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April 2, 2008

Oil Execs Hauled Before Politburo

Marxist demagogues like Rep. Edward Markey (D-MA) spent April Fool's Day grilling oil executives on how they dare make a profit by providing us with the oil we need, and why the price of this limited commodity keeps rising with demand. They could have gotten a couple of answers just by visiting Lone Star Times:

The answers lie in the fact that lawmakers have placed too high of a hurdle on refiners and have stopped exploration in the U.S. In favor of growing freaking corn. Idiots.

In addition to the government-imposed restrictions and biofuel lunacy, there are also the steep taxes on gasoline. As usual, the government is the problem, not the solution. But trying to explain that to guys like Malarkey would be as futile as attempting to teach them the laws of supply and demand.

rep-edward-markey.jpg
"Hmm. If we nationalized oil companies Chavez-style, I'd be even more powerful…"

On a tip from Byron.

Posted by Van Helsing at April 2, 2008 8:11 AM

Comments

Strong the Farce is in this one ....

Posted by: monsoon at April 2, 2008 8:24 AM

A few years back I recall our congressman, Pete Stark, called for a tax of several dollars per gallon on gas.

Now some are upset it is too high? I thought a high-price was a good think as it would get folks to reduce their driving and, thus, save Mother Earth.

Specific to oil, we have sat on our behinds in term of domestic exploration. Canada, Cuba, Brazil, and now the Falkland Islands are all expanding their off-shore drilling exploration as our leaders whine.

Posted by: dpt at April 2, 2008 9:38 AM

Im suprised they did boil them all in oil to appease the masses.

Posted by: Anonymous at April 2, 2008 10:02 AM

Markey (that "April Fool") -- the next Teddy "the Swimmer" Kennedy. God help the good people of Massachusetts! God help the good people of the United States of America if we keep electing these buffoons.

Posted by: jc14 at April 2, 2008 10:33 AM

Speak of supply and demand.

Cubans Snap Up Goods No Longer Banned

"There was no sign yet of two highly anticipated items: computers and microwaves, though salespeople said computers would soon hit the shelves."

http://ap.google.com/article/ALeqM5jcgV95yRAsjpjDjGsvNR1kO9sMjgD8VP6JDG3

Cubans are going to start figuring out fast they really don't live in Mikey Moore's utopian paradise.

Posted by: baldeagle390 at April 2, 2008 10:56 AM

Does anyone know if the bus Obama is using to drum up votes in Pennsylvania is a regular diesel bus or not? It had better be an electric solar powered "green bus"!!

Posted by: Anonymous at April 2, 2008 12:32 PM

Commodities speculators (ie, 'gamblers') also drove up the price of oil. As for biofuel, since it's less effecient than gasoline, the consumer has to buy MORE of the gas with the additive.
The government and Liberals are calling for 20% ethanol in our gasoline in a few years. Oh joy.

Posted by: KHarn at April 2, 2008 4:18 PM

This was nothing more than those that are truly responsible for the energy 'crisis' looking for a scapegoat. Until they pull their head and realize they are being lead by every eco-idiot group in the country we're probably stuck with it.

When a reasonable argument is made for domestic drilling they hide behind this absurd notion of developing alternative sources of energy. Been talking about that for decades. They truly do not have the answer and will not entertain the politically dangerous idea of allowing the obvious solution ( increasing domestic drilling and production ) without fear of upsetting their politcal base. After all, what is important is they stay elected, their country be damned.

If Exxon makes a huge profit then they are 'evil big oil' in these peoples attempts to think but if Mike Moore spends a couple of million making the equivalent of a freshman film and makes $100 million then those are well-deserved profits.

Posted by: IOpian at April 2, 2008 4:21 PM

Another factor in the higher price of oil and fuel is the falling dollar. As the dollar falls it takes more dollars to buy a barrel of oil on the world market.

During Katrina oil was in the mid $70's and gasoline locally was $3.30/gallon. Now oil is over $100 but gasoline locally is only $3.30/gallon. Something I havent heard mentioned. I would expect gasoline to have hit over $4.00 nation wide but it isnt. Sure there are pockets where it is but prices are actually low considering where oil is.

