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Staggering Idiocy on Oil
Townhall.com ^ | February 25, 2012 | Mike Shedlock

Posted on 02/25/2012 5:56:49 AM PST by Kaslin

Bernanke is hell bent on producing price inflation. He has succeeded, just not where he wants most. What Bernanke desperately wants is for housing prices to rise because that more than anything will help the banks and all the foreclosed properties they are sitting on.

The Bernanke Fed has certainly assisted the stock market, as intended, but that is not doing the average Joe much good in the face of soaring oil prices, soaring food prices, falling home prices, and zero% interest on savings.

Oil Shock Coming

As a direct consequence of Fed policy, in conjunction with an inane US and European oil embargo on Iran, Europe (already in the midst of what is going to be a long and deep recession) will be hit with an oil shock on top of it.

Record Price of Oil in British Pounds

On Wednesday the Financial Times reported Record sterling oil price sparks fears

Oil prices have soared to a record high in sterling terms and are approaching euro highs, raising fears that European countries struggling with heavy debts will face further barriers to economic recovery.

“This is a regional oil shock,” said Amrita Sen, commodities analyst at Barclays Capital in London.

Brent rallied to £78.48 a barrel, passing the previous all-time high of £77.71 a barrel set in April last year at the peak of the Libyan civil war supply disruption. In euro terms, the oil benchmark reached a three-year high of €92.70 a barrel, a fraction below the peak of €93.50 a barrel set in July 2008.
Record Price of Oil in Euros

It took precisely one more day for the Financial Times to report Euro denominated oil hits record

Oil prices soared to a record high in euro terms, surpassing the peak touched in the 2008 price spike and posing a fresh problem for eurozone economies already struggling under the weight of the region’s debt crisis.

The euro-denominated price of Brent crude, the global benchmark North Sea crude, rose to a peak of €93.63 a barrel on Thursday, surpassing the previous high hit on July 3, 2008. The new euro record comes just a day after Brent hit a record in sterling terms.
Nancy Pelosi Blames Speculators

The Hill reports Dem leader Pelosi blames Wall Street for spike in gas prices

Oil speculators, not a lack of domestic drilling, are to blame for the nation's rising gas prices, the top House Democrat argued Wednesday.

House Minority Leader Nancy Pelosi said unscrupulous Wall Street investors have artificially inflated prices at the pump, which are climbing toward $4 per gallon.

The California Democrat called on Congress to take "strong action" to rein in the allegedly excessive speculation, and accused Republicans of protecting Wall Street profits at the expense of consumers.

"Wall Street profiteering, not oil shortages, is the cause of the price spike," Pelosi said in a statement. "Unfortunately, Republicans have chosen to protect the interests of Wall Street speculators and oil companies instead of the interests of working Americans by obstructing the agencies with the responsibility of enforcing consumer protection laws."
Irony of it All

No one gives a rat's ass if speculators drive up the price of houses or the stock market to absurd heights. Indeed, Congress goes out of its way to actively promote rising home prices.

The Greenspan and Bernanke Fed did the same. Now Bernanke openly takes credit for the rising stock market and encouraging speculation.

And where the hell is the blame for this absolutely inane embargo on Iran?

No Iranian Nuclear Weapons Program

As a matter of record, Israeli intelligence concluded in January of this year, there is No Iranian Nuclear Weapons Program!

As Gen. Martin Dempsey, Chairman of the Joint Chiefs of Staff, arrived in Israel Thursday, the left-leaning Haaretz newspaper dropped its own atomic bombshell.

Israeli intelligence agencies have worked up an intelligence assessment that Iran has not yet decided whether to begin a military program to construct a nuclear warhead. Put in other words, Mossad believes that there is no current Iranian nuclear weapons program. Haaretz writes:

“The intelligence assessment Israeli officials will present later this week to Dempsey indicates that Iran has not yet decided whether to make a nuclear bomb. The Israeli view is that while Iran continues to improve its nuclear capabilities, it has not yet decided whether to translate these capabilities into a nuclear weapon – or, more specifically, a nuclear warhead mounted atop a missile. Nor is it clear when Iran might make such a decision.”

