wanna know what over 5$ a Gallon feels? Come to Europe

 

Thanks to conservation and President Obama's energy policies there are substantial surpluses. We are producing more domestic oil than we have for the past 8 years. And that combined with conservation has created such a surplus that gasoline, diesel fuel, and jet fuel are our biggest exports. That's why gasoline is this high and its a wonder it is not a lot higher considering the very real threats to the world oil supply.

Bullshit Ace and you know it because we discussed it. The only instances you could show me of the Obama pulling leases was in the illegal crony capitalism Bush gave his buddies in Utah. And a measely 6 month delay in drilling in the gulf following the worst blowout in our history.

Other than that there's still a drilling boom going on THREE YEARS AFTER Obama came into office.

See what a contradictory hypocrite you are about that. According to you we can't point out that it was Bush and the conservative/Republican/Tea Baggers that caused our economic collapse because President Obama has been in office for three years and its all his ball game.

But its Bush's credit if oil production is at an 8 year high and there are about 1,000 more rigs drilling three years after President Obama got elected.

Where's you're source for this Ace because I'm betting the real reason has nothing to do with the Obama Administration and everything to do with especially gas companies not buying new leases now because the pipelines are at capacity and gas is its lowest price since the 1950's.

 

Cmon DL. Full disclosure here.
1) If it was a publican in the white house you'd whip up some stats to show how the president does control gas prices and how he fucked it up cause, you know Publicans hate the middle class. Or some such shit.
2) You KNOW the refinery closures got nuthing to do with the higher price of crude, and you can yap about US demand, but world demand is NOT down, so there goes that theory.

 

Ace it would take about 8 years to put off shore leases off our east and west coasts and ANWR into significant production because their is no infrastructure. It takes less than five fucking days to drill an oil well in some places these days and two weeks would be a really deep one.

So where President Obama deserves the credit is he sure has not shut any drilling down. His administration has done nothing to stop or impede drilling.

And if he was the anti oil and green energy conspirator you try to claim he was that's the first thing he would have done.

So you're obviously just bullshitting on that one.

Wow Ace you sound just like a liberal. And actually I hope Preisdenmt Obama and the democrats try to do just that.

And then the conservative/Republican/Tea Baggers in congress will agree to that Ace? Is that what you're saying?

Because I'll have to call a bullshit on that one if you are.

]

But wait shouldn't the increased competiton lower the price of oil instead of increase it? Shouldn't increasing the energy supply decrease the cost of it? Are you saying capitalism dosen't work after all?

Now you're sounding like a regular raving socialist Ace.

Nope, now that's a lie and I'm not putting up with it Ace because I actually read and researched your sources and showed you the only leases pulled by the Obama administration were the illegal ones Bush gave to his oil buddies in his last days in office as pay offs for their loyal support.

So you need to stop telling that lie.

Ace you are just so totally full of fucking shit. If it was a brand new field never drilled in before it might be and if there was no such thing as oil tanker trucks you'd have a point but since you're a worm talking out your ass you don't.

That well is drilled and completed in a few weeks if not days. The crude flows to tanks as soon as it is completed. That crude then goes into a pipeline or a tanker truck and heads for the refinery. And according to the refineries themselves its about a 90 day trip through the refinery, through the distribution system and into your local gas pump.

So don't try to bullshit me about something I spent most my life doing.

I'm not the one with a credibility problem here because I don't even have to show the many many times you've screamed we can't blame Bush for anything because Obama's been president for 3 years.

But then you turn right around and try to give credit to Bush for increased oil production three years after he's left office.

That's a glaring piece of hypocrisy there Ace and I believe its obvious.

Well there you go just bullshitting yourself again Ace.

Most oil leases on public lands go unused

Industry pays little to hold rights, critics see land grab

http://www.msnbc.msn.com/id/5111184...l-leases-public-lands-go-unused/#.T0qAWPXwCVg

They are still sitting on more than 75 million acres of leases they aren't drilling on.

http://wilderness.org/files/Factsheet-Onshore-Offshore-Development.pdf

Show me that Ace or admit and prove you're just bullshitting about that because I'm the one who gets tired of you just ignoring proof and continuing to wobble around in the same bullshit circles over and over again.

