Posted on 05/09/2008 5:54:20 AM PDT by yoe
RUSH: Snerdley says we have a lot of people calling about oil today. I'm getting e-mails about this, too, and there obviously is some kind of campaign out there to have oil discussed. You know, the story out there past couple of days is "experts" say that the barrel price of oil will soon hit $200 -- and this is roiling the markets, they say. Now, I want you to stop and think about something, folks. If $200-a-barrel oil leads to the pump price of $10 a gallon at the gasoline pump, let me just ask you a simple question. Will the market support that? Will it?
Are you asking yourself at this point in your life, are you saying, "Okay, gasoline where I'm buying it is $4.50, $4.25." Maybe it's three dollars in some places if you're using regular. But are you asking yourself, are you telling yourself, "There is a price per gallon I'm just not going to buy it, or I'm going to really change the way I live." If it hasn't caused you to change yet, if it hasn't caused you to make changes -- I know some people it has forced them to make decisions where they spend other dollars. But for those of you not affected by it yet profoundly, is there a price where you're just going to say, "All right, bare minimum or I'm going to use mass transit," where you're just not going to buy it? You may not have thought about it specifically and consciously but in your head, there is a price at which point you're not going to pay it, because you can't. You just won't be able to.
(Excerpt) Read more at rushlimbaugh.com ...
Back in 1982, according to the Energy Information Agency, Congress enacted a moratorium on oil and gas drilling off the coast of Northern California. In 1990, President George H.W. Bush ordered the Department of Interior not to allow any new drilling off virtually all the rest of the East and West coasts until 2000. Some drilling was still allowed in the Gulf of Mexico, but not off the coast of Florida. In 1998, President Clinton ordered that President Bush's moratorium be continued until 2012.
Many Republicans in Congress want to lift this moratorium. House Resources Chairman Richard Pombo (R.-Calif.) is pushing legislation that would allow each state to decide individually if it wants drilling off its shores. But congressional Democrats, led by liberal House Minority Leader Nancy Pelosi (D.-Calif.), are adamantly opposed to developing our domestic oil supplies to counter escalating gasoline prices.
Call your elected and demand the moratorium be lifted NOW.
bttt
Did you see Senior' Juan McCain on O'Rilley last night? He exnayed ANWR again.
He is willing to drill off shore and profit share with the states, what is that Socialism Lite? This is a mature industry where large sums of capital are needed for the risk involved in drilling for harder to find oil, and he wants to give some of the bounty to states that have no tract record of fiscal control?
We here in the freep have more common sense and vision of the potential short, mid-range, and long range solutions to the energy issues facing us and all of the current 3 candidates combined.
The Rats and the enviromentalist are running our energy policy.
Price go up, demand go down.
Supply go up, price go down.
ceteris paribus
ML/NJ
Then the entire current political class. Drill for oil everywhere, use the purchasing power of the US Govt (i.e the Post office) to buy alternative fueled vehicles to fund the development of the infrastructure and technology to make alternative fueled vehicles cost effective for average Americans. Build Nuke Plants. Build Coal Gasification plants, give tax breaks to companies that move their facilities to alternative fuels etc etc etc
All the sorts of things we could be doing while the political class repeats the same lame brained useless nonsense they have been spewing for the last 30 years "Investigate the Oil companies, turn down the thermostat, wear a sweater, ride the bus"
Can't a presidential order be overturned by a presidential order?
Where's the current President Bush on this?
(rhetorical question, I know...)
McCain is simply afraid to upset the Green Lobby during this election cycle. Our best hope is that he will do a George Bush act if elected - that is he will pay lip service to them but sit on his hands when it comes to actually doing anything really damaging.
Of course ANWR is lost no matter what. I don't see him reversing that one. Stopping ANWR drilling is the first article of the Greenie Constitution. They won. The American people lost.
The problem is that the supply IS up. There is no shortage. The real story is that there is a deliberate withholding and reduction of supply. The U.S. has not built a new refinery in decades. Who is really to blame?
Would you explain the relationship please?
the price of oil is rising as fast as
rush limbama’s ego.
