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Bush Says Drill.......Price Drops $9

Mike

Well-known member
Bush Says Drill, Drill, Drill — and Oil Drops $9!
National Review ^ | July 15, 2008 | Larry Kudlow


In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

Now isn’t this interesting?

Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.

Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.

The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.

There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.

So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.

Bravo for Bush. Bravo for the traders.
 

kolanuraven

Well-known member
Mike said:
Bush Says Drill, Drill, Drill — and Oil Drops $9!
National Review ^ | July 15, 2008 | Larry Kudlow


In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

Now isn’t this interesting?

Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.

Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.

The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.

There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.

So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.

Bravo for Bush. Bravo for the traders.



Congress prob won't approve it....but it's about time the fool did SOMETHING for the benefit of the US citizens.
 
A

Anonymous

Guest
If Bush would open up and dump 1/3 the Strategic Reserve on the market tomorrow- and work to close the speculation loopholes like Newt has called for- it would go down a lot more than that....

But then he would have to put the public and the country ahead of his elitist rich investor and oil buddies....
 

hopalong

Well-known member
kolanuraven said:
Mike said:
Bush Says Drill, Drill, Drill — and Oil Drops $9!
National Review ^ | July 15, 2008 | Larry Kudlow


In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

Now isn’t this interesting?

Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.

Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.

The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.

There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.

So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.

Bravo for Bush. Bravo for the traders.



Congress prob won't approve it....but it's about time the fool did SOMETHING for the benefit of the US citizens.

He is trying but like you said the DEM CONGRESS won't approve it
 

Larrry

Well-known member
The ball is in the dems court , bet they pass it off. Oh well they will once again prove that they are all mouth and their puppets will sidle up to them and smile.
 

aplusmnt

Well-known member
Oldtimer said:
If Bush would open up and dump 1/3 the Strategic Reserve on the market tomorrow- and work to close the speculation loopholes like Newt has called for- it would go down a lot more than that....

But then he would have to put the public and the country ahead of his elitist rich investor and oil buddies....

I am with you and newt on this, maybe not all in one day but so much a day and let them speculators get burned a little.
 

RobertMac

Well-known member
kolanuraven said:
Congress prob won't approve it....but it's about time the fool did SOMETHING for the benefit of the US citizens.

Keeping you and your family safe for seven years is nothing???????????????????????????
 

kolanuraven

Well-known member
RobertMac said:
kolanuraven said:
Congress prob won't approve it....but it's about time the fool did SOMETHING for the benefit of the US citizens.

Keeping you and your family safe for seven years is nothing???????????????????????????


WHAT???? :shock: :shock: :shock: :shock:


You actually think Bush has ' kept' anyone safe.....well other than himself?


Please.............I think you been nippin' at that so called " kool-aid' if you believe that crap.
 

fff

Well-known member
Mike said:
Bush Says Drill, Drill, Drill — and Oil Drops $9!
National Review ^ | July 15, 2008 | Larry Kudlow


In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

Now isn’t this interesting?

Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.

Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.

The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.

There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.

So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.

Bravo for Bush. Bravo for the traders.

ROTFLMAO! Good spin. But the truth is they are drilling all over the place. And the oil companies have millions of acres of land leased that they're not even exploring, much less drilling. But with the Republicans, spin is everything.

MYTH #1 -- 'DRILL HERE, DRILL NOW, PAY LESS'

Newt Gingrich's 527 organization, American Solutions, is promoting a "Drill Here. Drill Now. Pay Less" campaign, collecting over one million signatures on its petition to Congress to act immediately to lower gasoline prices" by authorizing the exploration of proven energy reserves" off our coasts.

American Solutions is funded by right-wing Las Vegas billionaire Sheldon Adelson, who wants Americans to place another bad bet on oil drilling. As the Energy Information Administration (EIA) has explained, "access to the Pacific, Atlantic, and eastern Gulf regions would not have a significant impact on domestic crude oil and natural gas production or prices before 2030."

But because United States demand for oil far outstrips production -- we consume 25 percent of the world's supply but have two percent of the proven reserves -- further exploitation of domestic resources will not have a long-term impact either. After 2030, the EIA found, "any impact on average wellhead prices is expected to be insignificant."

