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

[JamesInFlorida]

Lastly I said the equilibrium price is currently skewed towards the oil companies. An equilibrium price is when the supplier and market meet at a price level they both feel is acceptable.

So here's an easy example for any "mental midget" who can't see that. I'll use the previously mentioned corn. I'll use nice and easy numbers.

-There's 100 people who want corn, and another 100 people who want oil.

-There are 5 companies that supply corn, and 10 that support oil.

-Both prices (or the equilibrium), are currently too high, and the public isn't happy with them.


The corn companies can now:

1. lower the price to add more incentives for the market to purchase their corn over the 4 other companies

2. raise the quality of their corn, which costs more money-thus they have to charge more money, or bite a bullet on profits (not revenues)

3. keep the prices the same-which many of the 100 people will simply buy peas, string beans, or some other vegetable-and not eat corn.

The oil companies can now:

1. same as #1 for corn

2. same as #2 for corn

3. keep the prices the same-which many of the 100 people will....still have to purchase oil in order to get to work, school, buy plastic, buy almost every product from almost any store (as those products needs to be shipped-which uses up oil).

Kid, you're fucked up. Not worth my time.

Great point. You really told me.

 

[waltky]

Obama Proposes Ambitious Cuts In Oil Imports...

Obama sets ambitious goal to reduce US oil imports
03/30/2011 WASHINGTON—President Barack Obama on Wednesday called for a one-third reduction in U.S. oil imports by 2025, reviving a long-elusive goal of reducing America's dependence on foreign supplies as political unrest rocks the Middle East and gasoline prices rise at home.

Tackling an issue that has vexed nearly every U.S. president since Richard Nixon, Obama said the country can't solve the problem with quick fixes and political gimmicks. But he offered little in the way of new initiatives, relying instead on a litany of energy proposals he's already called for, including boosting domestic oil production, increasing the use of biofuels and natural gas, and making vehicles more energy efficient. Obama also embraced nuclear power as a critical part of America's energy future, despite increased safety concerns following the earthquake and tsunami in Japan that severely damaged a nuclear power plant there. He vowed a thorough safety review of all U.S. plants, incorporating lessons learned from Japan, but said nuclear power still holds enormous potential for the U.S.

"We can't simply take it off the table," Obama said during a nearly hour-long speech at Georgetown University. Moving the U.S. away from its dependence on foreign oil and toward clean energy technologies was a key part of the domestic agenda Obama outlined in his January State of the Union address. That agenda has since been overshadowed by events around the world, from the uprisings in the Middle East and subsequent U.S. military intervention in Libya to the humanitarian and nuclear crisis in Japan. But with gas prices on the rise as the president readies his reelection bid, the White House wants to regain its footing on domestic issues before public anger over the spike in energy costs take hold. Gas prices have jumped more than 50 cents a gallon this year, reaching a national average of $3.58 a gallon last week, according to AAA's daily survey.

Republicans have placed the blame for the spike in prices on Obama's policies, arguing that the administration has been too slow in approving new permits for oil drilling and calling on the president to open up areas along the Atlantic Coast and near Alaska, where drilling its currently banned. "The problem is that Democrats don't want us to use the energy we have," Senate Minority leader Mitch McConnell said Wednesday. "It's enough to make you wonder whether anybody in the White House has driven by a gas station lately." The president struck back at that criticism during his speech, noting that his administration has approved 39 shallow-water drilling permits since new standards were put in place last year following the Gulf oil spill, and seven new deep-water drilling permits in recent weeks. "So any claim that my administration is responsible for gas prices because we've shut down oil production might make for a useful political sound bite, but doesn't track with reality," Obama said.

More Obama sets ambitious goal to reduce US oil imports - Las Cruces Sun-News

 

[Dot Com]

President Obama on Wednesday will call for a one-third cut in oil imports by 2020

2020 too soon for you? Also, research will continue in the 8-year period. Why do cons cling to oil like they cling to their guns and why do they like propping up monarchies/dictatorships? Every gallon we import from places like Saudi enriches them and makes us more dependent.

 

[Trajan]

well first off they made the ethanol decision back in October for 'late model cars"...October, allowing the mixture to go up a 50% to 15%, so I am at a loss as to why he would tout this now as a fix.

He just said last week in Brazil that he would love to see a 'friendly' source of oil, signing a strategic energy partnership....and Brazil will do the drilling.

I don't know hat to make of all this, really................ he has fought tooth and nail and his DOE was found in contempt, for not processing offshore permits.

Seriously, what the hell is this all about?

 

[whitehall]

He told Brazil Oil (affiliated with George Soros) "we'd like to be your best customer" when he was down there recently and paved the way for them to drill in our backyard. Why doesn't Obama run for president of Brazil in 2012?

 

[The Rabbi]

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

It's one of the few commodities.... what?

And tell us more of the other "top 5" corporations with the highest revenues/profits.
Is Obama also singling them out for punitive taxation?

Is the public also callling for a "Windfall Profits Tax" on those corporations?

I know a little better than "next to nothing" about economics. I deal with energy economics on a daily basis.

Revenues are NOT the same as profits. The top five for each would be different. I assumed you'd know this basic principle if you deal with economics on a daily basis.

