Blame Oil Speculators, Not Obama, For Rising Oil Prices

[Mr. H.]

Eventually it will be a dead industry.

How many years we spend kissing the asses of the desperate people gleening money from a dying industry will be the big question.

Eventually? As in, what- 100/200 years?

Whose ass were you kissing when gasoline was 60 cents/gallon in 1999?

The oil industry was kissing YOUR ass back then.
When prices are high, they are truly evil people- every single one of them from mom and pop operators to the mega-nationals.

When prices are low, no one gives a fuck.

Learn to appreciate the value of things, and the people that work hard and risk much to bring you those things.

 

[Seawytch]

Don't worry kids, gas will drop before the Election. In the meantime, look for legislation to be introduced to curb the speculators that are driving up the price of gasoline.

I expect the President will also begin talking about releasing some of the reserves.

 

[Truthmatters]

Eventually it will be a dead industry.

How many years we spend kissing the asses of the desperate people gleening money from a dying industry will be the big question.

Eventually? As in, what- 100/200 years?

Whose ass were you kissing when gasoline was 60 cents/gallon in 1999?

The oil industry was kissing YOUR ass back then.
When prices are high, they are truly evil people- every single one of them from mom and pop operators to the mega-nationals.

When prices are low, no one gives a fuck.

Learn to appreciate the value of things, and the people that work hard and risk much to bring you those things.

I have been supporting getting off oil since I was a teen.

Its the smart thing to do.

Oil causes too much damage and we are smart enough to figure a different way to power our lives.

Oil money doesnt want us too because they all are set up to make mountains.

 

[healthmyths]

Don't worry kids, gas will drop before the Election. In the meantime, look for legislation to be introduced to curb the speculators that are driving up the price of gasoline.

I expect the President will also begin talking about releasing some of the reserves.

SO... the President NOT responsible for prices rising.. BUT he can do something to lower prices.. i.e. release oil from the strategic oil reserves?

Isn't that then contradicting the thread title?

More importantly though HERE are some reasons for GAS prices rising..
EPA forces ....Refinery closes stops 350,000 barrel a day..
With the additional modification costs and fines, it was no longer economical to operate the refinery and the decision was made to close it.
In January, Hovensa entered into a consent decree with the U.S. Environmental Protection Agency and Justice Department in which the company agreed to invest $700 million on pollution controls after a series of chemical releases affected people living downwind from the refinery.
Hovensa also agreed to pay a $5.4 million penalty for violating the Clean Air Act.
About 2,000 workers will lose their jobs when the 350,000- barrel-a-day Hovensa LLC refinery, a partnership of Hess Corp. (HES) and Petroleos de Venezuela SA, closes in mid-February to stem $1.3 billion in losses over the last three years.

Refinery Closing Threatens Virgin Islands

 

[healthmyths]

July 7, 2010...
Working hard to secure the nation.. he shuts down 1/3 of the petro plants in Tx. Think that will cause the price of your gas to rise?? YOU BET Think it will make unemployment worse?? YOU BET.. think he gives a damn about the US?>> not on your life

HOUSTON – The U.S. Environmental Protection Agency on Wednesday officially overturned a 16-year-old Texas air permitting program it says violates the Clean Air Act, leaving some of the country’s largest refineries in a state of limbo.The move comes after years of backdoor bickering, negotiations and public arguments between the EPA and Texas. The argument recently escalated from a battle over environmental issues into a heated political dispute over states’ rights.

 

[Seawytch]

Don't worry kids, gas will drop before the Election. In the meantime, look for legislation to be introduced to curb the speculators that are driving up the price of gasoline.

I expect the President will also begin talking about releasing some of the reserves.

SO... the President NOT responsible for prices rising.. BUT he can do something to lower prices.. i.e. release oil from the strategic oil reserves?

Isn't that then contradicting the thread title?

More importantly though HERE are some reasons for GAS prices rising..
EPA forces ....Refinery closes stops 350,000 barrel a day..
With the additional modification costs and fines, it was no longer economical to operate the refinery and the decision was made to close it.
In January, Hovensa entered into a consent decree with the U.S. Environmental Protection Agency and Justice Department in which the company agreed to invest $700 million on pollution controls after a series of chemical releases affected people living downwind from the refinery.
Hovensa also agreed to pay a $5.4 million penalty for violating the Clean Air Act.
About 2,000 workers will lose their jobs when the 350,000- barrel-a-day Hovensa LLC refinery, a partnership of Hess Corp. (HES) and Petroleos de Venezuela SA, closes in mid-February to stem $1.3 billion in losses over the last three years.

