Posted on 03/18/2011 12:55:01 PM PDT by Nachum
(CNSNews.com) - Richard Newell, administrator of the U.S. Energy Information Administration (EIA), said that while oil prices are likely to stay above average for the remainder of 2011, it is unlikely that an increase in domestic oil production would dramatically affect oil prices in either the short-term or the long-term.
Newell, a political appointee, was tapped to head the EIA by President Barack Obama in mid-2009.
In his testimony before the House Committee on Natural Resources on Thursday, Newell said that because oil is a global commodity dependent on global trends, domestic production would do little to ease prices at the pump in the near future.
(Excerpt) Read more at cnsnews.com ...
And deciding not to drill would have what effect exactly?
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So, basically, the man knows nothing about anything.
FURN
FUEIA
FUBO
Drill, Baby, Drill!
He is right. There is huge worldwide demand, and most of the supply comes from abroad. As soon as the US increased drilling, the Saudis would probably cut their output slightly to keep the price stable.
But the pumping and refining that takes place after the drilling will make a big difference.
Of course he'd say that. Every good little commie agitator knows that prices have nothing to do with supply and demand.
He knows this is true because if prices start to fall, Obama will do something to make them go back up.
It looks like he’s trying to dazzle us with BS.
it is unlikely that an increase in domestic oil production would dramatically affect oil prices in either the short-term or the long-term.
What an idiot. Only like minded idiot would believe him.
One of Barry’s morons says that more oil in the system won’t lower prices. Marxists crack me up. They just can’t get a grip on the concept of supply and demand. It’s a simple thing for the normal person to understand. It’s those wacky “intellectuals” that have problems with it.
They know it will take a while, after permitting the drilling, before it produces so, in their minds, it ain't worth it.
That's like saying..."It's not worth it to paint the Sistine Chapel because it would take too long."
Logic can't even find a 15-minute parking place in the liberal brain.
they do not understand supply and demand?
it is unlikely that an increase in domestic oil production would dramatically affect oil prices in either the short-term or the long-termExactly.
Why should supply and demand affect prices?
We're all socialists now, hey Richard?
What does he take us for ?
they do not understand supply and demand?Maybe they're getting ready to institute some good, old-fashioned wage and price controls!
Puh-leeze. Dipshit liberals like this guy are so fond of telling us that evil America is sucking up 25% of the world's oil. But if we drill our own oil and reduce that by say half, that WOULDN'T chance prices? This guy should have been OweBama's Minister of Propaganda, but CNNMSNBCBS and the like are taking care of that already.
See Tagline.
Hey Dick! Have your messiah announce that we’re going to start drilling everywhere. Land and sea! Then sit back and watch those oil prices. It has happened before. It can happen again.
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