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Title: Drill, baby, drill fails: Oil prices soar in spite of sharp increase in U.S. production under Obama
Source:
Think Progress
URL Source: http://thinkprogress.org/romm/2011/ ... roduction-obama-barbour-blame/
Published: Mar 9, 2011
Author: Joe Romm
Post Date: 2011-09-04 08:29:56 by lucysmom
Keywords: None
Views: 2006
Comments: 4
US oil production last year rose to its highest level in almost a decade….
As a result, analysts believe the US was the largest contributor to the increase in global oil supplies last year over 2009, and is on track to increase domestic production by 25 per cent by the second half of the decade.
Domestic oil production is soaring, but so are global prices. It should be obvious that yet more drilling can’t have any significant impact on oil prices — particularly since the U.S. Energy Information Administration has been making that precise point for years now (see EIA: Full offshore drilling will not lower gasoline prices at all in 2020 and only 3 cents in 2030!).
The only thing that can protect Americans from the inevitably increasing oil shocks of Peak Oil is an aggressive strategy to reduce the country’s oil intensity (oil/GDP), including a steady increase the fuel efficiency of our vehicles — policies that conservatives have fought for decades.
But that doesn’t stop those same conservatives — including former Big Oil lobbyist Haley Barbour — from trying to blame Obama for high oil prices.
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#1. To: A K A Stone, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mininggold, mcgowanjm (#0)
There is a notable theme here — aside from crass political point scoring, these attacks are calibrated to protect oil as a primary energy source at the expense of cheaper green alternatives, while pushing for even more oil drilling here in the United States. These opportunistic attacks come as the oil industry prepares to pump unprecedented sums of money into the political process. Since the midterm elections, the oil industry has “been very aggressive right out of the gate because of the huge opportunity with the election of their allies,” as Daniel J. Weiss, the director of climate strategy at the Center for American Progress Action Fund, told the Houston Chronicle yesterday. Oil and gas companies spent $146.3 million on lobbying last year, and that number is poised to rise as the presidential election approaches. For example, the American Petroleum Institute will start donating money to political campaigns this year.
ping
"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly
#2. To: lucysmom (#0) (Edited)
Oil soared because the US Treas bailed out the Banksters, who then used the ZIRP to....
spec on commodities...
And that peaked months after Mar 09.
Gasoline has basically stayed the same since.
Frontline, the World's Largest Oil Shipper going BK
img]www.barchart.com/cache/bb...4881cfd1be186207f3cec.png
You can't ship oil, you can't ship anything.
#3. To: lucysmom, *Ron Paul for President* (#0)
the inevitably increasing oil shocks of Peak Oil is an aggressive strategy to reduce the country’s oil intensity (oil/GDP), including a steady increase the fuel efficiency of our vehicles
The government bureaucrats are using too much oil driving around harassing people and businesses, repairing bird chopping windmills, fueling up their SWAT vehicles, flying to Martha's Vineyard and elsewhere for vacations, cruising around looking for "hate" crimes and kids selling lemonade, sneak and peak on the Tea Party, and many other harmful activities.
We need to fire at least 3/4's of them!
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
#4. To: hondo68 (#3)
We need to fire at least 3/4's of them!
Then you'd blame Obama for the increase in unemployment.
"...all of the equations in neoclassical economics are rubbish. The differential equations describe nothing. Economics is not about mathematics, it is about the human being." Sandeep Jaitly
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