Bush Lifts Offshore Oil Drilling Ban with Executive Order.

[Edible Napalm]

http://youtube.com/watch?v=ccBVnrJvSek

July 14, 2008 C-SPAN

[Voss's Tumor]

Fucker finally did something right.

[Arch Stanton]

Let's get going on this!!!

Very nice.

[WhiteHonkyDevil]

Won't make a difference. He lifted the executive order banning offshore drilling, not lifted the ban with an executive order. There's still a law against offshore drilling, and if you think the democratically-controlled Congress is going to get off their asses and kick drilling into gear...(insert bridge for sale reference)

[WoodenPlank]

A shame the Dem's probably wont let the Congressional ban budge until after the election, and only then if BHO makes it in.

[Arch Stanton]

Won't make a difference. He lifted the executive order banning offshore drilling, not lifted the ban with an executive order. There's still a law against offshore drilling, and if you think the democratically-controlled Congress is going to get off their asses and kick drilling into gear...(insert bridge for sale reference)

Guess there is no rush to charge the batteries on my drill. Shit

[Begbie]

Great move, though Congress won't budge.

[Sinn Fein]

That fucking cunt Pelosi is saying he's doing it because he's an "oilman" in the White House.

The thing is, this puts the pressure on Congress. Now they are the obstacle.

[DanaReevesLungs]

If Congress doesn't allow this ban to be lifted, the ones who voted against it should be fucking hung for all to fucking see. Fuck your natural resources and fuck your view from a high rise in Miami out to the Atlantic.

[ADD Theater]

It's not going to matter any time soon anyway My kid will be in college by the time I get gas for $0.20 less gallon (she's 7 now -- no pics either :) ). It's just politics to give a dem bashing point over the summer -- 'see, blame them for high gas prices! The good guys tried to do something but they wouldn't let us.'

[WOWmagnet]

My kid will be in college by the time I get gas for $0.20 less gallon (she's 7 now -- no pics either :) ). '

Wanna buy some? ;)

[Fuck Crosby]

About fucking time.

[thetick130]

Oil just shit itself today, dropped about $7. This could be the reason. Just imagine if they actually allowed drilling soon.

http://www.breitbart.com/article.php?id=D91UDTKO0&show_article=1

NEW YORK (AP) - Wall Street recouped its steep early losses and traded mixed Tuesday as oil dropped by more than $7 a barrel, giving investors hope that lower energy prices could help revive the flagging economy.

[Sinn Fein]

Yup. I was just going to post about that...

[Arch Stanton]

Oil just shit itself today, dropped about $7. This could be the reason. Just imagine if they actually allowed drilling soon.

http://www.breitbart.com/article.php?id=D91UDTKO0&show_article=1

Yup. I was just going to post about that...

Let's keep the trend going, faster and lower!

[Vyce]

I heard it dropped at least $10 a barrel on this news.

It leads me to believe that VMS' prediction that oil prices would drop if domestic drilling was opened up appears to be accurate.

[thetick130]

Oil is a future market. Right now the future is looking a little better than it was a month ago for oil. If the future gets better (drilling announced/started), price will drop even more.

[CougarHunter]

Turn Alaska into a fucking pincushion. We have to pay people to live there. Pump it dry, yesterday.

[Sinn Fein]

Apparently, oil officially dropped $9/barrel today.

[MrBogey]

Look, the truth is oil won't drop except a few cents a barrel sometime 5 years from now because of this.

[looks at the oil futures]

See? Exactly as I said!

Christ, when are we going to stop listening to the assholes who got us in this mess?

[Schmed]

Look, the truth is oil won't drop except a few cents a barrel sometime 5 years from now because of this.

[looks at the oil futures]

See? Exactly as I said!

Christ, when are we going to stop listening to the assholes who got us in this mess?

That's what Bill Clinton was thinking 10 years ago when he wouldn't allow it.

When it drops $70, then it will be worth talking about.

These douchebag democrats (and republicans) think everyone is going out tomorrow to buy a windmill powered car, fucking imbeciles.

[Begbie]

Apparently, oil officially dropped $9/barrel today.

Right on the mark. $9.26 to be exact.

http://kudlow.nationalreview.com/post/?q=NjMyNDljNTQ5MThjNWE3YTAzYWYzMmZmNDVmMjA0ZWY=

But don't you see the grand conspiracy maaaaan?!

Bush gets his cronies to create this oil crisis by artificially raising gas prices throughout his second term. Bush then tries to force his hand by pushing for offshore drilling, putting pressure on Congress making them look bad, and causing gas prices to plummet...making him look like a genius! That crazy sonuvabitch...I figured it all out! :rolleyes:

This is huge.

[jagsfans]

Unless we can build a few more refineries I doubt this will fucking matter any. Also Congress is fucking worthless and won't do a fucking thing.

[FellowTraveler]

Right on the mark. $9.26 to be exact.

http://kudlow.nationalreview.com/post/?q=NjMyNDljNTQ5MThjNWE3YTAzYWYzMmZmNDVmMjA0ZWY=

But don't you see the grand conspiracy maaaaan?!

Bush gets his cronies to create this oil crisis by artificially raising gas prices throughout his second term. Bush then tries to force his hand by pushing for offshore drilling, putting pressure on Congress making them look bad, and causing gas prices to plummet...making him look like a genius! That crazy sonuvabitch...I figured it all out! :rolleyes:

This is huge.

if only this is true

[greensnacks]

But what will it do to the wild life?

http://img150.imageshack.us/img150/3332/deerhs4.jpg

Steve enjoying a stroll.
http://img150.imageshack.us/img150/6278/stevethebearsq3.jpg

[Ant's_rapier]

I watched the Bush press confrence yesterday and you could tell he just wanted to say "fucking congress". He is obviously disgusted with them.

[Edible Napalm]

I watched the Bush press confrence yesterday and you could tell he just wanted to say "fucking congress". He is obviously disgusted with them.

I saw that too. As much as I hate W, I fucking hate congress so much more.

[maz]

Down another 4 bucks a barrel so far today

[Aizazzle]

Wow, a great fucking move by Bush! I don't know what this world has come to. Aanybody in Congress who opposes this should be handed over to the people, who really get it up the ass, because of higher gas prices.

[Begbie]

Congress is truly fucking themselves over. But honestly, as legitimately biased and power hungry as they are...what the hell are they to do? They can't support offshore drilling for the pure fact it goes against their stance for years, and if they support it and prices come down, the evil President would look like a genius. On the other hand, if they continue to criticise Bush and demand other methods to lower prices other than drilling offshore...prices will more than likely climb back up and we (people cringing every time our gas light turns on) will continue to suffer...and our economy will suffer.

It's time to fuckin stop this nonsense. The price per barrel dropped slightly last week when Bush discussed drilling offshore. He pushed it further yesterday, and it plummetted. Congress can spin this however they want, but the bottom line is, prices are coming down even with the threat of us drilling offshore.

[thetick130]

Congress is truly fucking themselves over. But honestly, as legitimately biased and power hungry as they are...what the hell are they to do? They can't support offshore drilling for the pure fact it goes against their stance for years, and if they support it and prices come down, the evil President would look like a genius. On the other hand, if they continue to criticise Bush and demand other methods to lower prices other than drilling offshore...prices will more than likely climb back up and we (people cringing every time our gas light turns on) will continue to suffer...and our economy will suffer.

