Oil reaches $80 a barrel for first time ever.
By on Sep 12th, 2007 at 6:05 pm
Oil reaches $80 a barrel for first time ever.
Oil prices jumped “above a record $80 a barrel after the government reported a surprisingly large drop in crude inventories and declines in gasoline supplies and refinery activity.”
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What has been Bush' promise to increase refinerys?
September 12th, 2007 at 6:08 pmThats ironic. It was $20 a barrel when Clinton left office.
Point
Set
Match
September 12th, 2007 at 6:08 pmCan anybody say "Peak Oil"? What do you think we could do with 1/2 trillion dollars. Hmmm, maybe discover an alternative to fossil fuels? All hat and no cattle...
September 12th, 2007 at 6:10 pmWait until we attack Iran...
September 12th, 2007 at 6:13 pm"No it cannot be true, Bush has not screwed up our society that much has he? Prove it was $20 in 1/01"
---Cranial inserted neocons
http://www.eia.doe.gov/cabs/opec.html
That's all I am going to say about that.
September 12th, 2007 at 6:13 pm6 years after 911... WHY do we STILL depend on oil from the middle east? $500 billion in Iraq (what a Fing joke) and how much for cutting Americas addiction to foreign energy? $0? Ever since the begining many of us have posted all over the Internet and I have seen it mentioned on TV that we need another Manhattan Project NOW to once and for all remove this leverage that is around our freakin necks!
September 12th, 2007 at 6:16 pmThe average (depending on where the oil comes from, best is Texas, and Saudi Arabia at 28 gallons of gas, and worst Venezuela, at something like 10 gallons) is roughly 19-20 gallons of petrol from 1 40 Gallon barrel after it's been refined.
So if you're filling up your SUV with a 40 gallon tank on it.... that's about 1.5-3.5 barrels of oil you're consuming.
NICE.
September 12th, 2007 at 6:16 pmBUSH RUNS AMERICA LIKE A BUSINESS
Here's what he did to his other businesses...
GW Bush Jr bankrupted - Arbusto Energy Corp.
GW Bush Jr bankrupted - Spectrum 7 Corp.
GW Bush Jr bankrupted - Bush Exploration Company
GW Bush Jr bankrupted - Harken Energy Corp
Is there anything that Bush touches that does not lead to FAILURE? Anything?
September 12th, 2007 at 6:16 pmProgressives are adept at taking TP's lure and shifting the blame of oil on Bush and pretending it's a huge calamity. Libtards need schooling in economics 101 to be weaned off their radical website-spoonfed ideology that oil prices are something that presidents control. The market controls oil prices (supply and demand, undereducated leftards), and many uncontrollable factors such as geopolitics (Iran, Iraq's terrorism,) contribute to psychological fears that send oil higher. More refineries may help, but it's goddamned Demoncratics who’ve been at the forefront of rejecting opening up refineries. They're also against drilling domestically...seems all libtards want to do is rely on BS alternative fuels like wind/solar to get the US off oil! Under Clinton, the US was attacked constantly by terrorists and the stock market was nowhere near the highs it's seen under Bush. High oil prices aren't bad if you're a capitalist: I buy stocks in oil companies and I've been enjoying their higher stock prices as oil goes up. Eat that, leftards.
September 12th, 2007 at 6:18 pmIt's almost as if someone had a voodoo doll of George Bush and we are collateral damage.
September 12th, 2007 at 6:22 pm#9:
I guess I'm in a different tax bracket.
And when did being a capitalist = rich?
And it's not just supply and demand, it's speculation and "exploration."
Drilling domestically? We're the 3 largest oil producer in the world.... we just use well over twice what we produce.
September 12th, 2007 at 6:23 pmThanks a lot Mexican terrorists!!
September 12th, 2007 at 6:25 pm#9 Cribnotes and translation for those who do not speak dumbass
"Me, mine, greed, screw the common man, only I matter, greed, destruction, displaced blame, reaction formation, my wifes face got in the way of my fist, its everyone elses faulte, me, me, me, me, me, screw you.
September 12th, 2007 at 6:25 pmIt goes:
Game
Set
Match
But you're right, we got 'em this time! Can't argue with the numbers!!
September 12th, 2007 at 6:26 pmHey stupidierthanashitsandwich - what do you think that secret meeting Cheney had with the Oil giants was all about - keeping Gas prices low - not on your life - it was to control gas and keep production low and prices high and climbing. Why produce lots of gas and keep prices low, when you can produce little and keep prices high and their profits even higher.
