President Obama to call for one-third cut to oil imports

Discussion in 'Politics' started by Stephanie, Mar 30, 2011.

  1. Stephanie
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    Stephanie Diamond Member Supporting Member

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    with gas inching up to $4.00 a gallon, this IS the sermon he is going to give us. that sure will make my pocketbook feel much better.

    SNIP:
    By Steven Mufson, Wednesday, March 30, 6:00 AM
    President Obama on Wednesday will call for a one-third cut in oil imports by 2020, part of a plan he says will reduce U.S. dependence on foreign petroleum.



    President Obama to call for one-third cut to oil imports
    Five myths about gas prices
    Crude declines in New York amid signs of rising U.S. supplies

    With rising gasoline prices at home and political turmoil throughout the Middle East, Obama will seek in a speech at Georgetown University to rally Americans — and bickering lawmakers — behind a program that draws about half of that import cut from energy savings and about half from greater energy production, according to Obama aides who briefed reporters Tuesday.

    Many facets of his program will be familiar. The president will propose wider use of natural gas, including incentives to use it to fuel fleet vehicles such as city buses. He will back greater production of biofuels and will vow to establish at least four commercial-scale refineries producing cellulosic ethanol or advanced biofuels within the next two years. He also will pledge to establish higher fuel-efficiency standards for heavy trucks, just as he did for passenger vehicles early in his administration.

    Obama will also urge oil companies to make greater use of the federal leases both onshore and offshore to prop up domestic oil output. The oil industry and GOP lawmakers have been loudly complaining about delays in the permitting of offshore drilling in recent months. But an irked administration, which had pledged tougher scrutiny of drilling applications after last year’s massive Gulf of Mexico oil spill, fired back Tuesday with an Interior Department report that revived earlier debates about whether oil companies were exploiting the leases they already have.

    Obama has made energy a priority since taking office, with the increase in automobile fuel efficiency marking perhaps his greatest impact. As part of the economic stimulus package adopted in 2009, he also won about $70 billion in grants and loan guarantees to promote energy efficiency, advanced batteries for cars and renewable energy. He has said that in addition to energy benefits those monies will create what he calls “green jobs.” But he poured a large amount of effort into winning passage of a cap-and-trade climate bill, which failed.
    Obama faces a plethora of obstacles in the push for less reliance on foreign oil. One is the appetite of the U.S. economy. The federal Energy Information Administration forecasts that the United States will import a net of 9.7 million barrels a day of crude oil and refined petroleum products in 2011 and 10 million barrels a day in 2012. Net imports accounted for 49 percent of all U.S. liquid fuel consumption in 2010, down from 57 percent in 2009 primarily because of the drop in consumption during the recession.

    Yet members of Congress are divided about the best ways to cut imports, with lawmakers often uniting across party lines depending on what region they represent. An expansion of offshore drilling, for example, garners substantial support among gulf coast lawmakers, but opposition from representatives from states such as California, Florida and New Jersey.

    With Obama’s push for more electric cars, there is also disagreement about the best way to make sure electric utilities can meet demands. With Japan’s nuclear crisis still in progress, it is a sensitive time to promote nuclear energy.

    read the rest and LOTS of comments..
    http://www.washingtonpost.com/busin.../03/29/AFFy3O1B_story.html?wprss=rss_homepage
     
    Last edited: Mar 30, 2011
  2. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    If true, further evidence this man is a moron.

    2012 can't come fast enough.
     
  3. B. Kidd
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    B. Kidd Gold Member

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    When the U.S. economy hits a double-dip recession later this year or beginning early next year, our consumption will drop again. Don't see 10 million barrels a day use in 2012, like the OP article states.
     
  4. FuelRod
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    FuelRod Gold Member

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    I don't think he understands the law of supply and demand.
     
  5. del
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    del BANNED

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    he's also canceled high tide.

    what a guy
    :clap2:
     
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  6. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    He's a command economy guy...
     
  7. zzzz
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    zzzz Just a regular American

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    It seems to me I've been hearing this theme for decades now and imports keep rising. We tried this converting corn to fuel and what did we get? Record grain prices.
     
  8. Mr. H.
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    Mr. H. Diamond Member

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    His proposed budget still contains anywhere from $40-$90 billion in taxes on the domestic petroleum industry, which will surely result in lower production and lost jobs. Shirley.

    So which is it, Bam Man? You can't have your cake and edict too.
     
  9. JamesInFlorida
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    JamesInFlorida Senior Member

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    Oil is not a product whose equilibrium is dictated by it's supply and it's demand-but mainly by it's demand alone.

    The demand of oil never goes down. People need oil to drive, mass-transportation, shipping supplies, plastic, other equipment (lawn mowers for example). The demand of oil is the highest commodity in demand-even more than food (because food is shipped to stores using oil, and oil plays a large part in food production).

    Since the demand for oil is so high-the oil companies can set the equilibrium price basically wherever they like (as long as it's a gradual shift).

    3 of the top 5 corporations with the highest revenues in the world are oil companies:

    Global 500 2010: Global 500 1-100 - FORTUNE on CNNMoney.com

    2 of the top 5 corporations with the highest profits in the world are oil companies:

    Global 500 2010: Global 500 1-100 - FORTUNE on CNNMoney.com

    The supply of oil isn't hurting the oil companies. It's one of the few commodites


    If you can't figure out that oil isn't a normal product, or normal commodity, and that it's not dictated by both it's supply and demand in the same way other products/commodities are-then you know next to nothing about economics.

    Do you really think that the people think that the current equilibrium price is acceptable? Of course not. It's completely skewed towards the oil companies. This at the very least should be the first big clue.
     
  10. bucs90
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    bucs90 Gold Member

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    And to think there are still people in this nation who think Obama is NOT purposely trying to harm this country.

    Get this fucking communist out of office.
     

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