Skip to comments.McManus: Fuming about gas
Posted on 03/25/2012 6:14:32 AM PDT by Oldeconomybuyer
The global market sets the price of gasoline, not the U.S. president.
When the price of gasoline rises, the supply of hot air expands.
Just look at the recent GOP attacks blaming President Obama for prices that exceed $4 a gallon in some parts of the country.
Not only is Obama responsible, according to some Republicans, he's downright pleased. As Mitt Romney put it last week to Fox News, "There's no question that when he ran for office, he said he wanted to see gasoline prices go up."
But there are some problems with Romney's statement. First, it's false. Obama never said he wanted to see gasoline prices go up although it's true that his Energy secretary, Steven Chu, once argued that higher prices would be good for conservation. (That was when Chu was a physics professor; once he became a Cabinet secretary, he recanted that view.)
Second, Obama's policies in office haven't held down the oil supply or pushed prices up.
...Obama wants to continue funding alternative energy projects but end tax breaks for oil and gas drilling. That should give voters a nice, clear choice on energy issues when they decide which party to support in the fall.
(Excerpt) Read more at latimes.com ...
"Under my plan of a cap-and-trade system, electricity rates would necessarily skyrocket."
It’s clear that Dick Cheney is manipulating the stockpiling of oil from his hospital bed.
They originated the "blame the president" game back when Bush was in office...now their chickens are coming home to roost.
They think they are high now? The senate is to vote to take away all the oil industry tax write offs Monday. They pass that and we will see 8 to 10 dollar a gallon gas.
Part of the reason for gasoline price increases is the inflationary policies of the government: the officials are believers in the Keynesian cult of spend-to-get-rich, create make-work whether it is economical or not, and print more money.
The world markets do not value the dollar as much after all this, and the first response is the rise in prices for commodities with very real intrinsic value.
Obviously, Obama is partly responsible, because he and his party are long-time believers in these policies.
As for his treatment of the energy industry, he know nothing: he can’t even get his figures right in public speeches, even with the help of his teleprompter. At best, he is a complete dope when it comes to economics. At worst, he wants these things to happen. Either way, he is simultaneously an almost pathological liar. If he really believes himself, he is a delusional narcissist.
And finally, 0 tries to tell use that supply and demand have nothing to do with the prices of commodities like petroleum. The guy is an idiot, and anyone who votes for him has a serious brain disease.
BZZT! Lie. Obama has blocked offshore drilling and drilling on federal lands out west. He has blocked the Keystone Pipeline. And he is also taking out coal-fired electrical plants which will drive up the price of juice this summer for cooling.
Look at me!
(Ignore that there skyrocket thingy over there......)
Doyle, I'm sure you were saying the same thing in '08 about Bush when he had $4.00 gasoline, right before he lifted the executive moratorium on drilling, causing gas prices to drop 10 cents the next day and crash down to $1.60 in under 3 months.
I almost forgot to mention that markets are prospective: they take future estimates into account. They perceive that not only is the dollar weak, but it is destined to become weaker.
So 0’s response is to tax the producers. Is that a joke? No, it is his real response. How taxing producers will help is beyond anyone’s imagination, except perhaps that of a drug user or a Marxist conspiracy theorist. So he wants to cut out “tax breaks” for the petroleum industry. These include allowances for depletion of the resources. It make no sense. But, of course, someone gets the money.
The same geniuses wrote a healthcare bill which included a 10% tax on medical equipment: you know, the technology which makes healthcare efficient, and in some cases even cheaper!
Someone should suggest to 0 that to really make algae and solar successful, he should tax them more. If you could separate him from his advisors for a few minutes, he might actually fall for this! Who knows what someone will believe, who does not know how many states there are, what percentage of world petroleum is used by the USA, how much of this we produce, that money supply effects prices, and that supply and demand works. He could believe anything, if he thinks that it will flatter his image.
That was in September of 2008 and Obama still made him the nominee for Secretary of Energy after the election. So either Mr McManus turns a blind eye to that or he does not think that the President wanted just such an attitude in that office. In either case Mr McManus you demonstrate your bias right there!
>>They think they are high now? The senate is to vote to take away all the oil industry tax write offs Monday. They pass that and we will see 8 to 10 dollar a gallon gas.<<
Start of CW2? It is coming, either now or sometime in the near future.
Don't know if it will have that drastic effect, but it is a misrepresentation of "oil sibsidies" - they get the same tax write-offs for consumption of materials/equipment that all businesses get. Targeting the oil companies is just as un-Constitutional as attacking the wealthy and giving special favors to others.
Personally, I hope they do it. The only way the lemmings in this country are going to wake up is if they get an even bigger shock to their wallets.
Make people poor, broke and hungry and they tend to wonder WTF?!
These assholes really think their world revolves just in their own neighborhood around the big cities. The next civil war will be rural types against the big city socialist types. They lose.