Obama Spokesman Calls Newt Or Anyone Who Says They Can Lower Gas Prices Liars

[night]

Ever hear of wallstreet? It is not Obama who is on the floor there making the price go up. It is demand. A billion chinees and a billion Indians are buying and that is the reason.


This is what the Obama Administration is saying to anyone who says if they were president they could lower the price of gas.

Jay Carney said the administration will try to "mitigate the effects" of high gas prices, but they don't want to talk about lowering prices and he also said anyone else who says they can get prices back down is lying.

Well folks, as long as Obama is president forget about lower gas prices. He's not gonna even try to deal with it. Just get used to it. That is what they're saying. He can't do anything about it and don't ask him to lift a finger to try.



If they're talking like this during an election year imagine what's coming next year once he figures he doesn't have to answer to the voters anymore. Trust me, come next year we are really in for it.

 

[night]

Is that picture true?

The one with the oli rigs?

 

[Gadawg73]

Newt says he can lower gas to $2.50 a gallon.
Why not $.50 a gallon? Or free?
Sounds like a liberal claim to me. Something for nothing.
Ole Newt never changes. Amazing the dumb asses that fall for it.
No wonder we end up with Bozos like Obammie, Boy George and Slick Willie Boom.
We are a nation of dumbasses.

 

[CrusaderFrank]

Ever hear of wallstreet? It is not Obama who is on the floor there making the price go up. It is demand. A billion chinees and a billion Indians are buying and that is the reason.


This is what the Obama Administration is saying to anyone who says if they were president they could lower the price of gas.

Jay Carney said the administration will try to "mitigate the effects" of high gas prices, but they don't want to talk about lowering prices and he also said anyone else who says they can get prices back down is lying.

Well folks, as long as Obama is president forget about lower gas prices. He's not gonna even try to deal with it. Just get used to it. That is what they're saying. He can't do anything about it and don't ask him to lift a finger to try.

If they're talking like this during an election year imagine what's coming next year once he figures he doesn't have to answer to the voters anymore. Trust me, come next year we are really in for it.

George Fucking Bush again! He left Obama a world with China and India in it. Bush never had those 2 countries around when he was President, neither did Reagan, amiright?

 

[CrusaderFrank]

Barack Obama 2008 ad on Gas Prices - YouTube

$3.50 a gallon? Awful!

I saw $4.25 this morning.

It's different now, it just s

 

[Dot Com]

If Frank had his way we'd be paying $1.57. Get it? A dollar 57.

 

[thereisnospoon]

You righties are cute. You always fall back on your refineries argument. How come I don't hear Romney or Santorum saying that or advocating for more refineries?

Draconian. Like you know what that means.

"How come?".....Are you 11 years old?
US refining capacity, or lack thereof is not a fallback argument. If you worked as hard at finding out the facts rather than knee jerk emoting, you'd be aware if this problem.
Oh wise one.....Answer this question....If not for the lack of refining capacity, why then must refineries shut down in late spring to retool for summer boutique gasoline blends?
Surely a nation with an adequate refining capacity would surely have the resources available for a smooth transition from one type of fuel to the over 40 required by EPA regs, should it not?
I await your ridiculous reply with baited breath. My thinking your retort will shatter the world record for vapidity.
Think of something clever there , cookie.

The Energy Department confirmed yesterday that the U.S. exported more oil-product than imported for the first time since 1949.

We have more oil than we need. Hasn't lowered prices one bit. So more refineries won't make a damn bit of difference, just like drill baby drill hasn't made a dent.

The oil companies will still charge whatever they they think they can get away with charging. And you will defend them, no?

And even if everything you say is true, you still don't seem to understand that oil speculators are causing gas prices to go up. Why do you defend them and/or deny their existance or blow off the fact that these people who don't have anything to do with drilling or refining oil are making money off high gas prices?

Now if they go too far like they did the last time they raised prices to over $4 a gallon and crash the economy again, that will force them to lower the prices, but who wants that?

