Government can't do anything about gas prices? Then how did Bush lower it in 2008?

[Modbert]

So the speculators are doing what with this commodity? Where's the hording going? Yeah I know not in their backyards, but needs to be accountable somewhere. Demand down, but prices up?

One thing we do know, increasing the supply, even the threat to do so will lower costs.

The speculators are driving the price of this commodity and many others up. It's not just oil. There's wheat and many others. If you want accountability, Congress needs to go and put back regulation that allowed the loophole that allowed it to get to this point. They allowed this loophole either in the first Bush Administration or the second. I forget which one exactly but I remember it happening then.

Annie, you're a smart woman. You can understand basic economics I'm sure. If it is not a supply and demand issue, then increasing supply is not going to do anything.

 

[Spoonman]

Modbert's argument that we're #3 so stop already just doesn't make sense. Huge source of U.S. oil: North Dakota's Bakken - Mar. 9, 2011

Increase our output and build more refineries. That doesn't mean that companies shouldn't look for breakthroughs on what are being called 'green' alternatives, but are in reality just alternatives.

Did I say that? Nope. I'm merely pointing out that the oil price is not a supply and demand issue. In fact, going back to last year there was a weak demand for oil but high price.

See here:

Oil Tops $84 a Barrel, Despite Weak Demand - CBS News

From Jan 2009:

Did Speculation Fuel Oil Price Swings? - 60 Minutes - CBS News

"From quarter four of '07 until the second quarter of '08 the EIA, the Energy Information Administration, said that supply went up, worldwide supply went up. And worldwide demand went down. So you have supply going up and demand going down, which generally means the price is going down," Masters told Kroft.

The invisible hand of the free market choking the life out of the average consumer, and meanwhile people are offering up the solution of just producing more oil. Again, this is not a supply and demand issue. Therefore, increasing demand will do nothing. Libya provides 76,000 barrels a day, tops. This would not nearly have the impact on oil prices as we've been led to believe. This is basic economics.

So the speculators are doing what with this commodity? Where's the hording going? Yeah I know not in their backyards, but needs to be accountable somewhere. Demand down, but prices up?

One thing we do know, increasing the supply, even the threat to do so will lower costs.

yes, and remember how obama campaigned on this very point. he criticized bush for allowing this to happen and told us if elected he would change the practice. He warned us if mccain was elected it would be more of the same. - Mcsame. So what happened? He was obviously aware of the problem. Was his campaign promise just BS?

 

[Annie]

So the speculators are doing what with this commodity? Where's the hording going? Yeah I know not in their backyards, but needs to be accountable somewhere. Demand down, but prices up?

One thing we do know, increasing the supply, even the threat to do so will lower costs.

The speculators are driving the price of this commodity and many others up. It's not just oil. There's wheat and many others. If you want accountability, Congress needs to go and put back regulation that allowed the loophole that allowed it to get to this point. They allowed this loophole either in the first Bush Administration or the second. I forget which one exactly but I remember it happening then.

Annie, you're a smart woman. You can understand basic economics I'm sure. If it is not a supply and demand issue, then increasing supply is not going to do anything.

First I'd have to be convinced your argument is correct, so far I'm not.

 

[Modbert]

First I'd have to be convinced your argument is correct, so far I'm not.

You're not convinced it's not a supply and demand issue? Ask yourself this, where is all of this demand suddenly coming from? I don't see it. And if it's not a demand issue, where is the lack of supply suddenly coming from? From my own link I supplied earlier, Libya supplies us 76,000 barrels a day.

76,000 barrels a day doesn't even make a dent in our overall production or use. It does not account for the increase in oil that we've seen.

You're making the assumption that it's a supply and demand issue but I'm seeing a lack of evidence that it is.

 

[Spoonman]

So the speculators are doing what with this commodity? Where's the hording going? Yeah I know not in their backyards, but needs to be accountable somewhere. Demand down, but prices up?

One thing we do know, increasing the supply, even the threat to do so will lower costs.

The speculators are driving the price of this commodity and many others up. It's not just oil. There's wheat and many others. If you want accountability, Congress needs to go and put back regulation that allowed the loophole that allowed it to get to this point. They allowed this loophole either in the first Bush Administration or the second. I forget which one exactly but I remember it happening then.

