High gas prices. Thank you Barack Obama.
I miss the last day of the Bush administration. Do you remember January 19, 2009? Gas at my local gas station was $1.60 a gallon. I just passed that same station this evening. Gas there is now at $3.59 a gallon.
It is official. Gas has gone up more than 100% under the Obama regime.
The left screams that this is not Obama’s fault. There are fluctuations in the market. Perhaps a history lesson is in order.
In 2008, we saw gas prices skyrocket to well over $4 a gallon. The economic impact was immediate. A weak economy got much worse. Then candidate Barack Obama said he did not have problem with high gas prices. His only problem was the sudden increase in the price. In July 2008, the light finally came on for George W. Bush. Realizing that this was not only an economic disaster for America, but also the high gas prices were endangering Republicans, Bush did something remarkably simple. He revoked the Executive Order prohibiting drilling in outer areas of the continental shelf.
This move was mostly symbolic. There is also a law in effect that congress would have to repeal before drilling could take place. But, it had the desired effect. It panicked speculators in the market and the price nose-dived. Before Bush left office, prices had dropped by almost three dollars a gallon. One of Obama’s first acts upon coming into office was to reinstate the Executive Order banning drilling on the continental shelf.
Obama said under his energy plans; gas prices must necessarily go up. And they have. His Energy Secretary has said he wanted to see European style gas prices here in America. Gas in Europe is around $10 a gallon.
The high Obama gas prices are going to cause problems. Fuel is the one requirement to transport all goods to market. We will have ripple inflation because of this. People are going to put off trips and vacations will be cancelled this summer because of fuel costs. That is except for the ruling elite. Obama, Biden, Pelosi and company will go on vacation. We will have the privilege of paying for their vacations.
We faced a similar situation in 1980. Ronald Reagan had a great comment, which can be easily updated. “A recession is when your neighbor loses his job. A depression is when you lose yours.” A recovery is when Obama loses his.
The day when we go Donald on Obama and tell him, “You’re fired” cannot come soon enough.
Replies to This Discussion
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Permalink Reply by Royce Latham on -
Doctor
Are you telling me that the expansion of our money supply is having no effect on the price of all commodities?
I'm sorry to see that you are blind to the unconstitutionality of fraudulent Obama.
His fake COLB, his fake SSN, his forged secret service application, his spending of $1 trillion in February of this year resulting in as large a deficit as in the whole of 2007.
Anyone that seriously believes that Obama is not causing tsunami ripples in the world economic system is suffering from a cranial rectal inversion.
But then what do I know, having only taken Econ 101, where they assured me economic collapse on the scale of the Great Depression could never happen again, because the science of economics has been mastered by pointy-headed professors at some of the country's most liberal and progressive universities.
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Permalink Reply by Dr. Norbert Johnson on -
Arguing that the professors of economics somehow are less proficient in their field than reporters or journalists is supremely stupid. If you truly believe that the current theories of economic study are flawed, then you need to present some evidence that suggests so. You cannot throw an ad hominom attack at an individual, group of people or organization and pass that off as an argument. It's childish. It's the mark of someone who has no critical thinking skills.
I'm willing to have a discussion on the issue and I'll be the first to admit, I am learned in one field of study and thus am pretty ignorant to the rest. But before I argue for or against a policy, I really try to read up from respected, scientific sources. I try to fix my ignorance rather than feign informant because if I do the latter, someone is going to eventually point out my ignorance and then I look like a fool.
That's not to say everything I type is gold. If I misinterpret data or fail to see a the "bigger picture", my conclusions can be inaccurate and I hope I have the background to look at the data presented to me and make an objective change to my viewpoint based on the data presented.
I presented some view of why Oil markets are the way they are based on my understanding of them. You respond by accusing Obama of Presidential Ineligibility and mentioning an unrelated economic policy. Based on how you respond, what you know is close to nothing and instead of spreading gross misinformation on the platform of "The ends justify the means", sit down, read, process and then seriously think about the information presented to you. It is quite clear that you did no independent research and when confronted with an issue you cannot actually respond to, you divert attention elsewhere, trying desperately to link one completely unrelated event to another because you are incapable of actually constructing a reasonable argument.