This is the same conclusion to which the 16 US intelligence agencies have come in 2007 and 2010. It is also consistent with what the Iranian government itself says, which is that the Iranian nuclear enrichment program is a civilian one and that Iran is not trying to construct a nuclear weapon. Likewise, the International Atomic Energy Agency, which continues to inspect Iranian nuclear facilities, has repeatedly and consistently stated that no nuclear material has been diverted from the civilian program.

Haaretz says that Israeli Minister of Defense Ehud Barak gave an interview with the Army radio, in which he come to another surprising conclusion. Asked if Israel plans a military strike on the Iranian nuclear facilities in Natanz near Isfahan, Barak replied: “We haven’t made any decision to do this . . . This entire thing is very far off.”
ZeroHedge properly blasted Pelosi two days ago in his take Nancy Pelosi Issues Statement On Soaring Gas Prices



Speculators? Such as the Federal Reserve and other central banks who have pumped $2 trillion of "liquidity" into the capital markets in the past 3 months just so Italian BTPs don't implode to fair value and so Europeans can continue living in a socialist "paradise" even as the bankers steal their gold?

Or is it the same congressional speculators who until recently had every right to front run the public on advance knowledge that the SPR would be tapped due to Democrat insistence to sacrifice America's last energy backstop only to win the election?

Whatever the reason for the gas surge, with these idiots in charge, one thing is certain - the situation is about to get far, far worse.
Staggering Idiocy

The idiocy of this government and central bank created mess is staggering. The Fed is actively encouraging speculators and the Obama government is angling for another Mideast war over weapons of mass destruction that once again do not even exist.

Instead of placing the blame on the Fed and on the warmongers, Pelosi is enough of an outright idiot to demand Congress do something to rein in speculators.


TOPICS: Business/Economy; Editorial
KEYWORDS:

1 posted on 02/25/2012 5:56:52 AM PST by Kaslin
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To: Kaslin

Bernanke will NEVER get rising housing prices unless we have rising incomes. How can housing go up say 10% per year if incomes remain flat?


2 posted on 02/25/2012 6:07:49 AM PST by FightThePower! (Fight the powers that be!)
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To: FightThePower!

Why Gas Prices Are Actually Falling
http://whiskeyandgunpowder.com/why-gas-prices-are-actually-falling/

When viewed in relation to gold, gas prices are low…only 82% of their average over the past 41 years.

“Gas prices aren’t high. The dollar is just falling, its value being undermined by politically-driven over-issue. So if you count the Fed-issued dollars as money — and are actually using it as a savings vehicles — then your world is being rocked by rising gas prices (and rising prices in everything else, too, except for computing power).”

“Also the price of oil has tended to track the price of silver awfully closely for about as long as oil has been industrially useful. And so it’s no mistake that you can still get a gallon of gas for about about $0.20…as long as that $0.20 is composed of a pre-1964 90% silver dimes.”


3 posted on 02/25/2012 6:15:14 AM PST by Lorianne (fedgov, taxporkmoney)
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To: FightThePower!
That is the unspoken take home message from this article. Neither the Fed nor the gubmint has any idea what to do to enable things to start getting better. The solutions are there, waiting in the wings of the free market, but none of them consider freeing up the markets as an option. Stupidity all around, not just about oil.
4 posted on 02/25/2012 6:16:43 AM PST by hinckley buzzard
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To: Kaslin
Bernanke is hell bent on producing price inflation. He has succeeded, just not where he wants most. What Bernanke desperately wants is for housing prices to rise because that more than anything will help the banks and all the foreclosed properties they are sitting on.

Welcome to our Fed Reserve becoming now a government sponsored slum lord. This surfing the properties and jacking up the prices of houses artificialy is never going to come back, but the government wants to gauge people out of their moneys so that their banker can be there to pay their wages.

This is outrageous.

5 posted on 02/25/2012 6:16:47 AM PST by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: Kaslin
Rush was going off on all the bad stuff bambi has been spouting including POND SCUM.

