Gas soars; voters whine; oil profits boom; politicians pander
From the Wall Street Journal (subsc. req.):
Booming crude-oil prices and improved refining profits are poised to put a firecracker under Big Oil’s first-quarter earnings and set the stage for a year that could come close to rivaling the industry’s record year in 2008.
First-quarter crude prices averaged about $100 a barrel, or about 20% higher than a year ago, pushed upward by oil-supply concerns due to political unrest in the Arab World and a recovering global economy. That spike is expected to lift earnings by about 50% at Exxon Mobil Corp., and about 33% each at Chevron Corp. and ConocoPhillips, compared with a year earlier….
“Major oil companies are firing on all cylinders,” says Fadel Gheit, an analyst with Oppenheimer & Co. “Their first-quarter earnings are going to be much, much better than a year ago.”
If oil prices continue to climb, they could at least rival 2008. That year, U.S. producers reported astronomic profits as crude hit $147 a barrel for a time. Exxon that year earned $45.2 billion, more than any other U.S. publicly traded company in history.
And of course, those numbers don’t become any easier to swallow when you consider the $4 billion in subsidies that the American taxpayer coughs up each year on behalf of Big Oil. Efforts in Congress to eliminate those subsidies have failed because Republicans have cast the reform as a tax hike. So even in the midst of a deficit panic, government is required to keep on subsidizing one of the most profitable industries on the planet, a practice defended by the party that proclaims itself the champion of the free market.
Intellectually, the current situation is not that complicated. People are demanding more oil than the market can supply — an economic recovery is boosting consumption at the same time that disruptions in the Arab world threaten oil output. So the price is jumping.
However, that market-driven fact of life is hard for people to accept. With the price of gasoline approaching $4 a gallon — close to the record average of $4.11 in 2008 — consumers don’t want an explanation, they want a solution. And politicians in turn are motivated to give them one, or at least the illusion of one.
Republicans, for example, want to cast government, and more specifically the Obama administration, as the villain. They propose that the federal government drop environmental restrictions and open additional areas to oil exploration and production, suggesting that such steps will lower the price at the pump. But among energy experts, there’s really no debate. Even if we removed all environmental restrictions on domestic oil production — and last summer’s Deepwater Horizon tragedy in the Gulf suggests such a step would come with a heavy price — the amount of additional oil that could be produced in the United States would be too small to move the global market, where the price of oil is set. We may not like to acknowledge that fact — it drives home our relative helplessness — but it remains fact nonetheless.
(And of course, every additional barrel of oil pumped from beneath American territory today makes us even more dependent on foreign oil tomorrow.)
For his part, President Obama is following the futile course set by his predecessor. Last week, he announced a federal investigation into the role of speculation in driving up oil prices, just as President George W. Bush did in 2005 and 2006. Those investigations turned up little or nothing, as will this one. But politically, it gives Obama an alternative villain to whom he can point, which in his situation is important.
The uncomfortable truth is that because the need for oil is so ingrained in our economy and lifestyles, oil prices have to move a lot in order to produce even a slight decrease in demand. They have to rise high enough to make it hurt before people will curtail consumption.
So … are you hurting yet?
– Jay Bookman
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824 comments Add your comment
Harry Callahan
April 25th, 2011
10:51 am
“Republicans, for example, want to cast government, and more specifically the Obama administration, as the villain. ”
What’s wrong with that, Jay? That’s exactly what all you libs did when gas went up during the Bush years.
getalife
April 25th, 2011
10:51 am
Other countries do not have to fight the me generation for change so we are falling way behind.
I remember when our country fought to be number one.
The good ole days.
Harry Callahan
April 25th, 2011
10:52 am
“the amount of additional oil that could be produced in the United States would be too small to move the global market, where the price of oil is set.”
Looks like somebody flunked Econ 101 and parachuted over to the school of journalism…
Dave R.
April 25th, 2011
10:53 am
I love it when oil companies show massive profits!
Smells like – victory!
jm
April 25th, 2011
10:53 am
SoCo 10:41 – unless you provide a link, I’m not buying that. In Spain, they have had to idle production from wind energy production.
Not so much from solar in permanently cloudy Germany.
Harry Callahan
April 25th, 2011
10:53 am
Anybody else been getting panhandled while pumping gas lately? Seems like more times than not when I’m pumping gas, some Obama voter approaches me and starts spilling some sob story about needing gas money to get home.
carlosgvv
April 25th, 2011
10:55 am
Jay, the uncomfortable truth is that Big Oil will gouge us at the pumps as much as they possibly can and our bought and paid for Congress will do nothing. Of course the politicians will wring their hands and pay lip service to improving things, but, money talks and BS walks.