Please explain why, just a few years ago, oil prices went from over $140 to around $30 in a matter of months.

Was that $30 also a "skewed" price?

You're dealing with a mental midget in James.
Oil is a commodity like corn or anything else. Price is supply and demand driven. Like anything else. When prices go up libs cry about collusion and "gouging." When prices go down you don't hear a peep.

I have heard almost every president since Nixon talk about "energy independence" for the U.S. IT is nonsense.

You don't even know what a commodity is do you? Corn is NOT a commodity in the same way oil is. A commodity is something that's traded internationally. How much of our corn do we import compared to oil? You can't compare the prices of both-as one is effected by the rest of the world much more than the other.

I suggest you look up the definition of a commodity, as opposed to a product, and do it before calling anyone a "mental midget".

Oh and as for those blasting me: I'm not voting for Obama. Nice try. I'm just saying people who don't even know what a commodity is, or the difference between revenue and profits, or can't even dispute my points with any intelligent discussions (no personal attacks aren't intelligent discussions-they dilute your point).

edit: Come at me with ideas, and they should make sense.

It's sad to see people claiming they know so much about economics-yet don't know basic terms you learn in macro, or micro 101 within the first 2-3 weeks.

Wow are you dense!
Corn is not a commodity? There is not a commodity market where corn is traded on contract?
Hey, dumbshit. Gold is also a commodity. And we don't produce that much gold here either.
The reaction of other posters here should give you pause before blowing your keyboard off again.

 

[JFK_USA]

So Republicans for years say "Drill baby Drill" and "We need to cut our dependence on foreign oil."

Then Obama cut our dependency on foreign oil, horrible communist idea.

Republican Logic. Never makes sense.

 

[Trajan]

So Republicans for years say "Drill baby Drill" and "We need to cut our dependence on foreign oil."

Then Obama cut our dependency on foreign oil, horrible communist idea.

Republican Logic. Never makes sense.

why yes of course you've got it!!!...

 

[The Rabbi]

So Republicans for years say "Drill baby Drill" and "We need to cut our dependence on foreign oil."

Then Obama cut our dependency on foreign oil, horrible communist idea.

Republican Logic. Never makes sense.

So Obama says "Dont Drill Dont Drill" and then proposes to cut our dependence on foreign oil.
And he's planning on altering his DNA so he shits oil? Is that the idea? Is there anything this man thinks he cannot do??

 

[Flopper]

Reducing the reliance on foreign oil, will not significantly reduce the price in the US, however it will be a real benefit in dealing with oil producing nations. If that reduction comes from use of alternative energy sources, it would even better.

 

[KissMy]

Please explain why, just a few years ago, oil prices went from over $140 to around $30 in a matter of months. Was that $30 also a "skewed" price?

What drove oil prices up to $145.29? Here is a clue. This coincided with the "Peak Oil" media blitz. Similar to the Enron Power Scam. Oil traders leased most of the oil tankers tying them up to restrict the transportation of oil to markets. They stored their oil in these tankers & parked them offshore so they would not count in inventory creating the illusion of an oil shortage. This is called "Floating Storage"

What Event Happened on the very day oil stopped climbing past $145.29 & began its decline all the way down to $33.87? That is a $112 drop in oil prices!

[ame="http://www.youtube.com/watch?v=FusqAtX0OJ8"]Oil Drops $112 because of this![/ame]

Amazing I Tell You, Utterly Amazing! If you think I am lying about the cause of the $112 drop, Check the date against the oil price charts. Now you see "Drill Baby Drill" worked. Don't you just hate it when Sarah Palin is smarter than you. This stuck all those Enron type traders with ship loads of oil that they lost their ass on. Now what event happened on the very day Oil Prices started to climb again from the $33 dollar low. Hint (New Administration took office). Check The Charts! Now every time Obama threatens to stop drilling, these Enron type "Floating Storage" scum bags make their money back. How Fucking Stupid is this Obama Idiot?

Bloomberg - Oil Imports Surge as Traders Unwind Floating Storage Bets: Energy Markets

Thanks to Obama's reversing of Bush & congress opening of the OCS. OPEC Will Reap $1 Trillion This Year for the first time in history.

 

[JamesInFlorida]

It's one of the few commodities.... what?

And tell us more of the other "top 5" corporations with the highest revenues/profits.
Is Obama also singling them out for punitive taxation?

Is the public also callling for a "Windfall Profits Tax" on those corporations?

I know a little better than "next to nothing" about economics. I deal with energy economics on a daily basis.

Revenues are NOT the same as profits. The top five for each would be different. I assumed you'd know this basic principle if you deal with economics on a daily basis.

You're dealing with a mental midget in James.
Oil is a commodity like corn or anything else. Price is supply and demand driven. Like anything else. When prices go up libs cry about collusion and "gouging." When prices go down you don't hear a peep.

I have heard almost every president since Nixon talk about "energy independence" for the U.S. IT is nonsense.

You don't even know what a commodity is do you? Corn is NOT a commodity in the same way oil is. A commodity is something that's traded internationally. How much of our corn do we import compared to oil? You can't compare the prices of both-as one is effected by the rest of the world much more than the other.