Refinery Closing Threatens Virgin Islands

Yes, he can do something...he can suggest that Congress introduce legislation to curb oil speculators.

Releasing the oil reserves is not a long term solution to our oil problem...getting us off oil is.

 

[Oddball]

Yes, a decree from on high dictating who may or may not buy what, and when they may or may not buy it, will certainly remedy the situation!

Bloody socialist tyrants.

 

[Si modo]

Don't worry kids, gas will drop before the Election. In the meantime, look for legislation to be introduced to curb the speculators that are driving up the price of gasoline.

I expect the President will also begin talking about releasing some of the reserves.

SO... the President NOT responsible for prices rising.. BUT he can do something to lower prices.. i.e. release oil from the strategic oil reserves?

Isn't that then contradicting the thread title?

More importantly though HERE are some reasons for GAS prices rising..
EPA forces ....Refinery closes stops 350,000 barrel a day..
With the additional modification costs and fines, it was no longer economical to operate the refinery and the decision was made to close it.
In January, Hovensa entered into a consent decree with the U.S. Environmental Protection Agency and Justice Department in which the company agreed to invest $700 million on pollution controls after a series of chemical releases affected people living downwind from the refinery.
Hovensa also agreed to pay a $5.4 million penalty for violating the Clean Air Act.
About 2,000 workers will lose their jobs when the 350,000- barrel-a-day Hovensa LLC refinery, a partnership of Hess Corp. (HES) and Petroleos de Venezuela SA, closes in mid-February to stem $1.3 billion in losses over the last three years.

Refinery Closing Threatens Virgin Islands

Yes, he can do something...he can suggest that Congress introduce legislation to curb oil speculators.

Releasing the oil reserves is not a long term solution to our oil problem...getting us off oil is.

Make the free market even more illegal!

 

[editec]

The fact that we are domestically drilling for more oil and gas than ever apparently doesn't sink into the thick skulls of these poltical ideogues.

These rapid spikes and corrections in our oil and gas prices have damned little to do with the amount of domestic drilling.

Its like the very folks on this board who CLAIM to love capitalism don't have freaking clue how market forces actually work!

We know how market forces work. When you print tons of money & send it to China, they use it to buy all your food & energy. Simple.

Dear KissMy,

Thank you for:

1. moving the goal posts, and thereby for the benefit of any rational minds reading this thread also;

2. proving my point

 

[editec]

[ame=http://www.youtube.com/watch?v=30smAQOfusY&feature=related]Traffic Jam - James Taylor HQ audio - YouTube[/ame]

 

[KissMy]

No.

So then was that sudden sharp & continuous rise in the price of gas at the pump due to the expiration of the Ethanol Tax Cut or the closing of the OCS?

Day to day trading as it pertains to the broad economy is noise. The fundamental strength of the economy is improving. We are hearing it from the companies themselves. That may not last, but that has been the case for the past several months.

It was economic strength that caused that sudden sharp & continuous V shape rise in gas price shown in the chart.

Every gallon of gas sold at the pump contains 10% ethanol & is called E10. Ethanol had replaced 15% of the gasoline sold in this country. 10% was sold as E10 & 5% was sold as E85. On January 1, 2012 the 45 cent tax cut on ethanol was not renewed because the USG needs more tax money to further their social agenda. This increased the tax everyone paid at the pump by 5 cents since all gasoline is E10. For E85 users the tax increased by 38 cents per gallon. E85 users switched to E10 gasoline driving up gasoline demand 5% since then. The sudden price spike on the first day of 2012 is the tax hike & the continuing rise is caused by demand increase until the price rises by 38 to 45 cents so E85 use will compete once again holding gas prices in check. Also North Carolina increased their gas tax by 20 cents on the same date.

 

[KissMy]

The fact that we are domestically drilling for more oil and gas than ever apparently doesn't sink into the thick skulls of these poltical ideogues.

These rapid spikes and corrections in our oil and gas prices have damned little to do with the amount of domestic drilling.

Its like the very folks on this board who CLAIM to love capitalism don't have freaking clue how market forces actually work!

We know how market forces work. When you print tons of money & send it to China, they use it to buy all your food & energy. Simple.

Dear KissMy,

Thank you for:

1. moving the goal posts, and thereby for the benefit of any rational minds reading this thread also;

2. proving my point

That is how the free market forces drive gas prices. But that has little to do with the V shape price reversal in gasoline prices shown in the chart below. That is a direct result of tax increases at the pump at the first of the year.

 

[Mr. H.]

Eventually it will be a dead industry.

How many years we spend kissing the asses of the desperate people gleening money from a dying industry will be the big question.

Eventually? As in, what- 100/200 years?