To answer your one semi-reasonable question about the increase in the volume of currency outstanding: If it has an effect, it will be a minor one at best, around the rate of maybe 4-8%.
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Permalink Reply by Royce Latham on
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Doctor
I will try to restrict my argument to your field of knowledge.
The cost of gasoline when Obama came into office was $1.84. http://news.consumerreports.org/cars/2009/01/average-gas-pricesjanu...
The cost of gasoline in March of 2011 is $3.65 up 1% from the previous week.
I don't have my calculator, but that price is virtually doubled in just over 2 years.Since as you say the ginormous oil commodity market responds to many complicated variables, may I ask you which variables in your estimation would account for this variation in a relatively short period of time, excluding as you say the minuscule contribution of Obama?
The history of proven reserves has been increasing as long as I can remember and all indications are they will continue continue to expand for the foreseeable future.
I have not researched the issue, but the last time I saw the President of the United States have a profound effect on gasoline is when Jimmy Carter tried to circumvent market forces, resulting in gas lines at the pump.
The 1% rise in a month is also significant. I have noticed that impending Wars always drive up gas prices as the military buys extra for the coming event. The moratorium in the Gulf to stop drilling most certainly had an effect on gas prices. Finally, the unrest in the middle east with wars and rumors of wars, make the investors uneasy, which is a sure way to increase the cost of oil. As I stated earlier, the expansion of the money supply should in the medium term have an almost 1 to 1 effect on the price of commodities of which oil is one. Reasons cited for the Egyptian revolt include the rapidly rising price of food in that country. One reason for that is the unparalleled expansion of the World reserve currency. Another is agitation by Soros, but that is most likely beyond your calculation.
The last point I would like to make is that the last time gasoline prices reached their high in July of 2008, the short term result was a near collapse of the world financial system in the fall of 2008. Of course it was blamed on Freddie Mac, Fannie Mae, and derivatives, but the reality is that like a tax high gas prices absorb discretionary spending and them impinge on overhead items such as mortgages.
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Permalink Reply by Dr. Norbert Johnson on
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Citing the price of oil as a mark of success or failure in a presidential term rather silly, mostly for reasons mentioned above (Presidents have nigh-zero influence on the market). It is at best, misleading to cite President Bush as a "President that was good for oil" because he ended his Presidency when gas was rather cheap. It would be misleading as well to say President Bush was a bad President because the price of this commodity was under such heavy fluctuation (Which is not a good thing for consumers). Finally, it would be misleading to say Obama's a bad President because the oil market is peaking again. President's simply have no control over the market and to suggest otherwise is an uphill battle against everything taught in commodity economics.
As far as reserves go, realize that Oil is not something we will have forever. Proven reserves peaked in the 70s at 38~ billion barrels and are almost at half that. Deluding oneself into believing that oil is anything but temporary would be basking in ignorance.
Gas lines at the pump in 1979 were a result of primarily Iranian oil production dropping off heavily (Followed by Saudi Arabian production also diving), which resulted in a higher price as a result (There were some secondary factors as well driving the price as well.) What really blew the price up (And caused the gas line panic) was Carter's decision to stop imports from Iran. If for some reason, the Obama administration decided that importing from the Middle East was now illegal, then we would see something similar I'd imagine, but as of right now, blaming the price of oil on Obama is a mistake.
While it's another debate entirely, the core cause of the market collapse recently was banks giving out absurdly risky loans to people that shouldn't have gotten them as they couldn't afford them. While it's fun to blame the banks for all of it, a significant portion of the blame goes to those who can't balance their checkbook.
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Permalink Reply by DRSANGLE on
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Dear Sir:
Let me say you make some thoughtful and intelligent comments. Refreshing,
there still is some hope. Let me say first and even some states are reconizing
the fact something is going to have to be done in reference to the back of our
currency. with what you have written, I don't mean to insult your intelligence but
you didn't mention this as a factor so I will explain it. Currently, a dollar of silver
change we used to carry around in our pockets is current worth at least 20 dollars
for simple math. Actually, at 38 dollars per silver ounce, it is actually worth $27.17.
