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post #31 of 38 (permalink) Old 07-15-2008, 10:01 PM
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Originally Posted by mcbear View Post
So where are these alleged mis-characterizations you suggest. This speech was no more than a 4th Quarter pep talk from a coach whose team is losing 60-7. Except the Gipper has already DIED.

Do you think the timing of the speech had anything to do with trying to deflect attention away from Fed Chairman Bernanke's Congressional testimony today. Now THAT was some interesting verbiage.
lol. well put bear. there isn'y one shred of good news there. i don't get how squack sees it all peachy?

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Welcome to the Enroning of America.
so true



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post #32 of 38 (permalink) Old 07-15-2008, 10:05 PM
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In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

Now isn’t this interesting?

Democrats keep saying that it will take 10 years or longer to produce oil from the offshore areas. And they say that oil prices won’t decline for at least that long. And they, along with Obama and McCain, bash so-called oil speculators. And today we had a real-world example as to why they are wrong. All of them. Reid, Pelosi, Obama, McCain — all of them.

Traders took a look at a feisty and aggressive George Bush and started selling the market well before a single new drop of oil has been lifted. What does this tell us? Well, if Congress moves to seal the deal, oil prices will probably keep on falling. That’s the way traders work. They discount the future. Psychology and expectations can turn on a dime.

The congressional ban on offshore drilling expires September 30, so that becomes a key date. A new report from Wall Street research house Sanford C. Bernstein says that California actually could start producing new oil within one year if the moratorium were lifted. The California oil is under shallow water and already has been explored. Drilling platforms have been in place since before the moratorium. They’re talking about 10 billion barrels worth off the coast of California.

There’s also a “gang of 10” in the Senate, five Republicans and five Democrats, that is trying to work a compromise deal on lifting the moratorium. So it’s possible a lot of action on this front could occur much sooner than people seem to think.

So I repeat: Drill, drill, drill. Deregulate, decontrol, and unleash the American energy industry. Those hated traders will then keep selling oil as the laws of supply and demand and free markets keep working.

Bravo for Bush. Bravo for the traders.

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sieg heil.

you're fucking clueless, dog.



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post #33 of 38 (permalink) Old 07-15-2008, 11:25 PM
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You haven't presented any evidence that you have a clue on the potential return on ANWR drilling.

Let's see who the dense ones are. Bush notices $4 gas and $140 oil, talks to Saudis, gets about 350K more barrels per day. He lifts his father's restriction on OCS. Asks congress to do same. Pelosi accuses him of creating a distraction, won't bring up a bill. Democrat mantra is "We can't drill our way out of this." Ken Salazar D Colorado holds up any congressional action on freeing up oil shale. And on and on. Partisan obfuscation from the Dems. No action. Bunch of wishful thinkers and no balls. They are on the wrong side of this issue and will lose the election if the Repubs play it right (probably doubtful).

BTW. Bush blames the Dems because they deserve it. 57% of the folk agree.
Read previous threads for ANWR ROTI estimates from the DoE. Sorry if you don't remember them. Do a search either here or on google. I posted it once, you commented so I know you read it, or at least saw the post.

Nice spin. But you left out a bunch of little parts. I did like the part "Bush notices". That kind of sums it up. And that 1.75% increase in Saudi output? WOW. I am beginning to see the dense issue.

As for "can't drill our way out of this". THAT IS TRUE. Sorry you don't agree but it is true. It is the PAST. Even if the Dems give Bush 100% OCS and ANWR that will provide ZERO for 7 years minimum. And when it flows it will only flow for 7-10 years max, according to industry and DoE.

You can go to Drill, Drill, Drill for a better perspective of this but I will repost one comment that I made. This IS a cut and paste from me to me.

Quote:
Originally Posted by mcbear
DANGER: McBEAR ON A SOAPBOX

I have never been against drilling in the OSC or ANWR. I have always thought that we do what is BEST for our total energy future. I have never taken the environmental logic that the coastline has to remain pristine nor have I taken the business logic that we do whatever it takes to get the oil. There is a Best Practices logic somewhere in the middle.

So, somewhere in that argument, first in the Seventies at the Academy as a general "systems" environmental issue and then back in the Nineties as ANWR and OCS were coming into focus with the pipeline I looked at them from a SYSTEMS approach. First things I threw out were the environmental and political issues as the cloud the issue.

Now, with 10 more years of data, I am able to look even better, and add in the economic impacts and new technologies that have come into play in the interim since I started looking at this some 15 years ago.

What I see is X amount of oil that is harvestable. More in the OCS than ANWR. I would throw ANWR out immediately as the 2-5 year return is not worth the 5-10 year investment to harvest.

