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Obama gets out in front of a crisis - 2/25/2012 1:08:43 AM

TheHeretic

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From: California, USA
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Here in my neck of the woods, the price of gas has gone up better than 50 cents a gallon in about two weeks. President Obama has immediately jumped into action to stem the most important aspect of the crisis, and politicized it by claiming that the evil Republicans wanted it to happen, to make him look bad for the election.

No. This sucks for pretty much everybody. Conservatives are optimistic people though, and optimists alway look for a silver lining somewhere, with every dark cloud.

Now, any driver with more memory than a goldfish knows that gas prices always go up in the spring and summer, and that they'll finally go down again, starting in the last months before the election. Still, the jump so far easily amounts to $10 a fill, and this is just the early start to what looks like a pretty bad year.

Will President Obama go to the strategic reserve?

_____________________________

If you lose one sense, your other senses are enhanced.
That's why people with no sense of humor have such an inflated sense of self-importance.

Post #: 1

RE: Obama gets out in front of a crisis - 2/25/2012 3:24:16 AM

DomKen

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From: Chicago, IL
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Since one of the major "reasons" for the price increase is that several refineries are undergoing maintenance that reduces their capacity releasing oil from the reserve right now would not lower gas prices, although it would make the Treasury a nice amount of cash. If prices don't come down some in a month to 6 weeks then it would the time to open the reserve.

(in reply to TheHeretic)

Post #: 2

RE: Obama gets out in front of a crisis - 2/25/2012 3:34:48 AM

DarkSteven

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Joined: 5/2/2008
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quote:

ORIGINAL: TheHeretic

Here in my neck of the woods, the price of gas has gone up better than 50 cents a gallon in about two weeks.

Rich, it's still about $3/gallon here as of last night. Could the rise be due to taxes at the state/local level?

_____________________________

"You women....

The small-breasted ones want larger breasts. The large-breasted ones want smaller ones. The straight-haired ones curl their hair, and the curly-haired ones straighten theirs...

Quit fretting. We men love you."

(in reply to TheHeretic)

Post #: 3

RE: Obama gets out in front of a crisis - 2/25/2012 4:15:41 AM

Lucylastic

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Rich, one quickie..Did you hear Gingrich pronouncing 2.50 a gallon promise at the debate.?
DId you fact check the presidents other info about the situation with the oil reserves and all the figures?
Prices shot up here too, to over 5 bucks a gallon, we export 20% oil to you, we have our own, but yet our prices, rise just as fast.. I hear everything from speculators wetting themselves again to all the issues with Iran and syria, egypt, causing instability.plus the warm winter, people are driving more.
I watched the debate, I watched the pres speak at UofM, I just wondered:)

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(in reply to DarkSteven)

Post #: 4

RE: Obama gets out in front of a crisis - 2/25/2012 4:45:08 AM

provfivetine

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The only way to lower/stabilize gas prices is to take what some would consider extreme measures. Bernanke would have to raise rates substantially and show the world he is serious about maintaining USD credibility. Also, Obama would have to announce that he's serious about energy independence, which would mean granting drilling permits anywhere in the US to anyone that requests them (the Gulf, National Park areas, ANWAR, etc). Of course none of this is going to happen, and oil prices will continue to rise. $5 gallon gas by summertime will be the norm, and that's if Iran plays nice (yeah right!).

We all know what's going to happen, Obama will just blame speculators and Iran, which will provide him with an alibi to invade; that is if he doesn't spearhead the UN-led confrontation with Syria first.

< Message edited by provfivetine -- 2/25/2012 4:49:34 AM >

(in reply to Lucylastic)

Post #: 5

RE: Obama gets out in front of a crisis - 2/25/2012 5:07:40 AM

Yachtie

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Rising fuel prices is part and parcel of Obama's domestic plan towards development of green energy sources. The cost of oil based energy must rise above that of green for green to become economically viable.

I have no idea why Obama should be displeased.

Also, rising fuels prices is reflective in the the drop in US consumption. Also, less fuel is available for US consumption as exports have risen. Inflation (weakening Dollar) is also taking its toll on gas prices.

