Kliphnote: No big surprise, Obama gets a free pass on oil.
Don't tell me it would take seven to 10 years(I've heard 10-20 years) to get to market. The leftheads have been saying that for 40 years. It's only 4-5 years. Besides, it's not the number of years. Oil is sold on the futures market as a commodity in Futures Trading.
The same as corn, soybean, pork bellies, cotton, coffee, gold, copper, etc. The speculators are speculating what the future holds for that commodity. Right now the speculators are speculating the US will be dependent on foreign oil for a long time. And they are right. Because the US refuses to drill for oil here in the US. The US has a long term plan to have coal fired cars. Maybe that was windmill cars. Nobody is buying the electric cars. Maybe some day soon. Until then, drill here, drill now.
Remember this: Steven Chu, President-elect Barack Obama’s choice as Secretary of Energy, is a firm believer that the federal government should increase taxes on gas in order to push the price-per-gallon up to European levels.
That would be $8 a gallon. No wonder why nothing is being done. They want it like that.
Media double standard: Bush blamed for 2008 oil prices; Obama NOT blamed now (link, article)
(hat tip: oilfreak1 on another board)Network Double Standard: Rising Gas Prices a Bush Problem in 2008, But Obama Gets a Pass
Networks Link Bush to 'Skyrocketing' Gas Prices 15 Times More Than Obama
Mideast unrest has sent pump prices up rapidly, but networks mention GOP president in more gas reports than today.
Connecting Bush, Not Obama to High Prices: As gas prices rose in 2008, network reporters mentioned President Bush in 15 times as many stories, than they brought up President Obama in a similar period in 2011.
Gallons of coverage in 2008: Comparing a 20 day span of rising gas prices in 2008 to 24 days of rising prices in February 2011, the Business & Media Institute found the networks did more than 2 ½ times as many stories during the Bush years versus Obama.
Unrest in the Mideast has hit American consumers hard, driving up gas prices that had already been above $3-a-gallon since Dec. 23. The national average for gasoline hit $3.36 on Feb. 28, the highest ever for the month of Februaryaccording to The Associated Press. But the amount of network news coverage of rising gas prices did not reflect it.
All three broadcast networks together averaged just one story about rising gas prices per day. In contrast, when gas prices rose similarly in 2008, the networks averaged more than one story, per network, per day.
It took 24 days, from Feb. 1, to Feb. 24 for the national average for unleaded gasoline to climb from $3.101 to 3.228. The last comparable period of "eye-popping" gas prices: the 20 days between Feb. 21, 2008, and March 11, 2008, when the national average climbed from $3.086 to $3.227.
Some 2008 reports including the March 6, 2008, "Early Show" exaggerated the already rising prices by emphasizing extremely high prices. That morning CBS showed viewers a California gas pump that was charging $5.19-a-gallon for regular unleaded before mentioning the national average for that day, which was $2.02 lower. Some 2011 reports have reversed that trend by downplaying the impact of currently high gas prices on consumers by using words like "inching" to describe rising prices, or calling U.S. prices "a bargain compared to Europe."
The Business & Media Institute examined all the broadcast network news reports mentioning gas prices during each of those time periods and found ABC, CBS and NBC aired more than 2 ½ times more stories (63 stories to 24) in 2008 than they did in 2011.
High oil prices? Weak dollar? Blame Bush
Few issues focus the public’s attention on politics like the price of gasoline. It keeps going up, the public wants relief, and politicians are held accountable for not fixing the situation. Yet to solve the problem, you first need to know the cause of the illness.
Why do gasoline prices keep going up? Is it because Congress and President Bush have not fashioned energy policies to reduce our dependence on foreign oil? Clearly that’s part of the answer. Our government can do more to reduce demand and increase supply through conservation, auto fuel efficiency standards, tax breaks and subsidies for development of alternative energy sources, and incentives to drill more in the U.S.
But that’s not the entire story.