September 12th, 2007 at 6:27 pmI marvel at your constant stupidity.
I marvel at your constant stupidity.
Comment by Buck Fush — September 12, 2007 @ 6:27 pm
Dumber than last week's roadkill.
September 12th, 2007 at 6:29 pmOnly in America can two oil men be "in charge" and we see oil reach $80/barrel and gas over $3.00/gallon.
Please define, "Under Clinton, the US was attacked constantly by terrorists." Were US soldiers sent home in body bags every day under Clinton? Did we have oil at $80/barrel and gas over $3.00/gallon in the 90's?
September 12th, 2007 at 6:30 pm#14 Not here in Ireland it doesn't but thanks for the thought.
September 12th, 2007 at 6:31 pmBut seriously... Thanks a lot Mexican Terrorists.
September 12th, 2007 at 6:31 pmHigh oil prices aren’t bad if you’re a capitalist: I buy stocks in oil companies and I’ve been enjoying their higher stock prices as oil goes up. Eat that, leftards.
Comment by Thea$$-kissing,Chickensh*tProgressive
Listen up everybody. We are gettin' schooled here. Dipstick makes money without mentioning oil is a finite resource which is disappearing every day. For our future security and energy needs it will be NECESSARY to wean ourselves off oil - 'cause there ain't gonna be any. That is how the last 27%'rs think: as long as I MAKE MONEY, the world can burn up. At least I HAVE MINE. Yeah, dipstick you got yours alright. BTW, when folks brag about them making money, I typically assume they are buffoons and liars, especially in a topic like energy investment. Ask him how great he is, he'll tell you.
September 12th, 2007 at 6:33 pm#9: When you say "libtard," it's like advertising that you have the mind of an 11 year old.
Also, you are very, very boring.
September 12th, 2007 at 6:33 pmPeak oil is no doubt already here, it just takes a little while for all the horrible affects to snowball.
September 12th, 2007 at 6:35 pmComment by Thea$$-kissing,Chickensh*tProgressive — September 12, 2007 @ 6:18 pm
You can be helped, poor suffering righttard, but, first you must ask for help.
ASK! you don't have to suffer endlessly like this... unless, you ENJOY suffering.
September 12th, 2007 at 6:38 pmPeak oil is no doubt already here, it just takes a little while for all the horrible affects to snowball.
Comment by Deniz Yeter
Absolutely it is here, and it will not go away. Within 50 years it will cost so much to extract the crude, nobody will be able to afford it. We're probably talking $100-$200 per gallon, at least. We are all standing on the threshold of a major change to our way of life. Use the internets and google peak oil and read up on some of the major papers available. They will scare the heck out of you. There is also controversy over whether or not we actually have the crude reserves being claimed. Smart folks all over are saying SA and other countries do not have the reserves they are stating. That makse the problem much more acute.
September 12th, 2007 at 6:44 pmUnder Clinton, the US was attacked constantly by terrorists
Lie. There were 3 terrorist attack on US soil (WTC, Murrah, Olympics). The perps were captured, tried, and found guilty. Two of the attacks were by native-born rightwing nutjobs.
...and the stock market was nowhere near the highs it’s seen under Bush
Lie. The Dow Jones plummeted under the Republic Party only in the last year has regained the levels it saw under Democratic Party.
September 12th, 2007 at 6:46 pmNice work, Arthur C.
September 12th, 2007 at 6:48 pmWow..what a coincidence. Refineries keep shutting down or reducing capacity and the price of gas goes up. Just like in that memo that was found where oil execs talked about controlling and minimizing refining to keep gas prices from going too low.
BUt yeah, let's keep spreading the BS about supply and demand...just like this article lists FIRST before the actual problem.
why the hell is refining activity declining and why the hell aren't any journalists or politicians investigating? Instead we'll just get more stories from "journalists" reporting outside of Joe Buttfux gas station out in the sticks. Never a big name station is it?
September 12th, 2007 at 6:48 pmNice work, Arthur C.
Absolutely, nicely done, sir...
September 12th, 2007 at 6:50 pmThere's that old question:
"When will we run out of oil?"
Answer:
"Never, we won't. It'll so expensive to obtain, we'll stop using it and have to use something else."