Millions did: 8,000,000 to 10,000,000 people were listening last evening. The guests were on for three hours. They will be back again. Callers knew about it. Seems like everybody knows about it. Even Jay Leno talked about it last week. This new technology is real. It works. Also works best on older cars than brand new autos. It has been around for over twenty years but the oil companies keep paying millions to keep people silent. It's too late now. The cat is out of the bag.
Time to wake up and smell the coffee. Check my freeper page
I saw McLame say that too (about refusing to drill in ANWR)
He tried to use the excuse that he also would not drill in the grand canyon or other natural wonders, (as if a wilderness in alaska is the same as the grand canyon) or other ‘pristine’ areas (which eliminates ANYthing new..)
grrrrrrrrrrrrrrrrrrrrrrrrrrrr
Gas will hit $4.00 this weekend. The media are eagerly waiting, so they can plaster it all over TV and newspapers, to make sure that everyone thinks that Bush is responsible for it and that they should vote for Obama.
That is hysterical. Tell me how the oil companies control the manufacturing of automobiles in Russia and China as well.
Brown's Gas is real enough. But also real is the fact the electrolysis of water requires more energy than contained in the Hydrogen produced. If this were not so, you could condense the water vapor produced in its combustion and build a perpetual motion machine.
Our demand may go down but China and India's demand is growing exponetiantly which negates the supply demand. China is adding a million cars a year to their roads.
I think prices may lower some by the end of the year but they will be higher than they are this time next year.
We need a fuel R&D program akin the to moon program in the 60's.
Yea, call up the ‘Rat that replaced Pombo, he and the others who garnered their current majority will be all over doing something right like this.../sarc
..Oh com’on Ramingtonstall, the dems, repubs in the senate/congress, and their families, the President, many of whom own oil stocks and love the increased values and high dividend pay outs, will make sure that the industry they are there to regulate will drill more, will build more refineries....Our elected officials and families who are swimming in the stock profits, dividends, special interests will make sure to protect the electorate interests and work with the oil companies to produce and refine more oil so prices can drop.....Yes, I am positive they will do that. How can you be soooo negative?
Exxon killed the electric car, too. They paid off General Motors. Visit Amazon.com. They have a DVD that tells all about it: "Who Killed the Electric Car?"
You forgot "Save the Planet" BS otherwise you're right on target.
I just don’t know what gets into me to make me be so negative. Thank you for your positive words.
In my other letters, I have reminded President Bush of my wife and myself participating in the 72 hour pre-election weekend push in Ohio in 2004, acting as GOP poll Observers on Election day at 2 different polls in Columbus, OH, etc. But, that was when I was young (under 60) and naive (stupid). Now, I have learned.
RamS
Gas cost a quarter when I started driving. It was a real quarter dollar. (A dollar is an amount of silver, not a piece of paper with a picture of a dead politician on it.) The government started counterfeiting quarters in 1965. The real quarters go for something over three bucks apiece now. What else could a real quarter buy back in 1964? It could buy five copies of the weekday NY Times. Now those five copies cost $6.25. A quarter could also pay for a bridge crossing (Whitestone, Throgs Neck) to Long Island. Now it costs $5.00 to cross those bridges. A coke at a baseball game was also a quarter. Now I doubt you could buy a coke at a ballpark for less than you would pay for a gallon of gas. The house I lived in was sold in 1967 for $36,500. Recently similar lots (i.e. purchase of the house for teardown) in that community have sold for $1.1 million.
So the argument could be made that gas is historically cheap. The only problem is that it was even cheaper historically two or three years ago, and that's what people are comparing today's price to. But gasoline is still one of the cheapest things you can buy.
ML/NJ
I had to stop watching Bill O’Reilly because he demonizes the petroleum industry every chance he gets.
Thank you
At $7.00/bottle for beer at the Cincinnati Reds Great American Baseball Park, $74.67/Gallon, it seems that people have no trouble with higher prices than the $4.00/gallon of Gasoline.
RamS
For example, let's say you could purchase 10 barrels of oil with an ounce of gold 20 years ago. Imagine that today you could purchase 10 barrels of oil with an ounce of gold.
