Posted on 01/05/2015 10:39:10 AM PST by CedarDave
Gasoline prices are on the verge of crashing down to below $2 a gallon nationally. The price of oil may dip below $50 a barrel.
Even with renewed demand from a global economic resurgence, energy prices continue to fall. The U.S. has suddenly become the world’s largest combined producer of oil and natural gas.
That fact – along with a desire to weaken hostile Iran and Russia – has prompted the oil-rich Gulf sheikdoms to keep pumping oil even as the price falls. In their game of petro-chicken, the desperate sheiks hope that either their poorer enemies will run out of cash, or that fracking in the U.S. will become unprofitable and cease.
Under President Obama, gasoline prices had soared. When he entered office in January 2009, gas prices averaged around $1.60 per gallon. Four years later, by spring of 2013, gas prices had climbed beyond $3.50 a gallon
The Obama administration never much worried about high energy costs. During the 2008 campaign, Obama promised that, “Under my plan … electricity rates would necessarily skyrocket.” Shutting down coal plants and using higher-priced but cleaner natural gas would pave the way for even pricier mandated wind and solar generation.
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Almost everything Obama tried for six years in an effort to rev the economy – from near-zero interest rates and $1 trillion annual budget deficits to Obamacare and vast increases in entitlements – has failed. His foreign-policy stances of resets and leading from behind led to chaos and emboldened enemies.
What Obama once ridiculed is now saving him from himself – after he had championed policies that nearly destroyed him.
The Greeks had a word for it: irony.
(Excerpt) Read more at abqjournal.com ...
His approval numbers are rising too. Just think he could have done something to keep the numbers down awhile back and his numbers might not have fallen as much. Oh well his loss. Doesn’t much matter if his numbers rise to 100 because he is done in 2 years anyway.
What gets me is that the bastard (and I use the term correctly) is taking credit for the falling gas prices.
He was blamed for the high prices too so what.
Well, he IS responsible for the high prices,
and the low prices now are in SPITE of his policies.
Unless you’re saying his energy policies had nothing to do with $4+ per gallon prices.
Since the price is falling so much we should buy like crazy and fill our reserves to the brim! Maybe even open another site as a reserve.
Almost everything Obama tried for six years in an effort to rev the economy
What delusion is Hanson on.?.. drugs?, utopian gaw-gaw?.. optimistic autism?..
Obama has done literally everything to SPOIL the economy..
and has been quite successful at it..
What trip is Hanson on?.. The boy is seriously trippin...
IMNVHO, BHO, Jr. (or II) has nothin' to do with nothin'. Team Obama merely spins events that occur to reflect well upon him, and then tells him what to say on his twin teleprompters. Our POTUS has a great deal more Algonquin J. Calhoun to him than Einstein.
My point, that funding is best done at home, rather than exporting massive dollars for foreign oil because we blocked the development of our own resources.
It doesn’t need to be publicly funded. But I would rather fund home-grown energy companies over OPEC nations.
Obviously you have not read about the Permian Basin.
What gets me is that the bastard (and I use the term correctly)
Very true.. he is a bastard and his momma was a bitch....
And he is no blacker than he is white.. i.e. mulatto..
The first affirmative action President... much more than a tad more equal than the rest of us..
married to a wookie... fully as crazy as Nero.. maybe Caligula..
AND IS deserved .. PUNISHMENT TO THE UNITED STATES..
a PRESENT from the GOPe... the elite.. fat republicans at the gate..
to whom; torture and hanging is just recompense.. and NOT what they deserve..
