By The Shepherd, June 25 at 2:12 pm #

“Price of oil before the Dems took control of congress 2:10 a gallon, sine the Nancy boys have been in charge, 4:25 a gallon here. and O’Carter has no plan at all”

I suppose I could respond with a quip about “Mc Ford” but instead will mention only that NO party or candidate has outlined any energy plan which is more than another pander since 1973. 

Our gas is cheap when compared to Europe, Israel, Canada, Australia,  Japan, and a host of other countries. 

Since the value of the dollar is the chief factor in the record high price of gas, the congress has little to do with the current situation, BUT they are not off the hook as they have done nothing in the way of a realistic energy proposal either.

The elephant in the room here is global climate change.  Finding more oil will only exacerbate climate change and will not lead to substantially lower prices.  We need to substantially ramp up use of alternative energy sources before these additional oil sources could be brought on line.

As an aside, the oil industry already has leases to millions(?) of acres of potential drilling sites that it is not making use of and there is a serious shortage of refinery capacity.  Could this be part of the grand plot to keep prices high?

John McCain has promoted the building of 45 new nuclear power plants.  At a projected cost of 10 billion each, that is an investment of 450 billion dollars.  That money could be used to install $10,000 worth of energy “infrastructure” - insulation, weatherization, solar hot water, solar electricity, personal wind power - in 45 million residences (a substantial percentage of the US housing base).  That would create tens of thousands of good-paying jobs, reduce the need for fossil fuels (helping to keep prices from increasing), permanently reduce the demand for energy, and reduce atmospheric carbon buildup.

Gawd what a bunch of whiners The USA uses 1/3 of all the petroleum produced world wide. Folks here seem to believe they have a right to drive their SUV’s and Pick-ups through the suburbs for cheap while bullying the folks who have the oil resources. 

Now at the end of cheap oil, our (oh-so-politically-correct) population, the majority, wants to build refineries (so long as they are not near them) drill off the coast (in someone else’s State) mine the Rocky mountains ruin the landscape, drill in ANWR leave no stone unturned to wring the last droplet of oil from the tortured earth.

This scenario reminds me of nothing, so much as an addict seeking his last fix before entering drug treatment… If you’ve ever witnessed this depravity, you know how disgusting, and embarrassing it is to those who know and love the addict.

In the Seventies we were warned.  Any one who remembers the giant shift from 1971 to 1974 must ask themselves why we didn’t start moving then… Remember buying three dollars worth of gas on alternate days? Remember cities turning off their streetlights? remember gas stations closing at 1 PM?

At the time, I owned a Dodge Monaco with a 440cid engine, and two four barrel carburetors. it got about 10 to 12 MPG and used only hi-test gas. When I bought it it cost me a little over $7 to fill its 22 gallon tank. that doubled in a month… and while the double price looks cheap today, it was a real pain then (my salary at the time was $150 a week)

So history repeats… someday (probably sooner rather than later) we will wish the price of gas was only $4 a gallon. We’re insane, which Freud discribes as doing the same thing over and over and expecting different results.

I’m looking for a good deal on Solar panels, and am considering a windmill. I walk the dog to the post office (instead of driving) I’ve lost 10 pounds, and my outlook on life has improved…. This former addict is doing the steps!

It seems that the more concern we get with economic growth and matterial improvement, the more fusil energy we need to reach such goals.If one would go back to early Fifties of the 20th century, where world population was just about 2.5 bi and compare this figure with the current 7bi+ inhabitants,one would understand the true scope of the coming catasrophe.We have to make provision for those extra additions lest we be accused of violating capitalist principles.To traslate this into figures,it will take an increase of additional 25 million bbl pd to the existing 86+ mi.bbl.to satisfy the need of both China and Indian car demand for an increase of 20% to the current 60-40 cars per 1000 respectivly.So Lets face it,we are probably living the last few decades before we run out of this precious commodity.Governments should be more transparent in providing the necessary data and future feasible plans on how to counter/resolve these difficulties.

Right on Nancy. With you all the way.

Those of you that are tired of the BS we are being fed, refer to testimony of:
Michael W. Masters, Managing Member / Portfolio Manager, Masters Capital Management, LLC before the Committe on Homeland Security and Governmental Affairs, United States Senate, May 20, 2008.

In addition it should be common knowledge by now that we control Saudi Arabia and its oil fields. If the Saudis had any degree of independence and dignity and were free of imperial domination they could certainly bring us and the rest of the western world to our knees and resolve the Palestinian issue in their favor by simply boycotting any country that supports israel and directly participates in the humiliation, oppression, torture, and killing of the Palestinians, not to mention the rest of the arab / muslim world.

