Blame Oil Speculators, Not Obama, For Rising Oil Prices

[thereisnospoon]

"decision by Obama to nix the Canadian Keystone XL pipeline project that would have pumped 700,000 barrels of oil per day into the United States. More oil just means more excessive, immoral, ugly energy use."

.

Wrong.

U.S. demand for oil and refined products — including gasoline — is down sharply from last year, so much that United States has actually become a net exporter of gasoline, unable to consume all that it makes.

Read more here: Once again, speculators behind sharply rising oil and gasoline prices | McClatchy

Drill Baby Drill is what the oil companies want. Of course they want all the land we will give them. But they are not going to share the profits. I say Nationalize the Oil Companies. And regulate the speculators on Wallstreet. This is our country. They have to follow our rules or don't do business in the USA.

Share the profits? What kind of Socialist bullshit is that?
Never mind the billions in taxes the industry pays each year?

The oil industry is "following the rules" just as other industries. But unlike others, they rank 115th in terms of net profit.

Christ I can't belive the idiots around here.

Ya gotta love the lunacy...."Share the profits"..."Follow our rules"...
Ahh yes, the entertaining words of the uninformed.

 

[KissMy]

As soon as we pulled our troops out of Iraq oil prices shot up & have not stopped climbing since. Let me know when they top out what percent rise that will be.

When we invaded Iraq oil price dropped 33%. That 33% drop in price times our USA annual 7.6 billion barrel oil consumption saved us $366 billion a year. Over the 8 years of the Iraq war total could be $2.9 trillion. So take out the ~$1 trillion cost of the Iraq war & we may be $1.9 trillion in the black.

Oil prices crashed 33% from $40 down to $27 after we invaded Iraq in March 2003.

 

[Luddly Neddite]

Repubs SAY they want a free market but they have no idea what that really means. It seems everyone but them knows that the world market sets oil prices. Just like they don't know that the US will not benefit from Keystone ... just like they don't know that the US imports 2/3 of the oil we use ... just like they don't know that the GObP/Repubs filibustered a bill that would have made our gas prices go down ... just like they don't know that its the GObP/Repubs who benefit from high gas prices ... just like they don't know that Cuba made a deal with Spain and that President Obama had nothing to do with it.

Just like they don't know that higher gas prices were voted on last night in Mich and Arizona.

 

[Lonestar_logic]

repubs say they want a free market but they have no idea what that really means. It seems everyone but them knows that the world market sets oil prices. Just like they don't know that the us will not benefit from keystone ... Just like they don't know that the us imports 2/3 of the oil we use ... Just like they don't know that the gobp/repubs filibustered a bill that would have made our gas prices go down ... Just like they don't know that its the gobp/repubs who benefit from high gas prices ... Just like they don't know that cuba made a deal with spain and that president obama had nothing to do with it.

Just like they don't know that higher gas prices were voted on last night in mich and arizona.

link??

 

[Lonestar_logic]

repubs say they want a free market but they have no idea what that really means. It seems everyone but them knows that the world market sets oil prices. Just like they don't know that the us will not benefit from keystone ... Just like they don't know that the us imports 2/3 of the oil we use ... Just like they don't know that the gobp/repubs filibustered a bill that would have made our gas prices go down ... Just like they don't know that its the gobp/repubs who benefit from high gas prices ... Just like they don't know that cuba made a deal with spain and that president obama had nothing to do with it.

Just like they don't know that higher gas prices were voted on last night in mich and arizona.

link??

Just like a liberal to spew a bunch of bullshit then run off.

 

[edthecynic]

As soon as we pulled our troops out of Iraq oil prices shot up & have not stopped climbing since. Let me know when they top out what percent rise that will be.

When we invaded Iraq oil price dropped 33%. That 33% drop in price times our USA annual 7.6 billion barrel oil consumption saved us $366 billion a year. Over the 8 years of the Iraq war total could be $2.9 trillion. So take out the ~$1 trillion cost of the Iraq war & we may be $1.9 trillion in the black.

Oil prices crashed 33% from $40 down to $27 after we invaded Iraq in March 2003.

