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

[masquerade]

He also questionably suggested a cut of about one-third of our foreign importation of oil. On the surface this sounds immaculate if replaced by increased domestic oil production, but as Charles Krauthammer astutely noted, the President cited a statistic on oil importation from 2009. U.S. imported 11 million barrels of oil in 2009, due to the recession we now import roughly 9.7 million, the difference is equivalent to the President’s proposed one-third reduction. I guess statistical gimmicks are exempt from our conversation.

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[BlindBoo]

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

Get this ******* communist out of office.

Never have dumber words been written. Only a moron (or a pseudo-"con[ned]") would think that.

 

[BlindBoo]

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 way for them to drill was cleared in 2006. Furthermore it's not like other foriegn owned companies are not allowed to drill in the Gulf of Mexico. In fact wasn't it a foriegn owned company that had the worst oil spill in US history last summer?

 

[JamesInFlorida]

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.

You're dodging a main point here. If oil's price is solely based on a typical supply/demand curve-then what has caused the price of oil to fluctuate the past few years? Has the supply gone up or down dramatically? Has the demand gone up or down dramatically? Another poster who agreed with you (who hasn't posted since) stated that a few years ago oil dropped down to 21% of it's price. I want to know what portion of supply, or demand caused this very dramatic change in price-and what's made oil starting to go up again.

In short: if oil is supply/demand based then why is the price of oil skyrocketing over the past few months?

 

[KissMy]

Obama's plan for reducing oil imports is to force prices to go so high that Americans can't afford to drive much or go fast. Here is proof that it is already working.

US Highway deaths fall to lowest level since 1949 Soon highway deaths will drop to pre-Henry Ford levels because we will all be riding rickshaws.

Guess who benefits from Americas lower Oil consumption? The Asia Time’s reports that China has the highest traffic fatalities in the world. There is a whole lot of Too Fast, Too Furious driving going on over there.

 

[wyomingpatriot]

The solution to future shortages is clear - an invasion and occupation of the major producers in the Middle East, primarily Saudi Arabia, and a war of annihilation against the Arab nations. It must be done before the rising powers - China and India - can swallow the market. The struggle will be long and costly, mainly due to the threat of Iran, but the alternative is a long and agonizing decline into mediocrity, as drilling here is merely a stopgap. We must accept the casualties and the cost in one ultimate gamble. NATO will not stop us - NATO is OWNED by us.

 

[Eric Cartman]

He also questionably suggested a cut of about one-third of our foreign importation of oil. On the surface this sounds immaculate if replaced by increased domestic oil production, but as Charles Krauthammer astutely noted, the President cited a statistic on oil importation from 2009. U.S. imported 11 million barrels of oil in 2009, due to the recession we now import roughly 9.7 million, the difference is equivalent to the President’s proposed one-third reduction. I guess statistical gimmicks are exempt from our conversation.

I don't see a 1/3 reduction there... maybe Charles (Droopy dog) needs to work on his math.

 

[Eric Cartman]

BTW, corn is a commodity... just saying

 

[bigrebnc1775]

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

How can this be? Because obama gave Brazil 2 billion dollars so we will be their best oil consumers.

 

[The Rabbi]

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.

You're dodging a main point here. If oil's price is solely based on a typical supply/demand curve-then what has caused the price of oil to fluctuate the past few years? Has the supply gone up or down dramatically? Has the demand gone up or down dramatically? Another poster who agreed with you (who hasn't posted since) stated that a few years ago oil dropped down to 21% of it's price. I want to know what portion of supply, or demand caused this very dramatic change in price-and what's made oil starting to go up again.

In short: if oil is supply/demand based then why is the price of oil skyrocketing over the past few months?

Weasling again.
No one said it is based solely on supply and demand. There is also a currency component.

We have gone through a major recession. In recessions demand goes down. That is exactly what we saw. Now we are seeing recovery world wide and here. So the price is going up. Add in a weak US dollar and the price is going way up.

 

[The Rabbi]

BTW, corn is a commodity... just saying

Of course it is. James has his head up his ass.

 

[JamesInFlorida]

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.

You're dodging a main point here. If oil's price is solely based on a typical supply/demand curve-then what has caused the price of oil to fluctuate the past few years? Has the supply gone up or down dramatically? Has the demand gone up or down dramatically? Another poster who agreed with you (who hasn't posted since) stated that a few years ago oil dropped down to 21% of it's price. I want to know what portion of supply, or demand caused this very dramatic change in price-and what's made oil starting to go up again.

In short: if oil is supply/demand based then why is the price of oil skyrocketing over the past few months?

Weasling again.
No one said it is based solely on supply and demand. There is also a currency component.

We have gone through a major recession. In recessions demand goes down. That is exactly what we saw. Now we are seeing recovery world wide and here. So the price is going up. Add in a weak US dollar and the price is going way up.

Really nobody said it was solely based on supply and demand? How about this post in the 1st page of the thread:

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.

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.

 

[Robert]

Obama called on job creation as well.........we've seen that result.