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

[The T]

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.

And it would be a direct smack in the face to OPEC....

 

[Modbert]

Oil Demand’s Triumphant Return
By Frank Holmes

Except China and India are cutting back on demand due to increasing prices. Furthermore, demand went down in China further after the recent events in Japan. This article is also before all the events in the Middle East, and elsewhere. Do you have any sources that cite the current increase in oil prices on a rise in demand?

 

[KissMy]

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.

It is not the speculators. It is government oil restrictions around the world along with US Fed printing to many Petro Dollars.

Also it was Bill Clinton who signed the new CFTC modernization bill into law, not Boooooossshhh!!!

 

[Modbert]

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

This is my point. You're not interested in having a serious discussion about this, rather just playing partisan politics. Neither party is interested in changing the status quo. The faster you realize that, the better off you'll be.

 

[Annie]

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.

I have read that, along with others from media echoing Obama's Tuesday message. Now how about you?

Pajamas Media » Thanks to Obama, Gas Jumps in a Flash

The site which produced the gold graphic that has been all over this thread, somehow my post was interposted with Teapartiesummari or whatever it's name is.

...Asian demand for energy continues to rise as nations in the far east region — oddly lacking in “stimulus” spending — continue to boom. Supply, meanwhile, has fallen off, not only as a consequence of the turmoil in Libya and other oil-producing countries, but also thanks to the Obama-ordered moratorium on drilling in the Gulf of Mexico — and the recently ordered moratorium on future drilling anywhere else off the American coastline.

Obama and his minions have been chasing the green jobs chimera for so long that it’s an instinct. They pompously suggest that Americans ought to trade in their current vehicles for pricey, government-approved matchbox cars, asserting still that there’s “no quick fix” for high energy prices. History, and very recent history at that, indicates that they are mistaken.

Take a look at this chart compiled by metalprices.com. It’s the price of a barrel of crude oil over the past 5 years.

See that big peak in the middle? That was the last oil spike, in the summer of 2008. Notice how the price hit a high point, then fell off a cliff afterward?

The day corresponding to that peak, an all-time high of $145.16/barrel, was July 14, 2008. By some strange coincidence, that was the very same day then-President George W. Bush lifted, by executive order, a federal ban on offshore oil drilling....Asian demand for energy continues to rise as nations in the far east region — oddly lacking in “stimulus” spending — continue to boom. Supply, meanwhile, has fallen off, not only as a consequence of the turmoil in Libya and other oil-producing countries, but also thanks to the Obama-ordered moratorium on drilling in the Gulf of Mexico — and the recently ordered moratorium on future drilling anywhere else off the American coastline.

Obama and his minions have been chasing the green jobs chimera for so long that it’s an instinct. They pompously suggest that Americans ought to trade in their current vehicles for pricey, government-approved matchbox cars, asserting still that there’s “no quick fix” for high energy prices. History, and very recent history at that, indicates that they are mistaken.

Take a look at this chart compiled by metalprices.com. It’s the price of a barrel of crude oil over the past 5 years.

See that big peak in the middle? That was the last oil spike, in the summer of 2008. Notice how the price hit a high point, then fell off a cliff afterward?

The day corresponding to that peak, an all-time high of $145.16/barrel, was July 14, 2008. By some strange coincidence, that was the very same day then-President George W. Bush lifted, by executive order, a federal ban on offshore oil drilling...

Cole: "The president doesn't know squat about energy production" | Mark Tapscott | Beltway Confidential | Washington Examiner

BELTWAY CONFIDENTIAL
Politics from the Nation's Capital
Cole: "The president doesn't know squat about energy production"

By: Mark Tapscott 04/27/11 12:38 PM
Editorial Page Editor Follow Him @mtapscott

Oklahoma is one of the nation's top energy states, so it's no surprise that its senators and representatives are opposed to President Obama's energy and environmental policies. What is surprising, however, is the intensity of their reactions to Obama's proposal to do away with $4 billion worth of energy industry tax breaks.

The proposal was contained in a letter from the president to Congress, but Sen. Jim Inhofe, the Sooner state's senior senator, noted that the Democratic Senate has voted 61-35 against the idea just a few months ago. "He now wants Congress to do exactly the opposite," Inhofe told the Daily Oklahoman. "His letter is merely a distraction from what every American knows can help restrain rising prices: increase supply, that is, increase American energy production."