 

By the way you never did show me a source for this information and I'd really like to take a look at it.

 

NON FUCK YOU ACE!!!!

How Koch Became An Oil Speculation Powerhouse

From Inventing Oil Derivatives To Deregulating The Market

By Lee Fang on Jun 6, 2011 at 2:42 pm
Koch Industries CEO Charles Koch

In April, ThinkProgress caused a stir when we uncovered a series of Koch Industries corporate documents revealing the company’s role as an oil speculator. Like many oil companies, Koch uses legitimate hedging products to create price stability. However, the documents reveal that Koch is also participating in the unregulated derivatives markets as a financial player, buying and selling speculative products that are increasingly contributing to the skyrocketing price of oil. Excessive energy speculation today is at its highest levels ever, and even Goldman Sachs now admits that at least $27 of the price of crude oil is a result from reckless speculation rather than market fundamentals of supply and demand. Many experts interviewed by ThinkProgress argue that the figure is far higher, and out of control speculation has doubled the current price of crude oil. Reached for information about its trading division, Koch Industries — America’s second largest private company — declined our request for comment.
Writing on his political blog, an attorney working for Koch’s law firm angrily replied to our initial investigation by claiming that Koch is solely a bonafide hedger, meaning that it only participates in speculative markets to reduce risk for the oil the company refines (he also bizarrely argued that speculation has no relation to the price of oil). The spin obscures reality: much of Koch’s oil trading business is actually akin to a hedge fund, buying and selling financial products based on oil with little interest in the actual delivery of the product. In fact, Koch pioneered the risky speculation industry that dominates the world’s oil markets today, first by inventing oil derivatives back in the ’80s, then by working to kill off regulations. ThinkProgress has delved into the history of Koch’s oil speculation business and the following timeline spells out Koch’s leading role:

