Oil Drops Over $6 a Barrel; I Wonder Why?

Photo of Tom Blumer.

I received this CNNMoney.com e-mail just before 6 PM ET:

CNNoilPriceEmail071508.jpg

Hmmm. So they think it's all on Ben's shoulders.

The headline at the Associated Press's coverage by Adam Schreck says that the drop was due to "bad economic news."

But at least one person quoted earlier today (11:26 a.m., according to the link; HT NixGuy) had a different view, and he said what he said to CNNMoney.com, the same outfit that sent me the e-mail:

Story Continues Below Ad ↓

CNNbushOilQuote071508

But "somehow," Flynn's quote didn't make it to CNNMoney.com wrap-up coverage at its web site. It was essentially all Bernanke, all the time.

How did that happen?

In case you missed it, distinguished economist Walter Williams explained the price drop -- a few days ago:

Some politicians pooh-pooh calls for drilling, saying it would take five or 10 years to recover the oil. I guarantee you we would begin to see a reduction in today's prices even if it (enabling more drilling) took five to 10 years for us to get the first barrel.

It looks like we got some of the price reduction for two reasons besides Bernanke:

  • First, George Bush carried out his half of the "Drill Now" deal by issuing an Executive Order repealing his father's previous order against offshore drilling.
  • Bush then showed he was serious by forcefully arguing his case at his press conference today.

But as you can see, Old Media appears to be scrubbing the EO's and the Bush presser's relevance to the drop.

A Reuters report I commented on early this morning (at NewsBusters; at BizzyBlog) called Bush 43's EO "symbolic." Will the wire service also call the price drop "symbolic"?

So a mere increase in the likelihood of more drilling partially explains the price drop. Imagine what might happen if the way is cleared.

Another factor may or may not be relevant (I think it is): I learned in that Reuters report for the first time that a related congressional ban on offshore drilling expires on September 30, about 77 days from now. This means that activities that would ultimately lead to the production of oil from offshore sources might begin as early as October 1, unless Congress proactively stops it.

Maybe the information about the Congressional ban's expiration has been out there for a while, but I don't think so. Maybe the Congressional expiration was widely-known in the markets but not to the general public, but I doubt it. After all, for general news, analysts and economists have to wade through the same biased, incomplete, and sometimes incoherent media reports the rest of us must endure. If I'm right, this is one of many examples where Old Media is not merely reporting on the markets, which is their only responsibility, but also affecting them -- which should be, but isn't, out of bounds.

I suspect that the markets, now that the short-lived nature of the congressional ban is widely-known, have realized that an extension of it will be politically difficult, and that traders are starting to place bets that the ban will expire. This may very well put further downward pressure on prices in the near term.

Cross-posted at BizzyBlog.com.

—Tom Blumer is president of a training and development company in Mason, Ohio, and is a contributing editor to NewsBusters


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Typical MSM: Never give

Typical MSM: Never give Dubya any credit.

The Rocky Mountain Collegian: Illustrating Idiocy

Okay...you got it...

Wiwf,

We can thank and give all the credit to Dubya for oil being over $130 a barrel!

Syrius

"...the dire consequences to society when people begin to believe that by
renaming someone to erase their humanity opens the door to the
devaluation of everyone's life..."-dscott

 

Increased demand of oil

Increased demand of oil leads to lower supply.

Increased supply counters increased demand.

Bush has been calling for eased restrictions on offshore drilling and ergo, an increase in supply. Our current Congress is stonewalling that.

Syrius, that was a very

Syrius, that was a very stupid comment, even for you. You are truly riding the idiot wave on this thread. Not your finest hour, bro.

 

Just a play on words...

Rog,

I saw an opportunity to give Dubya credit. What's wrong with that? Now he sees an opportunity to play politics with a rescindation of an executive order his own father had put into place. (sidenote-Why does he hate his father's policies so much? Envious of a true war hero? Doesn't want to be called a 'wimp'?) It's not as if he's actually going out to drill himself. Let's face it...it's politics, pure and simple. Here's a new slogan..."The mean ol' Dems are keeping you down by not allowing gas to be 25 cents a gallon like it is in Venezuela! Booooo, Hisssss!!! Throw out the Constitution- Vote for Bush in 2008!"(sarc on)

Syrius

 

Playing politics? Bush

Playing politics?