As previously stated. You have no standing here because of your anti fossil fuel bias.
The Energy Dept says what the Obama admin tells it say. How do I know this? Because the top people namely the Secretary serve at the pleasure of the President.
Look honey, I understand and have knowledge of things that you can only imagine to comprehend. Do not condescend to me.
I never defended "speculators"...EVER. You made that up.
You are clueless to the workings of commodities trading. You are spewing statements that are not factual.
I will get you started on your way to recovery.
Here are factors which drive the price of commodities.
Oil and gasoline.. These are traded and prices set based on the US Dollar. In theory, the levels of supply and demand could remain neutral for a month and the price of these commodities would vary, riding on the value of the US Dollar vs other major currencies. One of the main issues which causes the price of oil and gas to rise is the falling value of the Dollar. Our federal government's spending and borrowing makes up perhaps 90% of the value of the US Dollar.
Pension and other retirement funds.....Up until 2007, on any given trading day, there was around $15billion in the oil and gasoline markets. By 2010 there was nearly THIRTY times that amount. Banks and other institutions which had pension funds and other investment and speculative index fund money tied up in securities took their money from those and placed it in commodities looking for a better return. Now, contrary to the news that is spoon fed to the public, commodities traders bet the market in BOTH directions. These are called "buys" (up) and "Puts (Down). They can force the price downward as quickly as it can be forced upward. Whatever direction will bring them the greatest return on investment ,that is where the trades go. An example of this was the precipitous drop in oil and gas futures in 2009. The US Dollar was surging and even though our economy was sagging, the other currencies were falling faster. Hence the price bottoming out at $30 per barrel and about $1.20 for one gallon of Regular..So while you are told by your people in the White House that is not their fault gas prices are high and there is nothing they can do, that's a lie. But as long as they say there is nothing that can be done it's all good for you.
The fact is the policies of the federal government forced this to happen.
Now, the refining capacity issue is very real. You just refuse to acknowledge that fact. That's fine.
You can whine and deny all you like. It doesn't change the facts. Facts that obviously you cannot bring yourself to grasp.

 

[Gadawg73]

"How come?".....Are you 11 years old?
US refining capacity, or lack thereof is not a fallback argument. If you worked as hard at finding out the facts rather than knee jerk emoting, you'd be aware if this problem.
Oh wise one.....Answer this question....If not for the lack of refining capacity, why then must refineries shut down in late spring to retool for summer boutique gasoline blends?
Surely a nation with an adequate refining capacity would surely have the resources available for a smooth transition from one type of fuel to the over 40 required by EPA regs, should it not?
I await your ridiculous reply with baited breath. My thinking your retort will shatter the world record for vapidity.
Think of something clever there , cookie.

The Energy Department confirmed yesterday that the U.S. exported more oil-product than imported for the first time since 1949.

We have more oil than we need. Hasn't lowered prices one bit. So more refineries won't make a damn bit of difference, just like drill baby drill hasn't made a dent.

The oil companies will still charge whatever they they think they can get away with charging. And you will defend them, no?

And even if everything you say is true, you still don't seem to understand that oil speculators are causing gas prices to go up. Why do you defend them and/or deny their existance or blow off the fact that these people who don't have anything to do with drilling or refining oil are making money off high gas prices?

Now if they go too far like they did the last time they raised prices to over $4 a gallon and crash the economy again, that will force them to lower the prices, but who wants that?

As previously stated. You have no standing here because of your anti fossil fuel bias.
The Energy Dept says what the Obama admin tells it say. How do I know this? Because the top people namely the Secretary serve at the pleasure of the President.
Look honey, I understand and have knowledge of things that you can only imagine to comprehend. Do not condescend to me.
I never defended "speculators"...EVER. You made that up.
You are clueless to the workings of commodities trading. You are spewing statements that are not factual.
I will get you started on your way to recovery.
Here are factors which drive the price of commodities.
Oil and gasoline.. These are traded and prices set based on the US Dollar. In theory, the levels of supply and demand could remain neutral for a month and the price of these commodities would vary, riding on the value of the US Dollar vs other major currencies. One of the main issues which causes the price of oil and gas to rise is the falling value of the Dollar. Our federal government's spending and borrowing makes up perhaps 90% of the value of the US Dollar.
Pension and other retirement funds.....Up until 2007, on any given trading day, there was around $15billion in the oil and gasoline markets. By 2010 there was nearly THIRTY times that amount. Banks and other institutions which had pension funds and other investment and speculative index fund money tied up in securities took their money from those and placed it in commodities looking for a better return. Now, contrary to the news that is spoon fed to the public, commodities traders bet the market in BOTH directions. These are called "buys" (up) and "Puts (Down). They can force the price downward as quickly as it can be forced upward. Whatever direction will bring them the greatest return on investment ,that is where the trades go. An example of this was the precipitous drop in oil and gas futures in 2009. The US Dollar was surging and even though our economy was sagging, the other currencies were falling faster. Hence the price bottoming out at $30 per barrel and about $1.20 for one gallon of Regular..So while you are told by your people in the White House that is not their fault gas prices are high and there is nothing they can do, that's a lie. But as long as they say there is nothing that can be done it's all good for you.
The fact is the policies of the federal government forced this to happen.
Now, the refining capacity issue is very real. You just refuse to acknowledge that fact. That's fine.
You can whine and deny all you like. It doesn't change the facts. Facts that obviously you cannot bring yourself to grasp.