Now that is the only thing that bambi has come up with that could actually work.

Algae and all it's related organisms such as regular bacteria and the brown algae, pond scum can be genetically engineered to produce what ever. This could work.

BA the FReeper Entomologist

6 posted on 02/25/2012 6:17:45 AM PST by Battle Axe (Repent, for the coming of the Lord is nigh.)
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To: hinckley buzzard

They are no better than the looting Iraqis at the Army water and food truck. They do not even think, they fight their neighbors, the thugs get the goods, the rest keep starving. This is what this slum lord “house price” jacking government is all about, trying to enlist now “home owners” on welfare and FHA loans to support it.


7 posted on 02/25/2012 6:19:34 AM PST by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: Kaslin

Meanwhile, Dear Leader, with malicious intent to destroy the United States through bankruptcy, blathers on about oil-from-algae and other assinine futuretastic concepts to tittlilate the technowhores; and provides “circuses” for the well-fed government-bread crowd by singing with the rock band in the white hut.....while the “watchdog” media swoons, and the “leadership” of the loyal opposition plots to scuttle the upcoming election and assure Dear Leader another term to finish his dastardly plans!


8 posted on 02/25/2012 6:23:17 AM PST by Tucker39 ( Psa 68:19Blessed be the Lord, who daily loadeth us with benefits; even the God of our salvation.KJV)
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To: Battle Axe

This is another stealth attempt at controling and taxing you if you ever had a pond and got methane out of it. This is another green house gas scheme.

Obama is lying, it is not about freeing ourselves, but about government getting into every technology we can freely choose to invest in if the oil did become scarce. HE is playing like government is going to insure our “oil independence”. THis is total horse crap.

He is actualy serious about it, but not very well expressed.


9 posted on 02/25/2012 6:24:04 AM PST by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: Lorianne

The currency is being debauched by taxing us via the Fed Reserve trying to prop house prices up so that it can keep lending to the government without tomorrows. This is inflation. We are indeed preventing inflation if the house prices do not follow the FEd slum lord’s greed.

We are cannibalizing by speculation, rotating the price of houses and Wall STreet Financial products in buy and sell schemes.

We are headed for a sponsored up spiral before the whole castle of cards is going to go down.

When EUrope bails out greece, the market player who KNOW it’s going to fail, pour their money in the market and wait for the next announcement to buy options to sell. Then the announcement comes, and they make a profit off of the options, effectively bailing out BEFORE it all crashes down.

The government is poised to tax these saavy people using OWS scheme.

Watch the scumbags in action.


10 posted on 02/25/2012 6:29:38 AM PST by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: Lorianne

That’s a good reminder, I need to get some more of those pre-64 dimes. Thanks!


11 posted on 02/25/2012 6:33:09 AM PST by FreedomPoster (Islam delenda est)
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To: Battle Axe
In what volume, at what cost, with what environmental safeguards and remediations?

What is the energy content out in terms of fuel oil / diesel / alcohol compared to the light and cost of food for the algae, and for the factories required to separate the oil?

Details, please?

Cheers!

12 posted on 02/25/2012 6:35:46 AM PST by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: FightThePower!

I’ve studied on economics all my life since the age of 15 and I don’t understand whats going on with this. I understand what they’re trying to do, the devaluation of the currency, but I am confounded to explain the trillions of dollars of U.S. investment capital sitting on the sidelines with historic low interest rates. The only explanation I can come up with is investor fear of “political risk”.


13 posted on 02/25/2012 6:38:00 AM PST by Rich21IE
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To: Kaslin

$1 Canadian now equals $1.001 US Dollars.
In 2008, it was around $.80 US Dollars.
We get around 24% of ALL of our oil from Canada.

The Fed has injected so much liquidity (Printed Dollars) in to the markets in the last few months, that it has SIGNIFICANTLY DEVALUED THE DOLLAR, vs other currencies, especially oil-based ones, like the Canadian Dollar.

