Got Gas? U.S. Economy to Worsen as Gas Prices Skyrocket

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Doppel

Doppel

Lifer
Feb 5, 2011
13,306
3
0
D

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
2-25-2012

http://www.foxnews.com/politics/201...ility-tapping-oil-reserve-as-gas-prices-rise/

Obama administration coy on possibility of tapping oil reserve as gas prices rise


Treasury Secretary Tim Geithner stirred speculation on Friday when, in an interview on CNBC, he said "there's a case for the use of the reserve in some circumstances."


Geithner said the administration would "continue to look at those and evaluate that carefully."



But while the Obama administration last summer announced the release of 30 million barrels from the reserve -- a decision derided by Republicans as a political move -- the White House would not tip its hat to its intentions in an election year.

White House spokesman Josh Earnest called the question purely "hypothetical."
"I'm not going to speculate about any sorts of discussions that may or may not be taking place related to the Strategic Petroleum Reserve," Earnest said.
He added: "If somebody is going to promise that they can wave a magic wand or sprinkle the pixie dust or plant the beans in the right place so that we can get out of this problem, they're just not being straight with you and they're not being straight with the American people."
That follows the theme Obama has pushed over the last few days. In a major energy speech earlier in the week, Obama said there is no "silver bullet" for rising gas prices. He repeated the claim in his radio address on Saturday, as he called for an "all-of-the-above" long-term approach to energy independence.


Obama's comments were decried as "defeatist" by Sen. Jeff Sessions, R-Ala., the top Republican on the Senate Budget Committee.


"Simply by removing the bureaucratic barriers imposed by your own administration we can begin to make progress," he wrote in a letter to the president Friday.


Republicans have, as could be anticipated, called for more domestic [COLOR=blue !important][FONT=inherit !important][COLOR=blue !important][FONT=inherit !important]oil [/FONT][COLOR=blue !important][FONT=inherit !important]and [/FONT][COLOR=blue !important][FONT=inherit !important]gas[/FONT]​
[/FONT][/COLOR][/COLOR] production. They roundly call on the administration to approve the cross-border permit for the Canada-to-Texas Keystone oil pipeline.



Several Republican senators have even introduced a bill to prohibit the Strategic Petroleum Reserve from being opened unless that permit is issued.

​
[/COLOR]​
[/COLOR]​
 
D

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
2-26-2012

http://news.yahoo.com/analysis-oil-...NidXNpbmVzcwRwdANzZWN0aW9ucwR0ZXN0Aw--;_ylv=3

Oil price rise raises specter of global recession


A jump in energy prices is jamming the slow-turning cogs of an economic recovery in the West, but that may be nothing compared to the economic shock an Israeli attack on Iran would cause.

Ian Taylor, head of the world's biggest oil trading house Vitol, told Reuters this week prices could spike as high as $150 a barrel if Iran's arch-enemy Israel launched a strike at its nuclear facilities - an option Israel has declined to rule out.

In the United States, demand for refined oil products is close to its lowest level in nearly 15 years, indicating that motorists are cutting back their mileage.
 
Londo_Jowo

Londo_Jowo

Lifer
Jan 31, 2010
17,303
158
106
londojowo.hypermart.net
dmcowen674 said:
Obama administration coy on possibility of tapping oil reserve as gas prices rise
Click to expand...

dmcowen674 said:
There is no shortage of oil, in fact there is so much oil they don't have room in the tanks to store it all so its sitting in barges all over the place.
Click to expand...

So what is it McOwned? Why would the President need to tap the strategic reserves if there's so much oil sitting in barges all over the place?
 
D

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Londo_Jowo said:
So what is it McOwned? Why would the President need to tap the strategic reserves if there's so much oil sitting in barges all over the place?
Click to expand...

Didn't need to last year either, there was tons of oil in the chain as always.

This is just to ram more oil down your thug industry throats.

The Government delivering cheaper oil directly to the refiners upsets your buddies for a little while anyway.
 
Londo_Jowo

Londo_Jowo

Lifer
Jan 31, 2010
17,303
158
106
londojowo.hypermart.net
dmcowen674 said:
Didn't need to last year either, there was tons of oil in the chain as always.

This is just to ram more oil down your thug industry throats.

The Government delivering cheaper oil directly to the refiners upsets your buddies for a little while anyway.
Click to expand...

As usual you have no fucking clue or can't back up your statements/claims so you start with personal attacks.

Just like last year releasing oil from strategic reserves will have little to no effect on gas prices. It's nothing more than a political stunt.
 
werepossum

werepossum

Elite Member
Jul 10, 2006
29,873
463
126
dmcowen674 said:
2-25-2012

http://www.foxnews.com/politics/201...ility-tapping-oil-reserve-as-gas-prices-rise/

Obama administration coy on possibility of tapping oil reserve as gas prices rise


Treasury Secretary Tim Geithner stirred speculation on Friday when, in an interview on CNBC, he said "there's a case for the use of the reserve in some circumstances."


Geithner said the administration would "continue to look at those and evaluate that carefully."



But while the Obama administration last summer announced the release of 30 million barrels from the reserve -- a decision derided by Republicans as a political move -- the White House would not tip its hat to its intentions in an election year.

White House spokesman Josh Earnest called the question purely "hypothetical."
"I'm not going to speculate about any sorts of discussions that may or may not be taking place related to the Strategic Petroleum Reserve," Earnest said.
He added: "If somebody is going to promise that they can wave a magic wand or sprinkle the pixie dust or plant the beans in the right place so that we can get out of this problem, they're just not being straight with you and they're not being straight with the American people."
That follows the theme Obama has pushed over the last few days. In a major energy speech earlier in the week, Obama said there is no "silver bullet" for rising gas prices. He repeated the claim in his radio address on Saturday, as he called for an "all-of-the-above" long-term approach to energy independence.