It's time to fuckin stop this nonsense. The price per barrel dropped slightly last week when Bush discussed drilling offshore. He pushed it further yesterday, and it plummetted. Congress can spin this however they want, but the bottom line is, prices are coming down even with the threat of us drilling offshore.

Logic and reasoning are a bitch, aren't they?

[cosmic cow]

how much earl we gots off the coast anyway??

F congress and all politics, its all a joke

funny how I see more cars advertised now that get 30+mpg

[WOWmagnet]

Down another 4 bucks a barrel so far today

...aaaaaaaaaaaaaaaaaaaaaand watch it just plummet at the pump!





Pssssst! it won't!

[Begbie]

Logic and reasoning are a bitch, aren't they?

Exactly, it's simple logic. But in the end...this is all a game in order to gain power and dictate how we should all go about doing our business. And the citizens of this country are all game pieces in this mess.

[ADD Theater]

One reason the price dropped because we're using a lot less this summer.

http://www.bloomberg.com/apps/news?pid=20602099&sid=a23QlmpvIUBI&refer=energy

[WoodenPlank]

One reason the price dropped because we're using a lot less this summer.

http://www.bloomberg.com/apps/news?pid=20602099&sid=a23QlmpvIUBI&refer=energy

Id buy that if it was a slow, gradual slide. Seeing at $13+ dollar slide in 2 days isnt a gradual drop from less consumption. Its speculators getting a little nervous...

[thetick130]

Id buy that if it was a slow, gradual slide. Seeing at $13+ dollar slide in 2 days isnt a gradual drop from less consumption. Its speculators getting a little nervous...


Exactly. Now lets see what the price will do if they actually allow drilling.

[WoodenPlank]

And have a Democrat-controlled congress give Bush a boost like that, when they want their boy Obama in office? Fat fucking chance? Congress is going to continue to sit on their hands for as long as possible.

[DonTheTrucker]

...aaaaaaaaaaaaaaaaaaaaaand watch it just plummet at the pump!





Pssssst! it won't!

Funny. It dropped 10 cents a gallon where I live at a couple of stations in the past week.

[maz]

Down almost another 4 bucks so far

[DonTheTrucker]

If Bush were smart he'd just make empty promises about drilling and refining the shit out of oil. Any good news at all is driving prices down, whether or not any drilling or refining is ever going to be really done.

[Begbie]

And, in comes ol' fucktwat Pelosi to dampen everyone's party...

The full version is here...
http://www.iht.com/articles/2008/07/17/america/pelosi.php


Pelosi stands firm against offshore drilling
By Carl Hulse

Thursday, July 17, 2008
WASHINGTON: Upon entering Congress in 1987, Representative Nancy Pelosi quickly became part of the solid California front against oil drilling along much of the nation's coast.
The 1969 Santa Barbara oil spill and the steady push to tap the potential reserves off the state's rugged coast had galvanized Californians and made opposition to offshore drilling part of the political DNA of up-and-coming figures like Pelosi.

This mentions a spill almost 40 years ago. Do you think technology may have improved to help prevent these accidents from occurring? I would certainly think so.

"We learned the hard way that oil and water do not mix on our coast," DID YA?! Pelosi told a key committee in 1996 as she made her case for keeping the ban in place before a Congress then controlled by Republicans.
Now, with gas prices soaring, those drilling restrictions are facing their most severe test in years as calls intensify to more aggressively pursue domestic oil. Yet despite increasing pressure from President George W. Bush, a full-bore assault by congressional Republicans and some anxiety among her own rank-and-file Democrats, Pelosi is not budging.
"The president of the United States, with gas at $4 a gallon because of his failed energy policies, is now trying to say that is because I couldn't drill offshore," Pelosi said in an interview. "That is not the cause, and I am not going to let him get away with it."

And there it is! We all knew it was coming...the blame game. "Well, you are the one that put us in this mess in the first place, so you're not going to get your way." And she added the very popular buzzword among dems when they talk about Bush...fail, failed, failure, etc.

They mount the counterargument that the oil and gas industry is not aggressively exploring large expanses it has already leased on land and offshore.

It's kinda hard to drill for oil in those leased areas WHEN THERE IS NO OIL THERE TO DRILL!! Holy crap!

But Representative John Boehner of Ohio, the Republican leader who is escorting a delegation to the Arctic National Wildlife Refuge this weekend, said the Democratic approach was woefully insufficient. He said Pelosi, in insisting on preserving the drilling ban, was putting Democrats in the cross hairs of voters furious about gas prices.
"I think Speaker Pelosi is walking her Blue Dogs and other vulnerable Democrats off a cliff and they know it," said Boehner, referring to the coalition of Democrats representing more conservative districts.
He accused the speaker of using procedural maneuvers to thwart votes on expanded drilling, a position he said would prevail if the moment arrived. "Harry Reid and Nancy Pelosi are standing in the way of what the American people want," Boehner said.

This is so obvious. Too bad Pelosi's spin machine will be enough for the uninformed to say, "hey, she's right, Bush fucked us up and put us in this mess, and we have to protect the dolphins."

In a private meeting last week, according to some in attendance, Pelosi told members of her leadership team that a decision to relent on the coastal ban would amount to capitulation to Republicans and the White House. She attributes today's energy problems to a failure of the Bush administration to develop a comprehensive approach, its ties to the industry and a mishandling of the economy.

Blame, blame, and more blame. How about doing some research on your own to solve this problem we've got...since you've shot down the best option we have?

Pelosi has shown a willingness on issues like terror surveillance and spending on the Iraq war to look past her personal views and allow legislation she opposes to move through the House. But on the drilling ban, it is clear she sees her position as the one that should carry the day. She said national policy has to move beyond the long dispute over the drilling ban.
"This is part of the fight we are in," she said. "We have to get to a place where one day my grandchildren will say, 'Do you believe our grandparents had to go with their car and fill up?' It will be like going with a barrel on our head to a well to get water. That will be the equivalent."



What a cunt.

[Sinn Fein]

I know it's asking alot, but I really hope the voting public keeps this in mind.

[DonTheTrucker]

I know it's asking alot, but I really hope the voting public keeps this in mind.

We can hope something similar happens 3 days before the election, and that the mainstream media actually covers it. Then maybe it will make a difference.

[MrBogey]

The "Oil companies are refusing to drill" meme is really retarded. To believe such requires you to believe the oil companies exist not to make a profit but to just fuck up the environment. If the oil was economically viable to get to; they'd do so.

Exxon isn't going to piss money away to make the average American consumer happier. It's why no one is developing shale recovery on a large scale.

But Pelosi is right to a degree, gov't policy got us here to this energy cost crisis. Though most of it is the fault of her party and their appeasement to anti-science fruitcakes.

[FellowTraveler]

Fucking CUNT Pelosi. I really hope voters think about shit like this. She is taking this stance because that is what she believes personally...not because it is in the best interest of the country. Blaming this shit on Republicans is not accurate at all. It is fucking democrats that have blocked drilling and refinery construction in this country. Cocksuckers all of em. Now she wants to open the strategic oil reserve. Fuck that...it is a small, quick fix. We will need that shit if we start shooting with Iran.