September 12th, 2007 at 6:50 pmMishun Compished
September 12th, 2007 at 6:53 pmPrice of gas when W. took office: $1.49
September 12th, 2007 at 6:55 pmPrice of gas today: $3.23
Price of gas today: $3.23
Comment by Uncle Ho — September 12, 2007 @ 6:55 pm
We're Number... er, Last! We're Number Last! We're Number Last!
September 12th, 2007 at 6:56 pmPrice of gas when W. took office: $1.49
Price of gas today: $3.23
Comment by Uncle Ho
Uncle Ho is wise.
September 12th, 2007 at 6:56 pmWell atleast it will help with the obesity problem.
September 12th, 2007 at 7:04 pmPeak oil is no doubt already here, it just takes a little while for all the horrible affects to snowball.
Comment by Deniz Yeter
So my kid can still aspire to grow up to be the "feral child"?
September 12th, 2007 at 7:06 pmIsn't it interesting that there's never enough oil at $20 a barrel, but at $80 a barrel they'll sell you all they can pump.
September 12th, 2007 at 7:07 pmSh!t, vaseline will get expensive too.
September 12th, 2007 at 7:11 pmbut at $80 a barrel they’ll sell you all they can pump.
Comment by BushToPayForHisSins? — September 12, 2007 @ 7:07 p
Could have sworn that OPEC just announced yesterday that they were going to increase output by 500,000 barrels a day.
Hmmm... jes' googled that, and yes, they're considering a modest increase above the 25.8 MM they're already producing a day.
September 12th, 2007 at 7:12 pmOil did hit $50 a barrel at one time during the Clinton administration. Conservatives attacked him over this saying he had no coherent energy policy. Some of us don't forget.
September 12th, 2007 at 7:12 pmI love it when gas prices go up....that means the libs have less money to spend on Birkenstock's, shampoo, weed and that new bong they've had their eye on for the last year or two.
September 12th, 2007 at 7:17 pmComment by Billy Hill — September 12, 2007 @ 7:17 pm
Riiiight... and GOOPers have less money to spend on Vaseline, hookers, and coloring books...
September 12th, 2007 at 7:20 pmPrice of gas today: $3.23
Comment by Uncle Ho — September 12, 2007 @ 6:55 pm
Man your getting screwed.....$2.59 out here in Wash. State.
September 12th, 2007 at 7:20 pmHillbilly: "I love it when gas prices go up….that means the libs have less money to spend on... blah, blah, blah..."
Hahahaha, yeah, I'm sure all those independent truckers appreciate your joke. Good one.
September 12th, 2007 at 7:20 pmI love it when gas prices go up….that means the libs have less money to spend on Birkenstock’s, shampoo, weed and that new bong...
Um, no it doesn't. I ride a bicycle, you doughbrained goon. I can buy all the "weed" (love that retro lingo!) I want.
Oh, and buy some shampoo and wash yer hair, will ya? It's not just for "libbies," ya freakin' stinkbug.
September 12th, 2007 at 7:24 pmMISSION ACCOMPLISHED!
September 12th, 2007 at 7:24 pmLets get it to $ 120 a barrel. Everyone now, sing along ... bomb, bomb, bomb... bomb, bomb Iran.
September 12th, 2007 at 7:27 pmGood one.
Comment by Ret. Col. Jack Ripper — September 12, 2007 @ 7:20 pm
Or the red state working moms and dads... or the wives of the soldiers overseas, trying to feed their children on Army pay. Good thing Bush veoted that exorbitant 3.5% pay increse. The Base was startin' to look a littel peaked there.
Hmmm... has anyone ever noticed that Bush and the GOOPers keep refering to their 'base" for political support, AND, ahem, that's what al qaeda translates to - "base"...
Jes' pointin' it out, folks!
September 12th, 2007 at 7:28 pmLet's make some more worthless shit out of plastic that no one needs
September 12th, 2007 at 7:36 pmOh, and buy some shampoo and wash yer hair, will ya? It’s not just for “libbies,†ya freakin’ stinkbug.
Comment by Arthur C. — September 12, 2007 @ 7:24 pm
Settle down Art, no need to raise the BP before that last bong hit kicks in. Be safe, dont ride stoned!
September 12th, 2007 at 7:41 pmBe safe, dont ride stoned!
Comment by Billy Hill — September 12, 2007 @ 7:41 pm
There, there, Li'l Hillybilly...
Be safe, don't bend over around a GOOPer Congressman, even if there's a $5 bill lying at his feet.
Ooops, too late, but, hey... yer $5 richer!