Bush has said for over a year that he would gladly sign an energy bill to open up supplies. He comes out with this statement, and you call it playing politics. And I don't know any politician, liberal or conservative, who would come out with such an airheaded slogan as that, literally or implied.

Sigh.

You are not being clever, witty, inventive, original, or even annoying. You are proving to be no different than the rest of the Lefties who come here to be a nuisance, which, quite frankly, is disappointing.

Nonsense!  Sy provides a

Nonsense!  Sy provides a valuable service.  He demonstrates clearly and for all who visit here to see who and what liberals/progressives really are.  Without his inputs, this would not be obvious.

You mean an unreality check?

 Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.  

Why should this thread be

Why should this thread be any different?

LOL Syrius, thats

LOL Syrius, thats teh funny.

Heres something else thats too funny. 

“Democrats have a commonsense plan to help bring down skyrocketing gas prices by cracking down on price gouging, rolling back the billions of dollars in taxpayer subsidies, tax breaks and royalty relief given to big oil and gas companies, and increasing production of alternative fuels.”

-Fancy Nancy Pelosi, April 06'

.........and heres what's happened since then:

http://monkeycrash.com/wp-content/uploads/2008/07/pelosi-gas-chart-small1.png

"Releasing oil from the Reserve is a tool to manage our national and economic security, and when judiciously used will in no way jeopardize national security,"

- Sham Fran Nan Pelosi, Jul, 08'

WTF?

O.K. isnt' releasing oil from the strategic reserve into the free market, to drive down oil prices, the same as drilling for it and realeasing more of it into the free market?

 Doh !

Of course no way I expect you to get this but.............

LOL !!!!!!!!

.

 "You will never find a more wretched hive of scum and villainy. We must be cautious. "

                   - Ben Kenobi on  Liberals, and the MSM.

                               " The Cake is a lie."   

  The sad thing is, just

 

The sad thing is, just about everyone here with a brain had predicted this. But low and behold some dumb a$$ democrat will ruin it for us. Low oil prices=bad news for dems. They will get to work right away, right Syrius?

 

"Television is a freak show" Bernie Goldberg

quick question for libs

rolling back the billions of dollars in taxpayer subsidies

How is subsidizing ethanol any different from subsidizing oil?

Congressional Republicans

Congressional Republicans should run ads this fall to try an "Nationalise" (pardon the expression) the fall election.

  • Ad 1: In the two years since the Democrats have controlled congress, gas prices have nearly doubled. Had enough? Vote GOP.
  • Ad 2: In the two years since the Democrats have controlled congress, the dollor has fallen to it's lowest value against the Euro, ever. Had enough? Vote GOP.
  • Ad 3: In the two years since the Democrats have controlled congress, Banks have begun to fail at an alarming rate. Had enough? Vote GOP.
  • Ad 4: In the two years since the Democrats have controlled congress, housing prices have dropped like a rock. Had enough? Vote GOP.
  • Ad 5: In the two years since the Democrats have controlled congress, they couldn't investigate and find out who's been leaking national security secrets, but they sure investigated Major League Baseball . Had enough? Vote GOP.

Perfect ad campaign

Free,

You have the start of a perfect ad campaign for the late Summer going into the Fall. I'm sure that there are other comparisons that could be made beyond your suggestions. I would think that a 4 week cycle of weaker to stronger ads leading up to a clincher the week before election would be wonderful to watch. The clincher ad the week before elections would have to be simply obvious to all sides of the political spectrum and unrefutable.

Now, who would run such a series? Maybe the RNC or a 547 would have to because unfortunately John McCain is running a kinder gentler campaign. 

Well, well........kind of takes the wind out........

drilling wont produce results for "10 years".  Just the threat of domestic drilling seems to be having an effect........wow imagine that??  Whats your next excuse Obamatron, Nancy????? 

"If a man does his best, what else is there"?

General George S. Patton Jr.

Begrunt, lies from the same tools

that said that the "war is lost" and that the "surge won't work."

Amazing that the Dims can do nothing right!