You may know how I did the 5th grade math but just in case you don't or anyone
else may want to learn, a 1000 dollar bag of what is "junk" silver coins has 715
ounces of silver in it. Take the current silver price times 715 equal $27,170.00 divided
by 1000 dollars (can be 2000 halves, 4000 quarters, 10,000 dimes) but a dollar in
change of real money is worth $27,170. I tried to explain this before and one expert
wrote and said that really wasn't correct because a silver dollar really was worth more,
etc, stupid, etc. stupid etc. Common silver change which this country had had for
almost 200 hundred years is now worth over 27 dollars. As I said, lets just use 20 dollars and there could be some panic price and its just easier to use 20 dollars.
The price of oil at 100 per barrel is really 5 dollars in real money. Gasoline at $4.00
is really 20 cents, two real dimes is all it costs. Now, has the pay kept up with the dollar an hour entry level jobs paid 40 years ago? Not if you were paying people in real same money. I explained this to a coin dealer who had been in the business for 50 years and he had never ever thought of it this way so don't feel like your stupid or something. We just trusted a government that has (as all governments do if you know history) has sold us out. They have cheated everyone out of our work, efforts, savings, investments, etc. Now, if that isn't enough to show the criminal activity let me say the oil price is a trailing indicator not a leading indicator of inflation and the printing of fiat, unbacked paper currency. People want to blame inflation on the oil price and everything that uses oil but if you keep printing fake paper, commodities, tangibles, real things are going to adjust. Look at copper, aluminum, silver, gold anything that is really able to be used and traded. Do not feel bad if you didn't understand this. Hell, I never thought the rotten bastards were stupid enough to sell their own country out either. I just learned this years before most. Worst than that, I've had people who were in the oil business (including the OPEC countries) that didn't understand this. Why? I don't know the why to this. That is for some shrink to figure out but I can tell you having communicated with not only domestic oil producers but Ali the oil minister of Saudi
Arabia and every current president of OPEC that they didn't understand what business they were in until about 2002 or so. Our government has convinced everyone that everything would be fine if the oil price was lower and not the real reason we have all
been cheated by a unlawful, corrupt governemt. We have out done any third world country in regards to corruption. Don't, please don't think of what we used to be, what we used to do as our current state. I'm am hoping, praying and doing everything I can to think that our culture will buck the odds of history. It there is just one person like you that is willing to think, just do the 5th grade math and then upon learning teach someone else and have the courage to do whatever it takes to save this for the world.
We are scaring the world to death because we have been and are the only country in the history of the world that is willing to do what we do. I have committed all that I have and what life I have left to leave to my children and all others a country that allows them to starve if they are able and lazy, takes care of those not so strong and destroyed by the abusers and makes wealthy people out of those that benefit the most. I'm sorry but I do not know what the magic words are to write. I know writing blogs, talk radio and Fox news is not the answer. Please ask if you want to understand or I can some how explain more or better. I just got off two rotary drilling rigs over the last two months. I'm one of the highest if not the highest paid geological wellsite consultant in the midwest. I greatly appreciate your thinking and asking. Help fix this
country, please!
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Permalink Reply by DRSANGLE on
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Let's see gee, how about this for simple.
The current value of a dollars worth of silver change (if you are old enough
you will know this is what we had in our pockets all the time and even
the paper dollar bills were redeemable in silver). Oh, any you might, just
might want to study history on the relationship of every government and
how they devalued, debased their coin or realm but as they say, I am
confusing the current with facts. The dollars worth of silver change we
had almost 40 years ago (don't say about silver dollars like one self involved
impressed idiot wanted to confuse things with) the dollars worth of silver
change is currently worth over 20 phony paper fiat (it is because we say it is in Latin)
dollars. (actually at 38 dollars per silver ounce, that dollar change, 2 half dollars, 4
quarter, 10 dimes for the self involved experts is worth $27.17 per real silver money.)