September 12th, 2007 at 7:44 pmSettle down Art, no need to raise the BP before that last bong hit kicks in. Be safe, dont ride stoned!
Comment by Billy Hill — September 12, 2007 @ 7:41 pm
Seems you might be mistaking the effects of THC with those of the truly dangerous ethyl alcohol
September 12th, 2007 at 7:53 pmBe safe, dont ride stoned!
Thanks, I won't! And you watch out them dang-blasted revenooers, Snuffy!
September 12th, 2007 at 7:54 pmA hillbilly awakens from his ocycontin-induced dream state or moonshine-induced befuddlement to give lefties crap over bong hits? Now, that's funny.
September 12th, 2007 at 7:56 pmOil over 80 bucks and weakest dollar ever. Great job, Bush. At least Billy Hill can afford to buy about a gallon and a half with his newly earned 5 bucks.
September 12th, 2007 at 8:01 pmForTruth; vaseline........ahhh, I don't think I wanna go there. :-)
September 12th, 2007 at 8:03 pmA hillbilly awakens from his ocycontin-induced dream state or moonshine-induced befuddlement to give lefties crap over bong hits? Now, that’s funny.
Comment by Ret. Col. Jack Ripper — September 12, 2007 @ 7:56 pm
Dad?
September 12th, 2007 at 8:05 pmDad?
Comment by Billy Hill — September 12, 2007 @ 8:05 pm
Keep askin', Hillybilly... sooner or later, SOMEONE will answer yes...
September 12th, 2007 at 8:10 pmThe dollar at a twenty year low and oil at a record high.
sub-prime crash and jobs rate lowest in four years
16 year low in housing starts
Heckuva Job!
September 12th, 2007 at 8:24 pmBe safe, dont ride stoned!
Comment by Billy Hill
Made 'conservative' Paris Hilton quite famous.
September 12th, 2007 at 8:33 pmWhat do you think we could do with 1/2 trillion dollars.
Comment by Tom #3
...one thing's for sure...
...we could've BOUGHT Iraq...
...without all the bloodshed...
...Now, we're ALL getting ripped off...
...by the criminal Bushite oil cartel...
September 12th, 2007 at 8:37 pmThe Republic of Stupidity sez:
Don't bet on it...I know if I was the guilty party, I'd keep my mouth shut... ^_^
September 12th, 2007 at 8:41 pmThe economy was in a recession in late 2000 and early 2001. That's why oil was cheaper.
Now, the US economy is in a record-setting economic expansion at the same time other countries' economies are growing. Everyone needs the oil.
Supply-demand.
You people are goats.
September 12th, 2007 at 8:48 pmJust a principle of political discourse for y'all:
You can't spin economic news.
If times are bad for the populace, telling them that times really are good is only going to make them angry.
(Or even better, ""You people are poor because you're stupid1 I'm makiing money from energy stocks!")
People are looking around them and seeing that they're not doing as well as their parents.
They're scared to get sick.
They're carrying balances on their gas cards.
Although they went to good colleges, they can't afford to send their kids to the same schools.
And they have to think twice to visit friends 50 miles away.
And they remember the America of 1999: Rich. confident. At peace.
In the Black.
Go on, guys. Lecture them about supply and demand. Call them names.
Dare ya.
September 12th, 2007 at 8:54 pmEVeryone needs the oil.
Comment by muckdog — September 12, 2007 @ 8:48 pm
But not everyone needs to use it in such frivilous ways
September 12th, 2007 at 8:55 pmComment by muckdog — September 12, 2007 @ 8:48 pm
Muckdog! Howza Neuticles hangin'?
Care to make any more tasteless comments about "masturbating over soldiers' deaths"? I got the EXACT post ya made at home on my computer, so don't try and pretend you never said it, *sshole.
OH... my mistake... you were talking about YOUR sex life!
September 12th, 2007 at 9:08 pmYou people are goats.
Comment by muckdog — September 12, 2007 @ 8:48 pm
And you're a disgusting sicko!
September 12th, 2007 at 9:09 pmRepublic #66
...you got muckdog all wrong...
...it's just a silly l'il bi*ch...
September 12th, 2007 at 9:11 pm…it’s just a silly l’il bi*ch…
Comment by big papa — September 12, 2007 @ 9:11 pm
I see yer point, big papa. I sit corrected!
September 12th, 2007 at 9:29 pmKeep askin’, Hillybilly… sooner or later, SOMEONE will answer yes…
Comment by The Republic of Stupidity
You made me laugh until tears were running...
