President Bush apparently successful in getting Saudi Arabia to pump more oil - Page 4 - Mercedes-Benz Forum

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post #31 of 37 (permalink) Old 05-30-2008, 12:51 PM
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Originally Posted by Fast55 View Post
If you look back, the invasion didn't do much to the cost of oil. The largest increases have come after. Granted, anything that de-stabilizes the area is a bust for oil prices globally, but our current involvement is not what makes $130.00+/barrel oil. What we spend on Iraq doesn't change the price of oil. It does however contribute to the devaluation of the dollar and with the addition of increased consumption by the remaining world markets, we're screwed. Nothing Bush could have done would have prevented this. Delayed it maybe, but the American public has enjoyed artificially low gasoline prices for far too long. Personally, I'd like to see it hit $7-8/gallon. That will start to put us on the right track towards producing more economical cars and trucks faster than you can say "Bush sucks". Fat "gas guzzler" taxes on big cars and trucks won't do it. It's a one time thing. In addition, we would also see a little relief from traffic congestion and smog. At that price point, we would probably get the eco-nazi's to back off on throwing up every legal roadblock available against arctic or offshore drilling, nuclear and gasification plants. Again, It's not a choice the President alone makes folks, we are as much or more responsible for where we're at now.
Oh, let me help you:
Iraq War May Have Increased Energy Costs Worldwide by a Staggering $6 Trillion | AlterNet
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post #32 of 37 (permalink) Old 05-30-2008, 12:54 PM
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On his assertion that Bush has no part in the fall of the value of the dollar, could he also explain this chart?

U.S. Dollar Index (DX, NYBOT): Monthly Price Chart

Bottom line is Bush turned us into a banana republic. At the heart of the dollar drop was the refusal to raise taxes and reckless tax cuts in a time of war. Countries with irresponsible fiscal policies find that their currencies lose respect in global currency markets, a truth as old as the hills. As budget deficits have gone skyward, confidence in the dollar has gone down. The dollar is nothing more than a stock certificate in the enterprise known as the USA. Deficits, debt, reckless war has all sent it crashing. It also has a lot to do with lax regulation of the US financial markets. One of the things that kept the value of the dollar up is that in the past the US financial system represented safety to foreigners and overseas corporations who needed a reserve currency for large amounts of cash. The fact that the US banking community was heavily regulated and scrutanized attracted that capital, simply because most other countries are rife with financial shenanigans. Failure to regulate the deriavatives market and the consequential collapse of the mortgage industry, done intentionally by Bush and his no-regulation crowd, has ended that, simply because Bush's SEC refused to oversee these huge hedge funds. Well, money is now moving out of the USA instead of in, flooding the world with dollars, and the law of supply and demand kicks in. Guess where the foreigner's money is going now? Hong Kong.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address

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post #33 of 37 (permalink) Old 05-30-2008, 02:14 PM
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500,000 barrels per day? Who gives a fuck? It isn't going to make a drop of difference at the gas pumps because the log jam is in refining, not pumping. Oil companies own refineries, which cost billions of dollars to build. Why would an oil company spend all that money on a refinery in order to lower the cost of oil when they can sit back and watch the price go up while demand increases in the face of a supply plateau? Its bad business.
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post #34 of 37 (permalink) Old 05-30-2008, 02:22 PM
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I repeat: Nothing Bush could have done would have prevented this. When things go bad and the GOP is leading the country, it's all the Presidents fault. When the country took a beating while Carter was at the helm, it was anything but his blundering. As you indicate, there are plenty of other factors that contribute to the value of the dollar, cost of oil, housing market etc. The Alternet article clearly states:

"Chris Skrebowski, the editor of Petroleum Review, said: "There are many ifs in the world oil market. This is a very big one, but there are others. If there had been a civil war in Iraq, even less oil would have been produced."
David Strahan: What happens next? The expert's view
At just under 86 million barrels per day, global oil production has, essentially, stagnated since 2005, despite soaring demand, suggesting that production has already reached its geological limits, or "peak oil"."

It's pretty obvious that we're about maxed now, with the exception of Iraq. There is no reason to suspect that had we not invaded Iraq, they would be pumping enough oil at the present time to do much about the supply VS demand equation. And this:

"Pessimists believe that production has passed its peak. Optimists say it may be 20 years or so away -- which would give us some time to prepare -- but are now muted. Last week the hitherto optimistic International Energy Agency admitted that it may have overestimated future capacity. Chris Skrebowski, editor of 'Petroleum Review' and once an optimist himself, believes that the world is now in "the foothills of peak oil". Prices may ease a bit over the next few years, but then the real crunch will come. The price then? "Pick a number!""

There will be nothing that the next Democrat President can do about this (or Republican for that matter). And finally:

"China and India and other developing countries will help to drive up demand for oil and compete for scarce supplies. This has already helped to raise prices: demand for oil from Western countries has actually fallen over the past two years, but the emerging economies have more than made up the slack. And they have the money to do so.
Chinese and Indian consumers have so far been insulated from the effects of the price increase by heavy government subsidies, and their industrial revolutions and rapid growth are largely fueled by oil. There is little sign that the growth in demand will slacken These countries are also likely to follow the time-honored Western tradition of making deals with oil-exporting countries -- and backing unpleasant regimes -- to try to secure supplies."

All this from the article link you posted. It's preposterous to think that oil would be "no more than $40.00/barrel" without the Iraq war. Even unscrupulous speculators have more to do with the price of fuel than Bush. Even if Iraq had remained untouched and their pre-war production had increased 25% (totally unrealistic, but hey, let's give you a break), they would now be producing less than 2.5M barrels/day more than they are currently producing. That, as they say, is a drop in the bucket. We'd still be screwed. I just can't understand the reason liberals have to find a way to blame GB for everything bad that happens. You'll have your way, and soon enough, the most liberal President in modern history will be at the helm. I wonder what excuses we will hear then?
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post #35 of 37 (permalink) Old 05-30-2008, 02:53 PM
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Let's watch the oil price crash then please revive this thread to read your expert opinion
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post #36 of 37 (permalink) Old 05-30-2008, 02:59 PM
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Not my prediction, it comes from the "expert" sources in the article link posted by FTL, but do tell us about your prediction that prices will crash and how it will be all because of our new leadership. I'm all ears.
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post #37 of 37 (permalink) Old 05-30-2008, 03:01 PM
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Not my prediction, it comes from the "expert" sources in the article link posted by FTL, but do tell us about your prediction that prices will crash and how it will be all because of our new leadership. I'm all ears.
Did I link this so called crash to our supposed new leadership? Are you seeing a "new" leadership in the horizon?
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