Whose ass were you kissing when gasoline was 60 cents/gallon in 1999?

The oil industry was kissing YOUR ass back then.
When prices are high, they are truly evil people- every single one of them from mom and pop operators to the mega-nationals.

When prices are low, no one gives a fuck.

Learn to appreciate the value of things, and the people that work hard and risk much to bring you those things.

I have been supporting getting off oil since I was a teen.

Its the smart thing to do.

Oil causes too much damage and we are smart enough to figure a different way to power our lives.

Oil money doesnt want us too because they all are set up to make mountains.

I'd love nothing more than for us to "get off oil". But the way to do that is NOT hammering the industry into submission with regulatory nonsense, repressive taxation, and restrictive access to reserves. Oil and gas production must be allowed to flourish in order to fulfill existing and future demand.

Conservation, increases in efficiencies, and the responsible promotion of alternatives must also proceed- but not by throwing hard dollars at failing enterprises.

Oil doesn't cause "much damage"- stop perpetuating nonsense. The benefits of hydrocarbons in our society far outweigh the risks.

And as for "oil money" - the petroleum industry is the largest non-governmental investor in renewables and alternative energy generation.

 

[Oddball]

Remember when we said "Drill here, drill now" and you idiots said that it wouldn't reduce the price of oil for years?

Well, it's been years...had we started then, Iran and OPEC would have a much smaller impacted on supply.

I see Lakota has made the exact same asinine argument in this very very thread..."how could a pipline..." yada, yada, yada.

We should have began drilling our own oil LAST TIME this crisis reared it's head.

Instead, once again we are forced by liberals to be reactive instead of proactive.

Did you bother reading the OP?

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.

And there's ZERO truth to the claim that Boiking has has anything to do with that.

Most of the present drilling has been done on private property and under leases secured before he and his Marxist regime came to power.

Obama Administration Spins U.S. Oil Production Numbers, Takes Credit for Predecessors

Obama Administration Turns Spin Cycle up to High with Latest

 

[usmcstinger]

Iran is no longer selling oil to the US and certain European Countries.

 

[KissMy]

Iran is no longer selling oil to the US and certain European Countries.

The USA has not imported oil from Iran for over 25 years.

 

[Stephanie]

Eventually it will be a dead industry.

How many years we spend kissing the asses of the desperate people gleening money from a dying industry will be the big question.

Eventually? As in, what- 100/200 years?

Whose ass were you kissing when gasoline was 60 cents/gallon in 1999?

The oil industry was kissing YOUR ass back then.
When prices are high, they are truly evil people- every single one of them from mom and pop operators to the mega-nationals.

When prices are low, no one gives a fuck.

Learn to appreciate the value of things, and the people that work hard and risk much to bring you those things.

I have been supporting getting off oil since I was a teen.

Its the smart thing to do.

Oil causes too much damage and we are smart enough to figure a different way to power our lives.

Oil money doesnt want us too because they all are set up to make mountains.

what do you heat you homes with?
windmills and solar.?

 

[Toddsterpatriot]

Eventually? As in, what- 100/200 years?

Whose ass were you kissing when gasoline was 60 cents/gallon in 1999?

The oil industry was kissing YOUR ass back then.
When prices are high, they are truly evil people- every single one of them from mom and pop operators to the mega-nationals.

When prices are low, no one gives a fuck.

Learn to appreciate the value of things, and the people that work hard and risk much to bring you those things.

I have been supporting getting off oil since I was a teen.

Its the smart thing to do.

Oil causes too much damage and we are smart enough to figure a different way to power our lives.

Oil money doesnt want us too because they all are set up to make mountains.

what do you heat you homes with?
windmills and solar.?

The BS she spouts can be dried and burned.

 

[Spectre13]

Why would I blame speculators when Iran and the Saudi's are causing it?

NOT! This is just something for them to "yeah, that's the ticket!" about. Then they can look like they legitimately have an issue. I am from Texas and i have friends who are cops and they have talked to oil execs who have told them there are tons of oil frieghters just sitting full of oil out in the gulf waiting for the price to go up. They bought it in December when the cost was down and now they are waiting for the price to go up to bring them in. They cause the shortages and they fix the prices. Who cares if they have a reason this time to hide behnind. they had these tankers in the gulf before any of this was happening. They always have some dipshit reason to raise the prices.
Here is something else to think about. When we get the "alternative forms of energy," do you think the prices will be any better? Nope! They will have more dipshit reasons for keeping the prices high. Just like the first go-round with the electric cars, they will subvert anyone who might compete against them with any means at their disposal.

 

[Soggy in NOLA]

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

Gee... ThinkProgress is blaming anybody but Obama?

Color me shocked!