[Edible Napalm]

http://youtube.com/watch?v=4gBnVgCkfws

edit: damn it to late.

[ih8Uboo-boo]

http://www.ibdeditorials.com/IMAGES/CARTOONS/toon071608.gif

Its funny 'cause its true...

[Sinn Fein]

Gas is below $4.00/gallon at every station I saw when I was out earlier today. I can't remember the last time this was the case.

[Edible Napalm]

http://youtube.com/watch?v=Srq9_mdoYBw

Al Gore speaks out against drilling for oil as a wrongheaded attempt to address America's energy crisis at Netroots Nation in Austin, Texas.

Annnd here we.... go!

[Begbie]

Can't say I'm surprised that this opportunistic faggot jump into the fray. Fuck him.

[Cunta Kinte]

The guy had 8 years, the majority of that being with a Republican congress and now all of the sudden Pelosi and pals are to blame?

[kloraferm]

Ah, the legacy left behind :icon_roll

[MrBogey]

The guy had 8 years, the majority of that being with a Republican congress and now all of the sudden Pelosi and pals are to blame?

Oh just shut up. If you can't get your facts right in another thread then why come into here and state blatently incorrect thing.

He had 5 months with a Republican Congress followed by 5 years with a split Congress and then 2 more years with a Democrat dominated Congress. Christ, stay at FBA if you're not going to add anything useful.

We get it, you hate the jews and you hate Bush.

[Begbie]

Oil bump!

It fell another $4 today to $126. It's gone down about $21 since Bush raised the issue and has attempted to lift the ban on offshore drilling. This latest fall is being blamed on the fact that Dolly will not have a significant impact. So...shouldn't the prices at least just stabilize? I mean, the cost per barrel certainly did not go up (or did it?) because they feared Dolly was coming. So, why didn't the prices just stabilize instead getting slashed another $4 and continue to fall. I could be wrong, but it seems like they're trying to mask the reasons for this decline. Which could make sense since they don't want to come out and say, "We're slashing prices on fears that US will drill offshore" since more and more people would read that and think, "Wow, maybe we really do need to support the President and get this passed."

I dunno, I might be making no sense at all since it's hard to understand what the hell is going on. But it's so fishy.

[WoodenPlank]

Here is a copy of the newsletter I got today from my congressman, Robin Hayes:
Dear Xxxxxxx,

Last week, the President lifted the federal moratorium on offshore oil production in the United States. This will lift the 1990 presidential directive that orders the Interior Department not to issue oil and gas leases in deep ocean energy zones.

The President did the right thing, but frankly I wish he had taken this action sooner. Now the burden is entirely on Congress to take action on this issue and many people believe there are a majority of votes in the House of Representatives to approve increased production as well.

Roll Call, a Washington-based newspaper, reported that Speaker Nancy Pelosi (D-Calif.) appears intent on preventing votes on opening more areas or our nation to oil exploration and production despite the stirrings of a revolt by members on both sides of the aisle. Basically, the House of Representatives is not being allowed to vote on expanding oil and natural gas production in our nation so we aren’t so reliant on OPEC. The entire federal appropriations process has ground to a halt rather than simply allowing a vote on this issue.

People across the 8th District and the nation want us to take action and get something done. The fact is we are being prohibited from doing everything we can.

I believe in conservation and I have supported numerous bills to help us consume less energy. I believe in alternative fuels and I have supported legislation to promote the production and distribution of new energy sources. But the reality is that our cars and factories still use oil and natural gas, and that is not going to change overnight. I think we need to produce more oil and natural gas in this nation so we are not reliant on foreign dictators like Hugo Chavez and members of OPEC.

To help us make that transition from oil to new forms of energy, I recently introduced The Alternative Energy Advancement Act (H.R. 6383), which increases the development of new alternative energy technologies by diverting all federal proceeds from future oil and gas leases, on and off shore, into a newly created Alternative Energy Trust Fund.

In the short run, I believe we need to use more of the oil and gas that is available here in our country. Over the long run, I believe we need to develop and implement new alternative energy sources. This legislation seeks to accomplish both of these goals by using the proceeds from oil and gas leases to fund alternative energy research and development for the future.

Last week, I was deeply saddened by the death of Tony Snow. He was an admired, respected and a trusted friend. I first met Snow in the mid 1990s while I was on a visiting teaching fellowship at Harvard University. As a graduate of Davidson University, Tony was at home in North Carolina. In fact, he came to the District on my behalf, and he was always a friend to all who had the good fortune to meet him. Our hearts, prayers and deepest sympathy go out to his family.

As always, please feel free to contact my office if we can be of assistance to you or your family. Please don’t hesitate to contact my office by mail, email or phone. Our contact information can be found on our website, www.hayes.house.gov.


So Pelosi is (apparently) doing everything in her power to keep the House from doing jack shit about this? Wow, Im SOOOOO surprised! Why on earth would she do such a thing?!? :icon_roll

[maz]

Still waiting for gas to drop here

the 2 stations up the road have been at $4.09 for a long time
And they are usually the lowest around here

I'll see when I go to work later

[WoodenPlank]

The gas station outside one of the gates here (I pass it on the way to work every morning) is down to 3.91 a gallon.

[Begbie]

Here is a copy of the newsletter I got today from my congressman, Robin Hayes:


So Pelosi is (apparently) doing everything in her power to keep the House from doing jack shit about this? Wow, Im SOOOOO surprised! Why on earth would she do such a thing?!? :icon_roll

Heeeey, Mr. Hayes never sent me anything! Eh, oh well.

I wouldn't put it past the twat to be purposely delaying and preventing this from hitting the floor. I mean, doesn't Congress have their summer recess in a week or two? And by that time, she may be able to push it out further with hopes that Obama will win the election...then it's immediately a dead issue.

Still waiting for gas to drop here

the 2 stations up the road have been at $4.09 for a long time
And they are usually the lowest around here

I'll see when I go to work later

I've seen it go from $4.09 to about $3.94 so far here in NC. It's funny when the price per barrel goes up and gas stations immediately raise their prices. Yet, when they decline...it takes quite awhile longer for the prices at the pump to come down.

[WoodenPlank]

Heeeey, Mr. Hayes never sent me anything! Eh, oh well.

I wouldn't put it past the twat to be purposely delaying and preventing this from hitting the floor. I mean, doesn't Congress have their summer recess in a week or two? And by that time, she may be able to push it out further with hopes that Obama will win the election...then it's immediately a dead issue.



I've seen it go from $4.09 to about $3.94 so far here in NC. It's funny when the price per barrel goes up and gas stations immediately raise their prices. Yet, when they decline...it takes quite awhile longer for the prices at the pump to come down.

I emailed him about something some time ago, and I ended up on his mailing list. Plus, I dont think Wake county is in his district. I know Cumberland and Scotland are.

As for Pelosi, my theory is shes doing EXACTLY what you said - delaying this in hope of Obama winning the White House, then pushing it through to make him look better.

[Begbie]

I emailed him about something some time ago, and I ended up on his mailing list. Plus, I dont think Wake county is in his district. I know Cumberland and Scotland are.

As for Pelosi, my theory is shes doing EXACTLY what you said - delaying this in hope of Obama winning the White House, then pushing it through to make him look better.

Ahh! Yeah, I doubt he's Wake County. I'm ignant when it comes to that kinda stuff.

