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the problem is that they did not see the Bush policy as increasing supplies immediately. as the article points out they would not have seen any of the actual oil from the gulf for a period of 3-5 years. the spike in inventories cause speculators to dump. im not disagreeing with that. im am disagreeing with the point that the Bush policy was the only thing that caused oil prices to decrease.the article you posted does not actually refer to the Bush policy as a root cause of oil pricing dropping:Bush lifted the OCS ban & caused oil to plumit 5 weeks before the economy & the stock market peaked out. Investment banks control 80% of the oil. When oil prices fell these banks were forced to sell as profits evaporated. This huge loss was one of the triggers of the market crash 5 weeks later. They held the oil Enron style in tankers off shore.
Traders Unload Oil in Gulf of Mexico as Storage Bets Fall
Stockpiles unexpectedly rose 7.31 million barrels, or 2.1 percent, to 360.8 million in the week ended July 23, confounding analysts who predicted inventories would fall 1.73 million barrels, or 0.5 percent, to their lowest level in four months. A surge in imports to Gulf states contributed to the glut, Energy Department figures showed July 28.
Imports into Gulf states averaged 7.212 million barrels per day the week ended July 23, the highest since the Energy Department began tracking data in 1990. Supplies in the region jumped 8.18 million barrels, or 4.6 percent, to 184.6 million.
so youre correct in that prices fell, but his was due to an unexpected rise in inventory and speculators dumping them to make a profit. still not sure exactly how Bush caused this.......
i get your argument, but the fact supporting your argument are weak at best.
It is not a weak arguement. It is the way the speculators on the futures markets operate. If they see more future supply comming on-line, they panic to dump their stockpiles while prices are high ahead of the new production that will force prices down. This causes a oil market crash.
Tanker Glut Signals 25% Drop on 26-Mile Line of Ships
A 26-mile-long line of idled oil tankers, enough to blockade the English Channel, may signal a 25 percent slump in freight rates next year.
The ships will unload 26 percent of the crude and oil products they are storing in six months, adding to vessel supply and pushing rates for supertankers down to an average of $30,000 a day next year, compared with $40,212 now, according to the median estimate in a Bloomberg News survey of 15 analysts, traders and shipbrokers. Thats below what Frontline Ltd., the biggest operator of the ships, says it needs to break even.
Traders booked a record number of ships for storage this year, seeking to profit from longer-dated energy futures trading at a premium to contracts for immediate delivery, according to SSY Consultancy & Research Ltd., a unit of the worlds second- largest shipbroker.
Here's some more scary facts for you!
THINGS COST MORE THAN THEY USED TO!
Young people use CURSE words.
Over three times what it cost just three years ago.
That is insanity.
Yet DEMAND is flat.
Hmmm...couldn't be SPECULATORS, could it?
And WHICH party put forth in a piece of legislation that CUTS enforcement against oil and gasoline speculators by 30%? That's right...republiCONZ.
The most recent comprehensive spending bill produced by House Republicans would chop the CFTC's funding by $56.8 million -- almost a third of the agency's entire budget -- over the next seven months.
Funding at the SEC would be cut by $25 million over the same time period.
SEC and CFTC targets of Wall Street financial reform - Mar. 1, 2011
CONZ KNOW this of course. They just DON'T CARE that the American people get raped at the pump by sleazy commodities traders.
Rep. Ed Whitfield (R-Ky.), a senior House Energy and Commerce Committee member, recalled prior oil-speculation hearings and said there was no question that that had some impact on the 2008 uptick. I think there is a combination of reasons for the recent spike, he said in an interview yesterday.
Rep. Mike Simpson (R-Idaho), chairman of the House Appropriations subpanel in charge of EPA and the Interior Department, said policies at the departments he oversees play a role in rising prices but agreed that speculation does as well. Traders look out and see whats about to potentially happen, so it has to do with speculation, Simpson said in an interview. That adds to the overall equation.
As GOP Ratchets Up Attacks on EPA Over Gas Prices, Dems Blast Oil Speculators - NYTimes.com
MAKE COMMODITY TRADERS TAKE POSSESSION of what they buy.
That will stop a lot of the unnecessary speculation.
the problem is that they did not see the Bush policy as increasing supplies immediately. as the article points out they would not have seen any of the actual oil from the gulf for a period of 3-5 years. the spike in inventories cause speculators to dump. im not disagreeing with that. im am disagreeing with the point that the Bush policy was the only thing that caused oil prices to decrease.
just answer me this. where in your post does is say that this was a direct result of the Bush Policy? you are your own worst enemy. im not the one claiming that Bush opening up drilling in the gulf was the sole reason that oil prices dropped. youre not willing to understand that it was that actual inventories increased due to an increase in production and decrease in demand that led to the decrease in the price of a barrel of oil.the problem is that they did not see the Bush policy as increasing supplies immediately. as the article points out they would not have seen any of the actual oil from the gulf for a period of 3-5 years. the spike in inventories cause speculators to dump. im not disagreeing with that. im am disagreeing with the point that the Bush policy was the only thing that caused oil prices to decrease.It is not a weak arguement. It is the way the speculators on the futures markets operate. If they see more future supply comming on-line, they panic to dump their stockpiles while prices are high ahead of the new production that will force prices down. This causes a oil market crash.
Tanker Glut Signals 25% Drop on 26-Mile Line of Ships
Wrong again loser! I am tired of leading idiots like you by the nose. Best to let you remain stupid.
