Hay Zeus Wrote:
-------------------------------------------------------
> Obama could have:
>
> 1) prevented dozens of oil rigs moving out of the
> Gulf of Mexico
>
> Jan 27 (Reuters) – Some of the 30-plus deepwater
> rigs that were in the Gulf of Mexico have moved to
> other markets, first because of a U.S. halt called
> last May after BP Plc’s (BP.L: Quote) well
> blowout, and then because of the lack of permits
> once the moratorium was lifted.
>
>
http://hotair.com/archives/2011/01/28/oil-rigs-and
> -jobs-already-moving-out-of-gulf/
>
> 2) Approved the Keystone XL pipeline construction
>
> 3) Not fleece Exxonmobile of one of largest Oil
> Field Discoveries in the Gulf
>
>
http://online.wsj.com/article/SB100014240531119035
> 96904576514762275032794.html
>
> Note that the administration lets 30 rigs leave
> the Gulf, yet claims in the Exxon dispute it wants
> to resell the Julia lease because the Dept. of
> Interior wants to make sure the field gets
> developed so it can collect royalties. Ok.....if
> the pild rigs that would be used by other oil
> companies are leaving the area then who do they
> plan on selling the rights to?
Straight up facts Zues. All valid and correct observations.
All the points you present are reasons for higher fuel costs over the last three years.
A few very important factors are the Fed quantitative actions resulting in some intentional inflation pressure. QE2 along with an explosion in deficit spending effect fuel costs.
Also the 2007 Energy Independence and Security Act (EISA) (Ethanol Mandates)
This has escalated the cost of corn which as you know in turn puts inflationary pressure on all sorts of corn based food staples.
edit: The formulation mandate increases refining costs.
The most laughable explanation for recently rising fuel costs is our rebounding economy. No one I know in the industry attributes rising costs to that.
And this is important
The fact that the rest of the world, especially the Eurozone is teetering on the brink of total economic collapse has strengthened the dollar. As bad a shape as our economy is in it still doesn't look quite as bad as the rest of the world so the dollar is gaining on other currencies. Not because of any substantial economic rebound here or abroad. Quite the opposite. It's because of economic weakness everywhere.
Because of this we should be seeing an easing in oil/fuel costs but we're not.
The only thing this says is the United States of America is still the last great hope for the rest of the world no matter how dim things are looking now.
The president said in his speech last night that we need an all fronts effort to boost our affordable energy supplies. As usual his actions don't square with his rhetoric. He has been a huge obstacle to meaningful energy source development every since he came to office.
For instance as director of the Lawrence Berkley National Laboratory, Steven Chu, Obama’s secretary at the Department of Energy, said in an interview that gas taxes should slowly be increased over the next 15 years in order to force people to turn to alternative energy sources.
“Somehow, we have to figure out how to boost the price of gasoline to levels in Europe,” said Chu. (Somewhere around $10.00 per gallon.)
Anyway to say high fuel costs are a result of a recovering economy not only is wrong it shows embarrassing ignorance of the facts.
To date Obama's energy policy has been to hinder oil and natural gas development, despite his rhetoric, while plowing billions into archaic technologies such as batteries, electric cars, solar and windmill companies.
As Tom Borelli of the Free Enterprise Project recently said, “President Obama has no credibility when it comes to energy policy and development of our domestic natural resources. Obama’s record shows his administration is openly hostile toward our use of coal, oil and natural gas. Both President Obama and Energy Secretary Chu are delivering on their promises to increase the price of energy.”
Edited 1 time(s). Last edit at 01/25/2012 10:40AM by mcsmack.