President Hussein
April 25th, 2011
10:55 am
Thin guy, “Jug Ears”…love it!!! But “Dumbo” may be more appropriate
Jay
April 25th, 2011
10:56 am
On the other hand, the increases in CAFE standards announced in 2009 are predicted to save us 1.4 million barrels of oil a day by 2020 — more than the high-end peak production estimate for ANWR. And unlike ANWR’s production peak, which fades quickly after five years, those savings continue day after day after day.
Harry Callahan
April 25th, 2011
10:57 am
But…but…but…what about the ecstatic Obama voter who crowed on video that Obama’s election meant that she wouuld no longer have to worry about paying her mortgage, or putting gas in her car? Was she duped? Was Hope and Change really just a hoax?
Mick
April 25th, 2011
10:57 am
Seems like every time I go to the pump a republican protected oil company is raising the price…
Harry Callahan
April 25th, 2011
10:58 am
“On the other hand, the increases in CAFE standards announced in 2009 are predicted to save us 1.4 million barrels of oil a day by 2020″
Assuming people actually buy the crapwagons…
Harry Callahan
April 25th, 2011
10:59 am
“Seems like every time I go to the pump a republican protected oil company is raising the price…”
Your guys is in charge, Mick. Gas has gone from $1.89/gallon on the day of his inauguration to $3.69 this morning…
getalife
April 25th, 2011
10:59 am
Perhaps barton should apologize to big oil again to lower prices.
MiltonMan
April 25th, 2011
10:59 am
…yet no mention of the nearly $8 billion annually that the Obozo administration hands out to subsidize just corn???
chuck
April 25th, 2011
10:59 am
What a bunch of IDIOTS!!! We are not “addicted” to oil. Anyone that says that is either the most jaded cynic imaginable or just plain stupid. Jay, REALLY?!? WE HAVE NO ALTERNATIVE! Obama’s Volt is nothing more than a smokescreen. $40,000 for a car with a 40 mile range. It’s just stupid to think that that is a solution. Just like the so calleed solution for saving electricity that our government is pushing to save the world by changing our light bulbs…forgetting the fact that disposal is a huge problem because they contain mercury, the current hysteria over oil will lead us to a similar problem when we have to dispose of all of the worn out batteries of these “electric” cars. Add to that that half of our electricity that will be used to RECHARGE the batteries of these cars comes from OIL FIRED plants and yourso-called solution is no better for us than what we have.
Our President is a dispicable human being. With one 2 minute statement he could drop gas prices tomorrow. All he has to do is ANNOUNCE that he is pushing for new drilling in the gulf and throughout the midwest and in ANWAR and prices wwill FALL like a rock. It doesn’t matter how long it will take to get oil from those new rigs (even though it would take a year or 2). These are SPECULATORS, (aka gamblers) that are contributing to this outrageous increase. THERE IS NO SHORTAGE. The only other thing he would have to do is encourage commodities markets to increase the margin on oil speculators.
DONE.
rightwingextreme
April 25th, 2011
11:00 am
and the profit margin for the oil companies was…..??
buller? buller? buller?
THE TRUTH
April 25th, 2011
11:00 am
President Hussein
April 25th, 2011
10:55 am
Thin guy, “Jug Ears”…love it!!! But “Dumbo” may be more appropriate
Now lets be a bit more respectful, it should be Odumbo.
jm
April 25th, 2011
11:00 am
Jay 10:56 – second that… though a higher gas tax would be more efficient and effective than CAFE standards at getting people off oil.
USMC
April 25th, 2011
11:00 am
Here Harry, just in case someone says “can you back up that statement?”
Obama is going to pay for my gas and mortgage:
http://www.youtube.com/watch?v=P36×8rTb3jI
Boy, how time flies!
Harry Callahan
April 25th, 2011
11:01 am
chuck…you have posted 500 words of facts and logic. Unfortunately for you (and for America) liberals are pretty much immune to facts and logic.
Lil' Barry Bailout
April 25th, 2011
11:01 am
Harry, we’re paying those idiots $7500 each to puchase one of the 100 or so crapwagon Volts GM manages to produce each year.
Senior Citizen Kane
April 25th, 2011
11:01 am
Here’s a serious question: If the oil companies totally eliminated any profit, how much would that cut the price of gas? I don’t know the answer, but I know Exxon’s profit margin is about 9 percent, not extremely high.
MiltonMan
April 25th, 2011
11:01 am
Hey liberals, if you don’t like paying higher prices at the pump, I recommend that you develop your own oil company and/or develop a way to become totatly independent of any oil.
jm
April 25th, 2011
11:02 am
Jay, BTW, if this keeps up, Obama is going to lose re-election. As was discussed on every Sunday talk show.