BP purchased the mineral rights to drill for oil in the Macondo Prospect at the Minerals Management Service's lease sale in March 2008. Mapping of the block was carried out by BP America in 2008 and 2009. BP secured approval to drill the Macondo Prospect from MMS in March 2009. An exploration well was scheduled to be drilled in 2009.
On 7 October 2009 the Transocean Marianas semi-submersible rig commenced drilling, but operations were halted at 4,023 feet below the sea floor on 29 November 2009, when the rig was damaged by Hurricane Ida. The Transocean Deepwater Horizon rig resumed drilling operations in February 2010.
In April 2010 BP/ Deepwater Horizon struck a huge producible oil reservoir. On April 20, 2010 an explosion on the drilling rig Deepwater Horizon occurred as it was capping the oil well so the drilling rig could detach from the well head & allow a production platform to connect. This could have started to fill tankers in short order.
The Gulf of Mexico's deep water & ultra deep water oil production went ballistic as soon as the ban was lifted.
The US produces more oil than anytime in the last 12 years, the other 37 alternative energy projects beside Solyndra are getting that underway, and Obama is building the first new nuclear plant in 30 years- we're also using less foreign oil than we have in years. And oil rigs are SAFER than anytime under Big OIL
The prices now are due to the Iran crisis and speculators using THAT to jack up prices. This too shall pass, and without a WAR.
It's called having an intelligent PLAN and diplomacy...
meh...........
thats like saying your team wins because its uniforms are prettier despite your team being down 72-0.
Thats right..........people are going to walk into the voting booth in a few months and say to themselves, "Ahhh........so what I paid $4 to $6 a gallon for a few months. At least the president had a good plan!!!"
God I love this forum!!!
how is demand down?Florida Drivers Shelling Out Nearly $6 A Gallon At Some Gas Stations « CBS Tampa
TAMPA (CBS Tampa) Talk about pain at the pump! Some Florida drivers are spending nearly $6 a gallon to fill up their gas tanks.
According to GasBuddy.com, motorists are shelling out $5.89 for a gallon of regular gas at a Shell station in Lake Buena Vista, topping out at $5.99 a gallon for premium. It doesnt get better at a Suncoast Energy station in Orlando, where drivers are paying $5.79 for a gallon of regular.
What GOOD NEWS for democrats. If this doesn't put a lock on obama's keeping his job, everyone is just racist. Democrats will tell you how high prices are good for the ecoonomy.
That is in the heart of "Disposable Income Land".
That whole area is out to gouge prices on everything.
if you understand supply and demand you understand that gas is directly tied to the price of oil. oil is also a commodity which is sold on the open markets and available for speculation. the GOP touts the free market system as the best system in the world. well this is a result of the free market system. if demand outpaces supply, prices increase. which is what is currently happening.
now you may say that its because Obama is limiting drilling on the north american shelf. this again is not true at all. Domestic drilling and oil production is at its highest level in history. the problem is that oil once again is a commodity and its price is set on the open market.
if the president were to unilaterally fix gas prices, then you could actually call him a socialist or a communist. since this is actually a part of the socialist / communist ideology. when the government control, fixes, or alters an industry unilaterally, it is in essence the definition of socialism / communism. if this is what the GOP/TP/Conservative want, its extremely hypocritical.
Supply is up and demand is down.
Now what?
the wall street journal shows oil demand at its highest level currently, although it is forecast to fall later this year.
It's necessary. Nobody said it was going to be easy. So sorry that it may inconvenience you to sacrifice a little for your country. We'll try not to interrupt your PS3 time too often.'Hope & Change' is fun huh?
My country doesn't need to be changed, the political system does. I did not sign onto the obama bandwagon and I fucking refuse to ride on it.
Perhaps if gasoline prices rise high enough, americans will start to conserve more, take public transportation, drive smaller cars, and realize fossil fuels are a thing of the past...............lol
Rebecca's not much of a debater.if you can actually debate his policies that is one thing. but simply throwing out conservative talking points from Rush or Glen Beck really isnt a debate.It's necessary. Nobody said it was going to be easy. So sorry that it may inconvenience you to sacrifice a little for your country. We'll try not to interrupt your PS3 time too often.
My country doesn't need to be changed, the political system does. I did not sign onto the obama bandwagon and I fucking refuse to ride on it.
It's necessary. Nobody said it was going to be easy. So sorry that it may inconvenience you to sacrifice a little for your country. We'll try not to interrupt your PS3 time too often.
My country doesn't need to be changed, the political system does. I did not sign onto the obama bandwagon and I fucking refuse to ride on it.
Well, Rebecca, civilization will be happy to drop you off in Topeka.
That would be the United States.My country doesn't need to be changed, the political system does. I did not sign onto the obama bandwagon and I fucking refuse to ride on it.
Well, Rebecca, civilization will be happy to drop you off in Topeka.
Here's a suggestion Cyndie after November you can pack your bags and go live in the country of choice with obama.
That would be the United States.Well, Rebecca, civilization will be happy to drop you off in Topeka.
Here's a suggestion Cyndie after November you can pack your bags and go live in the country of choice with obama.
Careful, Rebecca – your stripes are showing!That would be the United States.Here's a suggestion Cyndie after November you can pack your bags and go live in the country of choice with obama.
oh hell no I will buy a ticket for that bastard myself if needed. He's going back to his fucking roots. and you can go with him cyndie.
Careful, Rebecca your stripes are showing!That would be the United States.
oh hell no I will buy a ticket for that bastard myself if needed. He's going back to his fucking roots. and you can go with him cyndie.