But hey, as long as the Ponzi last past the Novenber election, it’s all good. Right?


14 posted on 02/25/2012 6:38:13 AM PST by tcrlaf (Election 2012: THE RAPTURE OF THE DEMOCRATS)
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To: hinckley buzzard

You are spot on. Opening up drilling, however, and not being so dependent on foreign despots for our way of life is the most frustrating part of the energy argument.

On this alone - if the right candidate can articulate what the BO administration has done to cripple us and CAUSE our economic state, we should win big.


15 posted on 02/25/2012 6:41:47 AM PST by demkicker (My passion for freedom is stronger than that of Democrats whose obsession is to enslave me.)
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To: Kaslin
Inflation is the only way for the US to stay current w/ our debt.
16 posted on 02/25/2012 6:47:38 AM PST by Pietro
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To: Kaslin

I like Mish and I read his articles every day.

But he really goes off the deep end.

He is strictly a deflationist and everything that happens in the world of economics (even rising food and gas prices) he refuses to ascribe to inflation.

It really is not that difficult to understand. Inflation is creating more money (out of pace with GDP). Deflation is taking money out of circulation. Both economic acts have both inflationary and deflationary effects.

As I said a couple of years ago, we are going to experience the extremes of inflationary AND deflationary effects with what the leftists are doing to the economy. Costs for the essentials will skyrocket (inflationary) because of the weakened purchasing power of the dollar. Asset values and incomes will decline (deflationary) because of the recession/depression and employers having to spend more money on higher overhead (fuel, taxes, etc.).

It is almost laughable to read Mish trying to explain the rise in the cost of petroleum as not being related to the weakening dollar. Up until recently, if you overlaid graphs of the dollar and the cost of petroleum, they were so nearly perfectly an inverse reflection of one another (dollar goes up, petroleum goes down and vice-versa) that it looked a mirror image. The reflection has skewed a bit in the past few quarters, but is still very traceable.

As for all the rest, Obammie the Commie stated clearly that the cost of energy would skyrocket under his control. He stated it plainly, and he and his cronies have caused it to happen.

If we had our own petroleum reserves tapped and ready to run at the flip of a switch, the troubles in the Mideast would have almost no impact on our flow and cost of oil. If they threatened to cut production, we’d just counter by upping it. The leftists have taken that trump card away from us.

Also, Mish is a diehard Ron Paul supporter. How can anyone delude themselves into believing that Iran is not trying to obtain nuclear weapons? Seriously, do they really need nuclear power when they have all the petroleum they need? Have they really proved themselves to be the sophisticated, peaceful global partner of the 21st century. I’ll have to look into that ‘report’ that came from Israel. But Iran is a threat, regardless of what Israel says.

Only a fool or your enemy tells you to ignore the bully who is threatening to kick you a$$, is stalking you, and keeps taking sucker punches at the back of your head.


17 posted on 02/25/2012 6:53:09 AM PST by Ghost of Philip Marlowe (Prepare for survival. (Ron Paul is the Lyndon Larouche of the 21st century.))
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To: grey_whiskers
I'm just the idea person. I know this is possible. You might take one bacteria and have it complete the photosynthesis process, taking light and CO2 and making a simple sugar. Plants do this every day.

Then take a genetically engineered algae, such as brown algae and have it make the more complex molecule that would be made into gasoline.

Look at the refineries now. HUGE plants with complex processes. They take crude....and make it into diesel and gasoline. One of the reasons that it take this HUGE plant is that crude is highly contaminated with everything under the sun, literally. So they ‘refine’ out the gasoline and diesel.

If bacteria or algae are programmed to do this and some huge plant is set up in the deserts of Ariz or N. Mex. or anywhere where there is abundant light, you could produce oceans of it.

We have this knowledge.

I am familiar with genetically engineered corn. What they did was to take the toxin that B.t. has (B.t. is the stomach flu of larvae (fatal flu) and move it into the corn genome. Now every cell of the corn, including the pollen grains, has a copy of this gene that makes this alpha-delta toxin. When the larvae eat it, the stomach of the larvae is ruptured. It takes them 3 days to die....Oh the humanity, oh the suffering....don't’ tell any liberal weenies about this....But they do die. They stop eating the corn. Main target is the corn borer, as an adult moth it flies from Texas to the corn belt on storm winds.