Haven’t you ever wondered why they (the saudis) dont use oil as a weapon? We certainly would have used it. For crying out loud we use food and medicine as weapon.

Just figure out the game.

This article is the most blatant piece of propaganda that is either designed to insulate the hedge fund investment bankers from scrutiny, or Ms. Cocco is dillusional.  Fact is the markets, both oil and food commodities, are being manipulated so that these same bankers can recoup their losses from the real estate market—a bubble they’re recreating right now in the Oil and commodities markets.  And thanks to deregulation (as in repeal of the Glass-Steagall Act)there’s no one at the gate to stop them.  Since the investment/hedge fund bankers normally are supposed to have 900 billion to cover losses, and they now only have 25 billion due to their devious and greedy practices, they’re looking for ways to recover quickly from those losses—and boy are they making a killing, at our expense!

Financial experts testified before Congress yesterday, under oath, and said 30-50% of the current price of a barrel of oil was caused by speculators.  Not supply and demand—speculators.  Even the Saudis have said the price of oil should be around $60-70 a barrel.

Which brings me to the notion that the Saudis are going to increase pumping:  What I heard the Saudis say didn’t sound like they absolutely were going to increase pumping—I believe they said they would pump more IF world demand required them to. It was that little word “IF” that stood out for me.  Since they do not believe there is a problem with supply, why should they increase the supply?

Hold your tongue before accusing others of ignorance and pandering.  You have it wrong when you say that oil reserves are being depressed and kept in the ground for profit.  I work in the oil/gas industry and I can tell you that companies are doing everything they can do produce oil.  Believe me, at these prices they want to sell all they can; untold amounts of money are being spent in exploration.  The fact is, easy oil is rapidly disappearing and the “elephant” reserves have been tapped.

I think you guys are missing the thrust of Marie Cocco’s article.  She is correct on many things, and dead on when saying that there is no cure for our energy woes without the rare commodity of “political and personal sacrifice.”  We can no longer afford our culture of gluttony and waste.  Reducing consumption and increasing efficiency will be essential in our struggle out of the energy predicament.

Using prosecution of Enron as example that doing this doesn’t help and didn’t help avoid the current disaster. Well it didn’t help because very little punishment was dealt out and none of it appropriated the property of the criminals who did the crime. They or their families are still outrageously rich with what they stole. Gray Davis is still not the governor and I really haven’t figured out how California is better off with Arnold?

George Bush and Dick Cheney have broken their oath of office, repeatedly lied and obstructed accountability. The Constitution has the power of impeachment and on conviction removal from office for this type of criminality, but we are told the country can’t deal with impeachment, although that was no problem when the Republicans were gunning for the Clintons.

The fact is this mess is directly traceable back to the Reagan presidency which started the process of moving away from mandated improvements in energy use and development and implimentation of new energy technology. The fact is we lost How Many Years of research and improvement? What did we get for the Republican Contract on America? Knee Jerk patriotism, Hypocritical religiousity, and the involvement of the military in a needless war that has broke our nation and involved us in murder and theft. Aren’t we proud to be Republican?

Hummm no mention of the two greatest reasons for the recent price increases;

1; The devalued dollar the vehicle for pricing every barrel of oil in the world.  If the Euro is at 1+1/2 dollars when it was at .99 U.S cents, the price of ALL foreign goods MUST rise by 33.3% or someone gets short=changed.  Why should the Saudis take 33.3% less for their oil because we choose to let the dollar fall?

2;  The “dangerous waters premium” WE, the United States has made sailing into the Persian Gulf far more dangerous. These risk factors play into the price of oil by increasing the premium tankers must pay to sail these waters far higher, currently each tanker must pay (on average) 2 million dollars MORE than the same tanker would have paid 0n September 10, 2001.  this increases the cost per barrel by $1 for the largest supertankers, and as much as $2 for the smaller ships.

both of these costs are the direct result of government policies. As cost of fuel increases, a geometric landslide occurs. Supertankers run on oil. They cost more to run. The trucks and trains which take product to market run on oil, so they cost more. refinaries run on the oil they create, so they cost more… even the power to pump the gas into a vehicle is often relative to the price of crude.

All these prices are passed to the consummer…

Oh, BTW the United States is currently enjoying the cheapest oil and gas of any indrustrialized nation.. just across the border, in Canada, the average for self-serve unleded regular is $1.354 per litre. That is over $5 a Gallon.