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And On The 14th Day W Bush Said "Let There Be Oil" And Then Gas Prices Sank
JoeClarke.Net ^ | 02/24/2012 | JoeClarke.Net

Posted on 02/24/2012 5:51:36 AM PST by joeclarke

That was the 14th of July, 2008 when President George W. Bush wisely lifted the moratorium on oil drilling, thus sparking the precipitous drop in the price of gasoline from an average high of $4.12 per gallon to a cellar dwelling low of $1.60 by November of that year.

Despite President Obama's promise of a newer, comprehensive energy plan, he has planned to do everything but open up drilling on the East Coast, West Coast, Gulf, and the Arctic.

When President Obama bragged on "More energy production under his administration than the last ten years," recently, he also failed to mention that any gains in energy production have been due to private not public land drilling. And, these energy gains were planned long before he was president, despite the fact the Democrats have fought exploration for over 25 years, at least. The Dems have been shouting for the longest time, "It takes too long - 5 years or more," to formulate a plan to become energy independent, so what's the use?" They have been stalling with this sort of garbage talk for over 25 years.

I am for the Keystone Pipeline, but to bake oil sands from Canada and convert it into usable energy is half as efficient as just drilling for the crude oil and extracting it nearly ready made for energy demands. We want a newer pipeline to extend hundreds of miles into the Gulf of Mexico, where 50 miles off the coast is a nearly infinite abundance of oil lying beneath the waves.

Obama's promise to "Shut down the coal industry," and "Skyrocket energy prices," has hit areas such as Ohio and Pennsylvania,where 5 coal plants were recently closed down. Remember the Alamo, Remember the Maine, and Remember the Danube - which has been frozen in Eastern Europe, where over 600 people have frozen to death for the lack of delivery of fuel supplies. Europe has been closing down coal plants at a much faster rate than the U.S. and are now paying the consequences.

President Obama's "Comprehensive Energy Plan," is still focusing on Green Solutions which have proven to be devastating to economies in Spain and other Euro countries. Yet, despite the Solyndra and other green debacles, the Environmentalists have convinced Obama to say "no" to expanding real energy exploration and development.

Below Are A Few Of Obama's No Zones.


TOPICS: Government; Politics
KEYWORDS: drillnow; energy; gasolineprices; obamaenergyplan; wbush

1 posted on 02/24/2012 5:51:39 AM PST by joeclarke
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To: joeclarke

OBAMA Oil sets $7 a gallon gas price target
MensNewsDaily.com ^ | March 3, 2010 | Roger F. Gay

Posted on Wednesday, March 03, 2010 8:33:00 AM by RogerFGay

To meet the Obama administration’s targets for increasing fuel taxes, researchers say that Americans will have to pay $7 for a gallon of gasoline; about 17 percent more than drivers in green-conscious and generally highly taxed Sweden.

In their study, researchers at Harvard’s Belfer Center for Science and International Affairs devised several combinations of tax increases to address 70 percent of the oil used in the United States. The combinations were selected to match fuel consumption reduction targets. Most of their models assumed an economy-wide carbon dioxide tax starting at $30 a ton in 2010 and escalating to $60 a ton in 2030. In some cases researchers also factored in tax credits for electric and hybrid vehicles, taxes on fuel or both.

Fuel Taxes Must Rise, Harvard Researchers Say


2 posted on 02/24/2012 5:56:48 AM PST by gunnyg ("A Constitution changed from Freedom, can never be restored; Liberty, once lost, is lost forever...)
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To: joeclarke

Wow, the law of supply and demand. Economics 101. I think as a remedial measure, all government and potential government people should be required to take at least Econ 101 and 102 and listen to at least 20 hours of Milton Friedman. :)


3 posted on 02/24/2012 5:57:16 AM PST by PapaNew
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To: gunnyg

Ref

http://www.freerepublic.com/focus/f-news/2463127/posts

Good Pic above re comments...
why don’t we see it all da time??????????????


4 posted on 02/24/2012 6:00:13 AM PST by gunnyg ("A Constitution changed from Freedom, can never be restored; Liberty, once lost, is lost forever...)
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To: joeclarke
That was the 14th of July, 2008 when President George W. Bush wisely lifted the moratorium on oil drilling, thus sparking the precipitous drop in the price of gasoline from an average high of $4.12 per gallon to a cellar dwelling low of $1.60 by November of that year.

As you can see on your graph, the price of gasoline was up near $3.80 in September when the really precipitous drop began, caused by the international financial crisis.

5 posted on 02/24/2012 6:01:48 AM PST by wideminded
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To: wideminded

As you can see on your graph, the price of gasoline was up near $3.80 in September when the really precipitous drop began, caused by the international financial crisis.

I would also agree with Larry Kudlow and others that the high oil prices helped to provoke the downturn in economies, and the lowering of prices also contributed to economic declines. The moratorium had a lot to do with both according to many econmists.