Heaven only knows, what Obama policy wonks want (and I don’t tend to disagree) is a higher gas tax. That would certainly make him a one-termer. Instead, they lie.
MPercy
April 25th, 2011
11:02 am
godless heathen 9:57 am The most recent numbers I could find on the goog were from July 2010 when the average price of regular gas in the US was $2.75 a gallon. At that time the price in Saudi Arabia was $0.45 / gallon, Kuwait $0.85 / gallon, Iran $0.32 / gallon, Venezuala $0.06 per gallon. No what’s all that about “It’s a world market and local production won’t affect the price.”?
You are aware, certainly, that those governments provide huge direct subsidies to keep gasoline prices low in their countries?
China’s gasoline subsides run about $40B/year.
Indonesia spends more on fuel subsidies, $20 billion this year, than any country except China.
Before adjusting the prices in 2008, Malaysia was spending 7.5 percent of its entire economic output on fuel subsidies, a greater share than any other nation.
“Every time you fill up your gasoline tank, you’re filling it up with the cheapest in the world; and the government is subsidizing over 90 percent of what it really costs,” [Venzuelan President Hugo] Chávez said in a television address to the nation. [http://www.marketwatch.com/story/low-gas-prices-plague-venezuela-2011-03-16]
[wikopedia] “Fuel subsidies are common in oil-rich countries. Venezuela, which has vast oil reserves, maintains a price of Bs.F 0.097 per litre (around US$0.02), and has done so since 1998.[15] Other countries with subsidized fuel include Iran, Saudi Arabia, Egypt, Burma, Malaysia, Kuwait, Trinidad and Tobago, Brunei, Nigeria and Bolivia. On December 26, 2010, the Bolivian government issued a decree removing subsidies which had fixed gasoline and diesel prices for the past seven years. Arguing that illegal export (contraband) to neighboring countries was harming the economy, Bolivia eliminated the subsidies and raised gas prices as much as 83%. United States gas and heating oil subsidies are not so visible and are generally in the free or reduced rate lease of government land, tax incentives, grants, and other compensation from the federal and the state governments.”
Harry Callahan
April 25th, 2011
11:02 am
“Here Harry, just in case someone says “can you back up that statement?”
Obama is going to pay for my gas and mortgage:
http://www.youtube.com/watch?v=P36×8rTb3jI ”
Thanks USMC…I’m pretty sure the lady in the video is the same lady panhandling me at the QT pumps last night…
President Hussein
April 25th, 2011
11:02 am
Dave R….me too. Hell, if I was an oilman, I’d vote for Barry for a third term! Just pull the strings a little more and have Soetoro do a folk minstrel dance while he does their bidding.
I wonder if they made Barry kneel before them when they ordered him to launch the Libya raids…
Mick
April 25th, 2011
11:02 am
harry
One thing I’ll admit to; it doesn’t matter who is the president, big oil and the market can render any president powerless when they want to gouge the consumer..
Fletch
April 25th, 2011
11:02 am
chuck – “All he has to do is ANNOUNCE that he is pushing for new drilling in the gulf and throughout the midwest and in ANWAR and prices wwill FALL like a rock.”
We’re already drilling in the midwest buddy. Look up BEXP and ESTE on the NASDAQ. These are just 2 companies currently working in the Williston basin.
ByteMe
April 25th, 2011
11:03 am
jm @1100: I think they should go hand in hand. Create the new cars that are more efficient then start quickly raising the tax so that people are “incentivized” to either drive less or get the new cars (thereby improving the car market in a huge win for that industry)… and then use the extra tax money to fix the transportation issues that have come from years of underfunding our infrastructure.
Harry Callahan
April 25th, 2011
11:04 am
“Harry, we’re paying those idiots $7500 each to puchase one of the 100 or so crapwagon Volts GM manages to produce each year.”
Maybe now that Barack runs GM, they can design a 6000 lb Escalade that gets 50MPG.
USMC
April 25th, 2011
11:04 am
“Your guys is in charge, Mick. Gas has gone from $1.89/gallon on the day of his inauguration to $3.69 this morning…”-Harry Callahan
That can’t be, Harry. It has to be the fault of that evil genius and his Rich, Big Oil Cronies down in Crawford, TX!
MPercy
April 25th, 2011
11:04 am
godless heathen 9:57 am
A NY Times article (not providing link since that tends to put my posts into moderation…)
“The oil company BP, known for thorough statistical analysis of energy markets, estimates that countries with subsidies accounted for 96 percent of the world’s increase in oil use last year — growth that has helped drive prices to record levels.