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(in reply to Lucylastic)

Post #: 6

RE: Obama gets out in front of a crisis - 2/25/2012 5:23:00 AM

farglebargle

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From: Albany, NY
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quote:

ORIGINAL: Lucylastic

Did you hear Gingrich pronouncing 2.50 a gallon promise at the debate.?

When has Gingrich ever told the truth? There's a line of ex-wives who would warn you about forgetting that he's not trustworthy.

_____________________________

It's not every generation that gets to watch a civilization fall. Looks like we're in for a hell of a show.

ברוך אתה, אדוני אלוקינו, ריבון העולמים, מי יוצר צמחים ריחניים

(in reply to Lucylastic)

Post #: 7

RE: Obama gets out in front of a crisis - 2/25/2012 5:30:28 AM

ClassIsInSession

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What everyone seems to forget is that gas was between .38/gallon and 1.00/gallon all through the 70s and 80s, .89/gallon to 1.29/gallon all through the 90s. 2001 hits, and suddenly it goes 2, 3, even 4 a gallon.

Sorry, but oil isn't that scarce....that's almost 400% inflation in 10 years when the prior 30 barely doubled. Oil companies banked record profits every year for the last decade too.

If you want to know why we can't seem to recover from the economic crisis, I'd suggest we start right with oil/gas. When everything we consume has to be shipped, to work we have to commute in most cases...the inflation steadily rising on top of it since we decided to finance multiple illegal wars and let our government grow to an astronomical proportion...it's no wonder we are being buried in a tidal wave.

Frankly I'm surprised we haven't seen a violent uprising yet.

(in reply to farglebargle)

Post #: 8

RE: Obama gets out in front of a crisis - 2/25/2012 5:40:07 AM

Lucylastic

Posts: 40310
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quote:

ORIGINAL: farglebargle

quote:

ORIGINAL: Lucylastic

Did you hear Gingrich pronouncing 2.50 a gallon promise at the debate.?

When has Gingrich ever told the truth? There's a line of ex-wives who would warn you about forgetting that he's not trustworthy.

just adding the fatc thats what he stated at the debate, pie in the sky promises and facts rarely meet.
The same can obviously be said about Obama.
The fact that it is NOT just the US that is suffering the oil companies, speculators et al pushing up prices. Thats just an inconvenient message, to be ignored at will

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(in reply to farglebargle)

Post #: 9

RE: Obama gets out in front of a crisis - 2/25/2012 5:48:23 AM

farglebargle

Posts: 10715
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From: Albany, NY
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quote:

ORIGINAL: Lucylastic

quote:

ORIGINAL: farglebargle

quote:

ORIGINAL: Lucylastic

Did you hear Gingrich pronouncing 2.50 a gallon promise at the debate.?

When has Gingrich ever told the truth? There's a line of ex-wives who would warn you about forgetting that he's not trustworthy.

just adding the fatc thats what he stated at the debate, pie in the sky promises and facts rarely meet.
The same can obviously be said about Obama.
The fact that it is NOT just the US that is suffering the oil companies, speculators et al pushing up prices. Thats just an inconvenient message, to be ignored at will

But to Obama's credit, he did kill him some pirates. And I'm not seeing anyone else with "Pirate Killin'" credits on their resume...

And if you ask me, killin' pirates is right up there with "Things the President of the United States Should Be Doing"...

_____________________________

It's not every generation that gets to watch a civilization fall. Looks like we're in for a hell of a show.

ברוך אתה, אדוני אלוקינו, ריבון העולמים, מי יוצר צמחים ריחניים

(in reply to Lucylastic)

Post #: 10

RE: Obama gets out in front of a crisis - 2/25/2012 6:00:16 AM

Owner59

Posts: 17033
Joined: 3/14/2006
From: Dirty Jersey
Status: offline

quote:

ORIGINAL: TheHeretic

Here in my neck of the woods, the price of gas has gone up better than 50 cents a gallon in about two weeks. President Obama has immediately jumped into action to stem the most important aspect of the crisis, and politicized it by claiming that the evil Republicans wanted it to happen, to make him look bad for the election.

No. This sucks for pretty much everybody. Conservatives are optimistic people though, and optimists alway look for a silver lining somewhere, with every dark cloud.