Annie, you're a smart woman. You can understand basic economics I'm sure. If it is not a supply and demand issue, then increasing supply is not going to do anything.

So why hasn't obama closed it? It was part of his campaign and one of his promises? When he had a supermajority in congress, why didn't he shut this door?

 

[Spoonman]

First I'd have to be convinced your argument is correct, so far I'm not.

You're not convinced it's not a supply and demand issue? Ask yourself this, where is all of this demand suddenly coming from? I don't see it. And if it's not a demand issue, where is the lack of supply suddenly coming from? From my own link I supplied earlier, Libya supplies us 76,000 barrels a day.

76,000 barrels a day doesn't even make a dent in our overall production or use. It does not account for the increase in oil that we've seen.

You're making the assumption that it's a supply and demand issue but I'm seeing a lack of evidence that it is.

China, SEA, India

 

[Vast LWC]

How did Bush lower it in 2008?

Can this be a serious contender for stupidest thread of 2011?

Let me ask the OP this, all other flaws in your argument aside:

If Bush lowered the price of gas in 2008, does that mean he raised the price of gas in 2006?

Why did Bush do that to us?

 

[Modbert]

So why hasn't obama closed it? It was part of his campaign and one of his promises? When he had a supermajority in congress, why didn't he shut this door?

Because he and the rest of the Democrats are in bed with Wall Street just as much as the Republicans. Goldman Sachs is a huge player in all of this and have been for many years. Get off the partisan politics. Honestly, I'm not interested in playing your little games.

Bill Hicks said it best: "I'll show you politics in America. Here it is, right here. 'I think the puppet on the right shares my beliefs.' 'I think the puppet on the left is more to my liking.' 'Hey, wait a minute, there's one guy holding out both puppets!'”

 

[Spoonman]

So why hasn't obama closed it? It was part of his campaign and one of his promises? When he had a supermajority in congress, why didn't he shut this door?

Because he and the rest of the Democrats are in bed with Wall Street just as much as the Republicans. Goldman Sachs is a huge player in all of this and have been for many years. Get off the partisan politics. Honestly, I'm not interested in playing your little games.

Bill Hicks said it best: "I'll show you politics in America. Here it is, right here. 'I think the puppet on the right shares my beliefs.' 'I think the puppet on the left is more to my liking.' 'Hey, wait a minute, there's one guy holding out both puppets!'”

and just what would my little games be?

 

[Annie]

First I'd have to be convinced your argument is correct, so far I'm not.

You're not convinced it's not a supply and demand issue? Ask yourself this, where is all of this demand suddenly coming from? I don't see it. And if it's not a demand issue, where is the lack of supply suddenly coming from? From my own link I supplied earlier, Libya supplies us 76,000 barrels a day.

76,000 barrels a day doesn't even make a dent in our overall production or use. It does not account for the increase in oil that we've seen.

You're making the assumption that it's a supply and demand issue but I'm seeing a lack of evidence that it is.

How much do the monetary policies have to do with it? Weren't speculators also pointed to in 2008, when with the threat of more US production and opening reserves, prices plummeted until Obama said he was rescinding the order?

 

[Modbert]

China, SEA, India

Proof? If anything, the increase in oil prices will lower demand from both countries. At least according to basic economics.

 

[Modbert]

and just what would my little games be?

You seem to be making the assumption that I'm a Obamabot. And if you weren't, you wouldn't of worded such obvious questions the way you did.

 

[Modbert]

How much do the monetary policies have to do with it? Weren't speculators also pointed to in 2008, when with the threat of more US production and opening reserves, prices plummeted until Obama said he was rescinding the order?

Where is the evidence that the threat of more US production and opening reserves made prices plummet? Just wondering.

Read the CBS link I put up earlier. Read the whole article. It will give you a good understanding as to how the manipulation of the commodities market has an effect on oil prices, etc. Again, this is not a supply and demand issue. Supply was actually cut back in February if I remember correctly due to sluggish demand.

 

[Dont Taz Me Bro]

Oil production has nothing to do with the current rising gas prices. It's due to the manipulation of the commodities market on Wall Street. It's the same thing that happened back in 2008.

Those who are saying that the U.S need to catch up to the rest of the world and drill more oil are ignorant on the subject.

A lot of it also has to do with the falling dollar.

 

[Spoonman]

and just what would my little games be?

