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Oil exec: Prices driven by 'fundamentals'(congress still ignoring the need for domestic supplies)
CNN ^
| 5/21/2008
| Steve Hargreaves
Posted on 05/21/2008 7:51:41 AM PDT by tobyhill
click here to read article
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1
posted on
05/21/2008 7:52:19 AM PDT
by
tobyhill
To: tobyhill
This ridiculous grandstanding by Congress is going to get NOTHING done except inflame the masses of sheeple into voting for Obama. Meanwhile, our way of life will continue to circle the drain while the fat cats in Washington ignore our plight.
To: tobyhill
Its really quite hypocritical of our Congress to legislate suing OPEC for not producing enough oil (to keep prices down) while Congress is restricting the supply of domestic oil. After all, aren’t the greenhouse gases from OPEC oil just as bad for the polar bears as greenhouse gases from domestic oil?
3
posted on
05/21/2008 7:58:31 AM PDT
by
NRG1973
To: tobyhill
I don't want to be pessimistic, but.......
![](http://www.aneyeoni.com/ART/Illustrations/Aleksi_Zombies_boxcover.600_600.jpg)
We're all gonna turn into flesh-eating zombies.
4
posted on
05/21/2008 7:59:16 AM PDT
by
Lazamataz
(Secondhand Aztlan Smoke causes drug addiction obesity in global warming cancer immigrant terrorists.)
To: tobyhill
Sen. Patrick Leahy, D-Vt., chairman of the committee. "Prices should not skyrocket like this in a properly functioning, competitive market." This kind of statement is fairly common now since everybody who buys gasoline for his SUV is an expert economist. "Price is up 4X but demand isn't up 4X: must be some collusion going on here." A closer look at the supply/demand chart reveals that the price line is not a straight line. We have difficulty of comprehension when the equation is not linear, and we also lack the concept of velocity; the difficulty is a result of failure of education in the Gummint schools.
5
posted on
05/21/2008 7:59:38 AM PDT
by
RightWhale
(You are reading this now)
To: tobyhill
that the best way to lower prices and bring more oil to market is to open up wide swaths of the U.S. that are currently off-limits to drilling. Can't have that, you know, with a Polar Bear crisis and all.
6
posted on
05/21/2008 8:00:10 AM PDT
by
A message
To: tobyhill
"Normal supply and demand says prices should be around $55 to $60 a barrel," said Sen. Patrick Leahy, D-Vt., chairman of the committee.
And just who the hell died and made Leahy an expert on economics?
7
posted on
05/21/2008 8:00:18 AM PDT
by
JamesP81
(George Orwell's 1984 was a warning, not a suggestion)
To: tobyhill
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
DRILL FOR OIL!!!!!
To: Arkansas Toothpick
I'm to a point of saying let them have it. In 4 years when the country is paying $8 a gallon, we are less than 1% more efficient and people are paying $1000 a month to heat or cool their home then maybe the American people will smartin up.
9
posted on
05/21/2008 8:01:56 AM PDT
by
tobyhill
(The media lies so much the truth is the exception)
To: tobyhill
The Congress has been told for years (in one way or another) that this is coming. They simply ignored it, turned the page and created a massive dilemma.
Al Gore was their dupe WITH BENEFITS.
The American people have been duped by COngress AND HAVE NO SAY!!
What ever happened to "We The People"...
HOw stupid are Americans to put up with the shenanigans of these Congress folks? When will the SHEEP (enviro nazis as an example) learn that THEY created this along with Congress and take the fall for it?
10
posted on
05/21/2008 8:02:00 AM PDT
by
Sacajaweau
("The Cracker" will be renamed "The Crapper")
To: Lazamataz
I think it will be more like Mad Max.
11
posted on
05/21/2008 8:03:31 AM PDT
by
tobyhill
(The media lies so much the truth is the exception)
To: tobyhill
I'm to a point of saying let them have it. In 4 years when the country is paying $8 a gallon, we are less than 1% more efficient and people are paying $1000 a month to heat or cool their home then maybe the American people will smartin up.
If a Dem is elected president, they'll start drilling on November 5. Oil will be $18 a barrel like it was in the Clinton years.
To: tobyhill
IMHO, if we do not start doing something VERY soon to increase oil supplies domestically, we will look back at this period the same way we looked at Munich 1938. We will sit there and think - “how could we have been so foolish”
Neither Obama or McCain are running on the idea of addressing our domestic oil exploration and production issues. If they stay true to their word (ha!), then it will be 4-5 years before we have any reasonable plan to make us energy independent.
If on the other hand this is just a short term market issue, much like the California electric power issue of a few years ago, we will do nothing to address the core supply issues. One day we will have to deal with it however, it is going to be painful.
schu
13
posted on
05/21/2008 8:05:24 AM PDT
by
schu
To: tobyhill
“But a top executive from BP said the high prices are being driven by global forces.”
That’s a bald faced lie. The U.S. purchases and consumes over 50% of the world’s oil. As the largest consumer we control the market and it’s time for the oil execs to stop lying about that.
To: tobyhill
Increased demand + stable supply = increased price. See Economics 101.
15
posted on
05/21/2008 8:09:11 AM PDT
by
Bubba_Leroy
("I believe in Santa Claus. I believe in the tooth fairy." - John Edwards)
To: Lazamataz
We're all gonna turn into flesh-eating zombies.
I thought we were going to get sent to death camps!
BTW, haven't seen you post in a while. Nice to see you again.
16
posted on
05/21/2008 8:09:48 AM PDT
by
JamesP81
(George Orwell's 1984 was a warning, not a suggestion)
To: tobyhill
The fricking idiot senators should look in a mirror and they would see what the problem is.
17
posted on
05/21/2008 8:10:42 AM PDT
by
Piquaboy
(22 year veteran of the Army, Air Force and Navy, Pray for all our military .)
To: tobyhill
OPEN ANWR, build 100 nuclear plants for starters.
18
posted on
05/21/2008 8:10:46 AM PDT
by
1Old Pro
To: RightWhale
Prices should not skyrocket like this in a properly functioning, competitive market." Correct. So stop legislatively interfering with the market by restricting domestic production and allow the supply to increase.
19
posted on
05/21/2008 8:11:26 AM PDT
by
Bubba_Leroy
("I believe in Santa Claus. I believe in the tooth fairy." - John Edwards)
To: Anonymous Rex
We may control the consumption of oil, but we don’t control the supply. OPEC and a few dictators do..and you need to face those facts. The only solution is more domestic and foreign supply.
Brazil is hot right now because they got off their ass and drilled. Their stock is going up..and ours down.
Berating the oil company execs is not going to drive down the price of oil.
20
posted on
05/21/2008 8:11:40 AM PDT
by
Oldexpat
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