There are numerous ways to immediately affect prices, from use of the Strategic Petroleum Reserve to improved oversight of the oil markets. Over the long term, we must fight global warming and break our addiction to oil through modern technology like plug-in hybrids and smart growth planning.

MYTH #2 -- CHINA ON OUR COASTS

Conservatives from Rudy Giuliani to Dick Cheney have repeatedly claimed that the United States needs to start drilling for off-shore oil because China is taking "American oil" off the coast of Cuba, just "60 miles off the coast of Florida."

Cheney exhorted, "Even the communistshave figured out that a good answer to high prices is more supply." That same day, Rep. Roy Blunt (R-MO) wrote that Castro was allowing drilling "45 miles from the Florida keys."

Rep. George Radanovich (R-CA) and House Minority Leader John Boehner (R-OH) have also raised the specter of Chinese drilling just off U.S. shores. However, this modern invocation of the Red Scare the claim is completely false.

As Cheney was forced to acknowledge, "no Chinese firm is drilling" off Cuba's coast. Talking Points Memo has recorded the large number of conservatives hyping the false story.The Washington Post's Ben Pershing said the China/Cuba oil drilling claim is the "myth that keeps on giving," calling it "just too juicy not to repeat."

MYTH #3 -- 'NOT A DROP WAS SPILLED'

Offshore drilling advocates know that the specter of oil-slicked beaches would doom their campaign, so they are desperate to wish its environmental impact away.

Yesterday, Sen. Mitch McConnell (R-KY) claimed "not a drop of oil was spilled during Katrina or Rita." This myth has been told again and again by the likes ofGov. Bobby Jindal (R-LA), Interior Secretary Dirk Kempthorne, Mike Huckabee, George Will, and Bill O'Reilly.

There were, in fact, major onshore and offshore spills due to the hurricanes. According to the official Minerals Management Service report, the hurricanes caused 124 offshore spills for a total of 743,700 gallons, six spilling 42,000 gallons or more.

The largest of these spills dropped 152,250 gallons, well over the 100,000 gallon threshhold considered a "major spill." In addition, the hurricanes caused disastrous spills onshore throughout southeast Louisiana and the rest of the Gulf Coast as tanks, pipelines, refineries and other industrial facilities were destroyed, for a total of 595 different oil spills.

The nine million gallons reported spilled were comparable with the Exxon Valdez's 10.8 million gallons, but unlike the Exxon Valdez, they were distributed throughout Louisiana, Mississippi, and other Gulf Coast states, many in residential areas.

http://www.alternet.org/environment/91588/?page=1
 

RobertMac

Well-known member
fff said:
ROTFLMAO! Good spin. But the truth is they are drilling all over the place. And the oil companies have millions of acres of land leased that they're not even exploring, much less drilling. But with the Republicans, spin is everything.

MYTH #1 -- 'DRILL HERE, DRILL NOW, PAY LESS'

Newt Gingrich's 527 organization, American Solutions, is promoting a "Drill Here. Drill Now. Pay Less" campaign, collecting over one million signatures on its petition to Congress to act immediately to lower gasoline prices" by authorizing the exploration of proven energy reserves" off our coasts.

American Solutions is funded by right-wing Las Vegas billionaire Sheldon Adelson, who wants Americans to place another bad bet on oil drilling. As the Energy Information Administration (EIA) has explained, "access to the Pacific, Atlantic, and eastern Gulf regions would not have a significant impact on domestic crude oil and natural gas production or prices before 2030."

But because United States demand for oil far outstrips production -- we consume 25 percent of the world's supply but have two percent of the proven reserves -- further exploitation of domestic resources will not have a long-term impact either. After 2030, the EIA found, "any impact on average wellhead prices is expected to be insignificant."

There are numerous ways to immediately affect prices, from use of the Strategic Petroleum Reserve to improved oversight of the oil markets. Over the long term, we must fight global warming and break our addiction to oil through modern technology like plug-in hybrids and smart growth planning.

MYTH #2 -- CHINA ON OUR COASTS

Conservatives from Rudy Giuliani to Dick Cheney have repeatedly claimed that the United States needs to start drilling for off-shore oil because China is taking "American oil" off the coast of Cuba, just "60 miles off the coast of Florida."

