There is a reason why oil went up 4 dollrs a barrel today, it was because of this press release, and Madam Speaker Pelosi's putting a wall in letting more oil onto the market, while she is jetting around in her 757 on a book tour.
Since San Nan enjoys crushing the finances of so many ordinary Americans here is my wish and prayer for her...
Nancy...pox on your vineyards, pox on your hotels/real estate, pox on your book sales and pox on all your finances
for the unnecessary strain in the economy due to you and complicit Dems....eat your pox with marinara sauce!
They and their friends in the "environmentalist" lobby have been at this for decades.
In the 80s the boom in oil exploration left oil producers with a lot of excess capacity. We are finally getting to the point where demand has caught up and supplies are starting to get tight. However it isn't that current demand is greater than supply, it is that future demand is reliably projected to grow considerably. There isn't excess capacity to supply that demand and the Democrats are continuing to fight efforts to expand supply.
The Democrats want to blame "speculators" however, they aren't being all that speculative when they are simply making rather reasonable reactions to what the Democrats say they are going to do.
If we don't start working to increase supply, oil is going to skyrocket. We do have the capability to significantly increase our production. It will take time to do so, that makes it even more important to start now! Somehow the Dems use the inability to bring more capacity on line immediately as an excuse not to do it.
We aren't facing these extremely high prices now because of current demand, we are facing them because we aren't doing anything to address future increases in demand!
Pelosi, Boxer, Feinstein, Schwarzenneger, Jerry Brown — when will my fellow California voters come to their senses?
When was this study made? Was it before the recent increase in demand by China and India? Before then we had more supply than demand. The price was largely bidding among oil producers to see which wells wouldn't pump that week. Things have changed. Now demand outstrips supply and the bidding is on which purchasers won't get as much oil as they want. In the first situation adding new and likely expensive to run wells would just mean more wells not pumping so there would be little decrease in price. In our current situation (and more so five to ten years from now), the extra oil will have a huge effect on prices because they might be the difference between and oversupply and a shortfall (or a shortfall and a vast shortfall).
This is similar to going by a current study on whether to increase farm land, but trying to apply it to a situation during a great drought when people are starving and fighting over every loaf of bread.
Democrats hate futures markets because they can prove in today’s dollars the likely future impact of their idiotic schemes. Wow, I’m slow. Just figured that out.
Hey 9% Nancy!
ECON 101
1) Increased domestic production reduces oil imports.
2) Reduced oil imports reduces the trade deficit.
3) Reduced trade deficit strengthens the dollar.
4) Strong dollar lowers world wide crude oil prices.
Class dismissed!
If Ms. Nancy Partisanship thinks Bush’s plan is a hoax, then how come his executive order has dropped the price of oil better than $20?
What plan of the House or the Senate has done better? Time for the politicos to quit sputtering, get back to work and pass a resolution authorizing “Drill Here, Drill Now!”
Too bad Reid and Pelosi don’t have any interest in $$ relief for the taxpayers — just only themselves.
This is a much bigger issue than $4.00 - $5.00 per gallon gas.
As we approach (and exceed) 70% imported oil, the amount of money flowing out of the U.S. to our enemies is outrageous... now approaching one trillion dollars per year.
Most important, though, is national security. One knot-head in the middle east or South America can decide to halt shipments for a while and we (everyone in the U.S. except the congresspeople, I expect) will be brought to our knees.
Everything from manufacturing to transportation to food will not only be terribly expensive BUT IN SHORT SUPPLY when that happens. Remember the Arab oil embargo of the 70’s... the rationing... the waiting lines...? I sure do.
The Strategic Petroleum Reserve (it’s called STRATEGIC for a reason, Madam Speaker) contains enough crude for about 70 days of U.S. consumption in an emergency. What then, Madam Speaker?
No more of the “it’ll take ten years” stuff. That’s what you said ten years ago... and look where we’re at now.
As far as ANWAR drilling, let’s start YESTERDAY! How many visitors a year go to this swamp land? Even the locals say drill and drill now.
Madam Speaker, quit blocking the vote of the drilling proposal and bring the issue to the floor. Allow a vote NOW! The consequences of your actions will be your legacy.
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." - Manuel II Palelologus
Somebody help me here:
If President Bush decided to draw down the petrolatum reserve, how would he do it? I assume he would sell it to the oil companies, but at what price? The price we taxpayers originally paid for it when it went into the reserve or the market price now?
If it is the market price now, how will that affect the price of oil?
If it is the original price, is not that a taxpayer giveaway and will it not result in much higher profits for the oil companies?
Could the profits from the sale of the SPR oil be used to pay down some of the national debt (or at least my tax bill)? Could the profits be used to put off shore drilling on a fast track? Or build shelters for the caribou and polar bears in ANWAR?
....Bob
I like the idea of selling the SPR oil on EBAY!!! /sarc
Failed Speaker.
New Direction Congress. Zero Accomplishments. Year 3.
Pelosi:
“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.”
MAN... They sure fixed those high prices, didn't they, yuk, yuk!
A display of ignorance of this magnitude doesn't speak well for the notion of women holding high offices of responsibility and importance to the nation.
This is lie on so many levels it's hard to start
Republicans have to convince voters that a vote for Pelosi’s gang is a vote for $10 a gallon gas.
I have my letter to the editor ready to go...
Pelosi is the hoax.....
She says that because she wants the situation to get much worse. Then the clowns in congress will suggest a solution - nationalization of the petroleum industry.