You seem to be making the assumption that I'm a Obamabot. And if you weren't, you wouldn't of worded such obvious questions the way you did.

Because I asked why obama didn't live up to his campaign promise?

 

[Charles_Main]

President Obama says there's not much the federal government can do to bring down gas prices any time soon. Michael Bromwich, Obama's chief bureaucrat in charge of issuing permits for oil and gas companies to drill off-shore, said the same thing today:

Both Obama and Bromwich either are purposely lying or they simply don't know what they are talking about. Check out the chart that accompanies this post. Notice what happened on July 14, 2008? Oil prices suddenly plummeted from their historic high of $145 a barrel. Why?

Because that was the day President George W. Bush signed an executive order lifting the moratorium on off-shore drilling in the eastern half of the Gulf of Mexico and off the U.S. Atlantic and Pacific coasts. Overnight, the price per barrel of oil plunged, and that plunge was reflected at the pump soon thereafter.

In other words, Obama could with the stroke of a pen sign an executive order telling his appointees at EPA, the Department of Interior and the Department of Energy to stop throwing up obstacles to increased U.S. oil and natural gas production and instead work with the energy industry on a crash program to "drill here, drill now."

Read all here: Government can't do anything about gas prices? Then why did this happen in 2008? | Mark Tapscott | Beltway Confidential | Washington Examiner

That means this hike in oil prices is DELIBERATE, because Obama could end it tomorrow with a stroke of his pen.

Liberals can argue otherwise, but what are they going to say? It's not deliberate, Obama is just that stupid?

He lowered it by simply announcing we would open up more exploration here.

See what Libs do not want you to know about the Gas Market. Is it is a futures market. Simply setting a course to go after are own oil, would cause downward Speculation on the Price.

 

[Spoonman]

China, SEA, India

Proof? If anything, the increase in oil prices will lower demand from both countries. At least according to basic economics.

Oil Demand’s Triumphant Return
By Frank Holmes

12/07/10 San Antonio, Texas – Lost in the shuffle of the European debt woes, a second round of quantitative easing and gold’s record run has been the resurgence in global demand for oil. Global oil demand is strong; in fact, it has never been stronger. Oil demand during the third quarter of this year was up 3.7 percent, the fourth-straight quarter of growth.





Who’s behind this increase in demand? Emerging markets.

You can see from the chart that global oil consumption has bounced well off of early 2009 lows and now exceeds pre-crisis consumption levels. Consumption in the developed world, represented in the chart by the Organization for Economic Co-Operation and Development (OECD) countries, has been flat for the past 18 months and remains roughly 8 percent below 2007 levels.



While developed world demand has flatlined, emerging markets have captured a significant share of global oil consumption over the past three years—narrowing the usage gap between the two from roughly 12 million barrels per day in 2007 to 4 million barrels per day currently.



Read more: Oil Demand’s Triumphant Return Oil Demand



Oil Demand

 

[Modbert]

Because I asked why obama didn't live up to his campaign promise?

No. Because you asked me why President Obama didn't change things in such a manner that is clearly just trying to take shots at the President instead of adding to the conversation.

Again, you seem to be making the assumption that I'm an Obamabot. You assume wrong. Instead of simply trying to say "Obama didn't live up to his promises! Harr *Insert joke about change*", why not just discuss the issue? You don't see me focusing on the lack of action on the part of the Bush Administration or the current Republican controlled House.

 

[Spoonman]

Because I asked why obama didn't live up to his campaign promise?

No. Because you asked me why President Obama didn't change things in such a manner that is clearly just trying to take shots at the President instead of adding to the conversation.

Again, you seem to be making the assumption that I'm an Obamabot. You assume wrong. Instead of simply trying to say "Obama didn't live up to his promises! Harr *Insert joke about change*", why not just discuss the issue? You don't see me focusing on the lack of action on the part of the Bush Administration or the current Republican controlled House.

you're right, i am taking shots at the president and the entire democratic congress. Because they campaigned specifically on making this change. They knew it was a root cause, they knew it was an issue. They pointed it out to the american public and promised to change it and then did nothing about it. My point is totally relevant

oh and btw, the bush administration is not in power anymore. theyh are over and done, right now it's about the obama administration. he is the one who has the power to change now

 

[elvis]

can we all agree, now, that the president has very limited control over gas prices?