Similarly, Rep. Tom Cole, minced no words, saying Obama "doesn't know squat about energy production." As a result, Cole added in an interview with the Oklahoman, "we get great politics out of the White House. We just don't get great policy" because the president doesn't understand the differences in operations and priorities between an Exxon Mobil and a small independent producer.

Similarly, Rep. Dan Boren, Cole's Democratic colleague on the Oklahoma delegation, told the Tulsa World that the president should either lead in the right direction on energy issues or get out of the way so somebody else can do it: "Americans are tired of empty rhetoric on both sides and want a real plan. If the president doesn't want to stand up and be a leader, then his silence would be appreciated from people who are trying to find solutions.''...

Both have been posted before, but this seems the easiest way to provide you with links.

 

[Spoonman]

Oil Demand’s Triumphant Return
By Frank Holmes

Except China and India are cutting back on demand due to increasing prices. Furthermore, demand went down in China further after the recent events in Japan. This article is also before all the events in the Middle East, and elsewhere. Do you have any sources that cite the current increase in oil prices on a rise in demand?

say what? China's demand has grown steadily

China's oil consumption hits record high in Q1


XINHUANEWS 2008-04-29 21:13:22 Print

BEIJING, April 29 (Xinhua) -- Soaring oil prices have not slowed China's consumption of oil as statistics show that China's apparent consumption of crude oil and refined oil products both hit record highs in the first quarter of the year.

According to statistics released Tuesday by the China Petroleum and Chemical Industry Association (CPCIA), China's apparent consumption of oil products composed of gasoline, diesel and kerosene rose by 16.5 percent year on year to 52.73 million tonnes in the first three months, and crude oil, rose by eight percent to91.8 million tonnes.


China's oil consumption hits record high in Q1_English_Xinhua

they have had no slow down

 

[Annie]

Oil Demand’s Triumphant Return
By Frank Holmes

Except China and India are cutting back on demand due to increasing prices. Furthermore, demand went down in China further after the recent events in Japan. This article is also before all the events in the Middle East, and elsewhere. Do you have any sources that cite the current increase in oil prices on a rise in demand?

Your information is flawed:

Drivers Cut Back as Gas Prices Climb - WSJ.com

* APRIL 28, 2011

Drivers Cut Back on $4 Gas
Economy Won't Get a Lift as Overseas Demand Is Expected to Keep Prices High


By RUSSELL GOLD

After weeks of paying steadily more for a tank of gasoline, American drivers are beginning to ease up on the gas pedal, but in today's global economy, that might not be enough to lower crude-oil prices and give a lift to U.S. growth.

Elaine Thompson/Associated Press

The U.S. Energy Department on Wednesday reported a 1.6% decline in a closely watched gauge of gasoline consumption, compared with a year ago. In the past, when U.S. drivers cut back, that has dented global demand for oil and depressed prices. After a lag, the lower prices would help the economy regain its footing—or at least remove a substantial headwind...

...In the past few weeks, oil prices have risen sharply amid concerns about turmoil in oil-producing nations in the Middle East and North Africa. Analysts at Goldman Sachs believe this is adding about $10 a barrel to oil prices.

But this short-term bump is partially obscuring a longer-term development in oil markets, the surging demand from China and other emerging economies amid constraint in global supplies.

Economists believe that oil prices would still be above $100 even if peace broke out in North Africa and the Middle East. A key factor: China guzzled 874,000 more barrels of oil in March than it did a year earlier, a 10.6% increase despite high oil prices, notes Barclays Capital.

Since 2000, U.S. oil consumption has edged down 4% to 19.2 million barrels a day. In the same period, the combined demand from Brazil, India, China and Saudi Arabia has risen 76% to 18.8 million barrels, nearly matching the U.S. By itself, China has more than doubled oil consumption to 9.4 million barrels, according to data from the International Energy Agency....

 

[Spoonman]

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

This is my point. You're not interested in having a serious discussion about this, rather just playing partisan politics. Neither party is interested in changing the status quo. The faster you realize that, the better off you'll be.

dude you are totally off the wall. you are the only one here playing games. keep on making you wild ass assumptions. and now let me ask you the same request you made of me. how about some links to back up your facts. or are you just interested in partisan politics and not having a serious discusion? get of your soapbox bro and get real

 

[uscitizen]

UScitizen, here is link. Go read.

