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Oil rises above $90 amid US crude supply drop

Catawba said:
It hasn't doubled in price. But it has gone up despite the fact that the US is producing more oil than in the last decade. Why is that do you think?
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Gas did double

Gasoline up 100% under Obama - Washington Times

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.
 
Catawba said:
Even lower consumption will be required to lower prices. As you article concluded, "Of course, our decline in use will be more than offset by rapidly growing demand in China, India, the Middle East and Africa, but we’re definitely entering a world — where the U.S. is starting to see beyond gas, which is a HUGE step up."
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We have an answer it is not being implemented.
 
obvious Child said:
But that is percisely what you are saying. We need more government regulation dictating where oil companies can sell their oil. Just because you never explicitly stated it does not mean your argument does not mean it. And don't get all angry at me for taking your argument to its logical end. Be angry at the person who made that argument: You.
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You mean that's your opinion of what I'm saying, convoluted as it may be. Their oil? If it's in the ground on Government land it's our oil. They either agree to sell it here or they don't get a lease to drill. What's so hard about that? Obama released just 30 million barrels from the strategic reserve and the price of gasoline dropped 20 cents a gallon where I live.

obvious Child said:
It is more government. Whether you want to admit it or not is irrelevant.
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I have no clue what point you trying to make.

obvious Child said:
Except that CNG still props up regimes in Tehran and Caracas. Not to mention seriously stifles democratic reform in the FSU states.
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Why is that? There is enough Natural Gas right here in the United States, we don't need to buy it anywhere else.
 
The Barbarian said:
it has doubled in price .. in december of 08 oil was under 40 dollars a barrel
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ptif219 said:
Gas did double

Gasoline up 100% under Obama - Washington Times

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.
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World oil prices doubled doubled despite the fact that the rate of US oil production during Obama's administration increased to its highest level in a decade.

Such is life in an oil based economy approaching peak oil.



Support our troops...........ride a bike! :sun
 
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ptif219 said:
Gas did double

Gasoline up 100% under Obama - Washington Times

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.
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after the test run a few years back, it appears big oil and their purchased speculators have found the new "sweet spot" in consumer pockets.
Gas Price Historical Price Charts - GasBuddy.com
 
peak oil is only a myth if one believes in abiotic oil. i don't.

we might have 100 to 130 years of natural gas at current consumption rates. if we run cars on it, how much does that increase demand? how much does that shorten the years of natural gas supplies? and what would be the purchase price of that NG if demand quintupled?

in my opinion, we need to massively increase our electrical grid to help us bridge to whatever is coming after oil. we need to seriously look at nuclear technology, and possibly not uranium based nuclear.
 
I guess everyone is happy we let the GOP push through deregulation of the speculators aren't we?
 
Catawba said:
I guess everyone is happy we let the GOP push through deregulation of the speculators aren't we?
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I'm sorry .. I can't find that deregulation bill you are speaking of .. could you please post a link showing ... thanks ..
 
The Barbarian said:
I'm sorry .. I can't find that deregulation bill you are speaking of .. could you please post a link showing ... thanks ..
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I could swear the Financial Reform bill the Democrats ramrodded through addresses that speculation.
 
The Barbarian said:
I'm sorry .. I can't find that deregulation bill you are speaking of .. could you please post a link showing ... thanks ..
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It was the The Commodity Futures Modernization Act of 2000. It deregulated the market for energy futures. This is what is commonly referred to as “the Enron loophole.” I must say it is very disheartening to find out this is the first time you are learning of it.

"In December 2000, Texas Senator Phil Gramm muscled a bill through Congress that deregulated energy commodity trading. The bill contradicted the recommendations of President Clinton's Working Group on Financial Markets, which is composed of representatives from the Department of Treasury, the Board of Governors of the Federal Reserve, the Securities and Exchange Commission and the Commodity Futures Trading Commission. The Working Group expressly recommended against deregulating energy commodity trading because the traders would be in strong positions to manipulate prices and supply.

Phil Gramm was the second largest recipient in Congress of Enron campaign contributions, receiving $97,350 since 1989.

