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yes, and look at what happened to the overall economy in 2008? If you think punishing millions of americans is good then you deserve all the bad things that will happen to you.
It is no coincidence that our economy went down the tubes when gas prices shot up to $4/gal. The only good news is that this time Obama will feel the wrath of the voters instead of McCain.
Obama promised to re-regulate commodities trade (as was during the Clinton era when we had $1 gas) but by the time he took office oil had tanked to $32/bbl so there was no pressure on him to do it. Now we are facing $4 gas again and not a word of relief from Obama, and now that we have a Republican congress, passing legislation overturning the 2000 commodities modernization act is going to be much more difficult.
Except we don't have any manufacturing jobs, oil heavy or light, or even all those "green industries" we haven't managed to invent yet. That's pretty much 0 for 3.
It really is amazing that America manufactures just about as much as any other country on the face of the earth, and yet we don't have any manufacturing jobs. Hmmmm.
Back to the point of the thread, my Exxon and Chevron stock is going through the roof!
It's really obtuse to think that putting more oil into the oil market would actually decrease the price of gas.
Before there was a moratorium on off shore drilling they were not only increasing drilling in North Dakota and other places throughout the US, but off shore as well and yet we were still seeing gas prices over $3 a gallon. To even suggest that gas prices would go down if we lifted the off shore moratorium or increased drilling in Alaska is naive and foolish.
Gas prices aren't controlled by supply and demand, it should be obvious. Nothing has happened to the supply, yet riots in Libya (an area that provides us with so little oil they don't even register on most charts or graphs showing how much oil is imported and from where into the US, yet our gas prices spike. Why? It doesn't make any sense if oil were truly a supply and demand market.
Nice try, though!
Uhh, actually they are to a great extent. Don't tell me, you skipped capitalism 101 for this course did you?
6.Harvard University’s Marxist Concepts of Racism examines “the role of capitalist development and expansion in creating racial inequality” (emphasis added). Although Karl Marx didn’t say much on race, leftist professors in this course extrapolate information on “racial oppression” and “racial antagonism
Obama promised to re-regulate commodities trade (as was during the Clinton era when we had $1 gas) but by the time he took office oil had tanked to $32/bbl so there was no pressure on him to do it. Now we are facing $4 gas again and not a word of relief from Obama, and now that we have a Republican congress, passing legislation overturning the 2000 commodities modernization act is going to be much more difficult.
well, I'm afraid that Obama has run out of Jokers in his deck! High gas prices will guarantee that the economy slips, and it will also put another dagger in the real estate market. All of this is happening on Obama's watch... not good.
It really is amazing that America manufactures just about as much as any other country on the face of the earth, and yet we don't have any manufacturing jobs. Hmmmm.
Back to the point of the thread, my Exxon and Chevron stock is going through the roof!
By Chris Isidore, senior writerJune 21, 2010: 3:52 PM ET
NEW YORK (CNNMoney.com) -- China's manufacturing sector is on the brink of passing that of the United States, according to a report released Monday.
Analysis of the latest government readings by economic research firm IHS Global Insight show that China's manufacturing sector nearly caught the U.S. output in 2009. The value of goods produced by China's factories reached about $1.6 trillion last year, compared to $1.7 trillion by U.S. manufacturers.
Email Print CommentMark Killion, a managing director at IHS, says China may be able to quickly close that gap following the announcement by China over the weekend that it will let its currency, the yuan, rise in value versus the dollar.
But even without a stronger yuan, China's manufacturing sector was already growing at a much faster clip than in the U.S. China's industrial output rose nearly 17% in May compared to a year ago, according to figures from the Chinese government, while Federal Reserve estimates U.S. factory output was up only 8%.
Killion said that it is most likely China will pass the U.S. in manufacturing in 2011, but that it could be a "close call" this year.
0:00 /1:30Yuan peg to dollar loosened
It is not a surprise that China would eventually top the United States. China relies more on its manufacturing sector -- it makes up more than a third of the overall Chinese economy, while it accounts for less than 13% in the United States...............
well, I'm afraid that Obama has run out of Jokers in his deck! High gas prices will guarantee that the economy slips, and it will also put another dagger in the real estate market. All of this is happening on Obama's watch... not good.
Silly boy, all part of the democratic party's brilliant plan to wean us off dirty old oil and put us on the path to energy self-sufficiency mostly by not using any at all because we don't really have anything nearly ready to replace......dirty.....old......oil. Why I've got my eye on a sweet little fixer upper already.
I don't like to see high fuel prices any more than the next guy. It has a ripple effect throughout the economy.
I'm glad I've been driving nothing but 4 cyl vehicles for the past 38 years, though. We all need to become more tuned in to conserving energy. There's more I need to do, also.