Sooooooo, lets see, the oil price is 100 dollars per barrel, not really in real money, it's
around $5.00 dollars (actually $3.70), gasoline is less than 20 cents (two dimes) or
less. Oh, I would keep up the enemy's agenda and keep crying that the oil price
is what is going to wreck the economy or keeping the economy from coming back.
Here's the insight, the economy for the last 30 years (or more) has been phony.
And if you have bought into the crap of we need to get back to this same false
economy and we need cheap oil to do it I will say, yeah, that cheap energy everyone
burnt up going shopping, ball games and building Wal-Marts was a real good idea.
Oh, not counting how our government has cheated everyone out of their saving,
work, and destroying anything that produces anything and making more long
term liabilities. That cheap energy makes stupid decisions real smart doesn't it.
God, the crooked government couldn't ask for a more support could it?
All the information available and most aren't even willing to put out the effort
to know any better. You have the government (employees) you deserve.
DRSANGLE
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Permalink Reply by DRSANGLE on
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I see fact in both your statements but also lack of complete facts.
There is the market, that is the real market when always wins in the end.
The market can be manipulated somewhat and can be for a number of
years but not forever. There can be a disruption because producers
do not understand what business they are in, meaning, Boeing or Rainbow
bread could produce many more units of airplanes or loaves of bread through
either thinking they are going to drive all others out of the market, or as
the only market in the land. When does this below what it takes to produce
and secure their infrastructure in the long term to produce, the market will
value the product. The longer a market is falsely priced the greater the
adjustment, the more violent the adjustment of the product. The deceitful, the
ignorant can blame greed, control for the violent swing of the product but infact
it has been the greed, control, corruption or just the stupidity prior that is to
blame for one cannot charge more than the public can pay in the real market
world. Those that want to argue don't know enough to know. Fortunately, I
learned about supply and demand 50 years ago in an elementary school classroom
from a woman teacher explaining egge prices during the1849 gold rush.
Since then, everyone thinks that information is knowledge and want to not be
responsible by not putting out the effort of doing 5th grade math. Please for
those that don't know and believe me most don't because they are really just
too god-damned lazy to think they need to question and listen, just be quiet
and please don't go and vote. How do you think we got into this mess.
I will say OPEC didn't know what business they were in for decades. Our government
has spent billions, approximately 80 dollars per barrel of Middle East oil even it
the oil price was 8 dollars per barrel. But as long as the stupid, idiot Americans
weren't paying more at the gas pump, they didn't, couldn't figure out they were
really paying more than that and the bill would come due. It destroyed the U.S.
domestic oil industry. Almost destroyed the foreign oil industry, did nothing but
use up the cheap energy to go shopping and build Wal-Marts on credit.
What an easy answer? Why is BP, British Petroleum the largest oil producer
in the United States? Why is Venezuela the largest gasoline retailer in the U.S.?
What happened to the United States Major Oil Companies? Think you really know
geniuses? They got out of the Unites States because they wouldn't put up with
the corruption of the U.S. Government! No, I didn't work for a major but I am
an domestic and internation energy expert and have been involved in it for
50 years. In fact I just got done with two wells and being on drilling rigs
over the last two months. Your government employees are some of the most
corrupt and unknowlegeable people you will ever find including people like
Phil Graham so called right wing conservative and on and on. Start
taking care of your own responsibility, business and lives. These people
are destructive to put in mildly!
Thank you.
DRSANGLE
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Permalink Reply by DRSANGLE on
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Generally, I will say your asumptions are wrong. Having spent 50 years in the energy
business. You should really have all the basic numbers which are very easily available
that all the press and the citizens would rather dream then know the facts.