Sarah Palin Would Open Anwar To Drilling

Thanks I read the article. and yet she ran with McCain who was totally oppesed to drilling in ANWR.

In any case driling in ANWR would not solve the oil issues either in supply or price.

 

[uscitizen]

Oil Demand’s Triumphant Return
By Frank Holmes

Except China and India are cutting back on demand due to increasing prices. Furthermore, demand went down in China further after the recent events in Japan. This article is also before all the events in the Middle East, and elsewhere. Do you have any sources that cite the current increase in oil prices on a rise in demand?

Your information is flawed:

Drivers Cut Back as Gas Prices Climb - WSJ.com

* APRIL 28, 2011

Drivers Cut Back on $4 Gas
Economy Won't Get a Lift as Overseas Demand Is Expected to Keep Prices High


By RUSSELL GOLD

After weeks of paying steadily more for a tank of gasoline, American drivers are beginning to ease up on the gas pedal, but in today's global economy, that might not be enough to lower crude-oil prices and give a lift to U.S. growth.

Elaine Thompson/Associated Press

The U.S. Energy Department on Wednesday reported a 1.6% decline in a closely watched gauge of gasoline consumption, compared with a year ago. In the past, when U.S. drivers cut back, that has dented global demand for oil and depressed prices. After a lag, the lower prices would help the economy regain its footing—or at least remove a substantial headwind...

...In the past few weeks, oil prices have risen sharply amid concerns about turmoil in oil-producing nations in the Middle East and North Africa. Analysts at Goldman Sachs believe this is adding about $10 a barrel to oil prices.

But this short-term bump is partially obscuring a longer-term development in oil markets, the surging demand from China and other emerging economies amid constraint in global supplies.

Economists believe that oil prices would still be above $100 even if peace broke out in North Africa and the Middle East. A key factor: China guzzled 874,000 more barrels of oil in March than it did a year earlier, a 10.6% increase despite high oil prices, notes Barclays Capital.

Since 2000, U.S. oil consumption has edged down 4% to 19.2 million barrels a day. In the same period, the combined demand from Brazil, India, China and Saudi Arabia has risen 76% to 18.8 million barrels, nearly matching the U.S. By itself, China has more than doubled oil consumption to 9.4 million barrels, according to data from the International Energy Agency....

OHH yes demand is rising in China and india, etc. They are getting cars for the first time.
And ANWR will not dent the demand.

 

[Modbert]

Since 2000, U.S. oil consumption has edged down 4% to 19.2 million barrels a day. In the same period, the combined demand from Brazil, India, China and Saudi Arabia has risen 76% to 18.8 million barrels, nearly matching the U.S. By itself, China has more than doubled oil consumption to 9.4 million barrels, according to data from the International Energy Agency....

Spoonman and you are looking at flawed information. What you're citing is since 2000. That is a long period of time, not in the last couple of months.

they have had no slow down

Your link looks at the first three months of the year. The earthquake and tsunami in Japan happened in the last of those three months.

From 4 days ago:

http://www.comtex.com/news.aspx?hea...dpublisher.aspx&pagename=Xinhua Economic News

China's demand for most oil products will likely slow down in the next two or three months in the wake of the massive earthquake in Japan and laggard adjustment of oil price in Chinese market, according to market analysts with China's major oil companies

In details, the monthly average demand for kerosene will be about 1.45 million tonnes, up 6.0 percent year on year. The economic recovery and holiday travels will provide a support to the kerosene consumption, but demand for jet fuel declines, as the earthquake in Japan weighs on flights from China to Japan, which account for 23 percent of China's total international flights.

Demand for fuel oil will decrease from a year earlier, because the laggard oil price adjustment in China hurt enthusiasm of small refineries in processing fuel oil for diesel when international oil price surges. Demand for LPG will also see limited growth due to warm weather and the high price

 

[Modbert]

dude you are totally off the wall. you are the only one here playing games. keep on making you wild ass assumptions. and now let me ask you the same request you made of me. how about some links to back up your facts. or are you just interested in partisan politics and not having a serious discusion? get of your soapbox bro and get real

I've been using links all along. Don't know where you get the idea I haven't been posting any. In case you haven't noticed, I put the blame on the current situation squarely on both parties. But somehow I'm the one playing partisan politics?

Listen to yourself dude. Simply trying to parrot what I said back at me in the form of "I'm rubber, your glue" isn't going to work.