Her delaying I think will go either way. I mean, it is all a matter of not letting this pass while on Bush's watch. Gas prices will then tumble, and President Obama (oh crap, that doesn't sound good) will then be able to say that the tumbling gas prices happened under his administration. Or, President Obama will use his superior teleprompter reading skills to squash the vote and gain support against it...which I think is more likely. There's no need to piss off the environmentalists who will blindly support you. From then on, Obama can push for his windfall profit tax, taxing the gas corporations, which in turn, will punish the consumer when gas prices climb even further.

[WoodenPlank]

Ahh! Yeah, I doubt he's Wake County. I'm ignant when it comes to that kinda stuff.

Her delaying I think will go either way. I mean, it is all a matter of not letting this pass while on Bush's watch. Gas prices will then tumble, and President Obama (oh crap, that doesn't sound good) will then be able to say that the tumbling gas prices happened under his administration. Or, President Obama will use his superior teleprompter reading skills to squash the vote and gain support against it...which I think is more likely. There's no need to piss off the environmentalists who will blindly support you. From then on, Obama can push for his windfall profit tax, taxing the gas corporations, which in turn, will punish the consumer when gas prices climb even further.

Sounds about right, and its even more reason to keep screaming for this shit to get pushed through NOW. According to that newsletter, Democrats AND Republicans are calling for this vote, and Pelosi is doing everything she can to block it.

[BloodyDiaper]

Oil prices are dropping because demand is falling and inventories are increasing. It has little to do with a very small amount of oil that may or may not be delivered to market 10 years from now.

[MrBogey]

Well Bush did a hell of a job syncroizing his EO to time with a sudden fall in price.

Ad how does what you say jive with the "$200 by December" speculators?

[thetick130]

Still waiting for gas to drop here

the 2 stations up the road have been at $4.09 for a long time
And they are usually the lowest around here

I'll see when I go to work later


The individual gas stations need to make the money back from when the price was really high and they were losing money. Don't worry however, once they make it back competition with other stations will force them to lower it.

[WoodenPlank]

Oil prices are dropping because demand is falling and inventories are increasing. It has little to do with a very small amount of oil that may or may not be delivered to market 10 years from now.

Because the Speculators start getting nervous and dump some of the oil theyve been holding on to to keep the prices going up. This isnt about actually getting the oil right now, its about giving the commodity traders and speculators a sound beating so that the prices some back down.

[Sinn Fein]

Gas is below $4.00 here, even at the "ripoff" stations that are always significantly higher than everywhere else.

[thetick130]

Oil prices are dropping because demand is falling and inventories are increasing. It has little to do with a very small amount of oil that may or may not be delivered to market 10 years from now.

Stop with the talking points of Pelosi, they don't work here. Oil prices have dropped in the last week because of both the Executive order and lowered demand/higher inventory, but the effect seen from Lowered demand is a gradual price change. This sudden drop of $21 directly after Executive ban was removed was because the future of oil looks better.

Oil is a futures commodity, so the price reflects what might happen down the road. Up until last week the future of oil looked shitty, so the price skyrocketed. We weren't allowed to drill in the US, the tensions in the middle east were mounting up, and other developing countries were increasing the overal demand, so the price was VERY HIGH. People were speculating (the liberal keyword) that the prospects of oil were terrible because we couldn't increase our own supply.
After Bush took off the executive ban the future of oil looked a little better, with one of the 3 factors I mentioned slowing being scratched out. So the price dropped a shit load in a short amount of time. It wasn't because the supply raised at all, but because of the same people speculating on the potential bright future for oil in this country. It doesn't matter to the speculators whether or not the oil is on the market now, what matters is the fact they don't want to lose their shirt if everyone decides to sell underneath them. So obviously with good news come tensions about the price being too high so they sell off before it drops off. If the congressional ban is lifted you can expect to see it drop even more, and even more when drilling/exploration starts.

I hate to sound so simple talking about my business (I'm in oil), but you seem as if you can't get over that horseshit that they teach you to say in liberal land, so I feel like I have to spell it out for you.

It will not take 10 years to get the oil out of the ground. Trust me. It will take at most 5 depending on formations and other complications. These companies want to make a profit, and fucking around taking 10 years is not the way to do it.

[maz]

Eh
Down to $4.05 here this afternoon

I'll wait and see before filling up the car and truck

still have 1/2 a tank in the car
and 3/4 in the truck , I think

Though It's more Psychological for me right now

[Begbie]

Oil bump!

Another $4 drop yesterday...we're at about $124 a barrel. I read a report in Bloomberg today that it's climbed back to $125/barrel, but that the decline will continue and we'll hit $120/barrel soon.

Also, all of this talk about 90 billion barrels of untapped oil in the Arctic should help.

[BloodyDiaper]

Stop with the talking points of Pelosi, they don't work here.

They happen to be the facts which are true whether or not Pelosi or anybody else says them. You think financial institutions are revising their energy consumption forcasts down because of "liberal talking points" or because all of the numbers point to falling demand?

Lehman slashes world oil demand growth forecast
Wed Jul 23, 2008 1:54pm BST
NEW YORK (Reuters) - Investment bank Lehman Brothers (LEH.N: Quote, Profile, Research) said Wednesday it slashed its forecast for 2008 world oil demand growth due to a steeper-than-expected slowdown in energy consumption in the United States and other OECD countries.

Lehman added it believes the oil market is "approaching a tipping point" with prices expected to decline to an average of $90 a barrel in the first quarter of 2009.

"We now forecast annual oil demand for 2008 at 86.3 million barrels per day, a growth of 790,000 bpd from 2007. The growth has been revised down from projections of 1.5 million bpd in December," Lehman said in a research note titled 'Demand Demolition'.

Oil prices struck a record over $147 a barrel on July 11 -- the peak of a six-year rally driven by stunning growth in China and other developing economies alongside rising geopolitical tensions, particularly between the West and Iran over its nuclear program.

But prices have dropped about $20 since then, the steepest decline in dollar terms in the market's history, amid mounting evidence of a consumption slowdown in the United States and Europe due to economic turmoil and high fuel prices.

"Despite surprising continued strength in China, one-off demand spikes in Japan from nuclear outages, and artificially increased European demand growth year-on-year due to the abnormally warm winter in 2007, the world demand balance has weakened significantly," Lehman said.

http://uk.reuters.com/article/marketsNewsUS/idUKN2339695320080723?rpc=401&


A consumption slowdown is responsible for the drop in prices - Bush's little stunt (and McCain's subsequent flip flop) has NOTHING to do with it. There's a reason for that - the oil speculators are not stupid, they know that even if we drill anywhere we want that the US sits on only 3% of the world's oil reserves so there isn't enough to make a dent in the supply side of the equation. They also know that Bush's own Department of Energy has an agency called the Energy Information Administration which did a study on what would happen if we allowed increased access to resources:

For AEO2007, an OCS access case was prepared to examine the potential impacts of the lifting of Federal restrictions on access to the OCS in the Pacific, the Atlantic, and the eastern Gulf of Mexico. Currently, except for a relatively small tract in the eastern Gulf, resources in those areas are legally off limits to exploration and development. Mean estimates from the MMS indicate that technically recoverable resources currently off limits in the lower 48 OCS total 18 billion barrels of crude oil and 77 trillion cubic feet of natural gas (Table 10).