What a glittering jewel of colossal ignorance! You take a momentary peak and a momentary low and use both as an average for 8 years to calculate your 366 billion dollar savings per year, while ignoring that after the Iraq war started oil hit a high of over $140 in 2008. Not only that, saving $13 per barrel ($40-$27=$13) times 7.6 billion barrels per year equals a savings of $98.8 billion per year not $366 billion per year.

So using your moronic logic and using different momentary highs and lows, oil skyrocketed from $30 before the war to $140 after and at 7.6 billion barrels per year Bush's Folly costs us $836 billion per year and $6.67 trillion over the 8 years.

 

[Decepticon]

I'll just post this and enjoy listening to the sound of CONZ shutting the hell up.

 

[Lonestar_logic]

I'll just post this and enjoy listening to the sound of CONZ shutting the hell up.

Obama had nothing to do witht he oil production going up.

But don't let the facts stop you from making a fool of yourself.

 

[paulitician]

What, another Obama-Bot blaming everyone but Obama? Gee, how unique and refreshing. Silly nutter bots.

 

[Jarhead]

I'll just post this and enjoy listening to the sound of CONZ shutting the hell up.

and I will post this to show all what a fool you are.

Institute for Energy Research | Oil and natural gas production on federal land is declining

LMFAO...Obama siad to his team..."My sheep are a bunch of morons that will believe anything I say....so when I telll them oil production is up under my watch, they will automatically give me the credit for it...even though I have done the exact opposite...but they are too stupid to know that..."

Hey mindless....whats it like to avidly support a man who has absolutley no respect for you?

 

[Toddsterpatriot]

Repubs SAY they want a free market but they have no idea what that really means. It seems everyone but them knows that the world market sets oil prices. Just like they don't know that the US will not benefit from Keystone ... just like they don't know that the US imports 2/3 of the oil we use ... just like they don't know that the GObP/Repubs filibustered a bill that would have made our gas prices go down ... just like they don't know that its the GObP/Repubs who benefit from high gas prices ... just like they don't know that Cuba made a deal with Spain and that President Obama had nothing to do with it.

Just like they don't know that higher gas prices were voted on last night in Mich and Arizona.

Sounds like you're projecting.

 

[paulitician]

Yes, blame everyone but the Dear Leader. Obama-Bot nutters get nuttier by the day. Yikes!

 

[Rozman]

OK just so I'm clear...
High gasoline prices when Bush was President...
All Bush's fault

High gasoline prices when Obama's President...
Everything but Obama is the reason....

Simple Democrat logic....

 

[Pheonixops]

By Alex Seitz-Wald

But there’s little truth to claims that Obama has curbed U.S. oil production and driven up gas prices in the process. As NPR noted this morning, the number of drilling rigs in U.S. oil fields has quadrupled under Obama and domestic oil production hit an 8-year high in 2011. For the first time in 60 years, the U.S. is now a net fuel exporter.

Oil demand was actually down 4.6 percent last week over last year, while the supply of gasoline has actually increased slightly since a year ago. So why are gas prices so high? As McClatchy’s Kevin Hall explains today, there is a systemic problem: speculation.

Energy futures markets serve a legitimate role in helping producers (like oil companies) and big end users (like airlines) hedge against price volatility, but lately, they’ve been taken over by Wall Street speculators who never intend to actually use the fuel they’re betting on. As Hall reports:

Historically, financial speculators accounted for about 30 percent of oil trading in commodity markets, while producers and end users made up about 70 percent. Today it’s almost the reverse.

A McClatchy review of the latest Commitment of Traders report from the Commodity Futures Trading Commission, which regulates oil trading, shows that producers and merchants made up just 36 percent of all contracts traded in the week ending Feb. 14 while speculators who will never take delivery of the oil made up 64 percent.​

More: Blame Oil Speculators, Not Obama, For Rising Oil Prices | ThinkProgress

Once again, speculators behind sharply rising oil and gasoline prices | McClatchy

Yep, it's the highly touted "fwee markwet!". It's funny to see the same folks who keep barking that phrase, now complain about it. That said, I am a proponent of the "Free Market". I'm "surprised" that this immediate development didn't lowe the prices:
""The president welcomes today's news that TransCanada plans to build a pipeline to bring crude oil from Cushing, Oklahoma, to the Gulf of Mexico," White House press secretary Jay Carney said in a statement.