Jeff Lebowski

www.angrywhitedude.c...

Unbelievable, jeff

Bill Richardson is blathering on about how the Surge hasn't worked.

Hasn't acheived the political objectives...hasn't achieved the security objectives...blah, blah, blah.

These democrats are, for me, incomprehensible.

I don't get it how they can have reality stare them in the face and call it a high heel.  (Okay....that was the first stray thought that came to mind...but it fits). 

David Gregory, do you know which damn network you lie for? ~ Uncle Jimbo, @Blackfive

 

Blonde, Libs want us to lose in Iraq

They hate Pres. Bush worse than they hate bin Laden (if they hate him at all).  Their entire political program is based on making the United States weaker.  I consider most of their comments and actions traiterous.  They have no shame.

Jeff Lebowski

www.angrywhitedude.c...

That is true, jeff

The true liberals hate GWB, hate the war, hate everything that is good about America.

And Barry O has bought it all, hook, line, and sinker.  He's such an elitist twit that he believes his own schtick.  He thinks he's so popular that he can do or say whatever crosses his shallow little brain.

He's going to have a bigger comedown than poor old Hillary.  To those who believe they are owed, the fall is off a horrible cliff.

And just because I want to mention it again...I read an amazing stat today.  China & India currently have 17 million cars.  By the year 2050, they will have 1.1 BILLION cars.

But Barry's big solution is to "go after" Big Oil.  Gee...that's a spectacularly freshman idea.  D'Oh!

So we best get at it, yes? 

David Gregory, do you know which damn network you lie for? ~ Uncle Jimbo, @Blackfive

 

Blonde, the good thing about this election

is that it truly will show how feeble and asinine the "ideas" of the libs.  They simply cannot do anything right.  I wrote about this on my own blog tonight.  How to get out of the oil crisis?  Nationalize oil companies or tap the strategic reserves.  This should be laughed out of Washington.  Of course, we can expect nothing but cover from the MSM but where are the wussypants Repubs outside of the last few days from President Bush (who has waited way too long to making the argument agains the dems)?

We are in deep Dukakis!

Jeff Lebowski

www.angrywhitedude.c...

jeff

deep Dukakis.....

I like it.

On that thought, my friend, I am out.

Have a great evening....and a great tomorrow. 

David Gregory, do you know which damn network you lie for? ~ Uncle Jimbo, @Blackfive

 

But Mika already told us....

It can't be a result of what Bush said. Mika told us this morning that that wouldn't have an impact for 10 years.

there might be another angle

don't know what time this news crossed the wires today but it might have had some impact on crude futures selling off

http://www.smartmone...

By Doug Cameron
Of DOW JONES NEWSWIRES


CHICAGO -(Dow Jones)- The top executive of Nymex Holdings Inc. (NMX)
said Tuesday there is now a "100% probability" that Congress will pass
new legislation aimed at limiting speculation in the energy markets.

Nymex Chief Executive Jim Newsome told a meeting of the main U.S.
futures regulator that the probability of action had increased to a
near certainty over the past two weeks.

Newsome, addressing a meeting of the Commodity Futures Trading
Commission, or CFTC, called on the industry to "gather round" what he
viewed as positive legislation.

An array of more than two dozen bills has been proposed to both houses
of Congress aimed at improving futures market transparency and, in some
cases, curbing trades. Some lawmakers blame speculation for the surge
in crude-oil prices, despite evidence from the CFTC and others that
supply and demand is the principal driver.

"There's an awful lot out there that we can't live with," said Newsome of some proposed bills.

Newsome was joined at the meeting by other exchange leaders, including
Craig Donohue, CEO of CME Group Inc. (CME), and Jeff Sprecher, his
opposite number at IntercontinentalExchange Inc. (ICE).

Exchange executives and industry lobbyists have warned that some of the
proposed bills could drive business from U.S.-run exchanges to overseas
venues where the CFTC had less oversight, intensifying market risks.

Donohue told the CFTC meeting that some of the bills could curb growth
opportunities and provoke retaliation from overseas regulators.

Newsome said he "agreed with his soon-to-be new boss" - a reference to
the CME's planned acquisition of Nymex - though his assertion of
congressional action countered recent comments from the chairman of the
Chicago-based exchange.