Now maybe the American consumers' contribution to the GDP just might come up to the level of the real recoveries of Reagan, BJ, and GeorgeW. Reagan 5.06 (in a couple of years) and Obama 2.21 (with frackers' doing the work, in six years)
* There was a recession March to November 2001See Recession reference below
| This is the month of the State of the Union. Get ready for an avalanche of lies and bullshit from the Obama Administration and MSM employees. I have attempted to
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Table 1.5.2. Contributions to Percent Change in Real Gross Domestic Product, Expanded Detail. See See US Department of Commerce, Bureau of Economic Analysis (BEA) below
| details | ||||
|---|---|---|---|---|
| Line | ||||
| 1983-2 | 2000-2 | 2003-3 | 2014-3 | |
| Columns show GDP percentages at annual rate | ||||
| 01 Gross domestic product A191RL1 | 9.4 | 7.8 | 6.9 | 5 |
| Component percentages at annual rate: | ||||
| 02 Personal consumption expenditures DPCERY2 | 5.06 | 2.62 | 4.04 | 2.21 |
| 03....Goods DGDSRY2 | 3.17 | 0.54 | 2.68 | 1.06 |
| 04.......Durable goods DDURRY2 | 2.27 | -0.66 | 1.58 | 0.67 |
| 05.........Motor vehicles and parts DMOTRY2 | 1.72 | -1.08 | 0.46 | 0.28 |
| 06.........Furnishings and durable household equipment DFDHRY2 | 0.16 | 0.16 | 0.34 | 0.1 |
| 07.........Recreational goods and vehicles DREQRY2 | 0.31 | 0.12 | 0.59 | 0.31 |
| 08.........Other durable goods DODGRY2 | 0.08 | 0.14 | 0.2 | -0.01 |
| 09.......Nondurable goods DNDGRY2 | 0.9 | 1.2 | 1.1 | 0.39 |
| 10........Food and beverages purchased for off-premises consumption DFXARY2 | 0.2 | 0.33 | 0.32 | 0 |
| 11........Clothing and footwear DCLORY2 | 0.46 | 0.24 | 0.22 | 0.03 |
| 12........Gasoline and other energy goods DGOERY2 | -0.05 | 0.12 | 0.08 | 0.02 |
| 13........Other nondurable goods DONGRY2 | 0.29 | 0.51 | 0.48 | 0.34 |
| 14....Services DSERRY2 | 1.89 | 2.08 | 1.35 | 1.15 |
| 15......Household consumption expenditures (for services) DHCERY2 | 1.83 | 2.05 | 1.32 | 1 |
| 16........Housing and utilities DHUTRY2 | 0.52 | 0.64 | 0.07 | -0.22 |
| 17........Health care DHLCRY2 | 0.31 | 0.47 | 0.31 | 0.52 |
| 18........Transportation services DTRSRY2 | 0.08 | 0.11 | 0.1 | 0.05 |
| 19........Recreation services DRCARY2 | 0.21 | 0.09 | 0.17 | 0.02 |
| 20........Food services and accommodations DFSARY2 | 0.04 | 0.14 | 0.27 | 0.21 |
| 21........Financial services and insurance DIFSRY2 | 0.23 | 0.07 | 0.16 | 0.35 |
| 22........Other services DOTSRY2 | 0.44 | 0.52 | 0.24 | 0.06 |
| 23......Final consumption expenditures of nonprofit institutions serving households (NPISHs) 1 DNPIRY2 | 0.07 | 0.03 | 0.03 | 0.15 |
| 24........Gross output of nonprofit institutions 2 DNPERY2 | 0.13 | 0.23 | 0.1 | 0.38 |
| 25........Less: Receipts from sales of goods and services by nonprofit institutions 3 DNPSRY2 | 0.07 | 0.2 | 0.06 | 0.23 |
| 26 Gross private domestic investment A006RY2 | 5.96 | 4.72 | 2.51 | 1.18 |
| 27....Fixed investment A007RY2 | 2.53 | 1.75 | 2.2 | 1.21 |
| 28......Nonresidential A008RY2 | 0.67 | 1.85 | 0.95 | 1.1 |
| 29........Structures A009RY2 | -0.86 | 0.5 | -0.04 | 0.14 |
| 30........Equipment Y033RY2 | 1.24 | 1.12 | 0.67 | 0.63 |
| 31..........Information processing equipment Y034RY2 | 0.59 | 0.74 | 0.44 | -0.12 |
| 32............Computers and peripheral equipment B935RY2 | 0.39 | 0.42 | 0.16 | 0.05 |
| 33............Other A937RY2 | 0.2 | 0.31 | 0.28 | -0.16 |
| 34..........Industrial equipment A680RY2 | 0 | 0.17 | -0.12 | 0.35 |
| 35..........Transportation equipment A681RY2 | 0.25 | 0.08 | 0.1 | 0.45 |
| 36..........Other equipment A862RY2 | 0.41 | 0.13 | 0.25 | -0.05 |
| 37........Intellectual property products Y001RY2 | 0.29 | 0.23 | 0.32 | 0.34 |