Obama's comments were decried as "defeatist" by Sen. Jeff Sessions, R-Ala., the top Republican on the Senate Budget Committee.


"Simply by removing the bureaucratic barriers imposed by your own administration we can begin to make progress," he wrote in a letter to the president Friday.


Republicans have, as could be anticipated, called for more domestic [COLOR=blue !important][FONT=inherit !important][COLOR=blue !important][FONT=inherit !important]oil [/FONT][COLOR=blue !important][FONT=inherit !important]and [/FONT][COLOR=blue !important][FONT=inherit !important]gas[/FONT]​
[/FONT][/COLOR][/COLOR] production. They roundly call on the administration to approve the cross-border permit for the Canada-to-Texas Keystone oil pipeline.



Several Republican senators have even introduced a bill to prohibit the Strategic Petroleum Reserve from being opened unless that permit is issued.

​
[/COLOR]​
[/COLOR]​
Click to expand...

Tapping the strategic petroleum reserve for political gain, or even as an honest attempt to lower prices, is a heinously bad idea. That oil is there in case supply is interrupted, not to influence prices. We may well need it.
 
OutHouse

OutHouse

Lifer
Jun 5, 2000
36,410
616
126
Colorado must be in a bubble. there are still a few stations where the gas is $2.98 and the most i have seen it is $3.14
 
Londo_Jowo

Londo_Jowo

Lifer
Jan 31, 2010
17,303
158
106
londojowo.hypermart.net
OutHouse said:
Colorado must be in a bubble. there are still a few stations where the gas is $2.98 and the most i have seen it is $3.14
Click to expand...

It has to do with Colorado refineries receiving oil from North Dakota and Canada which is cheaper combined with several refineries in Texas being down for maintenance/changing over to summer blends.
 
shiner

shiner

Lifer
Jul 18, 2000
17,112
1
0
OutHouse said:
Colorado must be in a bubble. there are still a few stations where the gas is $2.98 and the most i have seen it is $3.14
Click to expand...

I noticed this morning that we are at $3.38, been that for about a week I think. I don't really pay that much attention.
 
D

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
2-27-2012

http://finance.yahoo.com/blogs/dail...BzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Gas Prices Are Soaring Toward $5 A Gallon–What Should Be Done?


Gas prices in the U.S. are nearing the freak-out point--the level at which Americans go from grumbling about getting gouged to actually reducing their gas consumption and demanding that their elected representatives start doing something to help.


And the Republican Presidential candidates have jumped all over that, suggesting that today's high prices are Barack Obama and the Democrats' fault.
 
ky54

ky54

Senior member
Mar 30, 2010
532
1
76
Again, Obama said during the election he had no problems with $4 gas just he didn't like it rising so fast. I'm assuming the president is happy now.
 
D

desy

Diamond Member
Jan 13, 2000
5,446
214
106
Still half the price of Europe
Cheap by every measure, higher prices will be persistant going forward, its why my last two vehicle purchase were a Versa and a Altima, 4 cyl vehicles. I'm keeping the old minivan like a truck for the odd occasion I have to haul something
 
ky54

ky54

Senior member
Mar 30, 2010
532
1
76
Apples and oranges. Most of the Euro countries have to pay to get the oil refined and cracked to auto fuel. The US refines most of their own fuel. Plus our taxes are WAY lower than the Europs.
 
blackangst1

blackangst1

Lifer
Feb 23, 2005
22,902
2,359
126
dmcowen674 said:
Didn't need to last year either, there was tons of oil in the chain as always.

This is just to ram more oil down your thug industry throats.

The Government delivering cheaper oil directly to the refiners upsets your buddies for a little while anyway.
Click to expand...

The government does not deliver oil to anyone. Unless you have a link to support your absurd claim.
 
S

stag3

Diamond Member
Feb 7, 2005
3,623
0
76
need to get everyone on board alternative fuels/electric cars that isn't on the oil companies payrolls, so we can give a big eff you to the middle east
 
HomerJS

HomerJS

Lifer
Feb 6, 2002
39,277
32,773
136
Ronstang said:
When gas prices were high when Bush was president it was Bush's fault according to many, even thought that was not the case, yet when gas prices are high because of everything Obama has done no one even thinks of blaming Obama.

The stupid are stupid, and it is leading the world in a downward spiral. I am glad I am old.
Click to expand...

I hate to rain on your delusion but...

as mention in an article earlier
Retail gas prices are at their highest levels ever for this time of year despite ample supplies and declining demand. That's because tension in the Persian Gulf has kept crude oil prices around $100 per barrel for most of the month.
Click to expand...

Oil production.
us-oil-prod-2000-to-2011.bmp

Notice how it has been steadily climbing since 2008. So much for blame Obama. Republicans are keeping up the manta of drill baby drill. They forget to tell people we are participants in the world oil market. US production isn't the problem either.

Here's the problem, something I've been bitching about for over 5 years, speculators. That 1% who do nothing but make money off money and don't product an actual product.

Found out only 1/3 of participants on the oil commodities market are actual end users of oil. The other 2/3s are banks and oil contract speculators. These people smell blood because of tensions in the Middle East buying up oil futures/contracts driving up the price. The real end users of oil are forced to get in in an attempt to limit their future costs due to rising contract prices. Meanwhile the oil companies take advantage twice by their extra profit on those contracts and by raising gas prices in advance of the added cost of oil.

Meanwhile who gets screwed by this, middle class and poorer people. Great scam where the 1% can siphon off money from the 99%.

We need to get non end users of oil out of the commodities market.

BTW - Anyone mention how Republicans are in favor of Isreal attacking Iran now which could raise the price of gas to $7/gal.
 
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