"I don't accept the premise that Congress is going to do something by
the end of the year," Duffy told Dow Jones Newswires last month.

Yea!!!

Tom,

"This may very well put further downward pressure on prices in the near term." as in $130 per barrel? $120? $110? $100?

What about the long term?

How about a Nationalized oil program? We pay you to drill, we keep the oil for ourselves? Our oil from our land, correct? Too simple?

Syrius

"...the dire consequences to society when people begin to believe that by
renaming someone to erase their humanity opens the door to the
devaluation of everyone's life..."-dscott

 

Syrius...

 "How about a Nationalized oil program?"

So you like the commie way?

45 Communist Goals for America http://www.nationmakers.com/com_goals.htm

What we have is better???

CT,

It's not communism at all...

You want a road built...Army Corps of Engineers at your service.

We need oil pumped out of the ground. Who's willing and able to do it? Once pumped out...Who's willing and able to drive it to the refinery? No refinery? Who's willing and able to build a refinery for us? We'll compensate for the work done. Thank you for your hard work. The Nation thanks you.

Let's start a bidding war. Boeing and Lockeed/Martin are wanting the contract to build Tankers for the Air Force. Why can't the US contract out the work for building oil rigs and refineries? It's our oil, correct? Why not push the Oil lobby out of the way for a second and start a new conversation on how to lower our energy costs, consumption, and dependancy. It's time. 

Your solution to the problem is...same old, same old?

So, you like the Corporatism way? If you can't afford it...too bad?

Once again, you've got no solutions to the problem.

Syrius

"...the dire consequences to society when people begin to believe that by
renaming someone to erase their humanity opens the door to the
devaluation of everyone's life..."-dscott

 

You have got to be kidding

Army Corps of Engineers are the same guys that designed and installed the levees and pump stations in New Orleans, the same ones who designed the levees and dams along the recently flooded Mississippi River system. The only thing the Government has ever come up with that works well is our Military if you can keep the damned politicians out of the way.

Army Corp of Engineers...

...did indeed build the levees that broke down during Katrina. However, it was the Dimocrat controlled LA govt. who, even after being advised by the very same Army Corp of Engineers, refused to re-build and/or reinforce those very same levees which led to the failures.

So putting the govt. in charge of anything only leads to failure; schools, Social Security, Mortgage companies, etc. etc. etc. Turning over oil drilling, production, shipping, refining or anything else to do with oil in general will end up the same - FAILURE. 

Point the blame where it belongs.

Syriusly

You want a road built...Army Corps of Engineers at your service.  Not according to my reading of signs at various construction projects in the State of Texas.  At each one, a sign is posted with the name of the privately owned corporation that has been contracted to build the road or work on the road improvement project. 

Let's start a bidding war. Boeing and Lockeed/Martin are wanting the contract to build Tankers for the Air Force. Why can't the US contract out the work for building oil rigs and refineries? It's our oil, correct?  Actually, no, it is not "our" oil.  Well, except in the case of my family, who does get royalties for oil drilled on some rural property.  So in a sense it IS Unsane's Oil.   Why not push the Oil lobby out of the way for a second and start a new conversation on how to lower our energy costs, consumption, and dependancy. It's time.  Why not do everything?  Why not build more nuclear reactors?  Why not drill for more oil and mine more coal?  Why not have Socialists like Syrius grow up and stop hating oil companies? 

So, you like the Corporatism way? If you can't afford it...too bad?  Hey, there are LOTS of things I can't afford, but would love to have.  But I, being an adult, either deal with the reality or plot to eventually afford what I want.  Stay out of the way. 

Res tantum valet quantum vendi potest.

syrius,are you...

serious? you don't seem to have a good grasp on how the business world really works. god forbid that we should consider the army corp of engineers for any project that involves a cost to recovery ratio basis.the government just does not have the same profit motive that business has to exist.

Clear........I cant think of...........

any country that has nationalized business or industry that has done well without it costing quality, and jacking the price up.  England tried it, and ended up selling most of them back to the private sector, because they screwed them up so badly.  Just look at their health care system, and we want to imitate that mess?. 