 

[bripat9643]

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

Sure, if you agree that Obama is a Marxist thug who is bent on destroying this country.

 

[Spoonman]

Since 2000, U.S. oil consumption has edged down 4% to 19.2 million barrels a day. In the same period, the combined demand from Brazil, India, China and Saudi Arabia has risen 76% to 18.8 million barrels, nearly matching the U.S. By itself, China has more than doubled oil consumption to 9.4 million barrels, according to data from the International Energy Agency....

Spoonman and you are looking at flawed information. What you're citing is since 2000. That is a long period of time, not in the last couple of months.

they have had no slow down

Your link looks at the first three months of the year. The earthquake and tsunami in Japan happened in the last of those three months.

From 4 days ago:

Comtex News Network - China's demand for oil products to slow down in next 2 or 3 months

China's demand for most oil products will likely slow down in the next two or three months in the wake of the massive earthquake in Japan and laggard adjustment of oil price in Chinese market, according to market analysts with China's major oil companies

In details, the monthly average demand for kerosene will be about 1.45 million tonnes, up 6.0 percent year on year. The economic recovery and holiday travels will provide a support to the kerosene consumption, but demand for jet fuel declines, as the earthquake in Japan weighs on flights from China to Japan, which account for 23 percent of China's total international flights.

Demand for fuel oil will decrease from a year earlier, because the laggard oil price adjustment in China hurt enthusiasm of small refineries in processing fuel oil for diesel when international oil price surges. Demand for LPG will also see limited growth due to warm weather and the high price

my link was fact, whats actually happening. yours is a projection, it hasn't happened yet.

 

[Annie]

Since 2000, U.S. oil consumption has edged down 4% to 19.2 million barrels a day. In the same period, the combined demand from Brazil, India, China and Saudi Arabia has risen 76% to 18.8 million barrels, nearly matching the U.S. By itself, China has more than doubled oil consumption to 9.4 million barrels, according to data from the International Energy Agency....

Spoonman and you are looking at flawed information. What you're citing is since 2000. That is a long period of time, not in the last couple of months.

they have had no slow down

Your link looks at the first three months of the year. The earthquake and tsunami in Japan happened in the last of those three months.

From 4 days ago:

Comtex News Network - China's demand for oil products to slow down in next 2 or 3 months

China's demand for most oil products will likely slow down in the next two or three months in the wake of the massive earthquake in Japan and laggard adjustment of oil price in Chinese market, according to market analysts with China's major oil companies

In details, the monthly average demand for kerosene will be about 1.45 million tonnes, up 6.0 percent year on year. The economic recovery and holiday travels will provide a support to the kerosene consumption, but demand for jet fuel declines, as the earthquake in Japan weighs on flights from China to Japan, which account for 23 percent of China's total international flights.

Demand for fuel oil will decrease from a year earlier, because the laggard oil price adjustment in China hurt enthusiasm of small refineries in processing fuel oil for diesel when international oil price surges. Demand for LPG will also see limited growth due to warm weather and the high price

MB, take another look at the date of the article from WSJ. It's for tomorrow! Long term, (reason 2000 shows up as a starting point), the US has been decreasing it's consumption. Long term China and all Asia has been increasing consumption voraciously. It's the reason their economy or the result of their economy booming.

 

[elvis]

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

Sure, if you agree that Obama is a Marxist thug who is bent on destroying this country.

Can you point out to me what makes you think Obama doesn't believe in private property?

 

[Modbert]

sure, if you agree that obama is a marxist thug who is bent on destroying this country.

 

[bripat9643]

This is my point. You're not interested in having a serious discussion about this, rather just playing partisan politics. Neither party is interested in changing the status quo. The faster you realize that, the better off you'll be.

Liberal turds always want a "serious discussion" whenever they are getting their ass handed to them.

 

[Modbert]

my link was fact, whats actually happening. yours is a projection, it hasn't happened yet.

Except we're discussing the future, not the first three months of the year.

 

[Modbert]

MB, take another look at the date of the article from WSJ. It's for tomorrow! Long term, (reason 2000 shows up as a starting point), the US has been decreasing it's consumption. Long term China and all Asia has been increasing consumption voraciously. It's the reason their economy or the result of their economy booming.

I'm not disagreeing with you however that China, India, and other Asia countries have been increasing their consumption in great amounts. I'm merely pointing out that due to recent events that China and India will be cutting back on demand for at least the short term.