“In most countries that do not subsidize fuel, high prices have caused oil demand to stagnate or fall, as economic theory says they should. But in countries with subsidies, demand is still rising steeply, threatening to outstrip the growth in global supplies.
Lil' Barry Bailout
April 25th, 2011
11:05 am
Gas prices would drop more if government wasn’t profiting from it. The government profit far exceeds the profit of the company that did the work and took the risk to produce it.
Government: Biggest parasite in the world.
Harry Callahan
April 25th, 2011
11:05 am
“One thing I’ll admit to; it doesn’t matter who is the president, big oil and the market can render any president powerless when they want to gouge the consumer..”
Mick, in a perfect capitalist economy, excessive profits would lead new competitors to enter the market. Unfortunately, our government has created significant barriers to entry into the energy market.
Lil' Barry Bailout
April 25th, 2011
11:06 am
Nah, it’s the Koch brothers!!
jm
April 25th, 2011
11:06 am
ByteMe 11:03 – Congress will never raise the gas tax. They don’t have the balls. Though it might slip into some kind of omni-budget reform tax reform deficit reduction package.
There is no “plan” to raise CAFE then raise the gas tax…. (which would be generally logical, but Congress doesn’t work on logic, because the voters don’t work on logic)
1811/1801 - 0311/0317
April 25th, 2011
11:06 am
AND WHEN OBAMA IS GONE WE’LL ALL GET BAKT TO NORMAL !
http://www.youtube.com/watch?v=G5iypuYl4E0
Paul
April 25th, 2011
11:06 am
Sorry I’m late to the party – haven’t read earlier posts to see if these points have been made – but busy day today.
Demand? China’s up only five percent over last year.
US has more barrels of oil on hand than last year.
Goldman Sachs told its clients to dump commodities because ” “The record levels of speculative trading in crude have pushed their prices up so much in recent months that in the near term risk reward no longer favors holding those commodities.”
But Bank of America said otherwise.
The Obama Administration launches a speculation investigation, but it’s not to see if speculators play a role (altho one gov’t official alluded that it might assess that). It’s to see if speculation ‘involving fraud’ is occurring. That’s a big, big difference. One can have a speculation component without fraud or illegal activity.
One columnist makes the case for a culprit: the Fed flooding the market with ‘too much liquidity and record low interest rates.” It distorts markets, particularly commodities markets.
But, he says, we can always blame China.
http://www.star-telegram.com/2011/04/22/3020546/oil-were-being-had-again.html
ken
April 25th, 2011
11:06 am
Gas prices soared when Bush was president and the news media talked about oil men in the White House. And now , the same news media silent. They cover his a$$ 100% .
Soothsayer
April 25th, 2011
11:07 am
What if I told you that oil has not increased in price but, rather, that the dollar — which oil purchases are traded in — has gone down?
Rather than “fix” our fiscal problems by raising taxes and cutting spending, Ben drops $1,500,000,000,000.00 of them little green paper thingies out of the helicopter window to cover the difference. This has the effect of debasing the dollar.
So, in effect, we have is what amounts to a “stealth” tax on everyone in America because everyone in some way or another is affected by higher oil prices whether you buy gasoline or not.
ByteMe
April 25th, 2011
11:08 am
MPercy: here’s the link
http://www.nytimes.com/2008/07/28/business/worldbusiness/28subsidy.html?partner=rssnyt&emc=rss
jm
April 25th, 2011
11:08 am
Byteme 11:03 – oh, and if you raise gas taxes, you don’t have to raise CAFE, because demand will automatically shift to more fuel efficient cars. Only in DC is all this crazy BS necessary.
Jay
April 25th, 2011
11:09 am
Yes, Li’l One, and I’m sure you were equally exercised over this one circa 2003, right?
“The Bush administration has proposed tripling a little-know tax deduction that dermatologists, real estate agents, accountants or business consultants can use to buy the biggest SUVs.
It’s a highly stimulating provision in the administration’s economic stimulus program. The loophole would allow someone who buys an $102,581 Hummer H1 for “business purposes” to deduct $87,135 from his taxes immediately. Seriously. Good deal if you can get it.
In December, The Detroit News first reported that lots of self-employed dentists and lawyers were getting it. The auto industry’s hometown paper also was the first to figure out that the new Bush plan would turn the SUV loophole into a four-car garage in the tax code.
“Oh, you’ve got to be kidding,” said Skip Barnett, a Hummer dealer in Atlanta when the News told him about the Bush tax plan’s new SUV subsidy. “That would make a Hummer practically free.” Bingo.