With OCS, there is a harvestable amount BUT, it is finite AND its quantity and ability to retrieve is not clear. Much of the US Minerals Management Service reports say "estimates of undiscovered recoverable oil". No one know how much or if it is viable to retrieve using available technology.

That brings me to my conclusions, shared by a whole bunch of people. Oil is a paradigm whose time is past. All the energy and money we would utilize exploring for this very finite amount of Oil, that would only be a stopgap at best could better be used by moving to a next generation technology that is NOT a stopgap. It just does not make sense to dump money into a hole that has such a limited ROI.

And NONE of the actions that have been suggested for drilling or exploration of OCS will EVER reduce the price of gas at the pump - which is the carrot that McCain and Bush are trying to use to destabilize the election with this political football.

So you ask what we do "until this technology arrives?" I would recommend investing in Alternative Energy companies that are working their asses off to provide the next Internal Combustion Engine or the next Hybrid. I would [actually AM] push Congress to make the Auto Industry accelerate their CAFE numbers so that the interim DEMAND is reduced and we no longer need 20 Million Barrels of Oil a Day. I would [actually AM] hammer the Auto makers to make cars that work best for the buyers, not the company's ledger sheet [I use the NAIAS AutoWeek symposium to do that].

If people would just start thinking and planning and executing for future technology and let the current technology just run its course, this energy issue in transportation, and our dependence on Middle Eastern and OPEC Oil will disappear.

[/soapbox]
It is just time to quit long term planning on a technology that has passed its peak and has so many undependable variables. Just how many times do we have to go down that road. We cannot drill our way out of our Energy conundrum. We have to be smart and look forward to new technology and pour as much of our resources into that endeavor instead of pouring those resources into drilling for 10 years of oil. That is just brain dead dumb. Or dense if you prefer.

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post #34 of 38 (permalink) Old 07-15-2008, 11:33 PM
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Originally Posted by Jayhawk View Post
In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.
I have clipped this post to reflect on in in 90 days time. See if Kudlow gets one right or continues to be the NeoCon lapdog that he has been for that past decade.

Let's see how long the barrel price stays down, see if pump prices drop [and stay down over a week] or if, as I suspect we go back to status quo by the time the sun sets on the Pebble Beach Concours.

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post #35 of 38 (permalink) Old 07-16-2008, 09:31 AM
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Bush Bump? False Pregnancy

What, you mean it DIDN'T have anything to do with Bushie's little pep talk yesterday morning??? But how could that be? You mean it was actually based on the Energy Information Administration's report that was already scheduled to come out at the same time???



Oil prices tumble again on US surprise supply jump
By ADAM SCHRECK, AP Business Writer 5 minutes ago

NEW YORK - Oil prices tumbled Wednesday, extending a massive sell-off the previous day, after the government reported that U.S. crude and gasoline supplies unexpectedly jumped last week.


Light, sweet crude for August delivery fell $5.10 at $133.64 a barrel in morning trading on the New York Mercantile Exchange.

The two-day slide marks a dramatic turnaround in crude prices, which as recently as Friday traded at record levels above $147 a barrel. But even with this week's sell-off, prices remain about 80 percent above where they were a year ago and up about 40 percent from the start of the year.

The Energy Information Administration reported U.S. crude oil supplies rose by 3 million barrels, or 1 percent, last week. That is the opposite of the 3 million barrel draw analysts surveyed by energy research firm Platts expected.

Gasoline supplies also leapt unexpectedly, rising by 2.4 million barrels, or 1.1 percent. Analysts expected stockpiles of the motor fuel to fall by 1.1 million barrels.

Crude's slide follows a drop of $6.44, or 4.4 percent, during a volatile trading session Tuesday. That decline was the biggest one-day drop in dollar terms since the Gulf War.

It will be some time before any declines — assuming they hold — show up at the gas pump, where prices continued to advance.

U.S. retail gasoline prices added half a cent to $4.114 per gallon, according to auto club AAA, the Oil Price Information Service and Wright Express. Diesel prices also marched higher, up nearly a penny to $4.839 a gallon.

Oil traders are growing increasingly concerned about the toll high oil prices are taking on the economy.

Oil prices tumble again on US surprise supply jump - Yahoo! News

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post #36 of 38 (permalink) Old 07-16-2008, 09:46 AM Thread Starter
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Crude is down another $4.80 at the moment...

Don't believe everything you think
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post #37 of 38 (permalink) Old 07-16-2008, 09:47 AM
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Maybe Rupert Murdoch was right after all!

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post #38 of 38 (permalink) Old 07-16-2008, 09:48 AM
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Crude is down another $4.80 at the moment...

Problem is your financial advice company had a going out of business sale 2 weeks ago, how did that sale of 2 for the price of 1 market prediction work out?
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