One of the best posts...thanks.
September 12th, 2007 at 10:23 pmI hope they wait until after hurricane season to attack Iran. We may need the gasoline for evacuations.
September 13th, 2007 at 12:01 amIn the 1992 campaign, gas was 99 cents per gallon in NC. Clinton said he might put a nickel per gallon tax on it if elected. Every Republican in the country squealed that gas would be $2 per gallon if Clinton were elected. Guess what, eight years later, gas was still 99 cents per gallon in NC.
Twenty-two million jobs created under Clinton. Five million under Bush, but they are lousy jobs with low pay and no benefits. Over last six years, the median wage has dropped when adjusted for inflation. First time that has happened since The Great Depression--caused by 12 years of "trickle down".
Stock Market went up 350% under Clinton and country had greatest sustained economic expansion in country's history. W inherited it at 10,700 and took it down to 7,500 before it recently came back.
Clinton inherited record deficits and every year was an improvement--ending with record surpluses. W did the reverse.
There is an exact point when a recession starts. It was March 2001 and lasted 8 months.
We wanted to take control of part of the Middle East for oil, but not to make it cheap for the consumer---to make more profits for the big corporations.
September 13th, 2007 at 12:37 amThe economy was in a recession in late 2000 and early 2001. That’s why oil was cheaper. Comment by muckdog — September 12, 2007 @ 8:48 pm
Are you a completely MORON? Do you even know what the term RECESSION MEANS? Because if we were in a Recession during 2000, then we've been through SEVERAL during the Bush Administration! You're a fool!
Now, the US economy is in a record-setting economic expansion at the same time other countries’ economies are growing. Everyone needs the oil.
Supply-demand.
You people are goats.
Comment by muckdog — September 12, 2007 @ 8:48 pm
Record setting economic expansion? Compare to what, the GREAT DEPRESSION? The stock market is worth less than it was in 2000, adjusted for inflation. The value of the currency is almost HALF what it was in 2000. The GDP and economic expansion since the 2001 Recession has been the WORST since the great depression!
You're CLINICALLY INSANE!
September 13th, 2007 at 12:54 amRising petrol prices could force obese Americans to hit the street
By Leonard Doyle in Washington
Published: 13 September 2007
For overweight Americans relief is on the way, in the shape of ever-higher petrol prices. Getting out the car to drive downtown for a super-sized plate full of fatty fast-food is the highlight of the day for many Americans. The result is a public health crisis with four out of 10 American adults already overweight or heading that way.
After consuming mountains of chips, fried meat and baked goods all washed down with corn-sweetened soft drinks, overweight Americans then worry which best-selling diet book will help them see their toes again. It turns out that higher petrol prices can slim down more than the wallets of the overweight.
The ever-rising cost of filling up their cars is prompting millions of Americans to pack their own lunch and walk to the bus.
The statistics are dramatic: they show that when petrol prices have risen in the US, obesity has shown a corresponding fall of as much as 10 per cent according to a new study, A Silver Lining? The Connection between Gas Prices and Obesity.
The study's author, Charles Courtemanche, from the University of Washington, St Louis, said his inspiration came when he was filling up his car: "I was pumping gas one day, thinking with gas prices so high I may have to take the Metro," he said.
After figuring out that he would get an extra 30 minutes of exercise per day by walking to and from the Metro, he correlated statistics for obesity and petrol prices in America.
American obesity rates began to rise sharply in the early 1980s. Part of this has been blamed on an overworked population demanding convenience foods – prepared, packaged products and restaurant meals that contain more calories than home-cooked meals.
According to Marion Nestle, of New York University, the arrival of the Reagan administration in 1980 brought government subsidies for farmers who grew more food. Fast-food companies reacted by serving larger portions and inventing snacks. The calories available per capita nearly doubled to 3,900 a day and a crisis was born.
But, to his shock, Mr Courtemanche found that 13 per cent of the rise in obesity between 1979 and 2004 could be attributed to the falling price of petrol. "First, if a person uses public transportation, such as subways, buses, trolleys or rail services, the need to move to and from the public transit stops is likely to result in additional walking, again decreasing weight," he said.
"Second, since the opportunity cost of eating out at restaurants rises when the price of gas increases, people may substitute eating out to preparing their own meals at home, which tend to be healthier."
