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^^^^ Yep,,,, it’s easy to understand that the entire economy has been tanked because of one man in Washington. The economy today has nothing to do with the failures back in ’05,6, and 07? Maybe Jimmy Carter was right back in the 70’s to get off of foreign oil??????????????? He too was paying off the debt of the war back then just as we’re not adding the cost of this war to our debt today.
There are more oil and natural gas producing wells operating today than before in the states. The is a lower demand for oil product in the US than in the past yet somehow the price goes up. Just like the profits of the oil industry continue to go up.
You’re paying more to fill up your tank, and it’s Barack Obama’s fault.
That’s the refrain echoing across the campaign trail, with Mitt Romney blaming the president for not developing more domestic sources of oil and Rick Santorum saying it’s Obama’s inaction in the Middle East that has led to the price spike. Newt Gingrich just calls Obama "anti-American" and promises cheaper gasoline when he’s in the White House.
Actually your reference is a bit inaccurate. Under Bush, it was drill drill drill. Increasing production will ALWAYS lower costs when production outstrips needs. Unfortunately, increased production was still less than needs.
However, we haven't built a new refinery in over 30 years and we have reduced our production of oil. When demand outweighs production, prices go up.
Indeed, President Obama has some proper power to cool off retail petroleum prices. David Stockman, President Ronald Reagan's Budget Director, said it plainly on CNN last week, "Stop beating the war drums right now [against Iran], and Obama could do that, and he could say the neocons are history." Having done his stint on Wall Street, Stockman knows that war talk by the war hawks inside and outside of our government is just what the speculators on the New York Mercantile Exchange want to hear as they bid up the price. Your gasoline prices are not charging up due to strains between supply and demand. Speculation, with those notorious derivatives and swaps, is what is poking larger holes in your fuel budget, according to Securities and Exchange Commission enforcement lawyers. The too-big-to-fail Wall Street gamblers - Goldman Sachs, JP Morgan Chase, Bank of America, Merrill Lynch, and Morgan Stanley - are at it again.
Dr. Mark Cooper of the Consumer Federation of America documented that speculation added $600 to the average family's gasoline expenditures in 2011. Earlier, the head of Exxon/Mobil estimated that speculation was responsible for over $40 per barrel in price increase at a time when oil was more than $100 per barrel.
Last June, the Commodity Futures Trading Commission (CFTC) Chairman, Gary Gensler, declared in New York City that "huge inflows of speculative money create a self-fulfilling prophecy that drives up commodity prices."
Mr. Gensler and the CFTC received more legislated authority to police these Wall Street gamblers, but key members of Congress refused to give him a budget to, in his words, "be a more effective cop on the beat," at a time of sharply-increasing trading volume. Congressional campaign budgets are being swelled by campaign contributions from those very Wall Street gamblers. This is called "cash-register politics." Meanwhile, you the people pay and pay at the pump and wonder why no one is doing anything about it.
But an inadequate budget only explains part of Mr. Gensler's problems. He is continually undermined by other CFTC Commissioners who do not want real enforcement action. He also seems to be wearing down under the pressure.
It's amazing how stupid the general public is and how easily they forget history. Is it a coincidence that after we deregulated everything we've gone through a dot com bubble, TWO massive oil speculative bubbles, a housing derivatives meltdown, a crashing gold bubble, food prices increases due to speculation, and a soon to be meltdown related to student loans that are caused by gambling on student loan derivatives? I think not. How much more economic pain do we have to endure before we learn that we need to heavily regulate the corporate malfeasance of Wall Street? Before we deregulated everything in 1999/2000 Americans spent 7% of their incomes on food and fuel. Now that speculators are allowed to roam around completely unregulated due to the Gramm Leach Bliley and CFMA, Americans now spend 20% or more of their incomes for food and fuel. We're being robbed, literally.
Too bad we were too stupid to listen to people like Byron Dorgan who could clearly see the impending doom passage of those two bills would bring to our commodities markets and financial system.
Your economics 101 is off. You're talking about domestic production of a global commodity. The US could increase production and the resulting change in price could be minimal. The speculators aren't looking at just US production levels whey they essentially set the price of oil.
There are valid reasons as to why the price of oil has been going up while the demand isn't strong. A few issues with the supply chain are generally the cause. You can easily google this information and it's been discussed ad nauseum here.
The US has excess refining capacity. Currently, gas is being exported.
"— The volume of fuel exports is rising. The U.S. is using less fuel because of a weak economy and more efficient cars and trucks. That allows refiners to sell more fuel to rapidly growing economies in Latin America, for example. In 2011, U.S. refiners exported 117 million gallons per day of gasoline, diesel, jet fuel and other petroleum products, up from 40 million gallons per day a decade earlier." http://www.usatoday.com/money/indust...ort/52298812/1
Your economics 101 is off. You're talking about domestic production of a global commodity. The US could increase production and the resulting change in price could be minimal. The speculators aren't looking at just US production levels whey they essentially set the price of oil.
There are valid reasons as to why the price of oil has been going up while the demand isn't strong. A few issues with the supply chain are generally the cause. You can easily google this information and it's been discussed ad nauseum here.
The US has excess refining capacity. Currently, gas is being exported.
"— The volume of fuel exports is rising. The U.S. is using less fuel because of a weak economy and more efficient cars and trucks. That allows refiners to sell more fuel to rapidly growing economies in Latin America, for example. In 2011, U.S. refiners exported 117 million gallons per day of gasoline, diesel, jet fuel and other petroleum products, up from 40 million gallons per day a decade earlier." Gas, other fuels are top U.S. export
Supply chains include pipelines and permits on federal (public) lands.
More oil pumped in US = Less cost to consumers.
I know, it's the old supply and demand theory, but it's actually proven to be true.
My goodness, isn't it amazing to watch the MSM circle the wagons for obama, trying to push out story after story telling us its not his fault, he has absilutely nothing to do with it.
Surely you remember how obama and the dems USED the issue against Bush in 2008...don't you?
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