Posted by: Anonymous at April 2, 2008 6:24 PM

Why doesn't congress drag the Arab Emirates before them and 'grill' them?

Freakin' idiots. I have more respect for brainless jellyfish than I do for an American politician. At least a jellyfish only stings you if you screw with it.

Posted by: Jimbo at April 2, 2008 7:49 PM

Oil is a commodity, it should get cheaper, not more expensive.

Posted by: Mr. Parker at April 2, 2008 8:17 PM

I forgot this "limited commodity" BS, guess what?, it aint limited. The idea of peak oil is moonbat type stuff.

When you got Brazil finding HUGE oil deposits, we aint close to running out. Heck, we have enough oil in West Virginia to last the USA for over 200 years even with projected increased use. And yes, West Virginia.

Posted by: Mr. Parker at April 2, 2008 8:34 PM

That doesn't surprise me at all, actually. North America was at the equator during the Carboniferous and therfore has large deposits of organic material everywhere on the continent, especially its margins.

Posted by: Arthur at April 2, 2008 9:21 PM

Parker is absolutely correct.

There's more oil in the Lower 48 and the Gulf than you can shake an empty gas can at.

If there's any GOOD reason to not drill in a featureless arctic desert like ANWAR it's the cost of getting the oil to southern refineries. (That, and the fact that Alaskan Arctic oil is the crudest of the crude.)

There's plenty of 'sweet' oil to be had, but its mining is prohibited by those who know that one of the ways to control the populous is to make them cold and immobile.

In addition to controlling your energy usage (making you cold and immobile) - If they can also take your firearms (gun control), limit your speech ("hate" speech laws), make sure they control your minds (mandatory public education and main-stream media), remove your property rights (eminent domain), take away your Higher Power (separation of church and state), and control your income (taxes) – they have you by the balls and they know it. You are then under their complete control. They have become God and if you don’t worship them you will die.

A liberal’s utopia.

Sorta like communism, huh?

Buy bullets, boys and girls.

Posted by: Jimbo at April 2, 2008 9:26 PM

Wow Jimbo, I swore I wasn't going to post again tonight, but had to. Once we are on the same side of the fence. Except your political stuff you had to bring in.

Oh, sorry to burst your bubble, but Alaska oil is sweet like Texas oil, it is good oil. Not that tar crap oil from Canada or Venezuela.

Posted by: Mr. Parker at April 2, 2008 10:17 PM

Parker - I'm an engineer who helped develop the Prudhoe Bay oil fields.

You'd do well not to argue the quality of the product with me.

The sweetest oil in the world is Saudi. The least is Arctic. Texas is in between - leaning towards sweet.

You're probably confusing North Sea oil (good stuff), Siberian oil (more good stuff), with Alaskan (sludge).

Believe me - when it comes to this - I know what I'm saying.

Posted by: Jimbo at April 2, 2008 10:38 PM

This chart illustrates gasoline prices are lower than they should be. Anyone know why?

http://www.portfolio.com/views/blogs/market-movers/2008/02/21/chart-of-the-day-oil-and-gasoline-prices

The divergence appears to have started last year. Its definitely quite odd. Is the retail price of gasoline being held down somehow or is there simply more if out there than people think so commodity traders cant bid the price up? Since the price of oil is way up, somebody is taking a hit to their profit margin.


Posted by: Anonymous at April 3, 2008 5:41 AM

There's plenty of 'sweet' oil to be had, but its mining is prohibited by those who know that one of the ways to control the populous is to make them cold and immobile.

One of whom is the "Republican" nominee for president.

Posted by: V the K at April 3, 2008 5:58 AM

"Anonymous at April 3, 2008 5:41 AM"

Have you factored the "election year" equation into your calculations?

Posted by: KHarn at April 3, 2008 1:16 PM

Jimbo, I don't want to call someone out on specifics, Prudhoe Bay field is not shale/sand oil and I don't think sludge. Buddy, I spent time in Oklahoma as an outsider. I knows my oils, or least I thought. As a elementary school kid all the fathers of my classmates worked on that pipeline came from Oklahoma, so my information is from them.

Posted by: Mr. Parker at April 3, 2008 8:13 PM