Obama responsible for bringing $5 per gallon gasoline

IMHO, it was both. The oil supply shock led to skyrocketing prices, and Nixon's price ceilings created excess demand. At the end of the day, we only got out of it because the consumers adjusted and started demanding less.

 

poor liltexxx

The "Obama is da debil" narrative just ain't workin' for ya.


POLL: 2 Of 3 Americans Blame Gas Price Hikes On Big Oil ‘Taking Advantage Of The Situation To Make More Money’

A new Bloomberg poll shows that two-thirds of Americans blame rising gas prices on “oil companies and Middle East nations who are taking advantage of the situation to make more money.” Meanwhile, 23 percent cited the Obama administration’s policies. The findings echo yesterday’s National Journal poll, where a combined 66 percent blamed “the manipulation of prices by large energy companies” or tensions in the Middle East, whereas 14 percent cited President Obama’s policies.

 

2008 called. They want their fear mongering back.

 

The IEA (International Energy Agency) - the organization of oil importing countries - last year released about 60 million barrels of crude oil in response to declines in Libyan oil production. That included about 30 million barrels released from the USA strategic petroleum reserve (SPR). Plans are in the making for a similar release of strategic oil.

The White House (Obama administration) denied reports amid a visit to the US by U.K. the Prime Minister that it will release oil from the SPR to curtail rising oil prices which have been rooted in concerns over Iran's nuclear program as well as the sale and pricing of oil in non-US dollar denominated currency. Earlier this month Iran agreed to terms with India for selling oil in rupees in order to settle agricultural debts owed to India. However, the White House denies such allegations during an election year.

One problem arising from such a release in strategically held oil during an election year is that it could be viewed as a move to buy votes. While supply disruptions from Iran could pose threats to oil markets when European Union (EU) sanctions take effect this summer (July 1) other OPEC nations ensure that world oil markets will be adequately supplied. However some are questioning Saudi Arabia's ability to act as a swing producer amind rising prices which have been ongoing since 2004.

South Sudan and its northern neighbor Sudan have reached symbolic agreements that could soon allow South Sudan's 350,000 barrels per day of oil exports to flow out of the country. The two countries have recently clashed over cost of shipping oil through Sudan. No other infrastructure exists for South Sudan to ship its oil to markets which mainly include main land China.

North Sea oil production from U.K. and Norway countinues its 5 year long downward trend. This has raised concerns that the U.K. will again become a net oil importer, and that recent changes in the Norwegian government's budget over oil revenues are a sign that North Sea oil production may have peaked for good several years ago.

 

Anyone down for a weekend carpool to Mexico?

 

Wait a minute, are you, an avowed conservative, suggesting that we implement price controls on gasoline?

 

SCIENCE!

Analysis: More US drilling didn't drop gas price

More at the link.

 

Executive branch is decreasing permit application time. This drop gasoline prices by 50%, amirite?

Uncertainty from Libya.

 

this would make zero sense for someone in Los Angeles to do.

it's a 270 round trip drive down to tijuana to save what- $15 per tank?

today's fillup was $4.09 after a frequent shopper discount program with Ralph's and Shell.

I saw prices anywhere between 4.19 and 4.45

 

For the OP? Goofus.

 

War in Sudan, increasing Libyan production, and surging southern Iraq production.

Surprised this hasn't been making the rounds on the mainstream media (MSM) considering the attention the Sudanese war was recieving 3-4 years ago. I guess when Tracy McGrady stops going to Sudan it stops becoming a big deal.

Perhaps curbing exports through Syria.

 

Oil tanker rates hit lowest since 1997 while European oil demand may reach 1996 level.

http://www.bloomberg.com/news/2012-...as-rates-drop-to-lowest-since-97-freight.html

Greece's oil demand is being supplied on open credit terms by Glencore and Vitol.

http://www.reuters.com/article/2012/05/30/us-greece-oil-traders-idUSBRE84T0JV20120530

 

This was the thread I was looking for when I posted the article I posted earlier in the Good Economic news. Repost for the topic at hand:

 

I'd like an acknowledgement from bigthespiannn of Obama's masterful handling of worldwide oil supply and demand here.

Thespiannn - perform.

 

ATENCION BIGTHESPIANNN - if loving victory is wrong, then I don't want to be right.

​

 

Where is the $5.00 a gallon gasoline?

 

The silence from bigpantomimeee in this thread is remarkable.

Obama has triumphed again by jiggling the levers and rattling the gears of the world oil market. It's not an easy task, but he was able to get it done, after a lot of hard decisive Tru Warier President work. Now ungrateful sots like bigtexxxeralla can remain king of the road at $3.47 in his/her Toyota Tacomaii.

When the bigtexxxatron starts trying to distract with funny pictures - you know that you have won the game, and basically there is nothing left to do but to stumble over to the methhead carnie running the booth game and point at the crappy stuffed lion that you just spent 25$ trying to win. Then you retire to your abode,you are finally there to sit on your throne as prince of Bel Air.

 

Resorting to insults I see. Your argument has thus been deemed moot, null, and void!

By your own standards... YOU LOSE, good day sir!