as usual. For God’s sakes Mr. President, it is only gonna get worse from here. So! When your term is up and you head back to that palatial ranch in that small Texas town, don’t let the small matter of the drowning American family make you lose sleep now… Enjoy retirement!
Looks like a case of gamesmanship to me. Whoever revokes LAST is going to claim it was all their idea.
I think Bush is just trying to make sure the Democrats lose that opportunity if congress does drop their ban before Jan 21st. If congress does nothing before then, the next president is left holding that bag. Now if it is Obama, then he will be stuck between the Democratic party and his stated positions. Well, stated today anyway.
Thank you Michelle for telling it like it is.
The Republican Party elites really believe that US citizens of conservative –Patriotic ilke (and that is ILKE) are going to continue allowing this great country to continue its slippery – slide toward socialism .
NO MORE LOTE!!!!!
Bush plays the fiddle while Rome burns.
I get infuriated when playing politics trumps the needs of the American people. It is very difficult to be anything but pessimistic for our future. I think this country would be better off if we randomly took citizens off the street and replaced the Washington pols with them.
Republicans continuing to act like Democrats has now got me thinking….
Exactly WHEN did the Republican Party jump the shark? When did they become a bunch of spineless RINOs departing from conservative principles? (These questions are somewhat rhetorical)
I don’t think it was one ‘event’ or ‘person’ or ‘legislation’ but a collection of all of them.
Executive order NOW to remove any bans on drilling….
…The DEMS will hem and haw and complain that we can’t drill. They will block all drilling….
…Who will vote for them after that?….
….Obama loses in November because of the dems no drilling here policy…
…..Yay!!!!!!!!!!! I think.
Republicans have been handed THE issue that will help get them elected in November, they need to seize the opportunity, if Congress dawdles on this, it’ll sink them.
Hmm, WE should be the ones to light the fire – at least the Capitol building and the White House with the current occupants included. Yeah in the short run it adds to global warming, but in the long run we eliminate all the hot air that would no longer come out of D.C. Besides, it’d be entertaining and be a demonstration of our frustration and heaven knows neither Bush nor CONgress has been doing us any good lately.
DRILL HERE DRILL NOW!!!
I may be naive and ignorant, but is it wrong to think that whoever takes charge of this energy issue first and starts the drilling and exploration enterprises, wins the election? maybe?
This issue demonstrates how derelict by intent the Democrat Congress is and how degenerate by DNA they are. Their fight is not for the American people. Their fight is against 43. Every Democrat for November reelection deserves to be voted out of office.
It’s like I posted on another thread: if things are this hard now without drilling in ANWR, with sky-rocketing gas and food and utility costs, imagine how much worse they will be in ten years without drilling in ANWR.
Yesterday on foxnews.com, Mr. President put it this way:
Thanks for nothing. I wish there were such a thing as a third term… so I could withhold my vote for him.
So, today, it turns out that the internal deliberations were – tag Congress, you’re it. Way to go Mr. P.
This issue could tip the balance in Congress and keep Obambi out of the W.H. if the Republicans wake up. They have been known miss an opportunity even if it falls in their laps. This is actually a “windfall”. When you get something for doing nothing.
Wake up and smell the coffee.
Republicans know that if they lift the ban they never would win Florida or California again. It’s not the first time Bush pretended to support something he had no intention of doing.
It’s a lying technique that goes back to Reagan — campaign on balancing the budget without the slightest intention of doing it.
Can the illegal aliens lift the bans that American politicians won’t lift?
California, as a state, politically, is too stupid to realize it, but states like Florida and Virginia might become more supportive of offshore drilling when they realize they can negotiate a pretty decent deal on sharing of the royalties and bonuses to go along with not blocking drilling.
Texas and Louisiana get a share of the royalty money the Feds get for production on their portions of the OCS.
# 18 thanks -John Ansell- I needed a smile today
I’m all for energy independence and some limited expansion of domestic drilling. However, let us not be fooled that this will lower the price of oil much. The high price of oil right now is not a supply and demand issue, but rather a speculators issue.
lgm, you must be right because those Floridians and Californians can’t possibly be feeling the pain at the pump that us, regular folk feel… *rolls eyes*
Besides, who here has proclaimed to believe that Bush will do as he is urging Congress to do. I believe Michelle’s post speaks to just how conniving Bush is on the topic. Never you mind about that though… any chance to left off some (not so) fresh BDS steam is an opportunity that surely won’t be passed up. *rolls eyes… again*
Republicans aren’t exactly winning in CA anyway, so you know what? Go for it, lift the ban. In the future they might end up doing better in CA by, I don’t know, actually leading for a change.