Although existing moratoria on leasing in the OCS will expire in 2012, the AEO2007 reference case assumes that they will be reinstated, as they have in the past. Current restrictions are therefore assumed to prevail for the remainder of the projection period, with no exploration or development allowed in areas currently unavailable to leasing. The OCS access case assumes that the current moratoria will not be reinstated, and that exploration and development of resources in those areas will begin in 2012.

Assumptions about exploration, development, and production of economical fields (drilling schedules, costs, platform selection, reserves-to-production ratios, etc.) in the OCS access case are based on data for fields in the western Gulf of Mexico that are of similar water depth and size. Exploration and development on the OCS in the Pacific, the Atlantic, and the eastern Gulf are assumed to proceed at rates similar to those seen in the early development of the Gulf region. In addition, it is assumed that local infrastructure issues and other potential non-Federal impediments will be resolved after Federal access restrictions have been lifted. With these assumptions, technically recoverable undiscovered resources in the lower 48 OCS increase to 59 billion barrels of oil and 288 trillion cubic feet of natural gas, as compared with the reference case levels of 41 billion barrels and 210 trillion cubic feet.

The projections in the OCS access case indicate that access to the Pacific, Atlantic, and eastern Gulf regions would not have a significant impact on domestic crude oil and natural gas production or prices before 2030. Leasing would begin no sooner than 2012, and production would not be expected to start before 2017. Total domestic production of crude oil from 2012 through 2030 in the OCS access case is projected to be 1.6 percent higher than in the reference case, and 3 percent higher in 2030 alone, at 5.6 million barrels per day. For the lower 48 OCS, annual crude oil production in 2030 is projected to be 7 percent higher—2.4 million barrels per day in the OCS access case compared with 2.2 million barrels per day in the reference case (Figure 20). Because oil prices are determined on the international market, however, any impact on average wellhead prices is expected to be insignificant.

Similarly, lower 48 natural gas production is not projected to increase substantially by 2030 as a result of increased access to the OCS. Cumulatively, lower 48 natural gas production from 2012 through 2030 is projected to be 1.8 percent higher in the OCS access case than in the reference case. Production levels in the OCS access case are projected at 19.0 trillion cubic feet in 2030, a 3-percent increase over the reference case projection of 18.4 trillion cubic feet. However, natural gas production from the lower 48 offshore in 2030 is projected to be 18 percent (590 billion cubic feet) higher in the OCS access case (Figure 21). In 2030, the OCS access case projects a decrease of $0.13 in the average wellhead price of natural gas (2005 dollars per thousand cubic feet), a decrease of 250 billion cubic feet in imports of liquefied natural gas, and an increase of 360 billion cubic feet in natural gas consumption relative to the reference case projections. In addition, despite the increase in production from previously restricted areas after 2012, total natural gas production from the lower 48 OCS is projected generally to decline after 2020.

Although a significant volume of undiscovered, technically recoverable oil and natural gas resources is added in the OCS access case, conversion of those resources to production would require both time and money. In addition, the average field size in the Pacific and Atlantic regions tends to be smaller than the average in the Gulf of Mexico, implying that a significant portion of the additional resource would not be economically attractive to develop at the reference case prices.

http://www.eia.doe.gov/oiaf/aeo/otheranalysis/ongr.html

Again - The Bush Administration's own numbers predict that lifting the ban on offshore drilling will have no significant impact on prices until at least 2030 (and after that not so much either), and that's with the assumption that Congress also lifts the exsiting regulations. Under your fantasy, the speculators are bringing down the price now based on the mere lifting of the EO, without any action from Congress, which is unlikely to happen. And you assert this political gesture is primarily responsible for the drop in prices not just for a day or two, but for the last 10 days of price reductions, an assertion which is unsupported by any evidence or logic. Who could have predicted that someone who works in the oil industry would be completely full of shit? :icon_roll

[MrBogey]

You ran right past the caveats. The assumption is that nothing is even leased for another 4-5 years. Then it assumes nothing starts being built for another 10. So year, if we sit on our asses nothing will get done for the next 20 years.

And forecasts can be off. Hell, they predicted 200$/barrell oil just 2-3 weeks ago. So what happened in these past couple weeks that speculators overlooked? Did they think that demand would always be balls to the wall high?

Also speculative forces work on current attitudes as well. The political attitude does play a part in that. Congress being pressured does help lower the price.

[caniseeyourtaint]

So what happened in these past couple weeks that speculators overlooked? Did they think that demand would always be balls to the wall high?


We know what happened in the last couple weeks...an announcement that had the speculators scrambling. A decrease in consumption would not have such a huge drop in one week. It would be gradual. So a combination of both could be acceptable as an excuse...but to say its ALL based on decreased consumption and NOTHING to do with Bush's announcement is just agenda driven ignorance.

[Motor Head]

MrBogey...your a pretty smart guy and I like to read your posts. (not being sarcastic)

Can we discuss for one minute the 800lb gorilla in the room called the Strategic Oil Reserve? Why does Bush roll his eyes, and his his jaw muscle go tense whenever he is asked about it? We have a huge supply of surplus oil. The only real critisism I have on your post is you always lean towards Bush being 99% correct.

Come on, we all know Bush has been a major disappointment to the true conservatives in this country. Even Fox News has reported that every man, women and child will owe over $26K just to pay off the Iraqi war debt. Bush has been like a rich kid with dad's American Express...accept WE the people are dad, and most of us aren't rich.

Sorry man, I'm a conservative that is disgusted by this huge government. They tax and tax, and still manage to get us into debt beyond belief. That's all of them Repubs and Dems.

[MrBogey]

If you really think I agree with Bush 99% of the time then you don't know me.

The bulk of your post doesn't address this core issue and is really a sideline. But the SOR isn't meant nor designed to game the oil market. It's designed for catastrophic disruptions to US imports or exports. If we tapped it to reduce the price for this driving season all we'll do is be shorthanded next driving season or if something really bad happens unless the feds buy morehigh priced oil.

[WoodenPlank]

If you really think I agree with Bush 99% of the time then you don't know me.

The bulk of your post doesn't address this core issue and is really a sideline. But the SOR isn't meant nor designed to game the oil market. It's designed for catastrophic disruptions to US imports or exports. If we tapped it to reduce the price for this driving season all we'll do is be shorthanded next driving season or if something really bad happens unless the feds buy morehigh priced oil.

Exactly. Especially with the way the other side of the world is starting to heat up (the standoff with Iran, etc), we need to have that reserve as an insurance policy.

[Buds Spuckley]

Congress can spin this however they want, but the bottom line is, prices are coming down even with the threat of us drilling offshore.[/B]

Wrong.

Prices dropped because prices went so high people consumed less, which caused reserves to rise. When there is more product and less demand the prices drop.

You seem to think that once we drill that will cause prices to drop, we dont have refinery capacity to refine the oil even of we do find it.

Once the prices drop at the pump and demand increases again youll see the price per barrel rise again.

[Begbie]

She's at it again.

http://www.politico.com/news/stories/0708/12122.html

Ironically, what's not much mentioned is Congress' 14% approval rating. Oh well, I guess it's not necessary when trying to kiss the ass of the democratic speaker and also ignoring the fact that 74% of Americans support drilling offshore.