OK. Now say that $500 to purchase 10 barrels of oil 20 years ago. Now, because of the dramatic inflationary policies of the Fed the past few years (really since 9/11), it takes $1,000 to purchase 10 barrels of oil.
So you can see that commodity to commodity pricing remains consistent but because we can produce dollars much more quickly than we can mine gold, the result is higher prices for commodities.
Now, you may wonder why would a weak dollar (inflation) be a policy the Fed would follow since it causes so much economic strain?
There are two positives to a weak dollar.
1) Manufacturing in the US and selling to the rest of the world becomes profitable despite US employment rules and regulations. The Europeans are reeling over this and Airbus is going bust because of it. China is also getting squeezed since the Yuan should be valued even higher to the dollar.
2) Inflation allows the government to "paper over" the bank losses due to the mortgage defaults. When the Fed opened the discount window to Investment Banks in addition to traditional banks, it was like Bernanke tossing thousand dollar bills from an open window 10 flights up; for a year!
Manufacturing really wont pick up in the US unless corporate chieftains believe that a weak dollar will be a consistent policy. There's too much capital already invested in China. Historically, America has never maintained a mercantilist trade policy.
The mortgage issue wont be going away anytime soon so expect more pain at the pump.
Is this how Dallas Thompson will be powering his helicopter flight to the center of the earth, traveling through the hollow earth from pole to pole?
1) There is no fillibuster in the House.
2) A 60+ democrat seat Senate is a real possibilty. A 57 seat Senate with liberal republicans providing an additional 5 votes is an almost certainty.
Its always a fun analogy, but let me know the next time you consume 15 gallons of bear in 2 days.
No it isn't. Oil was worthless 200 years ago. 200 years from now it might be worthless again. Gold has never been worthless. Gold is money. Oil is something that is consumed.
ML/NJ
Sure, you can use electrolysis to separate water into hydrogen and oxygen, no problem.
But you don't change the physical laws of the universe and generate more power into a system than you put into it, plus loss.
Visit Amazon.com. They have a DVD that tells all about it:
They sell lots of DVD's. Most of them are fiction. So is this one.
You’re STILL on that?
Seesh, save yourself the humiliation in front af all us Freepers, hire an expert YOU trust. Let him show you how foolish that idea is.
LOL! I’m with you there Mr. Goldbug.
You caught me using talking head terminology and I am fairly chastened!
You are right. Hang in there on this one.
Good analysis.
Just like all those other Coast-to-Coast programs.
An awful lot of businesses in this country don't have that option - they have no choice but to raise prices on essential goods like, say, the food they deliver.
You may choose to stop paying for your own $10 per gallon gasoline, but you are going to be paying for somebody else's.
No, some Coast shows are nonsense and everybody knows it is just entertainment, others are for real although some listeners are skeptical.
I could giving up driving long before I could give up eating. The only reason that our country transformed from an agrarian society to an industrial society was the availability of cheap energy to grow, process and distribute food. 1% or 2% of our population now are farmers. Without abundant and cheap energy, they cannot feed us. What good will it do to pedal to the grocery store if there is no food there? And frankly, social turmoil of the starving masses would make the streets too dangerous to venture out. At some tipping point, high energy prices will destroy our economy and our country.
Mass transit??? There is none in my town and not in most small towns.
We have no choice but to eliminate more and more nonessentials as the price goes up. And of course the rich are less effected.
At this rate they will be the only ones on the roads if something isn’t done.
But gee, we can all gaze in wonder at the pristiness of the Alaskan tundra. Although, we can really only imagine it since we can’t afford to see it for ourselves.
Others still are nonsense and not everybody knows.
This is one of them. You do not generate more energy from a system than is put into a system.
Yes we all lost, however.
At some point people are going wake up and realize the likes of the "Sierra Club" have their rigid thumb-prints all over the lack of immediate, mid range, and long range solutions.
Case in point the Clinton's wanted to make a big bid for Nuclear power in the beginning of their term and the Sierra Club said if you do we pull are money from Democratic Candidates.
Sounds like a great reason to bring in the flax tax if you ask me, but I digress...
What are people going to do if and when they get hungry and are freezing because of all this?
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