We can dream. LOL
# 19 and et.al.
PlEEEEase –consider moving to California–it’s great here –except–we need more conservative -patriots..
Housing prices are down
I agree that the President should have already done his part in this first.
On June 19th, 2008 at 11:44 am, Ed Mahmoud abu al-Kahoul said:
Excellent, excellent point! And, given the financial straights California is facing, I think it is only a matter of time before the Cal. legislature begins looking to off-shore drilling for some much needed revenue.
While I agree with MM’s take on Bush showing some leadership by lifting the executive order, the notion of drilling isn’t such a simple issue.
We don’t insert a tap and suddenly have oil. It will take years before any oil comes from new drilling on the shelf.
And I disagree with VDH. Gas consumption has dropped, but not precipitously. He implies that drilling now will have an immediate effect. It will not.
And, while I am not some rabid environmentalist, I believe that questions regarding the impact of drilling or spills are valid.
Bush should lift the executive ban as a symbolic maneuver, and Congress should let the current ban expire if they don’t have the nerve to kill it now, but these actions will have no impact on gas prices or oil production for years.
This is just so much more political blather for this election year. Both major parties continue to show how inept they are and how much contempt they have for us.
Translation: “Why should I throw my father under the bus when I know that Congress is not going to call my bluff and lift the legislative ban?”
Like a Democrat, W wants to take credit for his “good intentions” without actually taking any action. It requires a “statesman” to actually act to put the country first ahead of special interests.
New York commie calls for centralized planning of the economy…
lgm
California is a lost cause, but our own Gov. Crist did a complete 180 degrees yesterday and supported the call for drilling here in Florida. A week ago, he was totally against it. What changed his mind? Could it be pressure from his constituents? I think so. With the Chinese preparing to drill 60 miles off the coast of Key West, the US needs to get to work on harnessing our natural resources.
The Other Side
What do you think the speculators are speculating on? Supply and Demand of course. Simple economics.
*Exasperated Sigh*
Of course new wells offshore Florida and the East Coast won’t be on line for five years or more. But think what gas prices would be like now, if right after 9/11, a Republican Congress and Republican President had decided to limit our need for imported oil by opening drilling then?
Think how gas prices will be in 2014 if we do nothing now.
Memo to President Bush: just go for it already. What’s stopping you? Sinking approval ratings? Har! Fear of the Democrats? You’re not going to be available to kick around come January. Some people will be pissed? Who cares what they think!
Do you think you’re in a no-win situation? That’s perfect! If whatever you do fails in the minds of your critics, then your actions are inconsequential as the result will always be the same no matter what you do.
Lift the executive order your dad issued. Don’t let the last great thing you did be John Bolton’s recess appointment (you know, back when you had some backbone).
*out*
Doug T
No-one is so naive to believe that the supply of oil is going to be instant, but the move to approve drilling for our own resources will give some price relief as speculation in the oil futures will take that into account. Plus it will give the added bonus of a message to the current suppliers that the US will not be dependent on them in the future.
And of course the overwhelmingly Democrat Congress were innocent bystanders. If you knew as much of history as you think you do, you’d know that part of the deal with the Reagan tax cuts was that Congress would restrain spending (they have the power of the purse, via budgeting and appropriating funds – check the Constitution). They didn’t. Reagan didn’t have much choice in the matter because the Dems had a favorite trick of passing the year’s appropriations in one huge “omnibus” bill. Reagan had the choice to either sign or shut down the government. Personally I’d rather he shut down the government, but he felt he had a responsibility to the people on Social Security, medicare, disability, et al.
When it comes to liars, nobody can beat a Democrat, because they have no upper limit. You, Obama and any Clinton make fine examples.
And people inside the Beltway wonder why Middle America hates Washington! Nobody can do anything anymore just because it’s the right thing. Somebody has to be able to beat their chests! GGGGRRRRRRRRRRRRR!!!!!!!!
What could turn states around in favor of drilling? Well, Alaska and Texas have made their fortunes from oil and neither has an imcome tax. Hmm.