Pelosi: 'I'm trying to save the planet'

by David Rogers
Just call her Nancy the Navigator.

“I have always loved longitude,” Nancy Pelosi says before breaking into laughter. “I love latitude; it’s in the stars. But longitude, it’s about time. ... Time and clocks and all the rest of that have always been a fascination for me.”

“The Geographer,” Jan Vermeer’s portrait of a Dutch mapmaker staring out a window with a sea chart before him, is a favorite of the House speaker. But mostly, Pelosi is drawn to the explorers of the Age of Discovery — Balboa, Magellan, Vasco da Gama — all struggling at sea without an accurate way to measure East-West progress. And she is fascinated by the historic melding of science and politics in the race to find a solution, the modern chronometer — much as today’s world seeks answers such as an electric car battery in the energy debate that now consumes both Pelosi and Congress.

“Whoever makes that discovery, rules,” she says.

Eighteen months after taking power, the California Democrat will need to summon all her own navigation skills for the waters ahead.

She hit the national television circuit Monday with her new book, “Know Your Power: A Message to America’s Daughters.” Next month, she’ll chair the convention in Denver that will nominate Barack Obama — “the next president of the United States. I feel very certain of that,” Pelosi says.

From Medicare to housing to the new GI Bill, her Democrats have driven the legislative train more than the White House has in recent months. And even when the Democratic Party gave ground to the White House on terrorism surveillance, Pelosi’s credentials were such that Obama felt safer embracing the deal — after she did so first publicly.

Yet with this success comes new danger — like explorers lost at sea without longitude. Until now, Pelosi has been perceived as a counterweight to President Bush. But after the Democratic convention in Denver, and going into November, voters will take a closer measure of her performance — and fairness — since Democrats could very well be the new ruling party, controlling Congress and the White House in January.

At the same time, the wave of change her party has ridden could come crashing down. The pressures facing the nation — troubled financial markets, falling housing prices and rising energy and food costs — are genuinely historic. The next president will inherit a projected deficit of close to $500 billion, and Democrats admit privately that they were caught off guard by the spike in gasoline prices and the hardship it has imposed on middle-income and working-class voters.

With fewer than 20 legislative days before the new fiscal year begins Oct. 1, the entire appropriations process has largely ground to a halt because of the ham-handed fighting that followed Republican attempts to lift the moratorium on offshore oil and gas exploration. And after promising fairness and open debate, Pelosi has resorted to hard-nosed parliamentary devices that effectively bar any chance for Republicans to offer policy alternatives.

“I’m trying to save the planet; I’m trying to save the planet,” she says impatiently when questioned. “I will not have this debate trivialized by their excuse for their failed policy.”

“I respect the office that I hold,” she says. “And when you win the election, you win the majority, and what is the power of the speaker? To set the agenda, the power of recognition, and I am not giving the gavel away to anyone.”

Let’s face it, Washington: This speaker is different. She’s the first woman ever to hold the post and a very tough one at that, with a penchant for the mystical.


Former House Speaker Newt Gingrich (R-Ga.) promoted futurists such as Alvin Toffler; Pelosi sails the mythical voyages of Italian novelist Umberto Eco. The Colombian writer Gabriel Garcia Marquez is such a favorite that Pelosi’s staffers joke about what she would do if the Nobel laureate were to call about the Colombian Trade Agreement bottled up in the House. Most recently she has turned to Pope Benedict XVI’s “Jesus of Nazareth.”

“It’s like reading, but it’s also almost a meditation,” she says.

All this from a political leader who only minutes earlier took credit for pulling Bush’s “chestnuts out of the fire” after House Republicans deserted the administration on a home mortgage bill. In the same time frame last week, Pelosi strapped her ally, Treasury Secretary Henry Paulson, over the barrel and then made nice with an old enemy, T. Boone Pickens, the Texas oilman and onetime ally of former Rep. Tom DeLay (R-Texas) who famously funded the Swift Boat attacks on Democratic presidential nominee John F. Kerry in 2004.

“We find our common ground on reducing our dependence on foreign oil, and he is a visionary for the future in terms of wind power,” Pelosi says of Pickens.

“Listen,” she laughs, “I go on the floor of the House every day and deal with people who don’t want to give health care to poor little children in America. We’re trying to get a job done. This is a giant kaleidoscope. One day you and I are on the same side. The next day it’s the two of us against you.”

On the subject of Paulson, she called the Treasury secretary after the housing vote but makes no apologies for insisting on adding community development funds that complicated his task in winning Republican votes. “I quite frankly found it hard to explain to anyone how only 45 Republicans voted for that bill,” she says.

At the same time, Pelosi doesn’t rule out some future progress on a Paulson priority, the Colombia trade deal — whether her hero, Marquez, telephones or not.

“We’re always talking back and forth,” she says of the Treasury secretary, a serious environmentalist in his own right and a partner with the speaker on the economic stimulus bill earlier this year. “Colombia is not off the table,” she insists. And although little time remains before the election, Pelosi says that, having raised the issue, Democrats have a responsibility to respond to the Colombian government’s efforts to address complaints of labor abuses and the killing of union organizers.

Toward this end, her close ally and House Education and Labor Committee Chairman George Miller (D-Calif.) has been charged with making an assessment. “Some people are never going to be for it. Don’t put me in that category. That’s not where I am,” she says of the trade pact. “These things cannot be ignored. If Colombia makes sufficient progress or makes progress — they’re never going to get it all accomplished in any time frame that would facilitate passing a bill.”

Going into the fall, Pelosi is promoting a second economic stimulus bill, which could still be part of the bargaining over Colombia. She says this is not a “quid pro quo” but a situation where, more broadly, Bush must be more aggressive in addressing worker fears, not just about trade but also about immigration.

“I said to the president that I don’t think we’ll be able to pass a trade bill or an immigration bill unless we have an economic package, a jobs package,” Pelosi says. “I don’t think you can have a president who is saying there is no need for a stimulus package. It’s not about trade-offs. It’s about making it possible for us to do this by giving people confidence that they can have a job.”

Understanding this speaker requires some understanding of the obvious: She is a woman who has risen to the top as an outsider in a male-dominated leadership power structure. Matched against Bush in her first year, she was often treated as a ditz by newspaper editors; The New York Times’ Maureen Dowd famously wrote that Pelosi threw “like a girl” when she backed her friend Rep. John P. Murtha (D-Pa.) in his failed leadership bid after the 2006 elections.

“He did not win, but my members saw a leader who was loyal,” Pelosi says. “Jack Murtha was two things: He was my associate in the Congress, and he was the leading voice against the war in Iraq. He lost that race. I didn’t lose in supporting him. ... If they want to think, ‘Oh, she didn’t win that,’ that’s their problem. It’s not mine.”

But Pelosi’s gutsiness can at times appear hard-edged, even arrogant. Her book, albeit too precious for some, could prove useful to her in breaking through.

“The goal,” she says, “is to give an answer to people who all over the country say to me, ‘How did you go from the kitchen to the Congress, being a housewife to the House speaker?’ And it was just a short little story of that.”

“It’s also [that] I’m passionate about the fact that we need many more women in public policy positions, leadership roles and public office,” Pelosi says. “And whether it’s that or the academic world or corporate world, they really have to have confidence in the experience that they have, because I know that people will try to trivialize a lot of what women do.”

