Shep Smith on Oil Prices

Primetime Politics ^ | May 21, 2008 | The Editors

[moderatewolverine]

Jerry Taylor, a senior fellow at the Cato Institute, and Shepard Smith talk about today's oil markets. They make a good point about gas prices not rising proportionally with crude. Thank goodness for that!

[moderatewolverine]

People don't really want to hear this type of stuff right now, but it's our fault. For years we haven't been building refineries, drilling for more oil, or building nuclear plants. Ohhhhhh congress.

[mathluv]

I loved the oil exec comments before the congressional committee - it is not a free market - we can’t drill where we want to - we haven’t built new refineries.

[familyop]

"For years we haven't been building refineries, drilling for more oil, or building nuclear plants."

Oil rigs won't be visible from certain private California and Florida beaches before freight fuel goes high enough (and the dollar low enough) to kill unneeded imports and make way for new business and political leadership.

[dalebert]

You don’t mean Congress had something to do with the fuel problem. They have had 30 years to work on this and all they have done is make more burden for taxpayers.

[Domandred]

They make a good point about gas prices not rising proportionally with crude

Probably said somewhere but the prices we are seeing on crude is on FUTURES. That means it won't hit the pump for 2 to 6 months depending on how far those futures are out.

[Brilliant]

Gas hasn’t gone up as much because the demand for gas has not gone up as much.

[trumandogz]

Yes, we should drill ANWR.

However, we cannot drill or refine our way out of oil at more than $100.00 a barrel.

[Tucker39]

Doesn’t anyone besides me find Shep Smith to be a snivveling little leftist smartass Bush hater? I can stand to watch just about any show on FOX except his!

[indylindy]

Well, it isn’t just you. My husband will turn the TV off before he will ever watch Shemp.

[meyer]

Doesn’t anyone besides me find Shep Smith to be a snivveling little leftist smartass Bush hater?

I don't know whether he's a Bush hater or not, but he's certainly a sniveling little leftist smart-aleck. Ever since his daily whine after Katrina, I've tuned him (and much of Fox) out.

[ignace]

Canada is sitting pretty right now with oil prices being what they are...our neighbors to the north are becoming the Middle east of the north American continent with regard to the sale of oil. What did they do right?

[Eric]

Canada is sitting pretty right now with oil prices being what they are...our neighbors to the north are becoming the Middle east of the north American continent with regard to the sale of oil. What did they do right? Their politicians aren't as fat, dumb, and stupid as ours?

[HardStarboard]

>>>Their politicians aren't as fat, dumb, and stupid as ours? <<

If you had watched any of the Senate hearings today on the price of oil, Senators grilling big oil execs, you would know your quote is a vast understatement.

Pat Leahy, Arlen Specter and Grassley are all pompus, stuffed shirts that have little concept of economics, markets and business. Damn, but they displayed their ignorance in so many ways it was pathetic.

They seem to want to sue OPEC for price collusion??? They don't realize, even though the ececs told them point blank, we can't control prices because we don't own the oil we process....until we produce our own crude, OPEC is in the drivers seat.

[JasonC]

Developed their tar sand alternate fossil fuels, while we listen to green luddites and lock away 400 years worth of energy with a single executive order.

[JasonC]

We can control the price of oil five minutes after we decide we are serious about it. Just tell OPEC they are raising production 10%, or no oil will reach any market by ship, for a year.

[Mike Darancette]

Release 4 million bbls of oil per day from the SPR priced at $60/bbl to domestic refiners for immediate delivery. Do this from Memorial Day to Labor Day. Watch the hedge funds crash. People who invest in misery deserve what they get.

Why go begging the damned Arabs to pump an extra million bbls a day when we can accomplish the same thing ourselves with the SPR to our own refineries.

[trumandogz]

Release 4 million bbls of oil per day from the SPR priced at $60/bbl to domestic refiners for immediate delivery.

Great idea!

That is exactly what Hugo Chavez does in Venezuela!

He sells oil to domestic refineries at prices far below the market rate.

[Mike Darancette]

Yes, so much better to pay $200/bbl so Venezuela can have cheap gas.

[TheThinker]

Pubbies have to rally to the aid of "Big Oil". They have to explain why prices are so high, how Democrats have cut off domestic supply.

While they're at it, it has to be explained that good executive talent is expensive but even if you took CEO's salary for a year used all of it to pay down the price of every gallon of gas sold in the U.S. over a year, it would amount to pennies.

Someone has to crunch the numbers and break it down to voters or they won't understand.

[DHerion]

If we could coordinate with Europe, Japan, Australia and other countries that have strategic oil reserves we can create a sort of anti-opec cartel. And as oil prices drop we can buy up oil in smaller quantities to replace part of what we sell.

[trumandogz]

If you want a government to subsidize the price you pay for gas, you should move to Venezuela.