Partly yes (a small part). Do you remember Enron and the electricity crisis in California? It’s called market manipulation.
For immediate short-term relief of oil prices, require that speculators put up 100% of the price of commodity futures with no purchases on credit allowed. I don’t see anyone in Washington taking this common sense measure.
This is a no-brainer. How can government be this incompetent? Do the American people need to take direct action themselves?
By the way: NO SOCIALISM — EVER! The constitution does not permit congress the power to nationalize industry. Any pol who suggests it should get a good caning, then replaced.
There will be an immediate effect if the US makes a move to become independent of others for our oil. It will send a clear message to Saudi Arabia that one of their customers isn’t going to be around in a number of years. Something tells me they may “suddenly” find a need to increase their oil output.
The other immediate effect will be the satisfaction that something is finally being done. Ten or so years from now, we don’t need to be in this same position. Instead, I hope we are looking back thinking how great it was back in 2008 that we finally agreed to start drilling here again.
Up until the price of oil cratered in the 1980s, and production started dropping, tuition in the University of Texas and the Texas A&M systems were extremely low, about $1000 per year into the mid 1980s, because of oil revenue on cattle pasture in West Texas deeded to the university system back in the 1800s.
In state tuition is still less than most colleges, and when I was at UT I knew a grad student from Michigan who told me out of state tuition was cheaper than in state tuition at UM.
Reminds me, when I was working a summer job for Unocal back in the early 1990s, almost all oil production was beyond the three mile limit, because California made drilling in state waters impossible. California might be better able to fund their worker’s/illegal aliens paradise if they had permitted inshore drilling and were charging a 25% royalty on $130+ oil now.
California has also driven most of the majors out of inland oil production through high taxes and onerous environmental regulations, leaving the production now to less well funded companies that can’t do the R&D and exploration the majors did, meaning California is also missing out on severance taxes as well.
DougT, you can have no way of knowing that. The high prices for gas are not due to an actual shortage of supply but are mainly due to anticipation by speculators of future shortages. So, while drilling now will not immediately increase supply, it will lessen the anxiety of future shortages and thereby immediately have an affect on prices. How much? Nobody knows for sure.
However, speculators need to have a reason to believe it’s not all talk, that we are actually going to drill for oil and that a future Obama administration is not going to stop the drilling before it bears fruit. The more wishy-washy we go about it, the less good it will do. But decisive action will have the greatest immediate affect on prices.
California set themselves up to be manipulated like that, by deregulating distribution, but not production, of electricity.
Enron was a scummy company, but California set themselves up to be scammed.
flmom (#34),
Are they speculating 10 years out in the oil market? That’s about how long it would take to see any of this oil reach the market.
Maybe it is my contempt for the American voter, but there are going to be plenty of people who will expect to see gas prices plummet if OCS drilling were suddenly allowed to increase.
And the DOI doesn’t have a clue how much oil and natural gas is actually out there. There would have to be some exploration to find the stuff.
I’m not against this. It just isn’t a short term panacea no matter how it is spun by the Ds and Rs.
And who knows what the reaction would be from OPEC if this signal were sent? Perhaps they would decide to put the squeeze on production to maximize returns over the next few years before the US can produce enough to offset the impact.
And, while I don’t put much stock in the whole Global Warming disaster scenarios, there are those nations who do. What signal would this send about consumption of fossil fuels? While it doesn’t matter much to anyone commenting here, there are the political realities that have to be addressed.
The situation just isn’t as cut and dried as “drill/no drill”. (Though I vote for “drill”.)
I can not for the life of me understand why Bush has failed to declare this a national security issue a fixed the problem with the stroke of a pen through an executive order. I have watched the price of regular unleaded jump by 8 cents a gallon since last weekend. This has stressed the pocket book of so many families in our area many are at the point of deciding which bills get paid and which will receive a good faith payment (if any at all). Mr. President, get off you ass and lead! From what I have read from many reports as soon as we declare we will begin drilling the bubble should burst reducing the price for a barrel of oil significantly. DRILL HERE! DRILL NOW! PAY LESS! (Yes I am shouting) GRRRRRRRRR!
Mr. President, show the backbone you showed on that pile of rubble. You’re not running for re-election, so go for it, for Pete’s sake. Show more leadership and just maybe you’ll wake up the other Replublicans in Congress and they’ll maintain the Whitehouse in November. Good grief, Charlie Brown, the democrats are handing your Repbublican Party the election!!! Why can’t you see that? Lift the ban and take the first step toward keeping the Whitehouse Republican!!!