So now a chiropractor in Sausalito can buy a top of the line Hummer for that $102,581 and then claim a $75,000 deduction for capital equipment, an $8,274 post-Sep. 11 bonus capital equipment deduction and a first-year depreciation allowance of $3,861. The total deduction: $87,135. Assuming the driver is in the top income bracket, the federal tax savings for buying a Hummer is $33,634.”
You were saying?
jm
April 25th, 2011
11:10 am
also related
Ford Quarterly Profit May Climb as Fuel-Efficient Models Gain
http://noir.bloomberg.com/apps/news?pid=20601087&sid=aUqsCUOBDKhM&pos=6
Left wing management
April 25th, 2011
11:10 am
Government: Biggest parasite in the world.
Pftt …
getalife
April 25th, 2011
11:10 am
The gop will block any energy policy for big oil but go ahead and blame the President.
ByteMe
April 25th, 2011
11:11 am
jm @ 1106: All true.
I’m not surprised, but no one seems to be talking about the role Oil ETFs are having on this. If you have thousands of investors piling into an ETF that locks up futures contracts with no intention of taking delivery, that will drive up prices in the short-term. Basically, it magnifies the existing move just as it’s doing with gold.
President Hussein
April 25th, 2011
11:11 am
Truth, Odumbo? Oh I get it, he’s Irish, as in O’bama. He’s not Kenyan afterall!!! Phew!…..
Paul
April 25th, 2011
11:12 am
Harry
[["On the other hand, the increases in CAFE standards announced in 2009 are predicted to save us 1.4 million barrels of oil a day by 2020″
Assuming people actually buy the crapwagons…]]
The Energy Independence and Security Act of 2007, signed by Pres Bush, applies to all vehicles – cars and light trucks.
So ‘crapwagons’ – vehicles affected by CAFE increases, includes Suburbans, Escalades, F-150s, etc.
Jay
April 25th, 2011
11:13 am
jm, I very much doubt that a higher gas tax would have that effect. Higher gas prices haven’t, and they’ve jumped a lot more than any conceivable increase in the gas tax. Again, gasoline use is pretty inelastic. People will keep doing it regardless of price.
chuck
April 25th, 2011
11:13 am
Thanks Harry, and you are right. The VERY PEOPLE that they think they have to take care of (minorities, the poor, single mothers, etc.) are the ones hurt the most by these policies, yet in 2012, they will be the same ones out there trying to get the libs back in office.
Fletch, I was talking about NEW DRILLING.
jm
April 25th, 2011
11:13 am
Higher commodity prices, higher food prices, higher oil prices, plus high unemployment and wage stagnation = lots of people in America getting poorer and stagflation.
Not going to be fun times if you’re anything other than wealthy. And voters can blame themselves and DC.
jm
April 25th, 2011
11:15 am
Jay 11:13 – see the Ford link I just posted. Sales of fuel efficient cars go way up when gas prices go up. Ergo, higher gas tax = better fleet fuel economy without the very inefficient and “allocative” CAFE standards. Since cars last 8-10 years, change can happen quickly.
President Hussein
April 25th, 2011
11:15 am
Getalife, we blamed Bush didn’t you? What goes around comes around…
Fletch
April 25th, 2011
11:15 am
chuck – “Fletch, I was talking about NEW DRILLING.”
I know you were, and they are sinking new wells everyday. I’m invested in both the drilling and leasing side, so I can assure you that where ever there are places to drill, they are being explored. At least in my area.
THE TRUTH
April 25th, 2011
11:16 am
Jay, G.W. is not in the White House. Obungles is Campaigner in Chief, perhaps if you Liberals would stop looking back we might focus on the present or even the future.
getalife
April 25th, 2011
11:18 am
“Getalife, we blamed Bush didn’t you? What goes around comes around…”
So, what has Obama done to use less oil in our future compared to bush?
Lil' Barry Bailout
April 25th, 2011
11:18 am
Jay
April 25th, 2011
11:09 am
———
Hehe heh…that’s either a red herring or a straw man. Maybe it’s a “straw herring”. In any case, it looks like Jay admitting that the so-called “subsidies” to oil companies are no such thing, just bait for the capitalism-hating lefties.
President Hussein
April 25th, 2011
11:20 am
As a conservative, I hope Soetoro’s re-elected. He’s done wonders for my oil portfolio. Barry’s big oil’s best friend!!!
MPercy
April 25th, 2011
11:20 am
poison pen – “10 Billion profit for Exxon in 8 weeks is out of line.”
Last year, ExxonMobil had revenues of $383.22B. Their reported profits were $30.46B.
That works out to a profit margin of 7.95%.