The immediate cause of rising oil prices is the weak dollar. Oil-producing countries are requiring more dollars to purchase the same barrel of oil because the dollar is worth less today than it was a few years ago. Anyone who travels abroad knows about the weak dollar. In 2000, it took $1 to purchase one euro.
Democrats Blame Bush and GOP for High Gas/Oil Prices
April 26, 2008
By This week Sen. Frank Lautenberg (D-NJ) delivered the Democratic radio address. Lautenberg placed the blame for the high prices of gasoline and oil firmly at the feet of George W. Bush and the Republican Party.
“This week, the price of oil and gasoline both hit new record highs – almost $120 for a barrel of oil and more than $3.50 a gallon for gas. These out-of-control prices mean that hundreds of thousands of Americans are driving to work and spending too much of their day just earning back the cost of their commute. The American people deserve to know why this happened,” Lautenberg said.
Dems Blame Bush For High Oil Prices
Say Decision To Boost Emergency Reserves Led To Soaring Prices
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(AP / CBS)
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Sen. Chuck Schumer calls for tapping strategic oil reserves
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New York U.S. Senator Chuck Schumer is calling on the White House to tap the strategic oil reserves as the crisis in Libya continues.
New York’s senior senator has added his voice to the chorus of people calling for the President to tap the nation’s strategic petroleum reserves to help put the brakes on rising gasoline prices.
Read more: http://www.thestatecolumn.com/articles/sen-chuck-schumer-calls-for-tapping-strategic-oil-reserves/#ixzz1JpPgONkX
Schumer's bad math
New York Sen. Chuck Schumer last month:
“Oil price goes through the roof and what does the president do? He takes out the old saw of ANWR,” said Sen. Charles Schumer (D-NY), speaking at a rebuttal press conference. “ANWR wouldn’t produce a drop of oil in 10 years, and it’s estimated that if they drilled in ANWR, in 20 years it would reduce the price one penny. And that’s the president’s answer to the oil crisis.”
Schumer last week:
A group of Democratic Senators Tuesday threatened to block a multi-million dollar US arms deal with Saudi Arabia, unless the kingdom ups oil production and helps cut soaring gasoline prices.
The senators introduced a resolution of disapproval on the arms sale, as President George W. Bush prepared to head for Saudi Arabia, partly on a mission to contain runaway oil prices.
“We are saying to the Saudis that, if you don’t help us, why should we be helping you?” said New York Democratic Senator Chuck Schumer.
“We are saying that we need real relief, and we need it quickly. You need our arms, but we need you to cooperate and not strangle American consumers.”
The resolution, expected to be fast-tracked to the senate floor, would prohibit the mammoth arms sale unless Saudi Arabia agrees to increase oil production by one million barrels per day.
Schumer, speaking as the price of a barrel of crude oil hit a record 126.98 dollars, said the extra Saudi oil could bring down the price of a gallon of gasoline at the pump by 50 to 75 cents.
It’s difficult to reconcile these two statements. Is Saudi oil just more naturally potent than U.S. oil? Is it imbued with the power of the Magical Unicorn?
Schumer says that inferior ANWR oil would only drop oil prices by one cent in 20 years … is he suggesting that the U.S. economy is going to go so far in the tank that in 20 years what is worth 50-75 cents today will only be worth 1 cent in 2028?
Is that a threat or a promise?
Schumer was either lying then, or he’s lying now. I’m curious to know which one is right.
Sen. Schumer Out Against Gas Price Gouging
By Sean Seid Epoch Times New York Staff | Sep 13, 2005 |
U.S. Senator Chuck Schumer (D-NY) speaks at a press conference in front of a gas station in New York City. (Stephen Chernin/Getty Images)
NEW YORK - Senators Charles E. Schumer and Jon S. Corzine are calling for the Federal Trade Commission (FTC) to investigate possible gasoline price gouging on already high gasoline prices caused by Hurricane Katrina in the New York and New Jersey Metropolitan area. The two senators held a press conference at a Luk Oil gas station in Manhattan on Labor Day.
