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With a stroke of his pen liberalizing our oil production, American crude is flooding oil markets and prices are plummeting.
Source please.
Gas prices naturally rise and fall based on demand. Right now demand is low. It's not a travel season and with recent harvests in the north, less produce has to be shipped in. If prices follow their norm, they will jump again several weeks after refineries start going off line to switch over to winter blends (when the reserve dips - historically around mid November to mid December).
Please post your source showing that the current drop is due to a stroke of king obama's pen.
It's normal for gas prices to rise and fall. They fell last year about this time and the year before and the year before that. 2010-2011 is when they skyrocketed.
Care to explain what obama's pen has to do with this year? And if the current drop were due to all that oil FLOODING the market, don't you think the price would have dropped more than predicted? Given our high price was a little down this year, current prices are within the norm. If they continue to drop beyond December or even hold, I'll believe something was done. Until then, this year's trend looks too much like last year's trend to proclaim obama lord and savior.
Last edited by Ivorytickler; 10-17-2014 at 04:05 AM..
I remember why I stopped watching cnbc... kramer screaming his head off about how bad low oil prices could be and this and that.... he sounds like hes losing his mind.
Hyper bullish news anchors that cant seem to acknowledge stocks are overvalued and scream like its the end of the world at every correction....
With a stroke of his pen liberalizing our oil production, American crude is flooding oil markets and prices are plummeting.
You can thank him but realize that wasn't in his energy plan and that of his energy czar who hoped to raise gas prices in the USA to the same level as the EU as Obama said, energy prices' that includes gasoline, would necessarily skyrocket.
So send him a note of thanks but don't expect a joyous reply, this is a dramtic setback for his energy plan.
The only thing to thank this administration for is not being able to figure out how to interfere with the fracking revolution taking place in this country...and it wasn't for a lack of trying.
We've really got to stop blaming or giving credit to US Presidents.
Quote:
Behind the drop: Iraq joined Saudi Arabia and Iran's recent price-cutting spree. The key members of the Organization of Petroleum Exporting Countries (OPEC) are undercutting other exporters' prices and maintaining production or even boosting output as global demand is slowing and North America oil production surged.
With a stroke of his pen liberalizing our oil production, American crude is flooding oil markets and prices are plummeting.
We've been able to thank him before too. There have been drops in demand due to slowdowns in our "recovery" (and, to be fair, thanks to downturns in the global economy). They've also been kept lower than they would be otherwise thanks to such a sluggish "recovery" - again due to demand. So, if all one cares about is fuel prices, a president who keeps the economy bad shape would be just fantastic!
Lets try some facts, instead of the Obamabot spins...
Quote:
According to a new report from the Congressional Research Service, since 2009 oil production on federal lands is down by 6 percent and natural gas production on federal lands is down 28 percent. This is particularly striking because since 2009 overall oil production on non-federal land is up by 61 percent and natural gas production on non-federal land is up by 33 percent.
In 2010, 36 percent of our nation’s oil production took place on federal lands. Due to Obama Administration policies, by 2013, only 23 percent of our nation’s oil production took place on federal lands. Production on non-Federal lands, in contrast, is skyrocketing as hydraulic fracturing and horizontal drilling have increased production dramatically. Oil production on non-Federal lands increased by 21 percent in fiscal year 2013 from fiscal year 2012 levels—an increase of almost one million barrels per day.[i]
Likewise, natural gas production on Federal lands has been steadily declining, while natural gas production on non-Federal lands has been steadily increasing. In fiscal year 2013, natural gas production on non-Federal lands increased by 3 percent—654 billion cubic feet—and natural gas production on Federal lands declined by 9 percent—392 billion cubic feet.
Obama's policies have DECREASED oil and gas production on FEDERAL lands, the lands he has control of, dramatically. The overall increase in US production is strictly taking place on private lands, IN SPITE OF THE ANTI-BUSINESS AND ANTI-DEVELOPMENT POLICIES OF THIS ADMINISTRATION.
If Obozo had simply gotten out of the way, production on federal lands would have increased the same as on private lands-resulting in more jobs for Americans, lower energy costs, and more revenue to the federal government. But an improved economy and more jobs are a threat to the Democratic party. Reduced dependency and poverty and increased self-sufficiency are the quickest way to destroy the Dem party. Who cares if Americans suffer, when we're talking politics.
Obama has nothing to do with it. Market forces have everything to do with it, including fracking.
As for "low prices," gasoline is still over $3.00/gal. I don't call that, "low." It is an improvement.
By Gawd, something we can agree on. The oil companies have gotten people to think that $3.00 per gallon is 'low'.
For years, gasoline prices have been like a rising tide. The wave of prices go up and people moan. The prices then recede, and people rejoice. The prices go back up a little higher than before, and the people moan. The prices then recede, but not as low as previously, and the people rejoice. The tide is now in the receding stage, all the way back to $2.92 (locally) and the people rejoice.
Nevertheless, since we were paying $1.00 per gallon around 1980 (which was appalling to those of us used to paying 25 cents a gallon), I guess we should 'rejoice' that the high price hasn't been higher. But, it will be again someday.
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