You can see this on radar!

So it is not a stretch to think that some large city and facility could be built around a production facility somewhere in the southwest.

BA

18 posted on 02/25/2012 7:00:27 AM PST by Battle Axe (Repent, for the coming of the Lord is nigh.)
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To: JudgemAll
If this kind of plant is built, it must be built by private enterprise. You get the govt. weenies in this and it will fail like Solyndra etc etc etc.
19 posted on 02/25/2012 7:06:16 AM PST by Battle Axe (Repent, for the coming of the Lord is nigh.)
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To: Battle Axe
You're missing my questions -- I don't know whether we're talking past each other, or if you're avoiding them.

What is the energy content of the bioengineered oil (kcal/mol, BTU/gallon, whatever) and how does it compare to gasoline?

What are the upfront (sunk) costs of creating the facilities?

What is the capacity in barrels / day of each plant?

What is the infrastructure for extracting the oil?

Does it have to be further refined?

etc. etc.

"It is feasible" is the question of professors and dorm-room bull sessions, which requires an Ivy League degree in order for the person speaking to believe that that is necessary and sufficient.

How much does it cost to start? How much does it cost to keep going? How much does it cost to deliver? are all the *relevant* questions.

Cheers!

20 posted on 02/25/2012 7:10:08 AM PST by grey_whiskers (The opinions are solely those of the author and are subject to change without notice.)
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To: Lorianne
My grandfather would proudly remind everyone that he could raise 7 children making $3 per hour in the 1950’s. I stopped wondering when I found out what 3 per hour in silver is worth today.
21 posted on 02/25/2012 7:12:38 AM PST by AdSimp
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To: tcrlaf
The Fed has injected so much liquidity (Printed Dollars) in to the markets in the last few months, that it has SIGNIFICANTLY DEVALUED THE DOLLAR

Correct!

And that is why other countries are beginning to discuss replacing the American dollar as the world reserve currency.

You see very little about this in the press. But if it happens, it will put a hurt on the US the likes of which it is hard to imagine.

An ex tag line of mine: Think you know hardship? Wait till the dollar is no longer the world's reserve currency.

22 posted on 02/25/2012 7:13:34 AM PST by upchuck (Let's have the Revolution NOW before we get dumbed down to the point that we can't.)
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To: grey_whiskers
I don't have any numbers on costs or grades. I began some research and found that the closest thing to what was needed was a byproduct of brown algae.

I'm sure Mr. Google will be able to help you.

23 posted on 02/25/2012 7:17:07 AM PST by Battle Axe (Repent, for the coming of the Lord is nigh.)
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To: Lorianne

I like that you relate purchasing power to gold, and you could also look at silver. I think the flaw is that Americans are not paid in gold or silver and have not been over that time. Our money has been debased and the high price of gold and silver is a symptom of that.

Consider Henry Ford’s $5 work day. At the time gold was worth $20 per ounce. So unskilled labor was earning about $425 per day in terms of gold today. That comes out to $110,500 per year. How many unskilled laborers are making even half that today?

Another example from 1963 using silver. When my mom got her first teaching job out of college that year, she was paid $100 per week for 40 weeks of teaching. A silver dollar was 90% silver at that time. So she was being paid 90 ounces of silver per week. 90 ounces x 40 weeks x $35 per ounce in today’s dollars would be $126,000 per year for a teacher right out of college.

These two examples show just how poor and how little purchasing power the average American has relative to what they had in the past. This is why we need a two income family to have the same lifestyle as a single income family had in the past.


24 posted on 02/25/2012 7:24:29 AM PST by FightThePower! (Fight the powers that be!)
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To: Kaslin
And where the hell is the blame for this absolutely inane embargo on Iran?