Cheney exhorted, "Even the communistshave figured out that a good answer to high prices is more supply." That same day, Rep. Roy Blunt (R-MO) wrote that Castro was allowing drilling "45 miles from the Florida keys."

Rep. George Radanovich (R-CA) and House Minority Leader John Boehner (R-OH) have also raised the specter of Chinese drilling just off U.S. shores. However, this modern invocation of the Red Scare the claim is completely false.

As Cheney was forced to acknowledge, "no Chinese firm is drilling" off Cuba's coast. Talking Points Memo has recorded the large number of conservatives hyping the false story.The Washington Post's Ben Pershing said the China/Cuba oil drilling claim is the "myth that keeps on giving," calling it "just too juicy not to repeat."

MYTH #3 -- 'NOT A DROP WAS SPILLED'

Offshore drilling advocates know that the specter of oil-slicked beaches would doom their campaign, so they are desperate to wish its environmental impact away.

Yesterday, Sen. Mitch McConnell (R-KY) claimed "not a drop of oil was spilled during Katrina or Rita." This myth has been told again and again by the likes ofGov. Bobby Jindal (R-LA), Interior Secretary Dirk Kempthorne, Mike Huckabee, George Will, and Bill O'Reilly.

There were, in fact, major onshore and offshore spills due to the hurricanes. According to the official Minerals Management Service report, the hurricanes caused 124 offshore spills for a total of 743,700 gallons, six spilling 42,000 gallons or more.

The largest of these spills dropped 152,250 gallons, well over the 100,000 gallon threshhold considered a "major spill." In addition, the hurricanes caused disastrous spills onshore throughout southeast Louisiana and the rest of the Gulf Coast as tanks, pipelines, refineries and other industrial facilities were destroyed, for a total of 595 different oil spills.

The nine million gallons reported spilled were comparable with the Exxon Valdez's 10.8 million gallons, but unlike the Exxon Valdez, they were distributed throughout Louisiana, Mississippi, and other Gulf Coast states, many in residential areas.

http://www.alternet.org/environment/91588/?page=1

Your Leftwing Blog is credible?????????????????

At least Reuters is some what credible.

http://www.reuters.com/article/OILINT/idUSN1631398320080416
 

Mike

Well-known member
Oil Slumps Below $134 on Crude Stockpile Gain


Sectors:Oil and Gas


AP
--------------------------------------------------------------------------------



On Tuesday the market saw its biggest one-day fall in dollar terms since 1991, when prices tumbled after the U.S. began bombing Iraq in the first Gulf War.



U.S. commercial crude oil inventories increased by 3.0 million barrels for the week ended July 11, compared to the previous week, according to the Energy Information Administration. That's in contrast to the 1.6 million barrel decrease expected by analysts surveyed by CNBC and Dow Jones.

Total motor gasoline inventories increased by 2.4 million barrels, compared to the 200,000 barrel fall expected by analysts. And distillate fuel inventories increased by 3.2 million barrels, while analysts had expected an increase of 1.5 million barrels.

© 2008 CNBC.com
_____________________________________________________

Meanwhile, the Dems are attempting to rewrite and/or rescind the Laws of "Supply and Demand"? :lol:
 

RobertMac

Well-known member
kolanuraven said:
RobertMac said:
kolanuraven said:
Congress prob won't approve it....but it's about time the fool did SOMETHING for the benefit of the US citizens.

Keeping you and your family safe for seven years is nothing???????????????????????????


WHAT???? :shock: :shock: :shock: :shock:


You actually think Bush has ' kept' anyone safe.....well other than himself?


Please.............I think you been nippin' at that so called " kool-aid' if you believe that crap.

You can blame President Bush for everything that happens, but I can't give him credit when it is due?????????????????? You are showing your liberal intolerance!!!!!!!!!!!!!

President Bush is Commander in Chief of the Army and Navy of the United States. Those brave volunteers are doing what warriors do...putting themselves in harms way between our enemies and their country and families...God bless and protect them!!!!!!!!!!! And unlike you kool-aid drinking Bush haters, they love the man!!!!!!!!!!!!
 

Mike

Well-known member
kolanuraven said:
RobertMac said:
kolanuraven said:
Congress prob won't approve it....but it's about time the fool did SOMETHING for the benefit of the US citizens.