Refining capacity is the problem pure and simple.
We have an abundance of oil available now. We can not refine it quick enough.
So if we can not refine it what happens? The demand goes up and with increased demand theprice goes up.
Simple economics. So how does the price of gas go down if we drill it?
It doesn't. What car runs on oil?
It HAS TO BE REFINED and that is the reason gas is so high and goes higher.
Demand pure and simple as there is NO shortage of oil. There is so much of it how does the price of a commodity go down when they can not make enough of it to meet demand?
A basic understanding of economics is needed in this country. "Drill and the price goes down" is laughable. The pipeline was a good idea as that saves delivery costs but that oil IS ALREADY OUT OF THE GROUND. Obama has no business as President but the price of gas will not go down with a new President over night and drilling does not lower it. We need 3 new refineries now and the oil companies are not stepping up to lay out the capital to do it. Why should they? They make more $$ the way it is now.
Simple, basic economics.

 

[thereisnospoon]

The Energy Department confirmed yesterday that the U.S. exported more oil-product than imported for the first time since 1949.

We have more oil than we need. Hasn't lowered prices one bit. So more refineries won't make a damn bit of difference, just like drill baby drill hasn't made a dent.

The oil companies will still charge whatever they they think they can get away with charging. And you will defend them, no?

And even if everything you say is true, you still don't seem to understand that oil speculators are causing gas prices to go up. Why do you defend them and/or deny their existance or blow off the fact that these people who don't have anything to do with drilling or refining oil are making money off high gas prices?

Now if they go too far like they did the last time they raised prices to over $4 a gallon and crash the economy again, that will force them to lower the prices, but who wants that?

As previously stated. You have no standing here because of your anti fossil fuel bias.
The Energy Dept says what the Obama admin tells it say. How do I know this? Because the top people namely the Secretary serve at the pleasure of the President.
Look honey, I understand and have knowledge of things that you can only imagine to comprehend. Do not condescend to me.
I never defended "speculators"...EVER. You made that up.
You are clueless to the workings of commodities trading. You are spewing statements that are not factual.
I will get you started on your way to recovery.
Here are factors which drive the price of commodities.
Oil and gasoline.. These are traded and prices set based on the US Dollar. In theory, the levels of supply and demand could remain neutral for a month and the price of these commodities would vary, riding on the value of the US Dollar vs other major currencies. One of the main issues which causes the price of oil and gas to rise is the falling value of the Dollar. Our federal government's spending and borrowing makes up perhaps 90% of the value of the US Dollar.
Pension and other retirement funds.....Up until 2007, on any given trading day, there was around $15billion in the oil and gasoline markets. By 2010 there was nearly THIRTY times that amount. Banks and other institutions which had pension funds and other investment and speculative index fund money tied up in securities took their money from those and placed it in commodities looking for a better return. Now, contrary to the news that is spoon fed to the public, commodities traders bet the market in BOTH directions. These are called "buys" (up) and "Puts (Down). They can force the price downward as quickly as it can be forced upward. Whatever direction will bring them the greatest return on investment ,that is where the trades go. An example of this was the precipitous drop in oil and gas futures in 2009. The US Dollar was surging and even though our economy was sagging, the other currencies were falling faster. Hence the price bottoming out at $30 per barrel and about $1.20 for one gallon of Regular..So while you are told by your people in the White House that is not their fault gas prices are high and there is nothing they can do, that's a lie. But as long as they say there is nothing that can be done it's all good for you.
The fact is the policies of the federal government forced this to happen.
Now, the refining capacity issue is very real. You just refuse to acknowledge that fact. That's fine.
You can whine and deny all you like. It doesn't change the facts. Facts that obviously you cannot bring yourself to grasp.