We (Europe) should have put the embargo on a long time ago. The author misses the point. The fact that oil prices are volatile and that the major exporters of the commodity can bring the global economy to its knees should be reason enough for the US to develop its own energy resources. That is the message of high oil prices, not wild speculators.

25 posted on 02/25/2012 7:38:10 AM PST by kabar
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To: Kaslin

Dropped by the old Doughnut Shop to visit with the locales for the first time in a long time yesterday. The conversation turned to gas prices, and the lead locale said “wuz cuzza spekulaters”

I asked him what they based their speculation on?

He looked at me as though I was some sort of evil Demon.


26 posted on 02/25/2012 7:40:33 AM PST by rockinqsranch (Dems, Libs, Socialists, call 'em what you will, they ALL have fairies livin' in their trees.)
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To: rockinqsranch
the lead locale said “wuz cuzza spekulaters”

I asked him what they based their speculation on?

He looked at me as though I was some sort of evil Demon.


I would have thought, based on his stupid response, that he would have looked at you with a glazed bovine stare.
27 posted on 02/25/2012 7:41:58 AM PST by aruanan
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To: rockinqsranch

LOL! Well then, call me a “Speculator” becuase my significant number of Oil stocks are up 75%!


28 posted on 02/25/2012 7:52:35 AM PST by PSYCHO-FREEP (If you come to a fork in the road, take it........)
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To: Kaslin

Let’s see...

1-Enriching uranium beyond the point of application for anything other than a weapon.
2-Developing missile delivery systems capable of carrying a nuclear warhead.
3-Deeply buried weapons facilities scattered around the country.

Oh....but we don’t know whether they’ve decided to integrate these elements.....


29 posted on 02/25/2012 7:54:51 AM PST by G Larry (We are NOT obliged to carry the snake in our pocket and then dismiss the bites as natural behavior.)
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To: rockinqsranch

Blaming “speculators” is like shooting the messenger.


30 posted on 02/25/2012 8:00:58 AM PST by 4Liberty (88% of Americans are NON-UNION. We value honest, peaceful Free trade-NOT protectionist CARTELS)
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To: Kaslin
The biggest idiocy on oil comes from Obama’s pronouncement on algae being the solution to high gas prices. We have oil, oil shale and natural gas in abundance in this country and with proven and decades old technologies can extract and use this oil, so why do we need to spend years of research and countless billions in taxpayer money to develop oil from algae that might easily prove to be impractical on any commercial scale? This algae thing from Obama is likely tied to some supporter who wants to gets millions of taxpayer dollars on some phony scheme just like Solyndra.
31 posted on 02/25/2012 8:02:08 AM PST by The Great RJ ("The problem with socialism is that pretty soon you run out of other people's money" M. Thatcher)
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To: Rich21IE

Try this:

Business is all about managing risk.
When you don’t know the cost of each additional employee, that represents unknown risk.
When regulations pop up at the drop of a hat, you have no idea whether your planned investment will be allowed to produce results, let alone a profit.

Obama is trying to destroy America on several fronts;
Government takeover of insurance access, while pretending that is “healthcare”.
Shut down of energy exploration, while pretending “green energy” has any potential replacing fossil fuels.
Taxing the job producers out of existence, while pretending it’s better for the government to redistribute that money, rather than have the recipients earn it.
IF Obama puts America in so much debt that it can’t get out, he will have been successful at destroying the country that he perceives as having had it too good for too long.
In all of his writings and the very culture of his upbringing with communist parents, grandparents, and mentors, there is expressed a loathing for those who’ve dominated the world, as they see it, at the expense of the rest of the world.


32 posted on 02/25/2012 8:14:46 AM PST by G Larry (We are NOT obliged to carry the snake in our pocket and then dismiss the bites as natural behavior.)
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To: Battle Axe

Indeed, government preferential treatment for this or that business has always been total failure breeding quacks of all kinds. We are going to get screwed again. Everything that Obama touches will turn to crap.


33 posted on 02/25/2012 8:20:11 AM PST by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: Battle Axe
Your bland ignorance is amazing.

