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Oil-Price Shock Is Hitting American Consumers Hardest

US crude is now up $20 in two months. The extra wealth oil producers are now draining from America is greater than the annual cost of most US government agencies.


Goldman Sach’s call this week to book profits has brought US crude off its highs. However, over two months it’s still up 25%. Let's call it an extra $20 a barrel. Americans alone are locked into feeling the full force of that.

...

Among developed nations commodity inflation is more brutal in the United States because we’re sitting on a dollar that continues to weaken. By comparison, over those two months the euro and Swiss franc are up 7%. The Australian Dollar has gained 5%.People importing oil into those countries find their currencies go further, so they are partly cushioned from the higher (dollar) price of oil.

...

The Energy Information Administration‘s latest estimate is that the US will import 9.5 million barrels of oil each day in 2011. If that holds despite the higher price of crude, that’s 3.46 billion barrels a year.


So an extra $20 a barrel means America will pay an additional $190 million each day for its oil imports, or $69.3 billion each year.

Compare that with, say, federal spending.

...

Only transportation will cost Americans more than the extra $69.3 billion being spent on oil.


Remember: That’s a direct transfer of wealth straight out the United States to oil-producing nations. No multiplier effect, no extra American jobs and no extra American growth.


Full article here

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We need more fuel,

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ORIGINAL: Edwynn


You are overlooking the actual agenda, that being to starve idiots like you and your family out of existence.


$8.00/gal gas price will be the salvation of this country, if we can get to that.

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ORIGINAL: thompsonx

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We need more fuel,

Just how much more fuel do "we"need?

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ORIGINAL: slvemike4u

You parrot the party of the rich and claim to be defending granny and the kids....what a fucking joke.

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ORIGINAL: Sanity


One day we are "the party of the rich" the next you say we are hicks in the sticks, perhaps some day you hopelessly inconsistent leftists (who couldn't argue an on topic point if your grannys dog food supply depended on  it)  will make up your freakin minds

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ORIGINAL: slvemike4u

You parrot the party of the rich and claim to be defending granny and the kids....what a fucking joke.

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President Obama says he shares motorists’ pain. But consumers should pay attention to what he does.

He said last week he wants to increase domestic oil production, but his policies have the opposite effect — denying land and offshore oil drilling permits and imposing unnecessarily rigorous regulations and bureaucratic barriers, which discourage energy investment and production.

Obama’s energy policy is muddled. He applauds Brazil for innovatively capturing deep-water oil off its coast, while he makes it more difficult for American drillers to do the same. He deplores high energy costs, but advances greenhouse gas restrictions that increase costs and discourage new production of affordable energy.

This fickle president is torn between forcing the nation off fossil fuels and the public’s need for affordable energy.

Higher prices for conventional fuels make Obama’s preferred higher-cost “renewable” energy schemes more appealing to consumers. In 2008, before his appointment as energy secretary, Steven Chu told the Wall Street Journal that energy prices were the lynchpin to energy overhaul. “Somehow we have to figure out how to boost the price of gasoline to the levels in Europe,” Chu said. Today, European gasoline prices top $8 a gallon.

Obama “has a huge problem,” we were told by Myron Ebell, the Competitive Enterprise Institute’s director of energy and global warming policy. “There’s no doubt people in the administration want gasoline to get above $5,” but “gas prices are one of the few things everybody notices.”
Full article at http://m.gazette.com/opinion/prices-115587-obama-supplies.html

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Barbour says Obama cheers for higher gas prices




WASHINGTON – Mississippi Gov. Haley Barbour, a potential presidential contender, accused the Obama administration Wednesday of favoring a run-up in gas prices to prod consumers to buy more fuel-efficient cars.

Barbour cited 2008 comments from Steven Chu, now President Barack Obama's energy secretary, that a gradual increase in gasoline taxes could coax consumers into dumping their gas-guzzlers and finding homes closer to where they work. Chu, then a Nobel Prize-winning professor, argued that higher costs per gallon could force investments in alternative fuels and spur cleaner energy sources. "This administration's policies have been designed to drive up the cost of energy in the name of reducing pollution, in the name of making very expensive alternative fuels more economically competitive,"


Barbour said during a U.S. Chamber of Commerce breakfast across the street from the White House. In 2008, while the head of the Lawrence Berkeley National Laboratory in California, Chu told The Wall Street Journal that energy prices were the lynchpin to an energy overhaul.

"Somehow we have to figure out how to boost the price of gasoline to the levels in Europe," Chu said in September 2008.

Full article here

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ORIGINAL: Fightdirecto

I have decided on a litmus test for politicians regarding the present budget sitation:

If a politician says they favor cuts in benefits and entitlements (i.e. Social Security, Medicare, etc.) AND voted AGAINST the Bush-era tax cuts for the wealthy, they are worth listening to. They clearly are concerned with the economy of the nation and fiscal fairness.

If a politician says they favor cuts in benefits and entitlements (i.e. Social Security, Medicare, etc.) AND voted FOR the Bush-era tax cuts for the wealthy, they are clueless fools who do not understand reality, are probably in the pay of some wealthy campaign contributor(s) - and I ignore them.

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ORIGINAL: Sanity


One day we are "the party of the rich" the next you say we are hicks in the sticks, perhaps some day you hopelessly inconsistent leftists (who couldn't argue an on topic point if your grannys dog food supply depended on  it)  will make up your freakin minds

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ORIGINAL: slvemike4u

You parrot the party of the rich and claim to be defending granny and the kids....what a fucking joke.

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ORIGINAL: Edwynn
Your lack of the simplest comprehension in evidence as always.


It's referred to as the 'party of the rich' due to the beneficiaries. In no way be it a description of those destitute of mental faculties that keep voting for them.

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a gradual increase in gasoline taxes could coax consumers into dumping their gas-guzzlers and finding homes closer to where they work.

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six-tenths of 1 percent of all U.S. consumption of liquid fuels.

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but a shrinking domestic fuel supply caused by the environmental extremist wing of the DNC.

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U.S. oil production was up in 2009 and 2010, and is projected to decline only 2 percent this year.

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US crude is now up $20 in two months. The extra wealth oil producers are now draining from America is greater than the annual cost of most US government agencies.


(snip)

Now that’s an oil price shock.

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Thats kind of a crazy argument when the point Ive been hammering (on topic ) is how Obamas latest gift to the poor is $5 gas, my friend.

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Value of dollar falls to new low against the euro
By Vikas Bajaj and Ian Austen
Published: Thursday, September 20, 2007


Investors dumped dollars Thursday, sending the euro to a record high and putting the American currency at par with the Canadian dollar for the first time in more than 30 years.

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WASHINGTON – Mississippi Gov. Haley Barbour, a potential presidential contender, accused the Obama administration Wednesday of favoring a run-up in gas prices to prod consumers to buy more fuel-efficient cars.

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ORIGINAL: tazzygirl
So, what is driving up the costs of oil? Unrest in the Middle East, the lower value of the dollar, the fact that americans are arrogant enough to believe they are entitled to low gas prices so they can cruise in their SUVs, and by golly, they will cruise to the malls, the soccer fields, to their weekend hiking trips, ect ect.

Truth is, Sanity, we ALL share a bit of the blame... not just the DNC. Prices started going up with the "potential" or oil restriction from the Middle East. Sound familiar? It should. The same happened with, and after, Katrina.

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ORIGINAL: tazzygirl

I wasnt aware that Obama devalued the dollar by himself.