Refining capacity is the problem pure and simple.
We have an abundance of oil available now. We can not refine it quick enough.
So if we can not refine it what happens? The demand goes up and with increased demand theprice goes up.
Simple economics. So how does the price of gas go down if we drill it?
It doesn't. What car runs on oil?
It HAS TO BE REFINED and that is the reason gas is so high and goes higher.
Demand pure and simple as there is NO shortage of oil. There is so much of it how does the price of a commodity go down when they can not make enough of it to meet demand?
A basic understanding of economics is needed in this country. "Drill and the price goes down" is laughable. The pipeline was a good idea as that saves delivery costs but that oil IS ALREADY OUT OF THE GROUND. Obama has no business as President but the price of gas will not go down with a new President over night and drilling does not lower it. We need 3 new refineries now and the oil companies are not stepping up to lay out the capital to do it. Why should they? They make more $$ the way it is now.
Simple, basic economics.

Sealybooboo..( more like boo hoo) has an anti fossil fuel bias. That said he/she has no credibility and has no standing in the discussion.
Refining is a low margin business. Federal and state environmental as well as commercial business regulations that are specific to the petroleum industry are part of the problem.

 

[Erand7899]

No one has repealed the law of supply and demand, yet. When supply exceeds demand in a market, prices drop, and vice versa. The oil market is worldwide, and consequently decreased demand in the USA, has little effect on the world market, especially since demand is increasing in many other countries.

A little tidbit of marketing, that seems to be ignored, is that markets also operate on the margins. It does not take a flood of oil to bring prices down, just enough to ensure that all perceived needs are being met.

Futures markets operate exactly like regular markets. No one is in that business to lose money, and no one is going to bid high prices for oil futures, if the likelihood of new production is on the horizon.

The president has the power to lower futures prices by not only announcing a new drilling policy, but actually putting one into existance. The market does not respond to political BS, it needs real efforts to work.

 

[Gadawg73]

As previously stated. You have no standing here because of your anti fossil fuel bias.
The Energy Dept says what the Obama admin tells it say. How do I know this? Because the top people namely the Secretary serve at the pleasure of the President.
Look honey, I understand and have knowledge of things that you can only imagine to comprehend. Do not condescend to me.
I never defended "speculators"...EVER. You made that up.
You are clueless to the workings of commodities trading. You are spewing statements that are not factual.
I will get you started on your way to recovery.
Here are factors which drive the price of commodities.
Oil and gasoline.. These are traded and prices set based on the US Dollar. In theory, the levels of supply and demand could remain neutral for a month and the price of these commodities would vary, riding on the value of the US Dollar vs other major currencies. One of the main issues which causes the price of oil and gas to rise is the falling value of the Dollar. Our federal government's spending and borrowing makes up perhaps 90% of the value of the US Dollar.
Pension and other retirement funds.....Up until 2007, on any given trading day, there was around $15billion in the oil and gasoline markets. By 2010 there was nearly THIRTY times that amount. Banks and other institutions which had pension funds and other investment and speculative index fund money tied up in securities took their money from those and placed it in commodities looking for a better return. Now, contrary to the news that is spoon fed to the public, commodities traders bet the market in BOTH directions. These are called "buys" (up) and "Puts (Down). They can force the price downward as quickly as it can be forced upward. Whatever direction will bring them the greatest return on investment ,that is where the trades go. An example of this was the precipitous drop in oil and gas futures in 2009. The US Dollar was surging and even though our economy was sagging, the other currencies were falling faster. Hence the price bottoming out at $30 per barrel and about $1.20 for one gallon of Regular..So while you are told by your people in the White House that is not their fault gas prices are high and there is nothing they can do, that's a lie. But as long as they say there is nothing that can be done it's all good for you.
The fact is the policies of the federal government forced this to happen.
Now, the refining capacity issue is very real. You just refuse to acknowledge that fact. That's fine.
You can whine and deny all you like. It doesn't change the facts. Facts that obviously you cannot bring yourself to grasp.

Refining capacity is the problem pure and simple.
We have an abundance of oil available now. We can not refine it quick enough.
So if we can not refine it what happens? The demand goes up and with increased demand theprice goes up.
Simple economics. So how does the price of gas go down if we drill it?
It doesn't. What car runs on oil?
It HAS TO BE REFINED and that is the reason gas is so high and goes higher.
Demand pure and simple as there is NO shortage of oil. There is so much of it how does the price of a commodity go down when they can not make enough of it to meet demand?
A basic understanding of economics is needed in this country. "Drill and the price goes down" is laughable. The pipeline was a good idea as that saves delivery costs but that oil IS ALREADY OUT OF THE GROUND. Obama has no business as President but the price of gas will not go down with a new President over night and drilling does not lower it. We need 3 new refineries now and the oil companies are not stepping up to lay out the capital to do it. Why should they? They make more $$ the way it is now.
Simple, basic economics.