For one thing, the formation of Oil, hundreds of millions of years ago, was due to a planetary environment that would have been impossible for humans to exist. The atmosphere was made up of more than double the Carbon Dioxide found today and the most life on Earth, was in the Oceans. (When water covered more of the Planet than it does today.)

The kind of Algae you claim will manufacture all of our energy needs, (And is therefore possible.....[Eyes Rolling]) grew at levels that would not be possible on this modern Earth. You also don't realize the chemistry, or the physics behind the original formation of Oil and Hydrocarbons.

If you are going to advocate something, then make a useful effort to educate yourself fully in the first place. You sound patently and incurably ignorant at the moment.

http://geocraft.com/WVFossils/Carboniferous_climate.html

34 posted on 02/25/2012 8:23:56 AM PST by PSYCHO-FREEP (If you come to a fork in the road, take it........)
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To: G Larry

What is staggering is the number of idiots still willing to consider him or vote Romney.

There is a big push for Romney, but it is part of a bait strategy from communists. It’s to maintain the sort of management of a pyramid scheme, its language of proxy leader, and keeping ahead of the boat and keeping it going, milking.


35 posted on 02/25/2012 8:25:53 AM PST by JudgemAll (Democrats Fed. job-security Whorocracy & hate:hypocrites must be gay like us or be tested/crucified)
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To: The Great RJ; Kaslin; All

The New Obamamobile..fueled by algae and coming to a Pond Scum Dealer near you. Let's hope it doesnt disturb the habitat of the endangered mosquito or albino frogs

36 posted on 02/25/2012 9:29:12 AM PST by katiedidit1 ("This is one race of people for whom psychoanalysis is of no use whatsoever." the Irish)
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To: rockinqsranch

I’ve never heard people blame speculation when prices are falling. I guess speculation is a magic money machine, whereby people can make bets that always win?


37 posted on 02/25/2012 9:33:45 AM PST by Darth Reardon (No offense to drunken sailors)
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To: Kaslin
NEWT 2012 T-Shirt Listen to Newt destroy Piers Morgan regarding Obama's energy policies and the resulting rise in prices, and how to get prices back down. Newt also rips Piers on the administration's apologies in the wake of the recent violence in Afghanistan. http://www.cnn.com/services/podcasting/popups/piersmorgan_audio.html
38 posted on 02/25/2012 9:44:41 AM PST by Optimus Maximus (The criterion of truth is that it works even if nobody is prepared to acknowledge it -L von Mises)
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To: hinckley buzzard

Where are the Free Market warriors...not in the Federal Gov., not from Crony-Cap Romney, Professor Gingrich, Rick Big Labor Santorum but at least the crazy old coot Ron Paul does seem to be supportive of free markets and good money.


39 posted on 02/25/2012 9:49:22 AM PST by iopscusa (El Vaquero. (SC Lowcountry Cowboy))
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To: Kaslin

Progressive scu&bags in action.

IMHO


40 posted on 02/25/2012 10:11:34 AM PST by ripley
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To: Ghost of Philip Marlowe

great post


41 posted on 02/25/2012 1:22:58 PM PST by Freedom_Is_Not_Free (THE Priority: Repeal Obamacare or lose your nation)
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To: Kaslin


“Wall Street profiteering, not oil shortages, is the cause of the price spike.....”

Maybe someone can explain this profiteering gig to me?

I’d love to get in on it.

See, I’m one of those idiots who always thought it required two people to make a contract.

There’s the guy who thinks the price of oil is going up - the profiteer in this case.

He buys an oil contract.

Then there’s the guy who thinks the price of oil is going down - the rube.

He sells an oil contract.

If the profiteer makes $1000, that means the rube just lost $1000.

So, even though EVERY politician and EVERY journalist in America KNOWS the game is rigged, the rubes just keep selling oil contracts and losing all their money!

Where do these rubes come from?

I’m also confused about another thing.

If I was a profiteer - if I had the power to manipulate the oil market as I pleased - why would I take on the major political risk of forcing oil prices to go up?