Hardly seems out-of-line to me.
Del
April 25th, 2011
11:20 am
http://www.foxnews.com/us/2011/04/25/energy-america-oil-drilling-denial/
Jay
April 25th, 2011
11:21 am
jm, a doubling of gas prices can have that effect. An increase of 10-20 cents a gallon — i.e., a doubling of the federal tax — could not.
jm
April 25th, 2011
11:22 am
Alan Mulally (the Ford CEO) should be given a $1 Billion bonus. Pay differentials and complaints against the rich corporate jerks be damned. The guy saved an American car company without government help and keeps making it better and better.
getalife
April 25th, 2011
11:22 am
At least jm is debating like an adult today.
jm
April 25th, 2011
11:22 am
Jay 11:21 – I agree. They should phase in a gas tax of somewhere from $1.50 to $2.00 per gallon, then to be increased with inflation.
Bill Orvis White
April 25th, 2011
11:23 am
The fact is that this anti-Colonialist-in-Chief is rooted in Marxist beliefs that free markets should cease to exist. It’s a fact that this installed-administration hates America’s way of life which is the car, SUV, minivan, road vehicle, off-road vehicle and so forth. Does anyone remember the Honorable Ari Fleischer announcing ten years ago that oil is the American Way? He was right then and I’m sure that great man would say it again and he would be right now! I have no idea what liberal source Liberal Jay is getting his EIA numbers or whatever. The fact, those numbers don’t mean squat when you factor in the high technologies that oil companies are trying to develop and get out on the market. Those advances will not be realized if folk like Hussein Obama and Liberal Jay keep pushing to tax and regulate these companies. Sorry @Mick, but you’re not being realistic. Electric cars have to use batteries that were shipped to the dealers, by guess what? Huge patriotic gas guzzling trucks! LOL! Plus, what happens when those batteries go bad? They end up in lakes polluting your precious fish! LOL! You idiot libs are funny to read in this forum. None of you understand reality and free markets!
GOOD NIGHT!
Amen, Bill
AmVet - A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward. ~Franklin D. Roosevelt
April 25th, 2011
11:23 am
Jay, regarding that information you provided at 11:09, how perverse and counter-productive was that sell out?
I remember it well, and it sickened me.
Instead of making it more difficult to justify polluting gas guzzlers, the neo-cons, in a fit of imperious self-destructiveness, rewarded it! Needlessly.
Not JUST in foreign policy, these perpetually stuck in the past Republicans are the most dangerous segment of our entire population…
President Hussein
April 25th, 2011
11:23 am
Getalife, oh I don’t know, drive a 20 ton limo, have 2 identical Air Force One, Marine One copter…same as Bush….or did Barry put hybrid engines in them secretly??
Jay
April 25th, 2011
11:23 am
“Hehe heh…that’s either a red herring or a straw man. Maybe it’s a “straw herring”.
In other words, L’il Barry, you have no idea what either of those terms mean, but you’ve seen other people use them. So now that you’ve been confronted with facts you can’t address, you are trying that escape route yourself.
JKL2
April 25th, 2011
11:24 am
Mick- Seems like every time I go to the pump a republican protected oil company is raising the price…
Go to Citgo. That way you are helping Hugo Chavez defeat the evil empire.
Fletch
April 25th, 2011
11:24 am
jm – “They should phase in a gas tax of somewhere from $1.50 to $2.00 per gallon, then to be increased with inflation.”
No argument on that!
ByteMe
April 25th, 2011
11:25 am
Jay @1121: Both jm and I are not talking about $0.20. In my mind, the number needs to be more like $0.50 – $1.00 and climbing from there to permanently put a floor on gas prices that will force consumers to take another look at their use of fuel… as well as raise needed money for infrastructure used by those same cars.
In the end, though, I think all cars need to be electric and just use what’s on the grid from their local power companies, so that the most efficient fuels are used in each area of the country (e.g., coal in coal country, natural gas near the gulf, wind in the plains, etc.)
getalife
April 25th, 2011
11:25 am
Try using the Google hussein.
Lil' Barry Bailout
April 25th, 2011
11:25 am
“10 Billion profit for Exxon in 8 weeks is out of line.”
———-
If you have a problem with it, sell your shares and/or refuse to do business with them. Other than that, it really isn’t any of your business.
@@
April 25th, 2011
11:25 am
When gas was at $3.00 a gallon (average), who was gouging whom?
Who is getting rich at the gas pumps?