"If a man does his best, what else is there"?

General George S. Patton Jr.

Our way works...

BEGRUNT, it seems that people lose sight of what we as a country has given the world over the last 200 years. The one thing that always screws with our way is our politicians. The only thing holding us back from lower prices is OUR POLITICIANS!

All of them need to be fired and replaced by the voters ASAP! 

45 Communist Goals for America http://www.nationmakers.com/com_goals.htm

I agree Clear.....throw em all.....

OUT!!  I just wish, when they lose their seat, we could physically THROW them out and down the stairs of the Capitol Building, tossing their crap behind them. 

"If a man does his best, what else is there"?

General George S. Patton Jr.

BEGRUNT...

 That would be a beautiful sight to behold.

45 Communist Goals for America http://www.nationmakers.com/com_goals.htm

  To illustrate how the

  To illustrate how the dems haven't changed in 30 years read this speech by jimmuh on dealing with the energy crisis.  It's fairly easy to see obama giving the same speech (with updated variations).  Carter wanted to lead a massive government effort full of government controls but chastised us peasants for being in a funk so he also wanted to lead a moral crusade to restore America's self-confidence.

  Oh by the way, we fired carter the next chance we got.  We found a guy who just let private enterprise solve the problem and the next thing you know we weren't in a funk any more.

I think that would go

I think that would go against the original intent of the Founding Fathers indeed. When businesses start going into the hands of government, there is usually the kind of corruption that can be seen from previous examples such as the Roman empire, the feudal era, and the Soviet Union.

Methinks you doubt the power of the free market. 

You're joking, right?

Fool,

Corruption by Corporations in undermining the will of the people? That would never happen here in the good ol' US of A.

When Government starts going into the hands of Corporations, there is always the kind of corruption that can be seen from previous examples such as Halliburton, BlackWater, KBR, Enron, Bear-Sterns, IndyMac, soon to be FreddieMac, FannieMae,...etc.

Methinks you doubt the power of the people.

Hope for Change...you're going to need every penny to sink into your gastank!

Syrius

"...the dire consequences to society when people begin to believe that by
renaming someone to erase their humanity opens the door to the
devaluation of everyone's life..."-dscott

 

 "Hope for Change...you're

 "Hope for Change...you're going to need every penny to sink into your gastank!"

 

.......and hope you have plenty of spare "Change" at that, thanks to the No-Drill-O'crats. 

 

"You will never find a more wretched hive of scum and villainy. We must be cautious. "

                   - Ben Kenobi on  Liberals, and the MSM.

                               " The Cake is a lie."   

Blazer...

Is it hope for change or change for hope?

Liberals.... silly people. 

45 Communist Goals for America http://www.nationmakers.com/com_goals.htm

No, no, it's...

...the change you deserve!!!

And, by golly, you deserve everything coming your way. The GOP as a permanent minority and Rush making $400 million for being able to trash the Dems every chance he gets. Why would he ever want the GOP in power? It would affect his FAT bottom line! Good job, Rush! Keep that Operation Chaos going!!!

Syrius


 

 Nope, sorry Syrius, the

 Nope, sorry Syrius, the energy debacle in this country and the liberal hypocrisy behind it, is bringing ma and pa democrat and conservative together as we speak and will be the undoing of your "sacred" lowest-rated liberal Congress in history and McCain being elected in a landside.  

Even the MSM wont' be able to perform stop=loss on that.

Cheerio : )

"You will never find a more wretched hive of scum and villainy. We must be cautious. "

                   - Ben Kenobi on  Liberals, and the MSM.

                               " The Cake is a lie."   

Syrius...

 "...the change you deserve!!!"

If you mean Obama, nobody deserves that kind of mis-treatment! I deserve much, much better.  

45 Communist Goals for America http://www.nationmakers.com/com_goals.htm

Read an (objective)

Read an (objective) biography on Rush. You might be interested to know how he got to his position, and it may clear up any misconceptions that you have.

Syrius, Syrius, Syrius

One, the GOP is not in permanent minority status.  No party is. 

Two, grow up and stop hating on Rush.  Don't like his $400 million contract?  Too bad: 

Res tantum valet quantum vendi potest.