There’s a good way to collapse the commodities markets and the economy. You must think that depressions are fun. My parents lived through one. Let me assure you, thay aren’t.
Oh my. So much fodder I’m salivating.
1st: lgm, the problem with being a troll iseven when there is a modicum of truth in your post, you are dismissed. I’m sure you think its worth it though (sniffing in smug, sighteous indignation).
DougT, I respectfully disagree that the change can not be felt immediately (somewhat). A lot of the price is driven by speculation. Change the outlook and the price usually follows. Yes I know the actual supply is way behind but this would be at least something positive and I prefer action to blather (not yours, political blather).
Re: President Bush:
That pretty well sums it up for me. I thought he was a leader when he stuck to his guns (literally) in Iraq. Now he just looks stubborn.
The Bill O’Reilly wag is we can not drill our way out of this is so stupid, so stupid I’m shocked, just shocked. If we are not going to build new refineries, drill off-shore, drill ANWR, mine shell oil, and develop Fisher-Tropfsch clean coal technology, we will need a corn field 4.5 times the size of Texas to produce enough ethanol for our needs (and can you imagine how much a steak will cost or a pork chop). Drilling offers an end game, hope, and change. We need not the O’Reillys to tell us what will work and what will not work. He is such a self anointed genius.
Boomer,
I only have limited sympathy for the “families.” If they still have cable TV, broadband internet and cell phones, they are not hurting that bad. And let us not forget that many “families” bought hundreds of thousands of SUVs, riding the wave of a good economy without regard for contingencies. (Sort of like the ones who bought houses well beyond their means). Life is full of choices and surprises. Choose wisely.
TheOtherSide
Explain how the oil companies are manipulating the market.
God forbid they should read a book for entertainment, drive a used honda or go without American Idol. Sheesh.
I think the issue is that the White House has undertaken an extensive propaganda campaign. The Bush administration is now hoping that they can talk away all the problems, maybe issue empty promises, or placing blame for issues on other parties. Perfect example are these oil prices – we hear Bush/McCain call for drilling, we hear Bernake/Paulson call to strengthen the dollar, we hear Saudi Arabia talk of raising output – the thing is, that these action will either not affect the price of oil, or simply not be done.
To think that the oil companies don’t have a stake in high oil prices is ridiculous – oil companies are about the only stocks that are providing returns. To think that the Deparment of the Treasury/Federal Reserve want to strengthen the dollar is stupidity, they have to keep our dollar weak or they can’t afford the massive national funded/unfunded debt. To think the president want to extract our own natural resources is naive. His record is pretty consistent, propagandize one thing, and do exactly the opposite. Talk about drilling, then say the congress has to act first – talk about the strong dollar, then systematically destroy it – talk about secure borders, then leave them wide open.
With Bush (and Congress), we have been lied to so much, that even when he says something we conservatives want to hear, we don’t trust him. This is true with John McCain as well, and the main reason he won’t be president.
Is there a ban on increasing refining capacity?
Doug T
Both China and India have rapidly expanding economies, and experts have predicted that by the year 2030, China’s oil imports will equal USA’s, so yes, I would definitely say that speculators look 10 years ahead and more.
SpeakEasy #51 the families I speak of are already dumping unnecessary services, although it costs more to buy your way out of a cell phone contract then to pay the monthly service fees. They do not drive new cars and are making due with the old beaters they have had for years (mostly only the GIs can afford new cars around here). They have been living on the edge for years thanks to Idaho being a slave wage state and the rate of inflation is more than they can keep up with.
I also add that we drive longer distances in most of the Western States depending on the services available in the town you live in. Being in a small military town we can get most of the basic essentials by driving over 10 miles one way from the base to town, which still beats driving over 50 miles to Boise. I see more and more of our Airmen car pooling to get back and forth to work and this includes those that live in the barracks or base housing.
Some refineries have been increasing capacity at their refineries. Not cheap at all, BTW, when I summered at Unocal they were spending over a billion dollars to upgrade their Wilmington refinery to meet new clean air rules California was coming up with.
Refineries only have limited space, easiest way to increase capacity is to build new ones, and the NIMBYs oppose that.
