are gas prices obama's fault?
Posted 22 January 2013 - 09:05 AM
Oil and gas production is at all time highs since Obama has taken office and the California shale oil fields and Mississippi Lime oil fields are likely to see huge investment, development, and production before Obama's second term is up.
We've actually decreased the amount of oil we import since Obama has been in office and we've made great strides towards being energy independent (or at the very least depending only on ourselves, Canada, and Mexico) within a decade or two.
If you ignore scary catch phrases and rhetoric, the last 4 years have actually been very good to the energy industry.
Posted 22 January 2013 - 09:07 AM
I would assume even if we produced all of our own oil it would be similar price b/c global oil companies could give two shits where its pumped, they are charging the global price.
At least that's my understanding of it.
I actually had to do some research on this in college between XBOX and nailing random sluts.
The energy industrial machine seems to have to be bludgeoned over the head to make any significant progress towards cleaner more efficient fuels. There is a reason the designs for engines that would get 50 MPG were purchased up and locked away by big oil.
Posted 22 January 2013 - 09:10 AM
Posted 22 January 2013 - 09:12 AM
I have posted sarcastic things before in the huddle to illustrate the obsurdity of the charges against Bush and then for Bush. I remember posting a big "thank you" to Bush when prices went down. The point being, if he was to take the blame for it when they went up, as the bulk of the Huddle was ready to charge, then he should get the credit when they went down. You should have seen the posts.
All of a sudden, when prices went down, economics played a role.
Too many things at play to go for the blame or credit the president on this one.
I will say the presidents and their policies can influence the dollar which in turn influences what we pay for imports, of which oil has been pretty big. But, China and India play a bigger role.
Posted 22 January 2013 - 11:35 AM
He cited testimony by Goldman Sachs earlier this year asserting that speculation drives up the cost of a barrel of oil by as much as $23.39.
Gene Guildford, a former president of the Maine Oil Dealers Association and a Reagan administration Commerce Department official, estimated that speculation translates into roughly a dollar added to the price of each gallon of gasoline bought by the U.S. consumer. "Instead of spending four dollars, you should have been spending something closer to three dollars for your gallon of gasoline," he said.
The extra cost to America's drivers is staggering, Guildford said. "At 11 billion gallons a month that Americans consume, Americans today are paying $10 billion more a month for gasoline today than they did in December."
Both men urged the committee to fully fund the Commodity Futures Trading Commission and propose legislation in the House aimed at cutting oil speculation to what is required to keep the markets liquid. http://www.huffingto..._n_1403862.html
Posted 22 January 2013 - 11:38 AM
Do not let the noise fool you. The federal reserve's extended 'emergency' actions (zero interest rate + bond purchases) are making US debt more expensive to own, thereby exporting inflation to the developing world. It shows up in the US in products like food, gasoline, and metals, despite core CPI staying relatively stable.
Posted 22 January 2013 - 11:19 PM
also keep in mind that tried and true axiom of supply and demand. opec et al understand consumption and trends in world economies. therefore, based upon price points that i always bring up come into play.
there are guys who are doing quants and algorithms on gas prices/inventories and employment as well as time of year and peak driving times.
so they will price in all of this and once it gets to a certain price(much like what they call in the stock market a breakout price etc they then will move inventory accordingly.
they price fuel so its just enough to make a small profit but not so much as it scares away people at the pump. they have it down to a science.
Posted 23 January 2013 - 03:36 AM
Here's the answer, short clip from March, 2012
I actually remembered this video specifically... Which I'm proud of at the moment, because here lately my memory has been failing me (guess I can get old after all)
Posted 23 January 2013 - 03:55 AM
I'd say that this was the major reason for Iraq invasion. I think that prices are lower than what they should be now due to the "help" we're getting from Iraq. The whole thing was to keep the REAL prices from shooting through the roof! Imagine if we weren't getting the oil that we do from Iraq alone... We might be really paying upwards of $5 a gallon for awhile now.
Just my theory... Could be true/partly true/ or total BS who knows?