And he has been around 20 years, through all sorts of majorities/minorities and political situations. 

Does it suck to be so wrong so often?

Me thinks you're trying to

Me thinks you're trying to cheat me out of money from my 401k plan.  Who the blazes do you think owns the oil companies?  That's right Syrius, that would be me and most the public who own mutual funds and index funds in their retirement plans.  We are the greedy bastards you are so fond of demonizing.   You better be careful when you advocate nationalization of any industry as doing so directly cheats the pensioners and those investing for their future retirement.  You have met the enemy and they are us.

Btw- placing government bureaucrats in charge of any industry is the dumbest thing anyone can do.  Why do you think HillaryCare went down in flames?  Because the American people reject Socialism. 

 Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.  

"When Government starts

"When Government starts going into the hands of Corporations, there is
always the kind of corruption that can be seen from previous examples
such as Halliburton, BlackWater, KBR, Enron, Bear-Sterns, IndyMac, soon
to be FreddieMac, FannieMae,...etc."

You left out the most corrupt of them all: government itself. This nation faces 59 TRILLION in unfunded liabilities, and it ain't because of the evil corporations. And now you want to put them in charge of the oil business too, lol. Sure, cuz they've shown they know what they're talking about when it comes to oil.

Mo-ron.

Zheesh

You would think the OilCos are just taking the oil without paying anything to the government to get it. They enter into "leases." They pay "royalties" on what they take out. They pay "income taxes." They pay "gas taxes" on their vehicles to get it to the stations. There are surely other more hidden taxes I haven't ID'd.

In 2007, Exxon Mobil made about 10% profit after taxes while paying $29 billion to governments in income taxes alone. No pity for them, of course, but someone who's gouging usually does better than get a 10% after-tax profit.

By contrast, Apple, whose products I like a lot, made about 14% profit after-tax, and paid a much lower overall income-tax rate (about 30% vs. XOM's roughly 40%).

I say we need to prioritize, and go after the "greediest" first. So let's nationalize the production of Macs and iPods. Whaddaya say?

For an illustration of how it works when the govt. takes over, see Venezuela. Production is way down, and it's not on purpose, or Peak Oil.

Ouch. That had to hurt.

Ouch. That had to hurt.

Zheesh...again...

Tom,

Those Oil Companies are taking it on the chin. Who would have thought they could make a profit for all the hard work they do for us? Apple is a deflection and has no relevance in this discussion. Oil affects our economy, the cost of the war, the cost of doing everyday errands, etc. We can't drill our way out of this mess nor can we stand by and do nothing. Reduce consumption, find better ways to conserve for the average family to exist, it's not too much to ask...or is it?

Syrius

"...the dire consequences to society when people begin to believe that by
renaming someone to erase their humanity opens the door to the
devaluation of everyone's life..."-dscott

 

Zheesh III

That's not even an answer.

People already do a lot to conserve. "Average families" already do that. "Average families" are hacked off because the government won't let the OilCos get what's RIGHT THERE.

Don't give me that crap about oil being finite. Only in the very, very long-term. People have been crying wolf over that for nearly a century.

Not very bright, are you?

 Oil affects our economy  And Apple does not?  Apple has vastly effected the economy since Wozniak and Jobs started the thing up.  I for one wish I would have invested in them in the mid-90s when their stock was way way down. 

We can't drill our way out of this mess nor can we stand by and do nothing.  Absolutely we can drill our way out of this.  And in fact we ARE to some extent, as my drives in TX have shown as I see more and more formerly idle pumping jacks running full throttle.  It is a little thing called supply and demand.  And there is even MORE oil in AK to be had if not for whiny defeatist Socialists like yourself standing in the way.   

Res tantum valet quantum vendi potest.

 Reduce consumption, find

 Reduce consumption, find better ways to conserve for the average family to exist, it's not too much to ask...or is it?