Keeping you and your family safe for seven years is nothing???????????????????????????


WHAT???? :shock: :shock: :shock: :shock:


You actually think Bush has ' kept' anyone safe.....well other than himself?


Please.............I think you been nippin' at that so called " kool-aid' if you believe that crap.

Kola, that IS quite an incredible statement.

Even for you! :roll: :roll:
 

fff

Well-known member
RobertMac said:
President Bush is Commander in Chief of the Army and Navy of the United States. Those brave volunteers are doing what warriors do...putting themselves in harms way between our enemies and their country and families...God bless and protect them!!!!!!!!!!! And unlike you kool-aid drinking Bush haters, they love the man!!!!!!!!!!!!

What rock have you been living under? The military, like everyone else, is voting with their checkbooks. They're sending their donations to the two candidates who promise to end the war in Iraq.

Obama, Paul net most military workers' donations

Democrat Barack Obama and Republican Ron Paul have little in common politically, except their opposition to the Iraq war.

Both top a new list of presidential candidates receiving campaign contributions from people who work for the four branches of the military and National Guard, according to a study released Thursday by the non-partisan Center for Responsive Politics.

Obama, an Illinois senator, brought in more donations from this group than any White House contender from either party. The Democrat announced Wednesday his plan to withdraw all U.S. troops from Iraq by the end of 2008.

Paul, a Texas congressman and the only GOP presidential hopeful who supports an immediate troop withdrawal, comes in second.

http://www.usatoday.com/news/politics/election2008/2007-09-13-military-donors_N.htm

The military is tired of this war. They know it doesn't protect Americans, it doesn't make us secure, it doesn't help with our oil problem, it doesn't and never did have any benefit for this country and it's destroying our all volunteer military.
 

backhoeboogie

Well-known member
Mike said:
kolanuraven said:
RobertMac said:
Keeping you and your family safe for seven years is nothing???????????????????????????


WHAT???? :shock: :shock: :shock: :shock:


You actually think Bush has ' kept' anyone safe.....well other than himself?


Please.............I think you been nippin' at that so called " kool-aid' if you believe that crap.

Kola, that IS quite an incredible statement.

Even for you! :roll: :roll:

He's done much more for the working class people than just keep them safe. We actually pay less percentage taxes, but actually pay much more in taxes because our income increased so much. That just gets the goat for all those welfare folks.
 

Mike

Well-known member
Wednesday, July 16, 2008
Oil Tumbles on Supply Jump

Oil prices are tumbling, extending a massive sell-off the previous day, after of the government reported that U.S. crude supplies unexpectedly jumped last week.

Light, sweet crude for August delivery is down $6.44 at $132.30 a barrel in morning trading on the New York Mercantile Exchange.

The Energy Information Administration reported U.S. crude oil supplies jumped by 3 million barrels last week. That is the opposite of the 3 million barrel decline analysts surveyed by energy research firm Platts expected. Gasoline supplies also jumped unexpectedly.
 

kolanuraven

Well-known member
RobertMac said:
fff said:
...it doesn't help with our oil problem...

Wait a minute, oil is why you libs said we went to war in Iraq...a little consistency here!!!! :lol2:



With that being said....where is all that oil? We're sure as hell not getting it.

Iraq could use that as ' barter' to pay for the war costs, remember the war that you Rep's said they deserved???
 

RobertMac

Well-known member
kolanuraven said:
RobertMac said:
fff said:
...it doesn't help with our oil problem...

Wait a minute, oil is why you libs said we went to war in Iraq...a little consistency here!!!! :lol2:



With that being said....where is all that oil? We're sure as hell not getting it.

Iraq could use that as ' barter' to pay for the war costs, remember the war that you Rep's said they deserved???

Do you think the Iraqi people deserved to be freed from a tyrannical dictator that was not only supporting terrorist, but was promoting terrorist by paying the families of suicide bombers? A dictator that had a history of using WMDs and was working to develop more...including nuclear WMDs. A dictator that broke the treaty he signed to end the first Gulf War and thumbed his nose at the UN for seven years. Only a fool would not consider this dictator a threat to the freedoms of the civilized world.

The oil money...going to rebuild the country this dictator devastated!
 
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