The title “Know Your Power” comes from advice given to her by former Rep. Lindy Boggs (D-La.). But the most telling sections are about Pelosi’s family, her upbringing as the only girl in a Baltimore political family dominated by her five older brothers and a congressman father who took her to her first national convention at 12. In the midst is her mother, also named Nancy, who never went to college herself, had “frequent clashes of will with Daddy” and, when the time came, interceded to allow her daughter to go away to Trinity College in Washington rather than attend a Baltimore school.

“I’m a little of both,” she says of her parents. “I’m my own self. I’m sort of quiet, shy. ... I always have been.”

Quiet and shy?

“Not now,” she says. “But I always was before.”

[Edible Napalm]

Just call her Nancy the Navigator.

I got this far before I quieted reading.:puke:

[ih8Uboo-boo]

Here's an interesting video about the history of politicians and oil...

tWZ_4EXeyaA

[WoodenPlank]

Doomed. Mother. Fucking. Doomed.

[DanaReevesLungs]

Out-of-touch...every single one of them.

[maz]

Under $122 a barrel so far today

[abudabit]

Almost time to buy in oil futures again, although I get a gut feeling it will drop a tad more first.

[nataskaos]

Under $122 a barrel so far today

investigation of oil speculators + people using less = oil going down for now.

bunch of savages (read: OPEC and politicians) have us trapped.

[abudabit]

Just a temporary dip, I still feel it and other commodities are a good investment. The market was just a little crowded, that's all.

[abudabit]

Also it's worth noting that all commodities have dropped today from a rise in the dollar. Not just an oil thing.

[Begbie]

Oil has dropped about $25 off it's high for the last three weeks...yet at the pump, it's only come down about 10 to 15 cents over that period.

Fuckin crooks.

[abudabit]

15% drop in crude oil prices, 5% drop in pump prices.

But you need to remember that a lot of cost happens between the barrel producer and the pump.

Shipping, refining, and taxes are the big three. Any one of those 3 is larger than profit taking.

Doesn't seem to be crookery to me.


Edit Also forgot retailing, which is another huge expense.

[Begbie]

$4 drop per barrel today.

And Bush again...pushed for offshore drilling today...

http://www.breitbart.com/article.php?id=D927PD00C&show_article=1


Bush Renews Push For Offshore Oil Drilling
by Ben Feller

EUCLID, Ohio (AP) - President Bush, pressuring lawmakers to act on gas prices before they break for the summer, challenged Congress again Tuesday to relent on offshore oil drilling. Bush has lifted an executive ban on exploratory drilling for oil in the waters along both the East and West coasts and in the eastern Gulf of Mexico. But the move won't have any effect unless Congress lifts its own prohibition on drilling off America's coastlines.
That appears doubtful at best, but Bush keeps prodding.
"Now it's up to the United States Congress to make a decision as to whether or not you're going to continue to face high gasoline prices at the pump," Bush told workers at a welding plant here in northeast Ohio.
Democrats maintain that more drilling isn't the answer. And they argue a point the White House itself concedes—allowing offshore drilling is not going to lower gas prices now.
Bush himself said, "It took us a while to get to this position, and it's going to take us a while to get out of it."
Still, Bush says more drilling would send an important signal to the world that the United States is serious about expanding the oil supply. He says it can be done in environmentally safe ways, but opponents fear oil spills and drops in coastal tourism.
The soaring cost of gasoline has turned energy policy into a kitchen-table issue. Millions of people who rely on their cars are eager to get some help from elected leaders—and those leaders, especially those up for election, want to show some action.
"If we're worried about your gasoline price and recognize that it's high because of the price of crude oil, and it's possible to find more oil right here in the United States ... doesn't it make sense to try to find that oil?" Bush said. "I think it does."
Bush also pushed for nuclear power and other forms of alternative energy.
Republicans and Democrats on Capitol Hill are in a stalemate over how to rein in energy prices. Using the country's frustration as leverage, the president is trying to build pressure on lawmakers to take action before they leave town for their August recess.
A gallon of gasoline costs $3.94 nationwide, down slightly from a month ago, according to a daily survey of gas stations by AAA and the Oil Price Information Service. The cost varies across the country, with several states topping $4 a gallon.
The average cost a year ago was $2.89 per gallon—more than a dollar below today's cost.
Bush says many Americans are suddenly practicing their own version of conservation.
"It's interesting to note that many of our consumers have already made the decision to switch away from automobiles, like SUVs that consume a lot of gasoline, to smaller cars," Bush said. "Why? Because you're smart. You know how to handle your own business.
Bush spoke at Lincoln Electric, a welding manufacturer.
After his energy speech, Bush raised some cash for the Congressional Trust, a Republican campaign fund for congressional candidates. The event was expected to raise $530,000.
The fundraiser was held in Gates Mills, a Cleveland suburb, at the home of insurance executive Umberto Fedeli in the Cleveland suburb of Gates Mills.
Like most of Bush's fundraisers this year, the event was closed to the media.
On his way out of town, Bush stopped his motorcade so he could get out and wish a happy birthday to a local woman, Ruth Harris, who was celebrating her 91st birthday.
Bush sat in a chair next to Harris and said "91 years old—how special."
When neighbors noticed what was happening, they soon surrounded the president for a moment with him too.

[maz]

Down to $3.91 at my place today

Usually the lowest in the area
Philly Suburbs

$4.09 was their High
a week or 2 ago

[nunpuncher]

there is no suppot for oil at less than 120 a barrel
if it falls through 120 its going to 100
i personally hope it goes higher
so we can use natural gas for our cars and nuclear for our power plants

[maz]

Back up today

Over 3 bucks a barrel so far

dammit

[maz]

3.87 a gallon tonite

Filled the car up
might go back the other way tomorrow

We'll see

[Buds Spuckley]

Yup working like a charm.

Exxon made $11.68 billion in the second quarter, says the AP, which is "the biggest profit from operations ever by any U.S. corporation,"

[MrBogey]

Yup working like a charm.

Exxon made $11.68 billion in the second quarter, says the AP, which is "the biggest profit from operations ever by any U.S. corporation,"

As a market "expert" does total profits matter more to you than profit per share or profit per risk?

Increased volume consumed. Increased price of product (offset by increased price cost of product). And total profit rises. Fucking amazing.

[Buds Spuckley]

As a market "expert" does total profits matter more to you than profit per share or profit per risk?

Increased volume consumed. Increased price of product (offset by increased price cost of product). And total profit rises. Fucking amazing.

Except it DECREASED.

WASHINGTON (ICIS news)--First-half US oil and gasoline demand fell significantly for the first time in years as high crude prices, surging retail fuel costs and the slowing economy drove consumption down, the American Petroleum Institute (API) said on Friday.

The institute said that the nation’s oil consumption fell 3% in the first six months this year compared with the 2007 first half.

Average daily oil consumption was at 20.8m bbls/day in the six months ended 30 June - the lowest rate in five years, the institute said.



http://www.icis.com/Articles/2008/07/18/9141573/us-oil-demand-falls-3-in-first-half-of-2008-api.html

[MrBogey]

ExxonMobil doesn't rely solely on Americans. They produce worldwide.