“That is why we are asking the FTC to do a thorough study, to come back to us with the recommendations on how we eliminate price gouging at a time and a place that should be focused on all of us pulling together as a community as opposed to taking advantage of circumstances,” said Sen. Corzine of New Jersey.
Despite the oil supply issues put forth by Hurricane Katrina, Schumer and Corzine argued that the “fluctuations” and “disparities” in gas prices in neighborhoods in New York City and New Jersey were the result of “excess profiteering” by many parties from major oil companies down to local gas stations.
“The prices could be below $3.00 at one station and around the corner they’re close to $4,” said Sen. Schumer of New York. “It’s about time the FTC look at this from start to finish, from where the oil is pumped to where its refined, to the pump line that ships it up, to the individual gas stations.”
A survey showing price ranges over various gas stations within the five boroughs released by Schumer and Corzine reported ranges of $3.19 to $3.55 in Manhattan.
The average “Regular” gasoline prices in New York City, according to AAA, costs about $3.25, up $0.64 from a month ago. In New Jersey, prices on average were $3.16, up $0.86 from a month ago. Gasoline prices across the country vary from a high-$2 range to a mid-$3 range.
“This is unheralded, unprecedented and it’s costing people in the Metropolitan area a fortune,” said Sen. Schumer.
Sen. Schumer wants investigation of major oil companies
(2007-05-14)
ROCHESTER, NY (WXXI) - United States Senator Charles Schumer wants the Government Accountability Office to investigate whether the four major oil companies are deliberately keeping gasoline supplies low.
Schumer spoke at a Rochester service station Monday while customers pumped gas at $3.05 a gallon behind him. The New York Democrat says U.S. refinery capacity is at a 20 year low, producing at 88% instead of 98% as usual. He says the low supply and high demand have forced prices up by $.60 over the past two months. Schumer says it's possible that the oil companies are not using their record-profits to properly maintain their pipelines and refineries. He says that would amount to artificially holding down gas supply to keep prices high. He says he'll ask the GAO to do a one-month study on the refinery situation. And he says an energy bill coming up in the senate in about two weeks will include tough anti-price gouging legislation.
Schumer says there are just four big oil companies now, and they all tend to set the same prices. He also wants to look into breaking up the big oil companies as the Standard Oil Trust was broken up a hundred years ago. © Copyright 2011, WXXI
Schumer spoke at a Rochester service station Monday while customers pumped gas at $3.05 a gallon behind him. The New York Democrat says U.S. refinery capacity is at a 20 year low, producing at 88% instead of 98% as usual. He says the low supply and high demand have forced prices up by $.60 over the past two months. Schumer says it's possible that the oil companies are not using their record-profits to properly maintain their pipelines and refineries. He says that would amount to artificially holding down gas supply to keep prices high. He says he'll ask the GAO to do a one-month study on the refinery situation. And he says an energy bill coming up in the senate in about two weeks will include tough anti-price gouging legislation.
Schumer says there are just four big oil companies now, and they all tend to set the same prices. He also wants to look into breaking up the big oil companies as the Standard Oil Trust was broken up a hundred years ago. © Copyright 2011, WXXI
Sen. Schumer calls for probe of oil refineries and high gas prices
Gasoline prices are actually rising quicker than expected , at least in some areas of the United States. Here in Michigan, in fact, they're setting record highs. Over in New York State, Sen. Charles Schumer has called for a federal investigation into the oil refineries over the price spike. According to Newsday, Schumer says that the high prices might be the result of oil companies being lax on maintenance and therefore short on capacity.
"The looming question is, are they putting money into maintenance and keeping up refineries as they should?" Schumer asked, according to the article. "Or are they happier with lower production and higher prices? ... What they should be doing is making sure the existing capacity they have is fully utilized."
The Government Accountability Office will investigate the refineries, and Schumer said he hopes results will be available in "a couple of months."
In the meantime, Drive Smarter.
[Source: Jennifer Barrios / Newsday; Detroit Free Press]
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