BTW, if it looks like Barak Obama and his nationalize oil socialists are going to win, it would be foolish for refiners to spend big money on capital improvements when they risk punitive tax rates, at best, and nationalization, at worst.
I’m really tired of hearing the republicans blame this all on the democrats. For 6 years, we had a republican congress with an executive branch comprised of former oil executives – perfect opportunity to lead the country into this new drilling-for-our-own direction. I know the dems in congress and the liberal republicans (RINOs) had enough votes to prevent this, but that’s where the presidential bully-pulpit comes into play. This opportunity is gone and it now becomes a dem/repub blame game.
BTW – the republican party ‘jumped-the-shark’ (thus becoming spinless spend-a-holics) shortly after the gov’t shutdown in the mid 90s. Newt and the boys let the press define them as heartless and they went along with it, losing their spine in the later half of the 90s. Then with Bush as president, they’ve become drunken sailors in spending money.
Maybe if more countries stopped subsidizing gas prices? That woke up the Kingdom of Saud.
There are 2 ways:
(1) Manipulation of the physical oil market – withhold oil from the market in an attempt to drive prices higher. (like BP in the propane market in 2003).
(2) Manipulation of the market – issue a flood of orders during a time window used by Platts to determine its reported prices for physical oil transactions, then used the potentially distorted prices to make profits in other markets.
(2)
I hear you Boomer; as I said I have limited sympathy. It has impacted some of my young Marines’ families as well. And we have a pretty good support structure. But I also see people complaining about gas prices and buying “spinners” for their Tahoes, the latest PS3 game and iPhones. I guess I am condemning the “entitled Generation” more than anything. They have very little self-reliance and long lists of grievances. As many of the “Old Corps” used to tell me, “WAH.”
I haven’t really seen that so much Joe. Seems to me the People are fed up with both. I know I am. And I agree that the Republicans spent too much money. One of the reasons I stopped responding to ANY requests, much less monetary.
#60
Proof positive that if Bush was serious about drilling here, prices would ease almost immediately.
Re: SpeakEasy
Man, I hear (R)’s blaming (D)’s for gas prices all the time from the GOP spokesmouths. The soulless Hugh Hewitt spouts off that the democrats single-handedly spiked gas prices like everyday. Rush constantly blames liberal enviro-nazis, Medved, Gallagher, Reagan, Levin and my local GOP-salesman Dan Capelis are the same way. Being that they just read off the same talking points everyday puts it into perspective, but they actually have influence over listeners.
Bush’s failure to lift the executive ban on OCS drilling before Congress lifts it’s ban reminds me of the crap they pulled with the border fence. Two years from now we will still be waiting.
Wouldn’t it be more likely to withhold petroleum based products rather than the oil?
Isn’t more likely that OPEC controls enough of the flow of crude to affect worldwide prices in oil.
The oil companies control the refining and processing to the extent that they can manipulate prices.
***
Regarding the subsidizing of gas prices: clearly government, whether American or not, is really a major player in the problems at hand.
Mexico, Venezuela, India, Lebanon, the Philippines, Bolivia, Egypt, Yemen, Azerbaijan, and many more actually try to keep fuel prices low by subsidies. This keeps demand artificially high and costs taxpayers (including tourists and importers paying tariffs) exorbitant amounts of money.
Worst of all though is that it distorts the market. With this going on, who knows what crude should actually cost.
Anyone live near the Mexico border? Are you driving over to buy subsidized gas?
Why are so many people hung up on timetables? If today, we were to build refineries, increase our domestic drilling of oil, build nuclear power plants but didn’t see any output until 10 years from now, so what. I don’t care if it takes 20 years. It has to be done!
Research and developing alternative fuels is a must, but today and for some time to come, oil is the fuel that runs economies.
TheOtherSide
So do you have proof that oil companies are withholding oil supplies and are falsely increasing demand to drive up prices, or is this speculation on your part?
China is lifting its subsidy immediately. The effect on futures was for July delivery.
Lifting the ban on drilling would not affect crude prices for next month. I just don’t see how that would happen.
People will pass this off as BDS, but facts are facts.
GWB’s style never *has* been to lead. Look at his time as governer of TX. He spent it (mostly) as a referee betwn the Rs & Ds. His success at that caused him to believe in his “New Tone”™ politics. When, & while, after 2yrs it was obviously a disaster, he *still* refused to abandon it. That is the action of a middle-manager type, not a CEO or top-flight manager.