[Edible Napalm]

http://www.youtube.com/watch?v=wCIoVz4MTSY
In his weekly radio address, President Bush scolds Democrats for refusing to allow a vote on lifting a federal ban on offshore oil drilling. Bush said reasons for lifting the ban include creating 'new opportunities for American workers.'

[Begbie]

Oil bump!

We're now down to $117/barrel. Or to put it differently, we are now $30 off of the $147/barrel high a little less than a month ago. I think we need a good Hurricane in the Gulf in order for these prices to at least stabilize and rise slightly.

http://biz.yahoo.com/ap/080806/oil_prices.html?.v=19

Is at least part of this due to Bush's push for offshore drilling...and even Pelosi's hush remark with Democrats in Congress to support drilling if it'll help you in the polls (cuz power obviously comes before the people)...I'd like to think to some degree, yes. I'd like to know what's going on in these speculator's heads.

[ih8Uboo-boo]

Yup working like a charm.

Exxon made $11.68 billion in the second quarter, says the AP, which is "the biggest profit from operations ever by any U.S. corporation,"

Were oil companies profitable when oil was $30/barrel?

[WoodenPlank]

Down to as low as as 3.62 locally.
Someone give good ol Pelosi a nice kick in the cunt so we can get this shit going already...

[Begbie]

Down to as low as as 3.62 locally.
Someone give good ol Pelosi a nice kick in the cunt so we can get this shit going already...

I just read on Drudge, that ol' twat has only sold about 2,700 copies of her book. This pleases me.

[DanaReevesLungs]

I just read on Drudge, that ol' twat has only sold about 2,700 copies of her book. This pleases me.

She has a 1.5 star customer rating on Amazon from 59 reviews. Dumb bitch. No one gives a shit about your "message" you out-of-touch, ignorant cunt.

[Begbie]

And were back over $120/barrel, thanks to Kurdish rebels destroying a pipeline in Turkey.

[Edible Napalm]

http://www.youtube.com/watch?v=sJnRKTyS6qE&feature=user
President Bush once again called on congress to allow oil companies to drill for oil, in the outer continental shelf. Mr. Bush called on House speaker Nancy Pelosi, to take a vote on a bill that he says will help lower gas prices.

[Edible Napalm]

http://www.youtube.com/watch?v=B_hGuYON1ZQ
Republican presidential candidate John McCain visited this oil platform in the Gulf of Mexico on Tuesday to call for increased offshore drilling that he claims would lower the cost of food and heating homes.

[Jerry1]

All the more reason to get to drilling here:

U.S. energy consultancy Cameron Hanover noted in its daily market report that some members of the oil group(OPEC) were "terrified of allowing Western countries to build any kind of cushion for the unexpected, because it has the potential to return prices to normal or sustainable economic levels" and interfere with OPEC's ability to keep building massive foreign currency reserves. From the AP

[Edible Napalm]

http://www.youtube.com/watch?v=cXggIPcKD7c
President Bush on Saturday blamed the Democratic-led Congress for the high cost of gasoline and renewed his call for expanded offshore drilling to increase U.S. oil supplies.

[Edible Napalm]

http://www.youtube.com/watch?v=GVxeVK82Nas
President Bush says while it may be too early to tell how much damage Hurricane Gustav did to offshore Gulf oil production, it should prompt Congress to OK more offshore exploration.

[maz]

It's under $109 a barrel as of now -CNBC

[Dilly]

this whole thing is a scam. we shouldnt drill off shore. the gulf of mexico is already the most poluted body of water in the world, and we want to make it dirtier? its not like if we fuck up our house we can go buy a new one with earth. Perhaps they should lift the laws on e85, a viable alternative fuel that was being sold at $1 a gallon when gas was $4 a gallon. Except a law was passed by the whiny oil companies that they could only sell it for 50 cents below the going gallon of gas, which is bullshit because e85 burns about 55% as efficiently as gas. Or what about the pickens project? using our natural gas reserves (which is more than the 3% of oil we have in the ground) and using the wind and solar farms to power us? Or how about for every house built, install solar panels on the roofs? Just a few ideas to lower gas. They already have fuel cells that can get over 100 miles per charge. Tesla motors produces a 100% electric car that goes 0-60 in 3.8 seconds, gets over 200 miles per charge and would average 256 mpg if it ran on gas instead of electricity. How come detroit cant build cars like this but indie manufacturers can?

The reason I say its all bullshit is because the world is producing more barrels of gas per day than they were 10 years ago. Many of the refineries are working at only mid 80% capacity. The oil companies that are reaping these record profits wont put money in to optimize their refineries. makes you wonder why? Bush will blame dem's for high gas prices but it was his foriegn policy which put us in the predicament that we are in now, not the democrats.

I am enjoying these higher gas prices. not because I love throwing money away, its because its finally bringing the change we need in our energy policy. Long long overdue.

[thetick130]

this whole thing is a scam. we shouldnt drill off shore. the gulf of mexico is already the most poluted body of water in the world, and we want to make it dirtier? its not like if we fuck up our house we can go buy a new one with earth. Perhaps they should lift the laws on e85, a viable alternative fuel that was being sold at $1 a gallon when gas was $4 a gallon. Except a law was passed by the whiny oil companies that they could only sell it for 50 cents below the going gallon of gas, which is bullshit because e85 burns about 55% as efficiently as gas. Or what about the pickens project? using our natural gas reserves (which is more than the 3% of oil we have in the ground) and using the wind and solar farms to power us? Or how about for every house built, install solar panels on the roofs? Just a few ideas to lower gas. They already have fuel cells that can get over 100 miles per charge. Tesla motors produces a 100% electric car that goes 0-60 in 3.8 seconds, gets over 200 miles per charge and would average 256 mpg if it ran on gas instead of electricity. How come detroit cant build cars like this but indie manufacturers can?

The reason I say its all bullshit is because the world is producing more barrels of gas per day than they were 10 years ago. Many of the refineries are working at only mid 80% capacity. The oil companies that are reaping these record profits wont put money in to optimize their refineries. makes you wonder why? Bush will blame dem's for high gas prices but it was his foriegn policy which put us in the predicament that we are in now, not the democrats.

I am enjoying these higher gas prices. not because I love throwing money away, its because its finally bringing the change we need in our energy policy. Long long overdue.


You're back I see. Don't worry we didn't forget you or your super moon jew hating ideas.

But besides that, this post is filled with so many falacies I don't even know what to think.

[Dilly]

I dont hate the super moon jews, its the god damn mars jews which are the penny pickers.

if you dont believe me about the car, just go look it up, http://www.teslamotors.com/

[ADD Theater]

Demand has decreased this summer and the value of the dollar has started to rise, thus lower prices.


I still think this is an issue we need to address. If gas goes back to $2/gallon everyone's going to forget that we're still dependent on foreign oil and just going back to where we were and we'll be having this discussion a few years from now wondering why we didn't do anything about this again like the last 3 or 4 times it's happened.

[Dilly]

the problem is the auto manufacturers and washington, they both say they want alternative fuel, they both say they want better gas mileage, but neither has done anything about it.

[Edible Napalm]

http://www.youtube.com/watch?v=B7BSU6Namn8
In his radio address, President Bush says experts think the Outer Continental Shelf could produce nearly 10 years' worth of oil. Yet experts note lifting the congressional ban on offshore drilling would not produce oil for five to seven years.