Now, any driver with more memory than a goldfish knows that gas prices always go up in the spring and summer, and that they'll finally go down again, starting in the last months before the election. Still, the jump so far easily amounts to $10 a fill, and this is just the early start to what looks like a pretty bad year.

Will President Obama go to the strategic reserve?

Well,we know the president isn`t motivated my all the campaign cash he`s getting from big oil.......

Another example here, of how cons need/want/pray-for our economy to become weak again............... in order to win elections.

In pretend land,there`s this notion that cons can convince the nation that they not only didn`t tank our economy but that they can repair it.

Though........ the explanation of exactly how they`re going to rescue our economy is yet forthcoming,we`re asked to "trust them".....that they`ll tell us later.......lol

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(in reply to TheHeretic)

Post #: 11

RE: Obama gets out in front of a crisis - 2/25/2012 8:12:27 AM

SoftBonds

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Joined: 2/10/2012
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I still remember when the financial crisis was in its early stages, one of the TBTF banks was speculating in oil (after getting a US bailout). They had to take delivery though. So what did they do? They hired an oil tanker and paid for it to sit in the gulf of Mexico with their oil, waiting for prices to go up.
It probably worked too, those tankers move a lot of oil, and taking a tanker out of the equation may have helped drive down supply, which would drive up price.
Your tax dollars at work (when bankers and oil men are in charge of the government).
BTW, yes, I know Obama was pres when it happened. Obama needs to kick out his bank friendly folks just like Bush needed to kick out the oil friendly folks (except that would have been hard with Cheney...).

(in reply to Owner59)

Post #: 12

RE: Obama gets out in front of a crisis - 2/25/2012 8:15:59 AM

TheHeretic

Posts: 19100
Joined: 3/25/2007
From: California, USA
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quote:

ORIGINAL: DarkSteven

Rich, it's still about $3/gallon here as of last night. Could the rise be due to taxes at the state/local level?

It's nice to know there are places where the price hikes haven't kicked in, Steve, but no, our state and local taxes haven't taken any jumps. California is always on the higher end of the chart for pricing, though.

_____________________________

If you lose one sense, your other senses are enhanced.
That's why people with no sense of humor have such an inflated sense of self-importance.

(in reply to DarkSteven)

Post #: 13

RE: Obama gets out in front of a crisis - 2/25/2012 8:34:20 AM

SoftBonds

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Joined: 2/10/2012
Status: offline

quote:

ORIGINAL: TheHeretic

quote:

ORIGINAL: DarkSteven

Rich, it's still about $3/gallon here as of last night. Could the rise be due to taxes at the state/local level?

It's nice to know there are places where the price hikes haven't kicked in, Steve, but no, our state and local taxes haven't taken any jumps. California is always on the higher end of the chart for pricing, though.

The West Coast refineries are not really connected with the oil facilities on the other side of the Rockies. It has to do with the Additives required by California and no one wanting to spend 8 cents a gallon adding those in for fuel going to Iowa. Is is cheaper to add it for the fuel going to Washington and Oregon though. Long story... anyway...
I only saw gas prices go up 7 cents in my neck of California. But it is not surprising that the fuel prices are not moving in concert. Problems that raise fuel prices on the west coast may be local, in which case they would not affect the rest of the US.

(in reply to TheHeretic)

Post #: 14

RE: Obama gets out in front of a crisis - 2/25/2012 8:49:39 AM

Fellow

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Joined: 9/21/2009
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Obama could lower gasoline prices a little by toning down the war threats against Iran and Syria. The (fake) good economic news they manufacture also pushes up the price. There is no logic going to strategic reserves because the rise in fuel price is not temporary but here to stay. The US residents still enjoy lower gasoline prices compared to most oil-importing countries. This will go away as soon as the US dollar will loose its reserve currency status (my guess is it happens during Obama second term because of deficit, inflating the dollar and debt increase).

(in reply to TheHeretic)

Post #: 15

RE: Obama gets out in front of a crisis - 2/25/2012 8:56:58 AM

TheHeretic

Posts: 19100
Joined: 3/25/2007
From: California, USA
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Lucy, I ignore Gingrich whenever possible, so no, I missed that.