6 posted on 02/24/2012 6:05:45 AM PST by joeclarke (ue)
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To: PapaNew

Obama will open up all those areas once the donations from the envirowhackos are complete, figure September.

The governors of those states will praise Obama’s courage to take on the big oil companies, prices will drop to nothing and the people will love him.

Then in January 2013, he will Salazar will rescind every contract and Obama will have his permanent 7dollar gas.


7 posted on 02/24/2012 6:08:30 AM PST by EQAndyBuzz (Most Conservative in the Primary, the Republican Nominee in the General.)
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To: gunnyg

8 posted on 02/24/2012 6:09:28 AM PST by gunnyg ("A Constitution changed from Freedom, can never be restored; Liberty, once lost, is lost forever...)
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To: gunnyg

Thank you Gunny G. I will look that up and use it.
I served in the USMC - Vietnam.
jc


9 posted on 02/24/2012 6:09:48 AM PST by joeclarke (ue)
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To: joeclarke

Thank ya, Marine!

Semper Fidelis
1952-’72

Dick Gaines
aka: GyG
*****


10 posted on 02/24/2012 6:34:07 AM PST by gunnyg ("A Constitution changed from Freedom, can never be restored; Liberty, once lost, is lost forever...)
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To: wideminded; joeclarke

Obeyme is blaming ‘speculators’ for driving up the price in defiance of market supply/demand fundamentals. With every long contract, there is a counterparty shorting the commodity, no?

So if the market fundamentals truly don’t support the high prices, the bottom WILL drop out and some point and the ‘speculators’ are going to take it in the teeth.

OTOH if the premium is because of government tomfoolery (the 99% probability in my book) then the bottom has been raised significantly until such time as we get a government that is far less of a bunch of idealogues and respects the power of free markets.

That’s not likely with this bunch, which is a jail break from Harvard.


11 posted on 02/24/2012 6:46:28 AM PST by SargeK
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To: PapaNew
"Wow, the law of supply and demand. Economics 101. I think as a remedial measure, all government and potential government people should be required to take at least Econ 101 and 102 and listen to at least 20 hours of Milton Friedman. :)"

Yes, and they must do this to either retain or atain a government job and they must take these courses on their own time and pay for them with their own money!

12 posted on 02/24/2012 6:48:23 AM PST by Redleg Duke ("Madison, Wisconsin is 30 square miles surrounded by reality.", L. S. Dryfus)
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To: joeclarke
IER Analysis: Oil and Gas Production Declines on Federal Lands in FY2011
13 posted on 02/24/2012 6:52:15 AM PST by epithermal
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To: SargeK
Obeyme is blaming ‘speculators’ for driving up the price in defiance of market supply/demand fundamentals. With every long contract, there is a counterparty shorting the commodity, no? So if the market fundamentals truly don’t support the high prices, the bottom WILL drop out and some point and the ‘speculators’ are going to take it in the teeth.

Speculative pressures can only be applied if the supply is already tight. The GOP's solution is to get out of the way of increasing the supply. The Dems LIKE high prices but don't want to take the political blame for such, hence blaming everyone but their own policies for the price spike.

14 posted on 02/24/2012 6:57:01 AM PST by dirtboy
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To: dirtboy

That’s precisely my point - speculation can’t work, not for long anyway, unless there is a fundamental in the form of tight supply. In that case, what is pejoratively called ‘speculation’ is really just a scramble by investors and buyers to secure future supplies as a lower and/or predictable price.

However, tight supply can be natural (e.g. ‘peak oil’) or artificial. I don’t think we’ve hit ‘peak oil’. Rather the continuation of policies designed to limit access to the natural reserves creates an artifical shortage.

Those who are long in the market (the evil speculators) will take it up the chute if the tight supply that is mostly a product of stupid policy that can be reversed, is reversed.

This is why this is a winner for the GOP if they play it right, because Obeyme can’t ease up without alienating and demoralizing his environut base. But then, never misunderestimate the ability of the GOP to drop the ball. They didn’t get the moniker “The Stupid Party” for naught.


15 posted on 02/24/2012 7:10:28 AM PST by SargeK
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To: dirtboy

And oh, by the way, there’s the Iranians who look at this guy and see a cream puff. Once they get the Bomb, they’ll set up a toll booth on the Straights of Hormuz.

That figures into it as well.


16 posted on 02/24/2012 7:13:57 AM PST by SargeK
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To: joeclarke

There are those within this nation who cannot abide a wealthy America. They will forever maneuver events so that our wealth is spent buying what we could provide easily from our own resources.

A wealthy and productive nation never chooses poverty and slavery. They do not desire a despotic ruler.

Communism can only be born in the midst of poverty and misery.

And now you know the rest of the story!