None of what I’ve said should in anyway be construed to mean I think he’s bad, or dumb, or a nasty fellow. I don’t. On a personl level I think he’s an OK chap. I *do* think that as a leader of a conservative GOP & as a President, he’s been very disappointing.
What urks me most, even more than any dissapointment are the efforts of people to sugarcoat the situation. Those of us who voted (2x in my case…) for GWB have been fed 2 lines that inflame my ulcer:
1) During the buildup to the 2000 election, Rush *swore* GWB was a conservative. I knw: I have it on tape. He spoke a couple times about meetings w/GWB & said they’d talked abt all sorts of stuff, & “.. believe me,folks, he’s not like his father — he really is a conservative.” Yah, I knew GWB from his actions as governor of TX. BUT, while not a strong conservative, by contrast w/algore he looked it. Remember how Rush kept saying he thought that GWB would be remembered by history as one of the greatest of conservative presidents? Still, he was better than what the Lft offered.
2) Rush explained & still says that GWB holds the Office of President as something “almost holy”, & above politics.
I don’t believe that, I think it is a 2nd instance of Rush w/rosey-glasses. If you hold something in that high an esteem, when others come to attack it or weaken it — you fight them on it. You don’t roll over or keep silent. A leader wouldn’t. And I think, out of everything, *thats* what has broken my heart the most. You see, **I** really do esteem The Office of the President that highly.
– martin.musculus
sw0303 (#68),
No disagreement here. I’m just arguing that it will have no effect on crude prices prior to the election.
No, do you have proof that they are not?
I do know that the CFTC is looking into it…I expect to hear something along these lines in the near future. But rationally, I feel confident that this huge jump in price due to speculation is not solely over future supply/demand speculation.
So, if a tree falls in ANWR and there is nobody there to hear it, does it make a sound?
No wait, are there any trees in ANWR?
TOS…asking for proof of the negative? Really? The burden does not lie there.
TOS is a typical libtard.
I guess he never learned that “proof” must be positive, and that one cannot prove a negative.
But being a libtard means never having to use reason.
I thought Bush was a conservative in 2000. The ‘Compassionate Conservative’ thing should have been a clue. Ditto cutting deals with The DWI Killer.
He isn’t exactly a RINO, but he did nothing to stop the growth of government, and helped create a new entitlement for prescription drugs for seniors. The only defense to that, and I recall this from the time, that was offered as an alternative to the more expensive Dem plan, and to have offered nothing would have given the Dems a weapon to use to attack the Repubs in 2004.
Of course, going halfway to meet the Dems, like the drugs for seniors plan, usually backfires, and until the Dems start showing the willingness to come half way themselves, that is, until ‘bipartisan’ actual means bipartisan, not just Repubs caving to Dem demands, the Republicans should stick to conservative principles.
A hearty bravo zulu to Senator McConnell for finally standing up to the Dems about their refusal to schedule confirmation hearings for judges. If Congressional Repubs had been more assertive pre-2006, they might still be the majority.
Think about that statement. And why are the speculators buying High? Could it just maybe be that there were strong signals that supply was dwindling and the US WAS NOT going to increase energy exploration? Just maybe? Regardless of bad TV news commentaries, including O’Reilly, speculators can only work with the market there is, they don’t create it. The Holy mantra of the Left, tree huggers and that damn Alan Combs is that new exploration, technologies and such will only drop the price a little and it will take too long. That is the kind of information that speculators glob onto. Well we have to start sometime; short term thinking got us in this mess.
The Leftist and tree huggers WANT high oil prices. Instead of comparing what we pay to what we might pay with our own reserves they compare us to Europe.
The Brits are paying about $9+. They have better tree huggers and a whole lot more taxes. We don’t need to. And when you see the speculators short the oil markets rejoice.
DougT RE:#55
the capacity *has* been increased, increased, & increased again…
… then the greenies revved up their litigation machine…
… state agencies have started to require *new* impact studies, saying that we now know that somethings we didn’t think mattered *might* matter….
… congress has revved-up the agit-prop against the industry, using the “gross profits” figures, on an industry that makes 7%/gal. profit, (less/unit than any other industry)…
Would you invest in expansion when you might be forced by law to abandon that expasion even before it has earned break-even?