Sealybooboo..( more like boo hoo) has an anti fossil fuel bias. That said he/she has no credibility and has no standing in the discussion.
Refining is a low margin business. Federal and state environmental as well as commercial business regulations that are specific to the petroleum industry are part of the problem.

A lack of competititon has done 100 times more harm to get new refineries than the environmental movement. The largest 5 oil companies now own 60% of domestic oil refineries.
With no one filing permits for new oil refineries how does the environmental movement play any role in stopping refineries from being built? That is a right wing myth.
If we restored competitive markets and end all the subsidies refined oil, gas, would go down 10-15% over night.
Politics and campaign contributions keep the price high.

 

[Erand7899]

Some people seem to think that since we have excess oil supplies within the USA, that ought to lower prices here. That is nonsense. No oil company is going to sell oil below the market value, just to make American motorists feel better. They would be violating their fiduciary duty to their shareholders, if they did such a thing.

However, America does have a huge supply of oil beneath our ground, and we should be working to produce that oil. We have enough to keep oil prices at reasonable levels for the next fifty years. We have enough to cover any attempts by foreign governments to disrupt the oil supply. We have enough to carry us through transition to reasonable and viable alternative energy sources.

 

[Mr. H.]

A lack of competititon has done 100 times more harm to get new refineries than the environmental movement. The largest 5 oil companies now own 60% of domestic oil refineries.
With no one filing permits for new oil refineries how does the environmental movement play any role in stopping refineries from being built? That is a right wing myth.
If we restored competitive markets and end all the subsidies refined oil, gas, would go down 10-15% over night.
Politics and campaign contributions keep the price high.

There are no subsidies.

 

[Gadawg73]

Some people seem to think that since we have excess oil supplies within the USA, that ought to lower prices here. That is nonsense. No oil company is going to sell oil below the market value, just to make American motorists feel better. They would be violating their fiduciary duty to their shareholders, if they did such a thing.

However, America does have a huge supply of oil beneath our ground, and we should be working to produce that oil. We have enough to keep oil prices at reasonable levels for the next fifty years. We have enough to cover any attempts by foreign governments to disrupt the oil supply. We have enough to carry us through transition to reasonable and viable alternative energy sources.

All true and you are an oil executive that has a fiduciary duty to your stockholders so what do you do?
Spend a boatload of speculative capital, which you have to raise in the first place, to drill with no way to know what your margins will be when you do hit oil and no way to know how much you will hit and what the ROI will be if and when you do hit OR buy it at the spicket from available sources NOT risking one cent of any investment capital you may have around?
Guess what they have been choosing forever all the while BSing the American public "there are too many restrictions to drill in America".
The way they throw cash around no way would they do it UNLESS they are getting exactly what they want NOW.

 

[sealybobo]

As previously stated. You have no standing here because of your anti fossil fuel bias.
The Energy Dept says what the Obama admin tells it say. How do I know this? Because the top people namely the Secretary serve at the pleasure of the President.
Look honey, I understand and have knowledge of things that you can only imagine to comprehend. Do not condescend to me.
I never defended "speculators"...EVER. You made that up.
You are clueless to the workings of commodities trading. You are spewing statements that are not factual.
I will get you started on your way to recovery.
Here are factors which drive the price of commodities.
Oil and gasoline.. These are traded and prices set based on the US Dollar. In theory, the levels of supply and demand could remain neutral for a month and the price of these commodities would vary, riding on the value of the US Dollar vs other major currencies. One of the main issues which causes the price of oil and gas to rise is the falling value of the Dollar. Our federal government's spending and borrowing makes up perhaps 90% of the value of the US Dollar.
Pension and other retirement funds.....Up until 2007, on any given trading day, there was around $15billion in the oil and gasoline markets. By 2010 there was nearly THIRTY times that amount. Banks and other institutions which had pension funds and other investment and speculative index fund money tied up in securities took their money from those and placed it in commodities looking for a better return. Now, contrary to the news that is spoon fed to the public, commodities traders bet the market in BOTH directions. These are called "buys" (up) and "Puts (Down). They can force the price downward as quickly as it can be forced upward. Whatever direction will bring them the greatest return on investment ,that is where the trades go. An example of this was the precipitous drop in oil and gas futures in 2009. The US Dollar was surging and even though our economy was sagging, the other currencies were falling faster. Hence the price bottoming out at $30 per barrel and about $1.20 for one gallon of Regular..So while you are told by your people in the White House that is not their fault gas prices are high and there is nothing they can do, that's a lie. But as long as they say there is nothing that can be done it's all good for you.
The fact is the policies of the federal government forced this to happen.
Now, the refining capacity issue is very real. You just refuse to acknowledge that fact. That's fine.
You can whine and deny all you like. It doesn't change the facts. Facts that obviously you cannot bring yourself to grasp.