17 posted on 02/24/2012 7:18:55 AM PST by W. W. SMITH (Obama is Romney lite)
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To: SargeK
That’s precisely my point - speculation can’t work, not for long anyway, unless there is a fundamental in the form of tight supply. In that case, what is pejoratively called ‘speculation’ is really just a scramble by investors and buyers to secure future supplies as a lower and/or predictable price.

I disagree to some point there - over 70 percent of oil futures contracts in 2008 were held by speculators - defined as being neither a producer or end consumer (such as a refinery).

And with investment banks such as Goldman not being subject to position limits, price pressure was built over several months by investors scrambling to get in on the returns - and then Goldman got the suckers lined up and profited by shorting the downside as well.

And I sense that happening again, we are hearing the same kind of claims that we heard in 2008 about spiralling Asian demand that really was never there - even as US gasoline usage is tanking.

But this can only happen if supply is tight and the perception is in place that nothing is being done to drive future increases in supply. Obama satisifies that requirement to a 'T'.

18 posted on 02/24/2012 7:19:02 AM PST by dirtboy
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To: dirtboy

I can’t fault you there. I can only point out that there IS a downside and GS played both sides of the street. Hard to blame them really, sheep get sheared. That’s the way it’s always been.

But you also note that Obeyme is the trick to make it work - his policies help create the tight supply or at least the perception thereof that drive the sheep to shears. Take that away (God please) and it will be interesting to see how far down the market goes.


19 posted on 02/24/2012 7:25:53 AM PST by SargeK
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To: joeclarke
IF bush and his cronies had done what they should have done and IF bush were not the progressive that his daddy is... had he and the republican elite done what should have been done when they had majority control... obama would never have been elected and there would be no American Energy Crisis.

LLS

20 posted on 02/24/2012 7:28:24 AM PST by LibLieSlayer (Hey repubic elite scumbags... jam mitt up your collective arses!)
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To: joeclarke

wasn’t the lady from FL who said in ‘08 Obama was going to fill her gas tank and pay her mortgage/rent? Too many of those folks around that truly will believe it.

We have a hard, uphill battle.

Go Newt!!!!


21 posted on 02/24/2012 7:39:34 AM PST by Qwackertoo (Gingrich/West 2012)
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To: gunnyg

Talk about Old Corps. I just got in in 1967. God Bless You and Ooorah!!!


22 posted on 02/24/2012 7:47:16 AM PST by joeclarke (ue)
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To: LibLieSlayer

“IF bush and his cronies had done what they should have done and IF bush were not the progressive that his daddy is... had he and the republican elite done what should have been done when they had majority control... obama would never have been elected and there would be no American Energy Crisis”

If Bush had, If Bush had... Yes Bush pulled some boners, but the Mortgage Mess was in the works since Carter. Remember the Savings and Loan Scandals of the 80’s? That was also all about the Dems gaining favor with voters through “giving” them housing - they could not afford. I was in Real Estate when if banks did not loan to certain people, they could get into big trouble. So Uncle Sam made it much easier (too easy) for homebuyers to get loans - thought to be guaranteed by the government - not unlike the mortgage mess of the 1990’s-2000’s. Before Bush


23 posted on 02/24/2012 7:56:31 AM PST by joeclarke (ue)
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To: joeclarke
I know all about the history involved with the meltdown... and I understand it... and my post did not deal in absolutes... but if it were not for bush (really bugged you it seems)... there would have been no obama... had bush had the balls to use Executive Orders to promote American exceptionalism and superiority and energy independence and defended his pro America decisions by annihilating enemies that challenged his orders... much the same way that obama does... ANWAR would have come on line and many other pro American energy plans and bills would have been passed or come to fruition.

Every good financial deed that bush did was negated by his comment, “I had to ignore my Free Market ideology to save it”. That was a false statement by a man either too stupid or too uneducated in economics to know the proper answer to the problem. No entity is too big to fail... including the US government... especially the US government.

THIS is why it is so important to elect someone that will do the hard things... will make the hard and unpopular decisions that will save America and stand firm in backing up those decisions. That is why I will NOT vote for romney... or ever vote for another bush for any office. I am done with the progressives in either party. The republican elite, along with their "esteemed friends across the isle"... have brought us to the brink of destruction. New tone my arse!

LLS

24 posted on 02/24/2012 8:45:26 AM PST by LibLieSlayer (Hey repubic elite scumbags... jam mitt up your collective arses!)
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To: joeclarke

The Ollllddd Corps was b4 my time—between the wars—but I did have the honor of bumping elbows with many of the Old Corps Marines my first few years!


25 posted on 02/24/2012 9:40:44 AM PST by gunnyg ("A Constitution changed from Freedom, can never be restored; Liberty, once lost, is lost forever...)
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To: joeclarke

Navy: 68 to 88

The USMC and the USN together can pursue any conflict anywhere in the world to a successful conclusion. The other two always need our help.


26 posted on 02/24/2012 2:27:52 PM PST by W. W. SMITH (Obama is Romney lite)
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