You use what I call "Bug Logic," because that's how an insect thinks, but then the poor little insects don't really have brains.
You operate from the hilariously false assumption that oil is oil is oil. It is not. Oils are not created equally. Oils don't all have the same specific gravity or density, and from that one should be able to infer that oils are chemically different.
The reason oils have different weights is the length of the hydrocarbon chains.
The function of refining, is to break those hydrocarbon chains down into useful products, but there is limit to how far you can break down the hydrocarbon chains.
From an heavy oil, like California Heavy or Prudhoe Bay, you only get 6 gallons of gasoline out of a 42-gallon barrel. If you use a really expensive catalyst and tweak the cracking towers just so, you can squeeze close to another 3 gallons out.
So you get almost 9 gallons of gasoline out of a 42-gallon barrel of heavy oil.
Since you don't have any light oil, you have to import it, but there are great benefits to doing so. From a 42-gallon barrel of Arabian Light, Basra Light, Minas, Tijuana Light, Bonny Light, Ekofisk, Azeri Light or Varg you get a whopping 22 gallons of gasoline.
Do the math: 9 gallons versus 22 gallons.
It ain't rocket science. It ain't even Sesame Street.
From a 42 gallon barrel of certain types of intermediate oil, specifically those that are very close to light oil, like West Texas, Brent Blend, Gullfaks, Troll Blend, Magallenes etc you can get 16-19 gallons of gasoline.
But for West Texas Sour, East Texas Sour, Illinois Intermediate, Isthmus (from Mexico) you only get 12-13 gallons of gasoline, not that it matters, you don't use those oils for gasoline because they're high sulfur, and it's really expensive to get the sulfur out or lower it to meet EPA standards (remember? you whine and complained like a 2-year old about the smell).
So the problem is that in the US, you have lots of heavy oils, and slightly less intermediate grade oils, but you have virtually no light oils, and what you do have, is way too light. Very light oils, like Njord and Forties Blend, it just isn't any good for gasoline, but you can use it to provide the products for your overly-extravagant life-style.
You export nearly all the heavy oil you pump. Who on this forum would like to know why? Because you don't have the refinery capacity to refine heavy oils.
See that's another thing. You can't run heavy oil through a refinery that was built to handle intermediate or light oils. You can run light oil through a refinery that was built to refine heavy or intermediate oils.
You can't run East Texas Sour through a refinery running West Texas Intermediate. Yes, they're both intermediates, but one is sour (high sulfur) and the other is sweet (low sulfur).
It's a chemistry thing. The cracking towers are built to accommodate a certain volume of oil-gas so the dimensions (width/height) are very precise, because when you heat the oil, it turns into a gas and as the catalysts break down the hydro-carbon chains, the gases will rise to a certain height in the tower based on their molecular weight, and then the gases are siphoned off and cooled so that they condense back into liquid form.
If you drill in ANWAR and that oil isn't almost exactly like Prudhoe Bay, then you can't use TAPS. You'll have to build a whole new Alaskan oil pipeline and that will take 9 years (it took 9 years to build TAPS working flat out 24/7 on multiple sections).
You want to drill in the Gulf? East Texas Sour? That's a big clue. Odds are the oil in the Gulf is mostly high-sulfur, and if it is, you're not going to be using it for gasoline.
If you get lucky and it is a sweet intermediate oil, what will happen? Nothing. It will take you 20 years to bring that field up to full production, and by the time you do, the only thing you'll be doing is off-setting the production decline of your WTI fields (and just barely).
The Gulf fields are small and you'll blow through that oil in 20 years once you reach full production. Look at Louisiana Sour. That's a light sour oil from the Gulf. You started drilling that in the 1980s, got it up to full production in the 1990s and you're almost done with it.
And it's funny how all of you throwing temper tantrums about oil are whining about jobs. Ever notice how those countries that have oil and natural gas don't have any industries? There's a reason why those countries are "single-cash-crop" countries. Oil is investment intensive.
It takes a lot of investment dollars to build the oil/natural gas infrastructure, and maintain it (that's why Haliburton makes money -- they're an oil service company). You want to drill in the Gulf, you'll need platforms, at least 12 tankers for each platform (these are shuttle tankers not the huge ocean going transport oil tankers) and you're going to need more processing facilities (and those are not the same thing as refineries), plus pipelines.
You can invest $1 for that, or invest $1 and build 8-12 large manufacturing facilities and employ 6 times as many people. Choose wisely. And if you don't, then don't complain if more manufacturing jobs flee the country.
That is the longest post of pure bullsh$t I have yet to read on City-Data to this date.
That is the longest post of pure bullsh$t I have yet to read on City-Data to this date.
Excellent, detailed, point by point rebuttal
Right now, Mircea is a whole lot more persuasive than you are.
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Rising Oil Prices