The plan will "help address the bottleneck of oil" in the U.S. Midwest that has resulted from increased domestic production in areas like the Bakken oilfields of North Dakota.

Read more: New TransCanada plans 'welcomed' by Obama

 

[Pheonixops]

Speculators are not the cause of rising oil prices. The causes are a strengthening economy and tensions in the Middle East.

Which speculators see and speculate about rising prices. Thus causing the prices to............rise.

 

[LeftofLeft]

By Alex Seitz-Wald

But there’s little truth to claims that Obama has curbed U.S. oil production and driven up gas prices in the process. As NPR noted this morning, the number of drilling rigs in U.S. oil fields has quadrupled under Obama and domestic oil production hit an 8-year high in 2011. For the first time in 60 years, the U.S. is now a net fuel exporter.

Oil demand was actually down 4.6 percent last week over last year, while the supply of gasoline has actually increased slightly since a year ago. So why are gas prices so high? As McClatchy’s Kevin Hall explains today, there is a systemic problem: speculation.

Energy futures markets serve a legitimate role in helping producers (like oil companies) and big end users (like airlines) hedge against price volatility, but lately, they’ve been taken over by Wall Street speculators who never intend to actually use the fuel they’re betting on. As Hall reports:

Historically, financial speculators accounted for about 30 percent of oil trading in commodity markets, while producers and end users made up about 70 percent. Today it’s almost the reverse.

A McClatchy review of the latest Commitment of Traders report from the Commodity Futures Trading Commission, which regulates oil trading, shows that producers and merchants made up just 36 percent of all contracts traded in the week ending Feb. 14 while speculators who will never take delivery of the oil made up 64 percent.​

More: Blame Oil Speculators, Not Obama, For Rising Oil Prices | ThinkProgress

Once again, speculators behind sharply rising oil and gasoline prices | McClatchy

Did the oil speculators or Obama White House say that energy prices should necessarily go up? Speculators can make money on rising and declining oil prices alike; it's called calls and puts.

 

[Pheonixops]

How much of this is Obama's fault?

"decision by Obama to nix the Canadian Keystone XL pipeline project that would have pumped 700,000 barrels of oil per day into the United States. More oil just means more excessive, immoral, ugly energy use."

.

Wrong.

U.S. demand for oil and refined products — including gasoline — is down sharply from last year, so much that United States has actually become a net exporter of gasoline, unable to consume all that it makes.

Read more here: Once again, speculators behind sharply rising oil and gasoline prices | McClatchy

Drill Baby Drill is what the oil companies want. Of course they want all the land we will give them. But they are not going to share the profits. I say Nationalize the Oil Companies. And regulate the speculators on Wallstreet. This is our country. They have to follow our rules or don't do business in the USA.

What do you think would be the "upside" if we "nationalized the oil companies"?

 

[tinydancer]

Who is "you all"?

Go figure.

All y'all is the proper southern term. I have to go back to the beginning to try to figure out who's playing it.

For true.

Y'all is singular

All y'all is plural.

This is how you can always know a liar.

 

[Toddsterpatriot]

"decision by Obama to nix the Canadian Keystone XL pipeline project that would have pumped 700,000 barrels of oil per day into the United States. More oil just means more excessive, immoral, ugly energy use."

.

Wrong.

U.S. demand for oil and refined products — including gasoline — is down sharply from last year, so much that United States has actually become a net exporter of gasoline, unable to consume all that it makes.

Read more here: Once again, speculators behind sharply rising oil and gasoline prices | McClatchy

Drill Baby Drill is what the oil companies want. Of course they want all the land we will give them. But they are not going to share the profits. I say Nationalize the Oil Companies. And regulate the speculators on Wallstreet. This is our country. They have to follow our rules or don't do business in the USA.

What do you think would be the "upside" if we "nationalized the oil companies"?

We wouldn't have to worry about "oil company profits"

The way the government runs things, they'd be losing money in no time!