Now petrol prices are on the up again, reaching a record high of $3.22 (£1.60) per gallon in May 2007, and so according to the theory, obesity levels should now be falling. "The recent spike in gas prices may have the 'silver lining' of reducing obesity in the coming years," the study said. It calculated that an increase of $1 per gallon in real gasoline prices would reduce US obesity by 15 per cent after five years. That would save 16,000 lives and $17bn a year, according to the research.
Mr Courtemanche said he had already received hate mail for suggesting that high petrol prices are good for Americans. "One person yelled at me: 'So now I'm supposed to be happy about gas prices!'" he said.
Some 59 million Americans are overweight. Almost 65 per cent are either obese or overweight, 10-30lb over a healthy weight, with greater chances of developing diabetes, heart disease, and some types of cancer. And it is not just adults. Some obese children in the US knock back two or three bottles of cola a day, equivalent to 1,000 calories.
Most US cities do not have good public transport networks, although they are improving. As more people react to the "sticker shock" of paying more than $3 a gallon by opting to walk, take the bus, or even cycle, planners anticipate pressure for better public transport.
September 13th, 2007 at 3:40 amAt $80 a barrel gwb must have a shit eating smile wide across his face. Now, all he has to do is get the Iraquis to sign that bill to give the oil procedes to the multinational oil companies. And it looks like general pastreaus has given him one more year to twist some arms or secretly render the nay sayers to another land.
September 13th, 2007 at 8:45 amIt has been noted several times in these comments; "Peak Oil", look it up. It is the reason we are in Iraq and also the reason we don't know the truth because an assumption has been made that we can't handle the truth and the ones that do know the truth are most likely correct in that assumption. Our entire way of life is based on cheap and plentiful oil and guess what?
September 13th, 2007 at 9:22 am"Peak oil is no doubt already here, it just takes a little while for all the horrible affects to snowball.
Comment by Deniz Yeter
Absolutely it is here, and it will not go away. Within 50 years it will cost so much to extract the crude, nobody will be able to afford it.
Comment by Tom — September 12, 2007 @ 6:44 pm"
We heard all that 50 years ago. When gasoline was 45 cents a gallon, everyone said when gas hit a buck, no one would be able to afford it. Gas hit a buck, and everyone could afford it.
When gas was constantly in the $1-$1.50 range, everyone said if it hit $2, no one would be able to afford it.
It hit $2 plus, and no one quit driving.
Now, at around $3 a gallon, there are just as many SUV's and Motorhomes on the road as ever. Summer and weekend travel goes on unabated. The theories of gloom and doom have, as usual, gone unfulfilled.
My business involves driving. I make two to three 350 mile round trips every month to pick up frozen food products, and then drive around 20-30 miles a day delivering them around the area.
I don't like the high gas prices anymore than anyone else. A trip that used to cost me $20 now costs me closer to $60. But there's been no economic disaster by any means. The economy has expanded at a record pace. Unemployment is at historical lows, and would be lower still if more people moved to my town, where everyone has a "help wanted" sign out, and more business is moving in every day. My business went from nothing 5 years ago to a comfortable income today, and continues to grow.
Your Democrats have been in power for 9 months now, partly on a promise to reduce gasoline prices. What have they done to alleviate the situation? Nothing.
You "peak oil" people: There is still plenty of oil out there. The environmentalists have been successful with Democrats in locking up the reserves through ridiculous laws restricting the extraction of petroleum from the ground.
ANWR has tremendous reserves, and the local Inuit want oil production to begin, since it will be a boon to their local economy. Yet politicians from outside Alaska have successfully stopped their chances for economic expansion and self-sufficiency.
New refineries? When is the Democrat congress going to relax restrictions on refineries? Now is their chance.
There are two abandoned and inoperable refineries within 10 miles of my home. Neither can be profitably run as they are, due to environmental restrictions. They would have to be practically rebuilt from the ground up.
During the Clinton era, the U.S. oil industry was allowed to consolidate from dozens of companies into a mere handful, setting up the current market stranglehold, yet you want to "blame Bush" for a process which was begun years before, when there was no thought of him ever being President.
The worldwide market for oil has increased dramatically over the last decade. The United States is no longer the only buyer. China, India, and other developing nations have become lucrative markets for oil, and they are willing to pay the higher price to get it.
Bottom line is this: As long as the United States keeps artificial limits on our production of oil, thus keeping U.S. reserves low and forcing us to purchase our oil from overseas, we will be paying higher gasoline and diesel prices.
September 13th, 2007 at 9:36 amdoes this mean the surge isn't working?
September 13th, 2007 at 11:56 am