For starters, many average Americans who hold stock in the oil companies, either directly or indirectly through their 410k or mutual fund. But the fact is, the gross profit margin for a gallon of gas in America today, is what it has always been, on average, .08 cents per gallon, (2.5% at $3.00 per gallon). Though retail gas prices fluctuate with crude prices and supply vs. demand, the gross profit margin per gallon remains roughly the same at all times. (No evidence of price gouging here.)
However the federal government profits approximately .59 cents per gallon through gasoline taxes, 7 ½ times or 750% that of the oil producers themselves and 20% of the price at the pumps. Pay attention here, Washington liberals are attacking oil companies for their 2.5% gross profit margin, while Washington is profiting 20% per gallon. Democrats answer? Tax some more?
http://www.jb-williams.com/4-25-06.htm
That which is seen and that which government doesn’t want you to see.
http://bastiat.org/en/twisatwins.html
Lil' Barry Bailout
April 25th, 2011
11:26 am
Jay
April 25th, 2011
11:23 am
——–
Another straw herring, Jay?
jt
April 25th, 2011
11:27 am
Relax………………..as we speak……………………………….
there are private individuals working..and solving….. our energy needs, despite the Federal leviathon and its cronys fighting them EVERY INCH of the way.Not unlike our life-saving drugs which are tied up in FDA arm-twisting,pay-off heiarchy hell, our energy means have already been solved….And it is INDEED a brighter future.
Private ….rugged…individuals.
For those who look toward Washington………Pelosi,Ryan,Obama, or Trump to solve your problems and influence your future……………….you deserve EXACTLY what you get.
Go in Peace.,you frightened masses…….let your soccer-type shackles rest comfortably upon your shoulders………ignore the fleecing of a devalued currency,ignore the soft tyranny at your doorstep or workplace, ignore the American children’s lives spent on establishing an Islamic government in foreign lands,……just don’t expect the smart ones to go ….peacefully………with you brain-washed state worshipping metro-sexual hen/state pecked ninnies.
Hey FEDERALIES………………………….
http://www.youtube.com/watch?v=h0JvF9vpqx8&feature=related
ken
April 25th, 2011
11:27 am
From cows to computers oil prices are making it more expensive to produce and transport everything. High oil prices are just like a tax increase. It forces one to change their way of life. Lower consumption, fewer jobs. Not a good scenario.
onpatroll
April 25th, 2011
11:28 am
chuck, you obviously don’t know the definition of addiction. We are addicted to oil because our economy can not continue without oil. If we run out tomorrow the economy and life as we know it is gone. You may ride your bike to the supermarket but there will be nothing to buy when there is not 18 wheelers to bring the food. In fact, there will be no oil to use for the machines that harvest crops. We use oil to till the fields, sow the seeds, and harvest. Every piece of plastic we use is made from oil. The main reason we have unused oil leases is the cost of getting the oil. Anwar is a pointless argument. If we drill in anwar how exactly do you suppose we get the oil from there to here without a pipeline? Which doesn’t currently exist. Why do we drill in the gulf when it cost way more money? The land based oil is gone. Even Saudi Arabia is starting to drill off shore. That tells you the land based oil is running out. Look up how much oil we use to actually refine oil. Its not the end of times but to think its going to get cheaper to buy oil is a dream. The price goes up, we cut back and the price goes down. Then we pick up consumption and the price goes back up. $1.89 to $2.69, $2.09 to $3.49, $3.09 to $3.79. When oil dips from this current hit ($4-$6) is a guess for the end of summer back to $3.69 we will think that’s a deal. It will then climb back up until we think $6/gallon is a deal eventually. Doesn’t matter if our govt. subsidizes it or not. Its a limited resource that will cease to exist. Then what?
jm
April 25th, 2011
11:28 am
… and for the record, if someone were to slap a (never going to happen in DC) $1.50 level tax on gas, then the lowest income tax bracket needs to be cut and the government better start giving the freight rail industry “eminent domain” powers for acquiring new right of way.
@@
April 25th, 2011
11:29 am
Whooaaaa!
AmVet’s gotten all fancy schmancy with his online moniker.
A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward.
This coming from a guy who’s stuck in the 60s.
Too funny!
Common Sense
April 25th, 2011
11:29 am
So this is what you want us to do:
1) Sell paid for and fully functional SUV which gets 15 mpg, and purchase 40 mpg fuel efficient vehicle, paying a car payment of $300 per month for the next five years.
2) Continue driving average 1000 miles per month, saving me $166 in fuel costs.
3) Pay higher auto tag and insurance costs on the new vehicle of $40 per month.
Monthly increase in my expenses: $174 per month.
So just who will be benefit from my choices here? Certainly not me.