I find it a lack of maturity personally but anyway I will say this and you can either put
out the little effort to know or not. The world goes through a billion barrel oil field every
12 days. The U.S. uses up a billion barrel oil field every 50 days.The U.S. is 3rd in
oil production. Most are content that some how there are wells that are capped (what a
stupid term that does not exist) and you just open the spigots as is typcially said about
OPEC and it's free. God what a feminized way of thinking. I just got off two rotary drilling
rigs over the last two months. The stupid god-damned press still calls pumping units
oil rigs. Americans have to be the laziest, stupidiest, dumbest SOB's on this planet
for thinking they can watch a TV show and believe they are knowledgeable. Can you
imagine the top talk radio hosts who make millions of dollars a year were believing that
BP, we, hell there was it a retired Coast Guard employee that was in charge of the
BP spill operation, that a nuclear bomb would have to be used to plug the well?
Gee and you all go and vote???? Do you ever feel stupid? I grew up during the time where
it was embarassement to be stupid. Everyone is an expert. Everyone watches that stupid
TV and its drama and confrontation. I don't have cable and I have told my two sons, what
you see on TV is make believe. Go and do some research. This all makes me sick that
the communists know how easy it is to take over. Hell, everybody has just handed it over
to them!
Sincerely,
DRSANGLE
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Permalink Reply by Robert L. Voelsing Sr. on
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The OBAMA peeps will swear up & down that the 'big oil' has ALL of the leases it needs to drill. what they will NOT say is that the BHO peeps will NOT give them PERMITS to drill on leased land,,,,duh. WHAT happens to ALL of BHO's Czars & hangers- on when they no longer are in DC,,,,& their Admin. Credit -card is no longer valid to 'charge it' & make us pay??? Then THEY will have to pay for 5-6 dollar gas like the rest of us & they will SCREAM bloody murder. It is so simple that even a Democrat can figure it out. Build refineries in several locations NOW,,,& when near completion,,,start drilling off of OUR coast,,,& kick the chinese & brazilians OUT. also,,,the shale oil in the west,,,also,,the ANWR. It is not in the cutsie section of ANWR where the 'left ' would have you believe it is,,the grassy ,,rolling hills,,full of animals area,,,NOOOOO. It is in the FLAT,,,SWAMPY,,,TUNDRA-LIKE area ,,,full of bugs & mosquitos ,,,& NO animals,,,(no food) It is like ,,say the ANWR is like Long Island,,& the oil area is the size of Brooklyn,,so much of the park will be Untouched,,,but the Libs & the EPA nuts will fight to their death to have 6-7 dollar gas & NO reserves in case of a Major shooting war,,,if that happens,,,there will be RATIONING,,,just like in WW 2. Watch & wait. I believe it is coming thanks to the Far-left nuts & the Obamanistas.
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Permalink Reply by rich mitrosky on
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http://http://www.usgs.gov/newsroom/article.asp?ID=1911 this is on shore oil why are we not drilling here?
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Permalink Reply by DocHollywoodMD on
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Permalink Reply by George Albert Cornelson on
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Electing someone or putting someone in the "Oval Office" who will lift the ban on "offshore drilling", FAT CHANCE. In Your dreams, maybe. Lifting the "ban on drilling" much less "seismic exploration" stands about as much chance of happening as Trump getting the "nomination" in 2012 much less being elected President. Yeah, You can say to "Obama" "You're fired", lot of good that is going to do when He waltzes His B.S. promising Ass back into Office. Keep in mind, Obama's base are the ignorant, uneducated and the freeloading indolent masses that "voted Him in" in the first place. Once He (Obama) cranks up His B.S. Campaign Machine, its "Katy bar the door". Good Luck. I wish You a LOT of luck. Oh yeah.... for all the good it will do ... Donald Trump for President, 2012.
Donald Trump, in My opinion the very essence of what this Country was and could still become again. He (Trump) is EXACTLY Who We need. Trump, a hard charging, savvy, energetic, vigorous and successful personage, Who if elected would throw present day America into the throes of "massive shock". "WHAT ??? !!!! I gots to get a job ??? !!! Whats about My check? My check from Obama? My check, My check . . . . . HA ! What a laugh.
Yes, lets all get together and put what feel would be the "Teddy Roosevelt" of entrepreneurial and financial leadership. Someone who has actually truly "run something". Someone Who could demonstrate to these incompetent fools presently inhabiting Washington, D.C. what "true leadership" is and should be.
Elect Donald Trump.
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