As for the strategic reserve, the idea isn't that it be a politically strategic reserve, but for serious disruptions in the supply. Bush opened it after Katrina hit the Gulf refineries, and Obama tapped in last summer/fall when Libya went offline. With Iran threatening to fuck with access to the Persian Gulf, this would not be the time to pulling anything out in the name of political expediency. I don't know if what came out last year has been replenished or not.

_____________________________

If you lose one sense, your other senses are enhanced.
That's why people with no sense of humor have such an inflated sense of self-importance.

(in reply to Lucylastic)

Post #: 16

RE: Obama gets out in front of a crisis - 2/25/2012 9:11:41 AM

SoftBonds

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Joined: 2/10/2012
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quote:

ORIGINAL: TheHeretic

Lucy, I ignore Gingrich whenever possible, so no, I missed that.

As for the strategic reserve, the idea isn't that it be a politically strategic reserve, but for serious disruptions in the supply. Bush opened it after Katrina hit the Gulf refineries, and Obama tapped in last summer/fall when Libya went offline. With Iran threatening to fuck with access to the Persian Gulf, this would not be the time to pulling anything out in the name of political expediency. I don't know if what came out last year has been replenished or not.

Also Bush increased it 150% (to 2.5 times the original size) during his administration to help the oil companies out.
So I doubt it is hurting in quantity...
Actually, the info is freely available:

quote:

The US SPR is the largest emergency supply in the world with the current capacity to hold up to 727 million barrels (115,600,000 m3).
The current inventory is displayed on the SPR's website. As of May 31, 2011, the current inventory was 726.5 million barrels (115,500,000 m3). This equates to 34 days of oil at current daily US consumption levels of 21 million barrels per day (3,300,000 m3/d). At recent market prices ($65 a barrel as of October 2008) the SPR holds over $34.3 billion in sweet crude and approximately $51.2 billion in sour crude (assuming a $15/barrel discount for sulfur content). The total value of the crude in the SPR is approximately $85.5 billion USD. The price paid for the oil is $20.1 billion (an average of $28.42 per barrel)"

From the website (http://www.spr.doe.gov/dir/dir.html):
262 million bbls Sweet, 433.9 bbls Sour, 695.9 bbls total.
So it is about 30 million barrels short of full.

(in reply to TheHeretic)

Post #: 17

RE: Obama gets out in front of a crisis - 2/25/2012 9:29:36 AM

TheHeretic

Posts: 19100
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From: California, USA
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quote:

ORIGINAL: SoftBonds

Also Bush increased it 150% (to 2.5 times the original size) during his administration to help the oil companies out.

Well, that's quite the spin there, Softbonds. It's not like the country could use the extra strategic capacity or anything. If Bush did it, it must be evil. I suppose his AIDS efforts in Africa were just a subsidy to big pharma, in your view?

If we are 30 million barrels down though, then no, Obama hasn't put back what was siphoned last summer.

_____________________________

If you lose one sense, your other senses are enhanced.
That's why people with no sense of humor have such an inflated sense of self-importance.

(in reply to SoftBonds)

Post #: 18

RE: Obama gets out in front of a crisis - 2/25/2012 9:31:52 AM

mnottertail

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The aids efforts in africa are for a deal in the UN he got us on the hook for. Not a real personal thing in that respect for him.

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(in reply to TheHeretic)

Post #: 19

RE: Obama gets out in front of a crisis - 2/25/2012 9:50:22 AM

SoftBonds

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Joined: 2/10/2012
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quote:

ORIGINAL: TheHeretic

quote:

ORIGINAL: SoftBonds

Also Bush increased it 150% (to 2.5 times the original size) during his administration to help the oil companies out.

Well, that's quite the spin there, Softbonds. It's not like the country could use the extra strategic capacity or anything. If Bush did it, it must be evil. I suppose his AIDS efforts in Africa were just a subsidy to big pharma, in your view?

If we are 30 million barrels down though, then no, Obama hasn't put back what was siphoned last summer.

Bush increased the strategic petroleum reserve while oil prices were at their highest, further cutting supply and driving prices to over $100 per barrel. We are not talking about increasing it while oil prices were low...

Regarding how low the reserve is, 30/730 is 4%. Meaning supplies are at 96% right now. Obama will probably try to refill it when he can get the best deal, so sometime when oil prices are low.

(in reply to TheHeretic)

Post #: 20

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