– October 6, 1986: First oil derivative is introduced to Wall Street by traders at Koch. Koch Industries executive Lawrence Kitchen devised the “first ever oil-indexed price swap between Koch Industries and Chase Manhattan Bank.” At the time, such derivatives had been limited to currency markets, and the shift of creating a synthetic financial instrument based on the value of crude oil was revolutionary. For an agreed-upon period, an oil swap is a contract where one party makes payments based on a fixed oil price, and the other party makes payments back based on the changing spot price of oil. In July of 2009, EnergyRisk magazine, a publication for commodity traders, posted a piece exploring the very first oil derivatives and Koch’s role in developing them.
– 1990-1992: Koch, along with several oil companies and Wall Street speculators, form a coalition lobbying group to deregulate oil speculation. A coalition called “The Energy Group” is organized to press the Commodity Futures Trading Commission (CFTC) to allow oil derivatives to be traded off the NYMEX or any other regulated exchange. Participants in the coalition include Koch, Enron, Phibro (a powerful commodity speculator firm recently sold from Citigroup to Occidental Petroleum), J. Aron & Co (a commodity trading division of Goldman Sachs), BP, and other companies.
– January 21, 1993. Wendy Gramm makes first major move to deregulate oil speculation. “On the final day of the [George H.W.] Bush administration, January 21, 1993, [CFTC chairwoman] Wendy Gramm … approved the rule exempting key energy futures contracts from government regulation and returned a great chunk of the energy market to the grand old days of unregulated futures trading,” writes author Antonia Juhasz in the book Tyranny of Oil. The move mirrored the demands made by Koch’s lobbying coalition, The Energy Group. Gramm, the wife of then-Sen. Phil Gramm (R-TX), leaves the Commodity Futues Trading Commission and a month later joins the board of directors of Enron.
– 1997: Koch continues to shift from oil refining and pipelines to financial products. As Koch continues its embrace of selling exotic financial products, the company pioneers the first “weather derivatives,” essentially insurance policies sold to utility companies that bet on future temperature and weather patterns. Although Enron and Koch were the first to develop such financial products, hedge funds and investment banks like Goldman Sachs later expand the weather derivative business globally.
– December 12, 2000: Sen. Phil Gramm (R-TX), after being lobbied by Koch and Enron, creates the infamous “Enron Loophole” vastly deregulating the oil speculation market. On the night of December 12, 2000, Gramm attaches a 262-page amendment to the Commodities Futures Modernization Act, which is then attached to an omnibus spending bill that is signed into law by President Clinton before leaving office. The Gramm amendment, which received absolutely no public scrutiny or committee hearings, radically expands and codifies the energy deregulation agenda began by Gramm’s wife during the first Bush administration. The Gramm amendment allows so-called “over-the-counter” energy derivatives not only to be traded outside of regulated exchanges, but for private unregulated exchanges to deal in these sorts of financial products. Thus, massive “dark” oil speculation markets are born, including Enron’s platform for trading energy futures, and the Intercontinental Exchange (ICE) — an online speculation exchange founded by BP, Shell, Goldman Sachs, Morgan Stanley, and other firms. Private e-mails reported by the New York Times reveal that members of The Energy Group, led by lobbyists at Enron but including at least two lobbyists from Koch and several more from Goldman Sachs and Sempra Trading, wrote Gramm’s amendment and pressured him to slip it into the bill.
– 2008: Rampant oil speculation spikes prices to unprecedented levels. As academics from the Peterson Institute, the James Baker Institute at Rice University, and others conclude, non-commercial speculators begin to dominate the market, forcing up prices. Although the evidence was abundant that speculators caused the massive price spikes during the summer of 2008, regulators were toothless to act. A bipartisan majority in the House overwhelmingly passed legislation to award powers to the CFTC to oversee rampant oil speculation, but Republican in the Senate — acting with help from Koch lobbyists — killed the bill, called the Energy Markets Emergency Act.
– 2009: Koch presentation to ICE boasts that Koch is on the level of transnational big banks and can now be considered one of the world’s top five oil speculators. The presentation, and our analysis, can be found here. Of course, Koch is not the only large corporation engaged in this practice. Large investors, like pension funds, hedge funds, investment banks, and others flocked to the commodities market after the financial crisis of 2008 and the collapse of mortgage-backed securities.
– 2010: Koch’s Tea Party front groups and lobbyists fight financial reforms designed to reign in the unregulated energy market. While Americans for Prosperity, as well as other Koch fronts, decry the Wall Street reform bill debated in Congress, Koch lobbied to water-down provisions of the bill related to derivatives. The sweeping Dodd-Frank reform bill contained broad new powers for the CFTC to crack down on excessive oil speculation, while also requiring that derivative are eventually traded on a regulated and open exchange.
– 2011: As oil speculation again hits record highs, leading to record high oil prices, Koch’s allies in Congress fight to undermine new reforms and allow unchecked speculation to spiral out of control. As ThinkProgress has reported, oil speculation is currently at a record level, which experts, and even many Republicans now agree, is causing pain at the pump. After a furious lobbying campaign, the CFTC postpones Dodd-Frank mandated regulations on excessive oil speculation, known as position limits. As the CFTC grapples with how to implement these new rules, newly elected Republicans, many with Koch-backing, propose steep cuts to the CFTC to undercut any rules on oil speculation.
​