Refining capacity is the problem pure and simple.
We have an abundance of oil available now. We can not refine it quick enough.
So if we can not refine it what happens? The demand goes up and with increased demand theprice goes up.
Simple economics. So how does the price of gas go down if we drill it?
It doesn't. What car runs on oil?
It HAS TO BE REFINED and that is the reason gas is so high and goes higher.
Demand pure and simple as there is NO shortage of oil. There is so much of it how does the price of a commodity go down when they can not make enough of it to meet demand?
A basic understanding of economics is needed in this country. "Drill and the price goes down" is laughable. The pipeline was a good idea as that saves delivery costs but that oil IS ALREADY OUT OF THE GROUND. Obama has no business as President but the price of gas will not go down with a new President over night and drilling does not lower it. We need 3 new refineries now and the oil companies are not stepping up to lay out the capital to do it. Why should they? They make more $$ the way it is now.
Simple, basic economics.

Sealybooboo..( more like boo hoo) has an anti fossil fuel bias. That said he/she has no credibility and has no standing in the discussion.
Refining is a low margin business. Federal and state environmental as well as commercial business regulations that are specific to the petroleum industry are part of the problem.

Yes Refineries have something to do with the cost of gasoline. But thats only half the story. You only have half the story.

Why Republicans Aren’t Mentioning the Real Cause of Rising Prices at the Gas Pump
Thursday, March 15, 2012

Gas prices continue to rise, which is finally giving Republicans an issue. Mitt Romney is demanding the President open up more domestic drilling; the super PAC behind Rick Santorum just released a new ad in Louisiana blasting the President on gas prices; and the GOP is attacking the White House on the Keystone XL Pipeline.

NOTICE NO MENTION OF REFINERIES GRAMPS?

But the rise in gas prices has almost nothing to do with energy policy. It has everything to do with America’s continuing failure to adequately regulate Wall Street. But don’t hold your breath waiting for Republicans to tell the truth.

As I’ve noted before, oil supplies aren’t being squeezed. Over 80 percent of America’s energy needs are now being satisfied by domestic supplies. In fact, we’re starting to become an energy exporter. Demand for oil isn’t rising in any event. Demand is down in the U.S. compared to last year at this time, and global demand is still moderate given the economic slowdowns in Europe and China.

But Wall Street is betting on higher oil prices in the future — and that betting is causing prices to rise. The Street is laying odds that unrest in Syria will spill over into other countries or that tensions with Iran will affect the Persian Gulf, and that global demand will pick up as American consumers bounce back to life.

These bets are pushing up oil prices because Wall Street firms and other big financial players now dominate oil trading.

Financial speculators historically accounted for about 30 percent of oil contracts, producers and end users for about 70 percent. But today speculators account for 64 percent of all contracts.

Bart Chilton, a commissioner at the Commodity Futures Trading Commission — the federal agency that regulates trading in oil futures, among other commodities — warns that too few financial players control too much of the oil market. This allows them to push oil prices higher and higher — not only on the basis of their expectations about the future but also expectations about how high other speculators will drive the price.

In other words, a relatively few players with very deep pockets are placing huge bets on oil — and you’re paying.

But the GOP won't let us regulate this???

Chilton estimates that drivers of small cars like Honda Civics are paying an extra $7.30 every time they fill up because of oil speculators. That money is going into the pockets of Wall Street speculators. Drivers of larger vehicles like the Ford Explorer are paying speculators $10.41 when they fill up.