I could make exactly the same amount of money by selling oil contracts and forcing oil prices to go down.

Then I’d become an international hero.

And still get rich, too!

But, I always come back to the same conclusion.

There are no profiteers.

There are no rubes.

There are just supply and demand, risk assessment, and currency issues.


42 posted on 02/25/2012 1:23:38 PM PST by zeestephen
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To: Kaslin

Anyone remember “Windfall Profits Tax?”

The only legal power the government has in the oil business is to raise the taxes on the oil companies. Can anyone think of a reason that would lower the price at the pump?

Bill the Bloviator has been on an inane rampage asking for the government to step in, then denying that he said it, but he has been on that wagon for three nights running. He is only lookin out for the folks though.


43 posted on 02/25/2012 1:25:37 PM PST by itsahoot (Much easier to tear down a building, than to build one. Bigger mess though.)
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To: FightThePower!
A silver dollar was 90% silver at that time. So she was being paid 90 ounces of silver per week. 90 ounces x 40 weeks x $35 per ounce in today’s dollars would be $126,000 per year for a teacher right out of college.

Oops, a silver dollar (Morgan, Peace dollars, two halves, four quarters, ten dimes--all the same amount) is only .72 ounces of silver, not an ounce. $90,720/year would be more correct (still, not bad).

44 posted on 02/25/2012 8:24:29 PM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: PSYCHO-FREEP
I did not say that it would provide all of our energy needs. I just said it was possible.

The only thing I agree with is that the earth used to have more carbon dioxide than it does today. Most of it is sequestered in coal, oil, etc. Then when we burn those things it is released. But the small amount that we are releasing only increases plant growth. CO2 is often, in grandpa's greenhouses, added to the environment to enhance the production of plants, (roses).

I do agree with another post that what ever the gubmint gets involved in turns to crap.

45 posted on 02/26/2012 3:36:48 AM PST by Battle Axe (Repent, for the coming of the Lord is nigh.)
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To: Smokin' Joe

Thanks for the info.


46 posted on 02/26/2012 12:32:16 PM PST by FightThePower! (Fight the powers that be!)
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To: grey_whiskers
Hey, you can see it on radar, and that should be good enough for you and your uppity questions.

It's all there, honest.......

47 posted on 02/26/2012 12:36:51 PM PST by Lakeshark (NbIttoalbl,cRwIdtaa)
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To: grey_whiskers
You left out the key questions for the green light for Government funding under this administration:

How soon can it be made to go bankrupt?

How much 'funding' can be shovelled into the companies a week or two before they go belly up?

What is the kickback to grant dollar ratio?

How well can/will the media cover for the perpetrators, and how much will that cost?

48 posted on 02/26/2012 3:56:29 PM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: The Great RJ
...so why do we need to spend years of research and countless billions in taxpayer money to develop oil from algae that might easily prove to be impractical on any commercial scale?

'Cause the oil industry isn't about to feed them a dime in taxpayer funded kickbacks.

All that other crap makes the perfect shell for money laundering, because it is doomed to fail.

49 posted on 02/26/2012 6:06:58 PM PST by Smokin' Joe (How often God must weep at humans' folly. Stand fast. God knows what He is doing)
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To: grey_whiskers

Here’s a link on the algae.

http://peswiki.com/index.php/Directory:Biodiesel_from_Algae_Oil

It is nothing more than a biofuel for diesel engines that is some years out to be of practical use.

Seems like I remember an article a few years back about algae replacing gasoline. Probably buried in a folder somewhere at work.

Obviously, this has nothing to do with the current situation the country finds itself with respect to energy production.

O’BungHole and crew know this as well as anyone else that keeps up with emerging fuel technologies.

The useless press, as usual, claim ignorance and fail to do the simpliest of jobs, reporting the unbiased facts. Why even have a press?

Yet more lies and BS from this bunch as well as their enablers.

Wake up America....


50 posted on 02/27/2012 4:24:07 PM PST by LastDayz (Tar and Feathers come to mind.......)
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