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Bachmann: I'll get gas under $2

Congratulations you are the first lib I have seen in here that recognizes law of supply and demand but in case you haven’t noticed economy as of now sucks. If you are saying gas has doubled under Obama due to a booming economy….:lol:

Supply and demand can be manipulated by speculators buying and holding oil and other products
 
Congratulations you are the first lib I have seen in here that recognizes law of supply and demand but in case you haven’t noticed economy as of now sucks. If you are saying gas has doubled under Obama due to a booming economy….:lol:

The US economy sucks because of the housing bubble bursting. But the US is not the only country in the world. Asian economies are growing and using alot more oil, so are some South American countries. Oil and gas is sold worldwide and is priced due to worldwide oil demand
 
Let the crazy promises begin!!

Bachmann: I'll get gas under $2 - Dan Berman and Molly Ball - POLITICO.com



How do you think that'll happen. Isn't oil freely traded? I guess you could nationalize the oil industry and regulate gas prices. That would be nothing like socialism...

And people are actually getting behind this dummy?!?!?

Hopefully, people don't get intrigued by these empty promises, because Bachman couldn't fulfill that promise if wanted.

At least Ron Paul is beating her almost everywhere.
 
they sure fell for that garbage

Coming from a righty who likely voted for Bush twice no less. I'd say y'all redefined gullible long before Fox attempted to make it popular among those of your faith.
 
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That low price of $1.79 was a result of the near collapse of the banking industry. The economy entered a major downturn, demand for gas went down, therefore the price did. It's called "Supply and Demand." Just before that, the price was much higher.

So unless her plan to have another collapse...

What in her plan makes you think it's reasonable? I looked on her website, and it's full of the normal GOP rhetoric, but no specifics. Drilling is likely to cause OPEC to drop their production proportionately, because they like high oil prices. What else is in it?

This has to be one of the most absurd things I have read to date on this forum. "$1.79 was the result of the near collapse of the banking industry"? Then you follow it up with this gem; "Drilling is likely to cause OPEC to drop their production proportionately."

Listen, if you want $2.00 per gallon gas within a year (probably much less than $2.00), here is what ANY politician could propose:
1) Allow all of America's oil to be drilled and or minded.
2) Eliminate any governmental/legal regulation associated with drilling, refining and transporting of the oil/gas
3) Eliminate any and all environmental regulations associated with any aspect of the supply chain.
4) Heavily subsidize through tax breaks and credits any corporate entity willing to make this investment.

There you have it, a simple 4 step plan to $2.00 oil. In other words, flood the market with supply (or the potential for supply) market prices drop...simple economics.
 
Congratulations you are the first lib I have seen in here that recognizes law of supply and demand but in case you haven’t noticed economy as of now sucks. If you are saying gas has doubled under Obama due to a booming economy….:lol:

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.
 
In an earlier post I said gas was around $2.80 when Bush left office so gas going under 2 bucks was a reasonable thing to say. I was wrong, gas was $1.79 when Bush left office. Gas getting back under 2 bucks seems very reasonable indeed. gasbuddy.com

Feeling pain at the pump? Gas prices have doubled since Mr. Obama took office. According to the GasBuddy gasoline price tracking web site, the price of a gallon of regular gas was around $1.79 when Mr. Obama took office. Today the national average is $3.58. The lowest average price in the continental United States is $3.31 in Tulsa Oklahoma, the highest is $4.14 in Santa Barbara, CA. Four-dollar-a-gallon gas has arrived on average throughout California, and a number of other states are headed in that direction.

Except for two weeks, from 11/5/07 until 10/13/08 gasoline was above $3.00 a gallon. From 6/9/08 until 7/21/08 it was above $4.00 a gallon.

To say that when Bush left office, gas was $1.79 a gallon and it has doubled since Obama took office may be 'technically' correct, but it's very misleading, to put it mildly.




At the below link clicking on 'All Grades' will allow you to open a spreadsheet. Click data 1 for historical gas prices from 11/28/94 thru 8/22/11

U.S. Retail Gasoline Historical Prices
 
This has to be one of the most absurd things I have read to date on this forum. "$1.79 was the result of the near collapse of the banking industry"? Then you follow it up with this gem; "Drilling is likely to cause OPEC to drop their production proportionately."

Listen, if you want $2.00 per gallon gas within a year (probably much less than $2.00), here is what ANY politician could propose:
1) Allow all of America's oil to be drilled and or minded.
2) Eliminate any governmental/legal regulation associated with drilling, refining and transporting of the oil/gas
3) Eliminate any and all environmental regulations associated with any aspect of the supply chain.
4) Heavily subsidize through tax breaks and credits any corporate entity willing to make this investment.

There you have it, a simple 4 step plan to $2.00 oil. In other words, flood the market with supply (or the potential for supply) market prices drop...simple economics.

Except that it takes a couple years to refine gas and removing all regulation that prevents oil from being drilled would lead to the destruction of 100s of acres of arable farm land and fresh water supplies.
 
The dramatic rise of oil prices over the past year was due entirely to market speculation.
What ever happened to the laws of supply and demand? Capitalism ain't what it used to be, thats for sure.
 
Listen, if you want $2.00 per gallon gas within a year (probably much less than $2.00), here is what ANY politician could propose:
1) Allow all of America's oil to be drilled and or minded.
2) Eliminate any governmental/legal regulation associated with drilling, refining and transporting of the oil/gas
3) Eliminate any and all environmental regulations associated with any aspect of the supply chain.
4) Heavily subsidize through tax breaks and credits any corporate entity willing to make this investment.

.

So once we remove ALL the regulations, let oil companies claim eminent domain on anybody's land, and give them money....

Heavily subsidized doesn't sound ANYTHING like socialism. Nope, not at all...
 
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.
 
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
 
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)
 
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
 
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.
 
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)
 
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
 
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.
 
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?
 
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

Correction noted, thanks! However, if some people want to eliminate public health protections to allow more drilling, then we have other costs that go up as a result.
 
Correction noted, thanks! However, if some people want to eliminate public health protections to allow more drilling, then we have other costs that go up as a result.

Certainly

Poluted drinking water, contamination left in farmers fields, heavy metals being left to get in rivers. The mass of environmental problems that can arise from unfettered oil and gas production is not often thought of by people not familar with the industry. Or if they are, they are unconcerned as it will affect other people
 
Fair point but I was talking about my speculation post, that speculators are assuming obama won't drill and won't explore.

Speculators are aware that the US passed peak oil in 1970. That was the last year the US produced as much oil as we consumed. They already know it is not possible for the US to increase world supply beyond the ever increasing world demand.
 
Hey everybody, if you vote for me, I'll get fuel prices below one dollar. Seriously, write my name in on the ballot. I have an amazing plan. My plan is a lot like Bachmann's but does everything more aggressively. It'll work!
 
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Except that it takes a couple years to refine gas and removing all regulation that prevents oil from being drilled would lead to the destruction of 100s of acres of arable farm land and fresh water supplies.

I see that you failed to mention that my plan would not work. Additionally, it's so nice to finally hear a lib admit that environmental laws are essentially a tax on the middle class. BTW: removing all environmental and governmental regulation, it would only take 6 months to build a new refinery. It is the "REGULATION" which slows down the process to a crawl.
 
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