Sigh, Syrius, Syrius, Syrius, how can we reach you???  Do you really think the average family is responsible for the price of energy by their consumption of it?  By the Dems logic being advanced, the average family is expected to save money by using less energy.  This is implicite in their demand that we conserve our way out of the energy crisis.  But this is a misdirection on many levels since first it was the Dems and the environmental extremists who are blocking domestic drilling, coal and nuclear plants thus creating a shortage by not allowing the domestic supplies to meet demand.  It is the Dem party by their ban on domestic drilling who is directly responsible for forcing consumers to purchase their oil from foreign sources to make up the difference.  Surprise, surprise, America is not entitled to use everyone else's oil without paying a price for it. What's worse there Syrius, as a result the US Treasury has been shorted over $2.5 trillion in lost royalties and taxes due to this outsourcing of energy by the Dems. So not only did the Dems short the Treasury of literally TRILLIONS of dollars they put that money in the hands of foreigners. 

Now let's look at who is doing the consuming and who is doing the conserving.  Half of all residential electrical use is consumed by the likes of Al Gore's class, the 5% of the population who owns 70% of the personal wealth of the country.  We know that Al Gore uses 20 times the national average household annual electricity in just ONE of his mansions.  Now I ask you Syrius where the priority in conservation should occur, the 95% who use the least or the 5% who use the most??????  But as typical of Democrats they tell the average American family that they should conserve when their supporters are the ones who should be conserving.

Btw- Syrius, do you think it is ethical of Al Gore as a wanton user of electricity to be paying half the going rate of his neighbors????  Take $1,000 (his monthly bill) and divide by 20, you get $50.  When was the last time you paid $50 for your electric bill and on what size home? Don't you think it's perverse for Al Gore to get a discount for using so much electricity? The reason Al Gore gets that discount is because it is done on the backs of the most frugual of energy consumers, the average American household. Al Gore pays only half for his electricity because, the other half is pay by the average American household. Don't you think it is unethical of Al Gore to be subsidized by his neighbors?  And yet it's Al Gore and his allies, the Dems, who have pushed up the price of oil and natural gas in a bid to make it as expensive as the so called alternative energy they are touting??? So not only does Al Gore use at least 20 times the national average, he pays only half for it, and we pay his other half!!! Tell me, where is the social justice in that?  Syrius, why are we being forced to subsidize wanton consumption?? 

Do you see how obsene the hypocrisy is in this? This like the hippopotamus telling the ants they shouldn't drink so much and they should do most of the conserving because there are more of them than one of him.

 

 Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.  

Too straight forward and

Too straight forward and logical, dscott. Hence, I sense an attempted slap-down coming from the socialists.

Or...

...no response at all. Typical.

If they can't dazzle us with lies, they'll try to baffle us with bulls**t. 

really now Syrius

There's another word for nationalized oil: Venezuela.

The same government who traps our children in failing schools and can't figure out how to fix the pothole in front of my building - you want to reward these people by handing over all of our oil? Well I'm sorry, but count me out.

I don't want The San Fran Nan putting a ration on how much gas I'm allowed to buy as my penance for global warming.

Nationalization

Why stop with nationalizing oil?  If we follow the logic thread on this one why wouldn't we nationalize all minerals and commodities of any value to the country? Oil is not the only commodity that is necessary for national security.  The same logic could be used to nationalize food and water.  Sounds fun, doesn't it, to get our food and water from the feds?  Talk about a shortage.  We would starve and die of thirst.

"Money is the scourge of the men who attempt to reverse the law of causality--the men who seek to replace the mind by seizing the products of the mind."  Ayn Rand

Oil Price

There are shallow oil wells capped off the coast off California by the congress that can be producing in a year or less> I will not vote for anyone that does not want to help us. Green is good, but we need to have people that live in a real world solving our problems. Feingold and Kohl probably do not know how to start a car let alone put gas in.

At one time wi. was #1 paper state in US They let greenies destroy us as an industry

OT Question

Maytag:

Is Kohl related to the department store Kohls (family who founded the store)?

"Money is the scourge of the men who attempt to reverse the law of causality--the men who seek to replace the mind by seizing the products of the mind."  Ayn Rand

RC, Yes, Senetor Kohl

RC,

Yes, Senetor Kohl founded Kohls department and grocery stores, though I believe he sold them off in the late 70's. The grocery stores all died out since then. He also owns the Milwaukee Bucks.

Thanks

I suspected that was the case. Thank you for responding to my inquiry. Now I have another reason NOT to shop there!

