Dims (in D.C. AND in the media) are -- once again -- falsely blaming so-called “speculators” (aka futures traders) for the price of gasoline (which runs in lockstep with the price of oil).
They are doing so in order to deflect attention away from the FACT that they are responsible by virtue of their decades long policy of curtailing oil supplies.
It is a quantitative FACT that the global price spikes of 2008 could have been entirely prevented (world-wide) by ANWR alone. Today is no different.
Click here and see Table 1 on page 53 documenting global demand and global supply for 2008 through 2011. The FACT is that global demand exceeded global supply in EVERY QUARTER of 2010 and 2011. That sets off a bidding war wherein somebody does not get the oil they want and everybody else pays a higher price than they would like to.
The FACT is that so-called “speculators” help to contain price volatility in situations such as this.
These LYING BASTARDS are (as always) pissing in your boot and telling you it’s raining!
The President took credit for an increase in domestic oil production, during his first 2 years in office, even though he didn't deserve it. Before President Bush left office he approved of new oil drilling permits. They came online during Obama's term and increased our domestic oil production. Since then Obama has not approved of any 'new' oil drilling permits and according to the Energy Information Administration, domestic oil production fell by 110,000 barrels per day in 2011. They are expected to fall an additional 130,000 barrels per day in 2012. So he takes full credit for the increase, the MSM props him up, gives him a pass, and doesn't report on the decrease. Intentional? Propaganda is an effective tool when restructuring government.
ReplyDeleteThose proposing to drill in ANWR want 1/100th of 1% of the total ANWR area opened for drilling.
ReplyDeleteWhen the Dims open ANWR for drilling, that would be a good first baby step towards MAYBE one day taking Obama’s so-called "all of the above" bullshit seriously.
RICH,
ReplyDeleteNot that Obama deserves credit (for oil produced on private land), but...
Click here for an EIA page which indicates USA Field Production of Crude Oil was higher in 2011 than in 2010 (easily verified by opening the spreadsheet linked to on that page).
Does the EIA have a page I have missed? I could easily believe that oil produced on federally controlled land (and sea) was lower in 2011 vs. 2010.
You're right. The 2011 numbers I used were projections made by the EIA, not the actual data.
ReplyDeleteI better remove that post from facebook before someone calls me on it.
Thanks for checking on that. I have to visit (and post) on your site more often.
RICH,
ReplyDeleteHappy to help...
You're always welcome here and I always appreciate your comments.
Energy production on federal land drops under Obama.
ReplyDeleteRICH -- Very good catch! Thanks!
ReplyDelete