Funny, but I don’t hear Republicans rail against Wall Street speculators. Could this have anything to do with the fact that hedge funds and money managers are bankrolling the GOP?

Wall Street isn’t bankrolling Democrats nearly as much this time around because the Street is still smarting from the Dodd-Frank Wall Street reform law pushed by the Democrats, and from the president’s offhand remark in 2010 calling the denizens of the Street “fat cats.”

The Commodity Futures Trading Commission is trying to limit how much speculators can bet in oil futures — a power it was given by Dodd-Frank. It issued a rule in October, but it won’t take effect for another year.

Meanwhile, Wall Street has gone to court to stop the rule. It’s already won a stay.

As rising gas prices start wagging the election-year dog, the President should let America know what’s really causing prices to rise.

Robert Reich (Why Republicans Aren't Mentioning the Real Cause of Rising Prices at the Gas Pump)

 

[sealybobo]

Some people seem to think that since we have excess oil supplies within the USA, that ought to lower prices here. That is nonsense. No oil company is going to sell oil below the market value, just to make American motorists feel better. They would be violating their fiduciary duty to their shareholders, if they did such a thing.

However, America does have a huge supply of oil beneath our ground, and we should be working to produce that oil. We have enough to keep oil prices at reasonable levels for the next fifty years. We have enough to cover any attempts by foreign governments to disrupt the oil supply. We have enough to carry us through transition to reasonable and viable alternative energy sources.

Then we should stop giving them massive tax breaks.

 

[thereisnospoon]

Refining capacity is the problem pure and simple.
We have an abundance of oil available now. We can not refine it quick enough.
So if we can not refine it what happens? The demand goes up and with increased demand theprice goes up.
Simple economics. So how does the price of gas go down if we drill it?
It doesn't. What car runs on oil?
It HAS TO BE REFINED and that is the reason gas is so high and goes higher.
Demand pure and simple as there is NO shortage of oil. There is so much of it how does the price of a commodity go down when they can not make enough of it to meet demand?
A basic understanding of economics is needed in this country. "Drill and the price goes down" is laughable. The pipeline was a good idea as that saves delivery costs but that oil IS ALREADY OUT OF THE GROUND. Obama has no business as President but the price of gas will not go down with a new President over night and drilling does not lower it. We need 3 new refineries now and the oil companies are not stepping up to lay out the capital to do it. Why should they? They make more $$ the way it is now.
Simple, basic economics.

Sealybooboo..( more like boo hoo) has an anti fossil fuel bias. That said he/she has no credibility and has no standing in the discussion.
Refining is a low margin business. Federal and state environmental as well as commercial business regulations that are specific to the petroleum industry are part of the problem.

Yes Refineries have something to do with the cost of gasoline. But thats only half the story. You only have half the story.

Why Republicans Aren’t Mentioning the Real Cause of Rising Prices at the Gas Pump
Thursday, March 15, 2012

Gas prices continue to rise, which is finally giving Republicans an issue. Mitt Romney is demanding the President open up more domestic drilling; the super PAC behind Rick Santorum just released a new ad in Louisiana blasting the President on gas prices; and the GOP is attacking the White House on the Keystone XL Pipeline.

NOTICE NO MENTION OF REFINERIES GRAMPS?

But the rise in gas prices has almost nothing to do with energy policy. It has everything to do with America’s continuing failure to adequately regulate Wall Street. But don’t hold your breath waiting for Republicans to tell the truth.

As I’ve noted before, oil supplies aren’t being squeezed. Over 80 percent of America’s energy needs are now being satisfied by domestic supplies. In fact, we’re starting to become an energy exporter. Demand for oil isn’t rising in any event. Demand is down in the U.S. compared to last year at this time, and global demand is still moderate given the economic slowdowns in Europe and China.

But Wall Street is betting on higher oil prices in the future — and that betting is causing prices to rise. The Street is laying odds that unrest in Syria will spill over into other countries or that tensions with Iran will affect the Persian Gulf, and that global demand will pick up as American consumers bounce back to life.

These bets are pushing up oil prices because Wall Street firms and other big financial players now dominate oil trading.

Financial speculators historically accounted for about 30 percent of oil contracts, producers and end users for about 70 percent. But today speculators account for 64 percent of all contracts.

Bart Chilton, a commissioner at the Commodity Futures Trading Commission — the federal agency that regulates trading in oil futures, among other commodities — warns that too few financial players control too much of the oil market. This allows them to push oil prices higher and higher — not only on the basis of their expectations about the future but also expectations about how high other speculators will drive the price.