What about if your company might be confinscated tomorrow?
As for ORielly, he’s always been a dim-bulb. Those preceeding words are the extent of reference he’s even been worth. The next year he’ll have earned a new alotment is 2037.
— martin.musculus
No, George Bush and the polar bears killed all the trees above the artic circle.
Errr PDA/fumble fingers again.
even been worth = ever been worth
I feel confident that this huge jump in price is reflected in massive national and international inflation. After years of ignoring the horrible effects of the weak dollar on commodity prices priced in those same dollars, the treasury department and federal reserve have started jawboning about the need to strengthen the dollar. What they don’t say is how the current dollar debacle is their fault to begin with. Just the 50% fall in value of the dollar does not reflect the huge devaluation in purchasing power. The fact is that the dollar index is weighted against a basket of other currencies, each of which is being inflated as well – just at a lower rate then the dollar. Many of these countries are reporting double-digit inflation figures because the have pegged their currency to our dollar, or are receiving large quantities of our dollars for their exports. Yet we are lead to believe inflation in the US is at 4%.
If you want to talk about Oil prices, we have to talk about the massive increase in the currency used to buy it.
Via Tom Delay:
Stop with the pigeon-holing anyone who circumvents logic as a liberal. The fact is that anyone can be a dumbass.
#78
You’re right about Europe, the tax on gas in Britain is over 50%, and this is what we have to look forward to if the Dems get their way and nationalise the oil industry.
Fair enough…how about do you have proof that the oil speculations is solely speculation on future supply and demand. Answer: No. We are all just speculating here. It’s just that some of us aren’t buying the politically motivated right-wing mantra of drill here, drill now. Why didn’t Bush and a Republican-held congress make a big deal about this when they had the chance? Oh wait, they weren’t about to get smashed in an election.
atheling,
When you have something of substance to post, then I don’t care one iota what you think. I mean come on, that is your 1 contribution to this thread?
By the way TOS, I believe the onus is on you to prove your statements, I wasn’t the one who threw out the accusation.
Actually, McCain’s margin in Florida goes UP if people are first told that he supports drilling and Obama does not.
So stop with the “it will cost us Florida bull.
It helps us there.
And California is a lost cause. The Gover-nator came out as staunchly opposing any and all efforts to drill there. Ahnold is the biggest stupid RINO of them all.
Uhmmm… isn’t the speculation about oil supply futures?
Here’s an idea… how about the President and the congress lift the bans AT THE EXACT SAME MOMENT?
or would that get childish – “I signed my name smaller than yours……”
Here’s a better idea.. how about we quit being stupid about conservation and get on to the business of running out of things?
The sooner we run out of oil the better. Then the idiots who believe in Global Warming/Climate change can find something else to blame.
And who are the idiots that think we will run out of water???? They need to try canoeing from California to Australia for a while.
The Other Side has wrong. The mere act of drilling will lower prices as the market adjusts for future supplies. Speculation has a big emotional component its price.
I said it will not lower the price of oil much
Damn i’ll be glad when January comes and Bush pulls that knife out of my back…been stuck there now for 7.5 yrs…it hurts.
TOS:
vis-a-vis speculation, atheling’s correct.
– martin.musculus
TOS,
We start seriously drilling (land and sea) and we will have $85 – $90 per barrel oil. You heard it here first. Once we get it. $65 – $70.
TOS:
I call libtards on their S***, which is a full time job, and kind of fun too.
Sorry you’re having such a hard time on this thread. Maybe that lobotomy was not such a good idea.
But you never call them on the substance of their argument…why is that?
Even if any of this nonsense you wrote was true LGM, (& most of it is certainly not) I find it really humorous that you say it as if the Democrats never lie. Talk about being either high, or really naive!
We may need to “wake up & smell the coffee”, but I’d submit that you certainly need to go to sleep & stop sniffing the model glue.
~Dan Lee
Well in your case, there was no “substance”. You asked for NEGATIVE proof. There is no such animal.
I clld the Governator’s Office here in Calif. The young man (maybe 30′s?) said,
and I quote, `Uh huh, Uh huh, Uh huh..’
as I was speaking. I asked it he would give the Gov that msg (we need to drill off the Calif coast) and there was no response. I looked at my (work) phone, the line had been disconnected. I had been hung up on.
Oh no this Fatherless-child didn’t! This is not the end of this.