Phil Gramm’s wife, Dr. Wendy Gramm, was chair of the Commodity Futures Trading Commission (CFTC), which exempted Enron’s trading of futures contracts in response to a request for such an action by Enron in 1992. Six days after she provided the exemption, she resigned her position at the CFTC. Five weeks after her resignation, Enron appointed her to its board of directors, where she served on the board’s audit committee. She was compensated with between $915,000 and $1.85 million in salary, attendance fees, stock option sales and dividends from 1993 to 2001."
Corporate Wilding | OurFuture.org

"Phil Gramm, more than any other modern politician, pushed the deregulatory ethos that the financial crisis of 2007-08 exposed as a criminally irresponsible sham. His very name is on the law that repealed the Glass-Steagall prohibition on the commingling of commercial and investment banking. He was the lead force behind the Commodity Futures Modernization Act, which ensured that derivatives trading would be largely unregulated."Gramm, Deregulation and History « Alexandria
 
Phil Gramm indeed does deserves any criticism coming his way for that. It should be his legacy...... Don't forget though, it was Clinton that signed it.
 
Prof. Peabody said:
What does that have to do with the bill or the discussion of the thread?
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You're the one who said it, and I'm asking for it to be clarified...I'm not at all sure what you meant, particularly since you were talking about a bill that passed by 20+ votes in the House and also 20+ votes in the Senate. I just don't like when I see misleading rhetoric and misinformation, that's all.
 
Swizz said:
You're the one who said it, and I'm asking for it to be clarified...I'm not at all sure what you meant, particularly since you were talking about a bill that passed by 20+ votes in the House and also 20+ votes in the Senate. I just don't like when I see misleading rhetoric and misinformation, that's all.
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What exactly about the bill do you need "clarification" on?
 
Prof. Peabody said:
What exactly about the bill do you need "clarification" on?
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You said it was "ramrodded through". It wasn't. So I'm asking why you said that it was.
 
1Perry said:
Phil Gramm indeed does deserves any criticism coming his way for that. It should be his legacy...... Don't forget though, it was Clinton that signed it.
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Yes, Clinton signed it because he didn't have the votes to sustain his veto of the Republican bill. See what his advisory board thought about it above.
 
Swizz said:
You said it was "ramrodded through". It wasn't. So I'm asking why you said that it was.
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House vote Aye: 223 (51%) 223 (D) 0 (R) 0
No: 202 (47%) 26 (D) 176 (R)

Senate vote Yea: 59 (59%) 53 (D) 4 (R) 2 (I)
Nay: 39 (39%) 2 (D) 37 (R)

GovTrack: House Vote On Passage: H.R. 4173 [111th]: Dodd-Frank Wall Street Reform and Consumer Protection...
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As you can see the Democrats overwhelmingly voted for the Bill and the Republicans voted against the bill.
 
Catawba said:
Yes, Clinton signed it because he didn't have the votes to sustain his veto of the Republican bill. See what his advisory board thought about it above.
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It takes 2/3 to overcome a veto. The GOP had 55. One also does not sign something that you do not believe in just because you think somehow there might be enough votes to over turn the veto.

I've mentioned this before. This shows exactly what is wrong with the country. People complain about something but then go out of their way to defend someone they support when they do the very thing they say they are against.
 
Prof. Peabody said:
As you can see the Democrats overwhelmingly voted for the Bill and the Republicans voted against the bill.
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Yep, pretty clear who's pro wall streeter protection and anti consumer protection. Go GOP! LOL! :sun
 
j-mac said:
Here we go on our way to another manufactured crisis from Obama, and the radical leftist in this country.
I hope we last two more years.
j-mac
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Out of curiosity, which thing that "Obama, and the radical leftist in this country" did caused oil prices to move now?
 
washunut said:
Have you looked at commodity prices recently. The market for our grains have gone up something like 50% this year causing hardships for the poor around the world. Thank the Fed with it's QE2. They have said they wanted inflation and are getting it where it hurts the poor disproportionately.
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One might also thank droughts and floods. Weather sometimes has an effect on grain production. I have heard tell that it did this year as well.
But I forget if weather is a Democrat or a Republican, so I don't know which way the points go in the political game.
 
My bad, I didn't realize this was a necroed thread.

Thread-Necro.jpg
 
1Perry said:
It takes 2/3 to overcome a veto. The GOP had 55. One also does not sign something that you do not believe in just because you think somehow there might be enough votes to over turn the veto.

I've mentioned this before. This shows exactly what is wrong with the country. People complain about something but then go out of their way to defend someone they support when they do the very thing they say they are against.
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I'm not defending Clinton or the Democrats. The only difference between the Democrats and the Repubicans are the Democrats like to leave a few more crumbs for the little people to divide between themselves. Too many Democrats went along with it but it was the Republicans that pushed it through.
 
Simon W. Moon said:
Out of curiosity, which thing that "Obama, and the radical leftist in this country" did caused oil prices to move now?
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What are they not doing? Take your pick....Destroying the dollar, failing to open up exploration, and drilling, while giving money to Brazil and pledging to be their best customer....You tell me.

j-mac
 
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