In other words, a relatively few players with very deep pockets are placing huge bets on oil — and you’re paying.

But the GOP won't let us regulate this???

Chilton estimates that drivers of small cars like Honda Civics are paying an extra $7.30 every time they fill up because of oil speculators. That money is going into the pockets of Wall Street speculators. Drivers of larger vehicles like the Ford Explorer are paying speculators $10.41 when they fill up.

Funny, but I don’t hear Republicans rail against Wall Street speculators. Could this have anything to do with the fact that hedge funds and money managers are bankrolling the GOP?

Wall Street isn’t bankrolling Democrats nearly as much this time around because the Street is still smarting from the Dodd-Frank Wall Street reform law pushed by the Democrats, and from the president’s offhand remark in 2010 calling the denizens of the Street “fat cats.”

The Commodity Futures Trading Commission is trying to limit how much speculators can bet in oil futures — a power it was given by Dodd-Frank. It issued a rule in October, but it won’t take effect for another year.

Meanwhile, Wall Street has gone to court to stop the rule. It’s already won a stay.

As rising gas prices start wagging the election-year dog, the President should let America know what’s really causing prices to rise.

Robert Reich (Why Republicans Aren't Mentioning the Real Cause of Rising Prices at the Gas Pump)

No...You stated very clearly that the refining capacity issue was a fall back position and that drill baby drill won't work.
You are the rest of the Obama cheerleaders are not going to have the clout to save your Obamessiah from the public's perception that the Administration while not entirely responsible for expensive gas, but the failure of the Administration to put forth a definitive energy policy.
The killer for Obama is his very own hand picked Energy Secretary stating that "we have to find a way to get gas prices to the levels seen in Europe".
At this point you should know that the opinions and ten second sound bites from political candidates mean very little. They have no substance. So stop posting them. They are summarily dismissed as campaign fodder.
Earlier in this thread you stated that because "we are regulating Wall Street" is the reason for the recent rise in stock values. Now you contradict yourself. And then you try to place blame on the GOP. Look genius, your side is every bit if not more culpable. Your side controls the Senate and the White House.
So, this alleged proposal to further regulate the commodities markets...care to post a link so I can read it for myself? Or am I and the rest of the forum members supposed to take your word for it?
it is clear you are clueless on this matter. You have posted nonsense, made statements yet refused to support them with verifiable facts and have contradicted your own statements of opinion.
Your focus on commodities speculation is typical politics. "Speculator" is the latest liberal talking point bogeyman buzz term.
Do you actually believe that the only concern of oil traders is to driver the price upward?
You have taken the time to do some digging and produce quotes from on analyst. Based on that, you should know that traders do not care whether the price rises or falls. Only that they are on the correct side of the market when it moves.

 

[Toddsterpatriot]

Some people seem to think that since we have excess oil supplies within the USA, that ought to lower prices here. That is nonsense. No oil company is going to sell oil below the market value, just to make American motorists feel better. They would be violating their fiduciary duty to their shareholders, if they did such a thing.

However, America does have a huge supply of oil beneath our ground, and we should be working to produce that oil. We have enough to keep oil prices at reasonable levels for the next fifty years. We have enough to cover any attempts by foreign governments to disrupt the oil supply. We have enough to carry us through transition to reasonable and viable alternative energy sources.

Then we should stop giving them massive tax breaks.

What tax breaks? Be specific.

 

[Mr. H.]

Tax breaks. You know, the "subsidies" that Obama is lyi.... talking about.

It's always amazed me how the oil business is looked upon as some get-rich quick scheme. So why aren't more people in the oil business.

Go drill a hole in the ground you fucking idiots.

 

[Mr. H.]

Geological services... tax deductbible? Not if Obama gets his way.
Geophysical service... tax deductible? Not if Obama gets his way.
Engineering services... tax deductible? Not if Obama gets his way.
Legal services... tax deductible? Not if Obama gets his way.

Mud logging, perforating, completion, acidizing, cementing, excavating, rig time, day rates, rig-up, tear-down, tubulars, centralizers, packers, squeeze jobs, well log analysis, consultancies, prime movers, surface equipment, tank batteries, walkways, gathering lines...

Not no, but FUCK NO. Not on Obama's watch.

I'm extremely disappointed with this guy, and the American public for following his moronic lead.