"Money is the scourge of the men who attempt to reverse the law of causality--the men who seek to replace the mind by seizing the products of the mind."  Ayn Rand

It gives us a better idea....

Look, the President threatens to drill and the price goes down, that's the Democrats worse nightmare.  They've already said that, if we start drilling it will not bring down the price of gasoline one penny.  Well, once penny is not that much and they know, if they give approval to drill, drill, drill, the price will drop, drop, drop, because supply will go up, the U.S. will not be sending as much money out of the country for oil, and the dollar will rise.  Wow, good for America, bad for the Democrats.  Is it no wonder they want no part of this! 

Democrats: Stuck on Stupid since 2000.

This is one of those litmus

This is one of those litmus test occasions where we get to see which media organizations will tell the obvious truth and which will lie to promote their political ideology at any cost. 

We knew that President Bush's announcement would cause oil prices to drop.  Now that it has, we can judge each media organization to see who gives the credit where it is due.

AP covering up the truth?  No surprise there.

No One "DRILLS" an Oil Well for 4 or 5 Years....Dummies

As the President Said..."the only thing standing
between the American people and these vast oil resources is action from the
U.S. Congress"

But he left out the Dumass's at MSM exponding upon the "We can't Drill our Way out of this" BS and More BS....and the American Public needs some Relief from the "Not smarter than a 5th Grader" Congress.

Some day, some Reporter will Visit a Well head Drilling site, and find out they've only been Drilling for 3 weeks, and will Leave in 3 more weeks (OR LESS) if they don't Find Oil.

Congress thinks you Drill for 5 Years before the Well comes in.

  Congress better Grab their Ankles because Americans are in a DRILLING MOOD------->>>

The Republican Revolution will not be Televised

Jay Tee...

It just dawned on me why Dems think it takes that long to do anything...

Cause they like to do it the UNION WAY! 

45 Communist Goals for America http://www.nationmakers.com/com_goals.htm

The MSM talking Heads need to borrow some $$'s for Gas

They Need a Road Trip.....maybe visit the Fishing Grounds in the Gulf of Mexico....some of which start at the Wellhead.....Good Fishing.

I live in Texas....about 5 Blocks down the Street, they made a bunch of Noise and Racket and Drilled 24 hours for a Few days...Next thing you knew, the Drilling Rig was Gone, and in its place were some piping and a large Tank with a Moat around it.   

It was over before the Neighbors could complain about the Noise and Cash the Royalty checks.   

Didn't take no Stinking 10 Years either.  

Grab both cheeks Congress....Americans are gonna Drill, and you'd better be Ready.

The Republican Revolution will not be Televised

Those who said "The minute

Those who said "The minute they announce drilling will be allowed, the price of crude will drop" were wrong. It took two minutes.

WHen will the Price of Oil and Congressional Approval meet ?

Congressional Approval Rating is at 9%, Oil is at $4.00+

Will they meet at 5 ?   6 ?.....Yep, at $6 a Gallon I think  the Approval rating will blow the Doors off Oil as it Zips By.

The Republican Revolution will not be Televised

US gasoline consumption is

US gasoline consumption is down 3% over last year at this time.  http://tonto.eia.doe.gov/oog/info/twip/twip_gasoline.html#demand

Yet gas prices have only momentarily stabilized.  If we maintain the current rate of consumption and not rise to the normal peak levels, we may see some drop off in price. 

 Nancy Pelosi and Harry Reid, starving the poor one gallon of ethanol at a time. Fill your tank with E85 and cull a village.  

He's our man, if he can't do it

Nobody can.

  • First, George Bush carried out his half of the "Drill Now" deal by issuing an Executive Order repealing his father's previous order against offshore drilling.
  • Bush then showed he was serious by forcefully arguing his case at his press conference today.

Mission Accomplished!

I guarantee gas will be $2.49 on 'lection day. GOP always runs a fire sale that day

Okay...fair enough

Care to share YOUR solution?

CR, Biffy's "solution" will be to impose a windfall profits tax.

I guess he doesn't think $4/gal is high enough.

He is going for $7.

The truth is insensitive. - Neal Boortz