| 38..........Software 4 B985RY2 | 0.12 | 0.2 | 0.37 | 0.15 |
| 39..........Research and development 5 Y006RY2 | 0.13 | -0.02 | -0.05 | 0.17 |
| 40..........Entertainment, literary, and artistic originals Y020RY2 | 0.04 | 0.05 | 0.01 | 0.01 |
| 41......Residential A011RY2 | 1.86 | -0.1 | 1.25 | 0.1 |
| 42....Change in private inventories A014RY2 | 3.43 | 2.97 | 0.31 | -0.03 |
| 43......Farm B018RY2 | -0.43 | 0.9 | 0.05 | 0.13 |
| 44......Nonfarm A015RY2 | 3.85 | 2.07 | 0.27 | -0.16 |
| 45 Net exports of goods and services A019RY2 | -2.46 | -0.47 | 0.3 | 0.78 |
| 46....Exports A020RY2 | 0.11 | 1.25 | 0.96 | 0.61 |
| 47......Goods A253RY2 | -0.15 | 0.94 | 0.54 | 0.69 |
| 48......Services A646RY2 | 0.26 | 0.31 | 0.42 | -0.08 |
| 49....Imports A021RY2 | -2.57 | -1.72 | -0.66 | 0.16 |
| 50......Goods A255RY2 | -2.29 | -1.36 | -0.1 | 0.19 |
| 51......Services A656RY2 | -0.28 | -0.36 | -0.56 | -0.03 |
| 52 Government consumption expenditures and gross investment A822RY2 | 0.89 | 0.9 | 0.02 | 0.8 |
| 53....Federal A823RY2 | 0.98 | 0.88 | -0.16 | 0.68 |
| 54......National defense A824RY2 | 0.86 | 0.67 | -0.23 | 0.66 |
| 55........Consumption expenditures A997RY2 | 0.49 | 0.67 | -0.3 | 0.69 |
| 56........Gross investment A788RY2 | 0.36 | 0 | 0.07 | -0.03 |
| 57......Nondefense A825RY2 | 0.12 | 0.2 | 0.07 | 0.01 |
| 58........Consumption expenditures A542RY2 | 0.15 | 0.22 | 0.07 | 0.02 |
| 59........Gross investment A798RY2 | -0.04 | -0.02 | 0 | -0.01 |
| 60....State and local A829RY2 | -0.08 | 0.02 | 0.18 | 0.13 |
| 61......Consumption expenditures A991RY2 | -0.03 | 0.19 | -0.11 | 0.08 |
| 62......Gross investment A799RY2 | -0.05 | -0.17 | 0.28 | 0.04 |
1 Net expenses of NPISHs, defined as their gross operating expenses less primary sales to households.
2 Gross output is net of unrelated sales, secondary sales, and sales to business, to government, and to the rest of the world; excludes own-account investment (construction and software).
3 Excludes unrelated sales, secondary sales, and sales to business, to government, and to the rest of the world; includes membership dues and fees.
4 Excludes software "embedded," or bundled, in computers and other equipment.
5 Research and development investment excludes expenditures for software development. Software development expenditures are included in software investment on line 38.
| REFERENCES |
|---|
| CENSUS BUREAU, BUREAU OF LABOR STATISTICS SOURCES |
RecessionNational Bureau of Economic Research, Inc. Cambridge MA 02138 US Business Cycle Expansions and ContractionsLink from BLS SPOTLIGHT ON STATISTICS THE RECESSION OF 2007 – 2009 |
The NBER does not define a recession in terms of two consecutive quarters of decline in real GDP.
Rather, a recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.
US Department of Commerce, Bureau of Economic Analysis (BEA)Gross Domestic Product (GDP) If you are not at Gross Domestic Product (GDP) search for it. It should be on page http://www.bea.gov/national/index.htm.Then click on
I did not know which tables to look for so I chose to download them all in csv format. I clicked on Section 1 (2852.7k) I copied columns from: |
What about it?
Oh I am not sure oil is a finite resource.
What I am saying that if it is, the “experts” have
underestimated the amount by a factor of ?. Twenty years ago, we were going to run out of natural gas, by 2030.
Now, it is estimated we have a supply to last 200 years.
LOL. This really is a death knell for “alternative” energy. Inflation adjusted gas and oil prices are at rock bottom prices. Who needs anything else?
You’re right. I’ll never understand the fascination of the current crop of @ss-kissers when it comes to our Fraud in Chief. ;)
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