I suggest you look up the definition of a commodity, as opposed to a product, and do it before calling anyone a "mental midget".

Oh and as for those blasting me: I'm not voting for Obama. Nice try. I'm just saying people who don't even know what a commodity is, or the difference between revenue and profits, or can't even dispute my points with any intelligent discussions (no personal attacks aren't intelligent discussions-they dilute your point).

edit: Come at me with ideas, and they should make sense.

It's sad to see people claiming they know so much about economics-yet don't know basic terms you learn in macro, or micro 101 within the first 2-3 weeks.

Wow are you dense!
Corn is not a commodity? There is not a commodity market where corn is traded on contract?
Hey, dumbshit. Gold is also a commodity. And we don't produce that much gold here either.
The reaction of other posters here should give you pause before blowing your keyboard off again.

I said it's not a commodity like oil is. Show me statistics of the amount of corn we import compared to the amount of oil.

So answer these two questions honestly:

1. Do you think the gas prices are too high?

2. Do you think the majority of Americans think the gas prices are too high?

If you answered yes to either one of these questions-then you're agreeing with me that the equilibrium when it comes to gas/oil is skewed-by definition.

Also, for the record I don't need to follow other people-I think on my own. I don't need others to agree with me to feel secure about my thoughts.

Keep on sending those personal attacks though-after all it makes you look so intelligent.

 

[KissMy]

Obama Demands All Government Autos be "Green" by 2015

Government will only buy hybrids, PHEVs, BEVs, ethanol vehicles, compressed natural gas, and fuel cell vehicles

While auto purchases by the U.S. government are dwarfed by the private sector's purchases, they are still significant. Sedans, trucks, cargo vans -- the government regularly refreshes its fleet, buying up to 50,000 vehicles a year.

Thus U.S. President Barack Obama's plan to shift all federal government vehicle purchases to "green" designs by 2015 could be a market-shifting event.

 

[Synthaholic]

If true, further evidence this man is a moron.

2012 can't come fast enough.

Can't wait to get your ass kicked again?

 

[Synthaholic]

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.

"Let us rid ourselves of the fiction that low oil prices are somehow good for the United States." - Dick Cheney

 

[Care4all]

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.

yeah, and he's still taxing us domestic Individuals $2 TRILLION plus a year too! Poor oil companies!

 

[The Rabbi]

Revenues are NOT the same as profits. The top five for each would be different. I assumed you'd know this basic principle if you deal with economics on a daily basis.



You don't even know what a commodity is do you? Corn is NOT a commodity in the same way oil is. A commodity is something that's traded internationally. How much of our corn do we import compared to oil? You can't compare the prices of both-as one is effected by the rest of the world much more than the other.

I suggest you look up the definition of a commodity, as opposed to a product, and do it before calling anyone a "mental midget".

Oh and as for those blasting me: I'm not voting for Obama. Nice try. I'm just saying people who don't even know what a commodity is, or the difference between revenue and profits, or can't even dispute my points with any intelligent discussions (no personal attacks aren't intelligent discussions-they dilute your point).

edit: Come at me with ideas, and they should make sense.

It's sad to see people claiming they know so much about economics-yet don't know basic terms you learn in macro, or micro 101 within the first 2-3 weeks.

Wow are you dense!
Corn is not a commodity? There is not a commodity market where corn is traded on contract?
Hey, dumbshit. Gold is also a commodity. And we don't produce that much gold here either.
The reaction of other posters here should give you pause before blowing your keyboard off again.

I said it's not a commodity like oil is. Show me statistics of the amount of corn we import compared to the amount of oil.

So answer these two questions honestly:

1. Do you think the gas prices are too high?

2. Do you think the majority of Americans think the gas prices are too high?

If you answered yes to either one of these questions-then you're agreeing with me that the equilibrium when it comes to gas/oil is skewed-by definition.

Also, for the record I don't need to follow other people-I think on my own. I don't need others to agree with me to feel secure about my thoughts.

Keep on sending those personal attacks though-after all it makes you look so intelligent.

Weaseling, again.
What does the amount of import have to do with whether something is a commodity or not? Oil is a commodity. It trades world wide based on supply and demand. You denied this in an earlier post. You cannot support that.
I think gas prices are higher than they were. They are higher than they need to be because of the governments policy of a weak dollar.
What Americans think has no bearing on the market reality of equilibrium. I think gold is too high but that doesnt mean it isnt at market equilibrium.
Your thinking on your own has led you to post howlers and made you look like an idiot.

 

[editec]

Calling for reductions in OUR NEED for oil isn't calling for CUTS.

 

[skookerasbil]

Laugh my balls off...............electric cars and ethanol. It is noted Obama doesnt talk about the ginormous cost of those, plus the fact that America sold about 7 electric cars this past year!!!


A green economy is gay........Cap and Trade is offically DOA. None of this shit is going to fly in the House. None of it........this is just more distraction by the administration. Only the k00ks cant see it.............

 

[Synthaholic]

"Let us rid ourselves of the fiction that low oil prices are somehow good for the United States." - Dick Cheney