Charles Koch, the CEO of Koch Industries who is worth a reported $22 billion, likes to call his business an example of something he describes as the “Science of Liberty.” In reality, his company’s deregulation crusade has contributed to rolling blackouts, consolidation and monopolies in financial markets, and economy-wrecking oil price spikes. In comments to the CFTC, the reform-minded nonprofit Better Markets noted that, “the history of these markets is a history of anti-competitive, self-interested, predatory conduct that serves the interest of the exclusive few at the expense of the many and the system as a whole.”
After working furiously to unleash oil speculators like Koch and Enron, the Gramm family was rewarded with plum jobs, including spots on corporate boards and placements at speculator-funded think tanks. Wendy Gramm still holds a position at the Koch-funded Mercatus Center at George Mason University, although she hasn’t authored a paper in years. While the Gramm family has faded somewhat from the public eye, their actions have radically changed the global economy. Since the Koch-Gramm-Enron deregulation bonanza, non-commercial oil speculators have flooded the market and increased the price volatility of oil in leaps and bounds, hurting consumers and businesses across the globe while making a small set of oil barons and financial giants very rich.
A McClatchy investigation found: “Prior to the 1990s, speculators made up about 30 percent of the futures market. In the latest reporting period, the ratio on May 3 stood at 68 percent speculators to 32 percent users of oil.” The following chart illustrates the dramatic changes in the oil speculation market following the Koch-prescribed deregulation campaign, and how non-commercial speculators have pushed the price of oil higher and higher:


Michael Greenberger, a former top staffer the CFTC, explained to me that a common misperception is that oil companies are only bonafide hedgers, meaning they only participate in the futures market to lock-in prices for delivery of their product. With the exception of ExxonMobil, which has explicitly stated that it does not engage in speculation, all the major oil companies (Shell, BP, Occidental, etc) operate like Wall Street investment banks and use their privileged position in the oil market to make speculative bets on the price of oil. And as the unregulated oil market has grown, investment banks like JP Morgan and Morgan Stanley have become more like oil companies, buying tankers, pipelines, oil containers, and other physical assets to give them an edge while betting on oil. The Koch contango strategy detailed by ThinkProgress is not limited to Koch Industries either — Shell for instance is known for buying up cheap oil, storing it in tankers, and betting on future prices as they reserve the oil from the market. Tyson Slocum, an expert on oil speculation at Public Citizen, has called Koch one of the worst actors when it comes to oil speculation. Koch, Slocum explained in an interview with ThinkProgress, is unique because of its status as a political powerhouse as well as a speculator with operations all over the world.



http://thinkprogress.org/report/koch-oil-speculation/

 

And I thought you especially Ace since you support this bullshit would want to know now you must vote for Romney.

Koch: 'Santorum is nuts'

http://www.politico.com/blogs/burns-haberman/2012/02/koch-santorum-is-nuts-115581.html

 

Mr.Koch is believing the leftists talking points,,unless ABC asked some specific questions about a couple of different issues,which is not out of the norm for the leftist media.

 

Somewhere in there I think you actually said oh fuck total disastrous political disarray.

If George Will and Mike Huckabee don't represent the opposite extremes of the Republican Party I'd like to know who does Ace?:excited:

 

Did anyone else notice the price of oil actually went down by about a dollar.

I think we can chalk that up to President Obama's recent speech.

http://www.bloomberg.com/energy/

 

Should we tap the strategic reserve to lower gasoline and diesel prices?

Here's a hint. Timothy Grienther says it might be necessary for a temporary fix.

Now if you were an oil speculator what effect would a statement like that have on you?

 

HAHAHAHAHAHAHAHAHAHAHAHA!!!!!! Ace, you kill me.

 

Ace just can't accept the fact that sane people can't support Santorum because he's too extreme. He seems just about right to Ace.

 

​

 

A garage near Coventry is selling diesel at £1.50 a litre, and experts are predicting it will go as high a £1.70. Around 60% of that is duty which the government also charge VAT on at 20%.

 

Not that I'm in the position to request any courtesies but do you know what that comes out to to a US Gallon.

 

It works out roughly to $9.50 per US gallon.

Petrol(gas) is slightly cheaper around $8.50 per US gallon

 

I agree, but we will sell it to ya, anyway; I just wish fuel was cheap for us, like it is for youse!

 

Thanks and if you would like to add helping the handicapped to your list of achievements I'll validate it.

I could try to convert it too but no telling what I would come up with.

But it really does show how good we've got it and for how long.

However, what it does not change is that the price of oil and therefore gasoline and diesel is a global monopoly that has nothing to do with supply and demand.

In fact I think the price the UK and EU pays for fuel is still the pay back from world war II.