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Thread: Bachmann: I'll get gas under $2

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    Re: Bachmann: I'll get gas under $2

    Quote Originally Posted by sangha View Post
    Boy, what a straw man that was. The blame for higher prices has been clearly attributed to speculation. It's dishonest to concentrate on one comment and ignore everything else that's been said. In addition, rocket88 has pointed out that if we increase production the OPEC nations will reduce their production. S&D, which you claim to believe in, says that will keep prices from dropping.
    Speculators speculate on what they think the future holds. As of now they think obama is anti-drilling and USA won’t drill for more oil, that drives prices up. Thanks Obama.


    Kudlow’s Money Politic$

    Larry Kudlow’s daily web log of matters political and financial.

    Bush Says Drill, Drill, Drill — and Oil Drops $9!

    July 15, 2008 1:07 P.M.

    By Larry Kudlow




    In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

    Now isn’t this interesting?

    Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.

    Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.

    The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.

    There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.

    So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.

    Bravo for Bush. Bravo for the traders.

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    Re: Bachmann: I'll get gas under $2

    Peak oil Primer for Bachmann ~

    "Of the 65 largest oil producing countries in the world, up to 54 have passed their peak of production and are now in decline, including the USA in 1970, Indonesia in 1997, Australia in 2000, the UK in 1999, Norway in 2001, and Mexico in 2004. Hubbert's methods, as well as other methodologies, have been used to make various projections about the global oil peak, with results ranging from 'already peaked', to the more optimistic 2035. Many of the official sources of data used to model oil peak such as OPEC figures, oil company reports, and the USGS discovery projections, upon which the international energy agencies base their own reports, can be shown to be frighteningly unreliable. In November 2009, the International Energy Agency's World Economic Outlook report stated that oil and gas liquids were not expected to peak until 2030, at significantly higher levels than today, however this was met by rebukes from internal whistleblowers who argued that the figures are more political than scientific. In response to the questionable reliability of IEA reports, several notable scientists have attempted independent studies, most famously, Colin Campbell and associates with the Association for the Study of Peak Oil and Gas (ASPO)."

    "After several years of rapid growth, the global crude price began falling in lockstep with financial markets in 2008, a fact which may have both contributed to – and masked – a concurrent global oil production peak. The oil industry has been running on a treadmill since 2005 with production staying essentially flat. Capital for oil infrastructure investments, which might have seen new production continue to offset declines for a few more years yet, has withered.

    Conversely, the financial collapse itself was triggered in part by the approach of peak oil: higher commuting costs due to soaring oil prices set off the 'exurb' house price collapse in the US and put stress on mortgage repayments, leading to the subsequent collapse of the mortgage backed securities bubble and further financial unraveling. But this was merely a trigger event. In the long run, peak oil poses far more fundamental challenges to our dominant economic systems which are predicated on perpetual growth."
    Peak oil primer and links | Energy Bulletin
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    Re: Bachmann: I'll get gas under $2

    Quote Originally Posted by sawyerloggingon View Post
    Speculators speculate on what they think the future holds. As of now they think obama is anti-drilling and USA won’t drill for more oil, that drives prices up. Thanks Obama.
    See, now I'm confused. All through the Bush years, what we heard from the Con camp was "Well, there's nothing the President can really do to lower gas prices." Now it's Obama's fault?

    (cough) Partisan Hack (cough)


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    Re: Bachmann: I'll get gas under $2

    Quote Originally Posted by sawyerloggingon View Post
    Speculators speculate on what they think the future holds. As of now they think obama is anti-drilling and USA won’t drill for more oil, that drives prices up. Thanks Obama.


    Kudlow’s Money Politic$

    Larry Kudlow’s daily web log of matters political and financial.

    Bush Says Drill, Drill, Drill — and Oil Drops $9!

    July 15, 2008 1:07 P.M.

    By Larry Kudlow




    In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

    Now isn’t this interesting?

    Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.

    Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.

    The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.

    There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.

    So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.

    Bravo for Bush. Bravo for the traders.
    The US produced more oil last year then it has for over a decade
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    Re: Bachmann: I'll get gas under $2

    Quote Originally Posted by Lord Tammerlain View Post
    The US produced more oil last year then it has for over a decade
    Yes it has, that is oil Bush said was OK to find and drill. It is Bush legacy. Interesting comment though, are you implying obama is pro oil?

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    Re: Bachmann: I'll get gas under $2

    Quote Originally Posted by sawyerloggingon View Post
    Yes it has, that is oil Bush said was OK to find and drill. It is Bush legacy. Interesting comment though, are you implying obama is pro oil?
    If I'm not mistaken, I think he was addressing your assertion that increased drilling led to lower prices. We have higher production now than in the last decade, yet prices did not go down.

    Price, is predominantly determined by world demand vs world supply, and world demand is increasing much faster than world supply.
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    Re: Bachmann: I'll get gas under $2

    Quote Originally Posted by sawyerloggingon View Post
    Yes it has, that is oil Bush said was OK to find and drill. It is Bush legacy. Interesting comment though, are you implying obama is pro oil?

    No, I am saying the US produced more oil then it has for a decade, the US also used alot less oil then it has been ( I believe by over 1 million bpd) yet oil prices are fairly high. Speculators do not and can not control the price of oil for the long term, they do not want to get stuck with the oil actually being delievered. Over the short term certainly oil speculators can have an effect. But if the actual supply is greater then the actual demand (both being phyiscal numbers for delievery and consumption, the price will go down. As prices have remained fairly high since around the start of 2010. It is good indicator that demand is fairly high outside of the US.


    Just stating the US is going to open up all areas for drilling is not going to have an effect unless those areas come on line in production, and can do so at higher rate then other areas decline. Recall the US is the worlds third largest producer of oil, yet it does not have the third largest reserves (economically proven), it does not even have the 10th largest reserves. The US can not drill its way to energy independance. It does not have the resources to economically do so ( it could do so at a cost of $200 a barrel, if it choose to)
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  8. #218
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    Re: Bachmann: I'll get gas under $2

    Quote Originally Posted by Catawba View Post
    If I'm not mistaken, I think he was addressing your assertion that increased drilling led to lower prices. We have higher production now than in the last decade, yet prices did not go down.

    Price, is predominantly determined by world demand vs world supply, and world demand is increasing much faster than world supply.
    It does increae supply and as such decreases prices from where they would be if the extra production did not occur.

    It does not mean of course that prices tommorow would be less then today
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    Re: Bachmann: I'll get gas under $2

    Quote Originally Posted by Catawba View Post
    If I'm not mistaken, I think he was addressing your assertion that increased drilling led to lower prices. We have higher production now than in the last decade, yet prices did not go down.

    Price, is predominantly determined by world demand vs world supply, and world demand is increasing much faster than world supply.
    Fair point but I was talking about my speculation post, that speculators are assuming obama won't drill and won't explore.

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    Re: Bachmann: I'll get gas under $2

    Quote Originally Posted by sawyerloggingon View Post
    Fair point but I was talking about my speculation post, that speculators are assuming obama won't drill and won't explore.
    Do speculators want to get delivery of oil?

    And hold on to it for a couple of years removing the oil from the supply?
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    Happy Christmas Merry New Year Festivus for the rest of us

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