Lil' Barry Bailout
April 25th, 2011
11:29 am
Our President Bush merely stimulated the sale of Hummers. It’s not like he confiscated the company from its rightful owners or anything–the Idiot Messiah did that, twice.
LydiasDad
April 25th, 2011
11:29 am
Obama fails; Jay whines.
ByteMe
April 25th, 2011
11:30 am
@@: you’re quoting someone making up stuff.
The Federal Gas Tax is 18.4 cpg. Has been for years and years.
TaxPayer
April 25th, 2011
11:32 am
Perhaps higher gas prices are what is needed to get people to support new technology. Of course, the cost of that new technology has to be low enough relative to the old technology to make it worthwhile. I’ll certainly be keeping an eye on the cost of hybrids and all electric cars though because higher gas prices are the new reality no matter how many holes we drill.
THE TRUTH
April 25th, 2011
11:33 am
Amvet (not) you propose the GOP has never learned to walk forward, well my friend it is the Liberals who continue to look backwards, you are still trying to blame past presidents and giving that idiot in the White House now a free pass. I am a proud conservative who looks to the future, I can’t wait until 2012 when we can all stand and sing NA-NA-NA-NA HEY-HEY HEY GOOOOOD BYE– to Obungles.
Paul
April 25th, 2011
11:34 am
Common Sense
I’ll offer another alternative, which is to keep running the current vehicle until it costs more to maintain than it’s worth (or until the driver’s tired of wondering when it’s going to break down again), then get another vehicle that meets their needs (not so much wants). And if that means another SUV, well, in another five years that SUV is part of a category that will need to average 30mpg anyhow.
AmVet - A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward. ~Franklin D. Roosevelt
April 25th, 2011
11:34 am
Barry using the words Bush and stimulated in the same sentence is a bit unsettling.
But I’m not sure if it is a red straw or a herring man!
The vanguard Carter put solar panels on the roof of the White House in 1979.
The anti-environmental, BIG government Reaganistas took them down.
Carter looked forward, cons live in the past…
TaxPayer
April 25th, 2011
11:35 am
I see lil BB is still worshipping an idiot. Some things never change.
LydiasDad
April 25th, 2011
11:35 am
Exactly Common Sense. Libs don’t get it. The so-called “fuel-efficient” vehicles are so ridiculous expensive it would take decades to break even given the cost of gasoline. The liberal green economy isn’t helping at all. It’s making fools of the idiots who fall for it.
carlosgvv
April 25th, 2011
11:36 am
Jay – “people will keep doing it regardless of price”
Are you suggesting we do something else? What? Drive our electric cars, our hydrogen powered cars, ride mo-peds, bicycles, go back to horse and buggys, walk? If you have a good, viable alternative to gasoline use, we would all love to know what it is.
President Hussein
April 25th, 2011
11:37 am
Getalife, oh I use google plenty. That’s why I know Barry is an evil Marxist Kenyan. Plus, Jay keeps referring to him as one
Keep Up the Good Fight!
April 25th, 2011
11:37 am
Ahh…the idiot messiah commentator. Why I do believe that Lil bar is Grady Warren. Could be wrong but they seem to share a lot of descriptions of the President. Grady is a presidential tea party candidate so I wonder? Will we hear more cries for Teahad?
AmVet - A conservative is a man with two perfectly good legs who, however, has never learned how to walk forward. ~Franklin D. Roosevelt
April 25th, 2011
11:38 am
THE TRUTH, and if you had to, in any way, prove that canard about how you look forward, the readers here would be able to tell otherwise.
But by all means tell me in great detail about your supposed, non-conservative conservative vision for the future.
And remember, this is a no lie and Republispeak-free zone. Give me specifics not slogans…
@@
April 25th, 2011
11:38 am
Byte:
Plus state and local. All government…all greedy.
http://www.gaspricewatch.com/usgastaxes.asp
Common Sense
April 25th, 2011
11:38 am
Paul,
Don’t disagree. But that is not want the progressives want.
And what they seem to fail to grasp is that all the oil they save, regardless of the cost to do so, will not be available for those that sacrificed to save it.
We have global markets. And that fuel will go to the highest bidder.
So in essence, we end up saving oil and subsidizing the costs for the rest of the world. And we will be bearing the cost.
I encourage the rest of you to go out there and spend your way to a fuel efficient future. My SUV and I thank you.
onpatroll
April 25th, 2011
11:39 am
And Common Sense uses none. Nice post. Exactly who is asking you to do anything you just stated? You will have to adjust eventually whether you like it or not. That’s fact. Unless you don’t mind paying $100 bucks to fill up/week. When it costs me $70 to fill up. I stop going places. the once a month backpacking trips have now turned to zero for 2011.