Oil Slick Stuff

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Why do we need to give them Federal Park lands? Because the property owners on the coast don't want their site lines ruined? The oil companies ought to have to pay for access from whoever owns the land, not get an ANWAR Parkland Freebie from the Government.
 
Interesting!

Nnuut, this post defines the fuel issue as a politically oriented party-line issue. I believe that the U.S. can strike a balance without newspeople and vested interests having the upper hand in confusing the issues. I believe that american imagination, ingenuity, and resorcefuleness could have succeeded in creating new sources of alternative fuels, if only a serious effort had been made for the good of the nation, along time ago -- 1974 -- when the oil producing/exporting countries (OPEC) first threatened to choke our economy and the free world. This thing goes beyond political party lines. IMO this has become a National Security issue. Are we going to wait for the next century to start taking serious action and end the dependency on foreign governments? I hope not.
 
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I'm with you Guys, but there is no reason to delay "imagination, ingenuity, and resourcefulness" if this crisis ends tomorrow. The Govt. should find a better energy source or a way of using the ones we have that won't crash the atmosphere!:cool:

What happened did we make them an offer that they can't refuse?View attachment 4028

Saudi Arabia seeks oil price curb

Information Minister says current oil price is 'unwarranted' as kingdom plans meeting of producers, consumers; will cooperate with OPEC.

Last Updated: June 9, 2008: 1:24 PM EDT

Kingdom will work with OPEC to "guarantee the availability of oil supplies," says Saudi Information Minister.
Saudi Arabia (AP) -- Saudi Arabia will call for a summit between oil producing countries and consumer states to discuss soaring energy prices, Information and Culture Minister Iyad Madani said Monday.

The kingdom will also work with OPEC to "guarantee the availability of oil supplies now and in the future," the minister said following the weekly Cabinet meeting, held in the seaport city of Jiddah.
Record jump in price
The Saudi announcement comes just three days after the biggest single-day price leap ever, when oil surged more than $11 to surpass $139 per barrel.
Retail gas prices rose further above $4 Monday in the United States, the world's largest oil consumer, following the unprecedented price rally.
The kingdom will work to ensure there will be no "unwarranted and unnatural oil price hikes that could affect international economies, especially those of developing countries," said Madani.
"There is no justification for the current rise in prices," he said.
Thomas Petrie, a vice chairman at Merrill Lynch and an energy markets expert, said he expects oil to be in a range of $120 to $150 a barrel between now and the fall, though he acknowledged trying to pigeonhole a price point is "a bit of a pointless exercise."
"I'd be surprised if we don't end the year having reached a point where we begin to see demand patterns changing, and we start to see prices come in some from that range, but not a lot."
Volatile New York trading [more]
http://money.cnn.com/2008/06/09/news/international/saudi_oil.ap/index.htm?postversion=2008060913
 
Here's the big BUT
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We can be still living comfortably and cheaply on the oil we have still untapped for the next 200 years under our home dirt and ice...ALL THE WHILE mind you, we can be looking for a a renewable source of practical fuel/energy to live off until Jesus calls us home...So While we are working on developing Anti-Matter reactors for our Honda's..Let's go for the gold, BLACK GOLD that is...


Discovered over 50 years ago, the Bakken deposit--once impossible to extract--is now being hailed as the single largest oil find in US history.
That's because, today, thanks to breakthrough drilling techniques like horizontal drilling, the Bakken's oil shales can be extracted relatively cheaply.
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http://www.energyandcapital.com/aqx_p/5151?gclid=COfNrt3y6JMCFQabnAodTgNIWQ
 
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IEA cuts oil demand outlook

Energy watchdog says higher prices are causing demand to contract in developed countries, but that the market is still off balance.

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Last Updated: June 10, 2008: 6:42 AM EDT

PARIS (AP) -- The International Energy Agency on Tuesday lowered its forecast for global oil demand this year amid surging prices, but said the world's hunger for oil is still knocking the market off balance.
"Supply growth so far this year has been poor and higher prices are needed to choke off demand to balance the market," the Paris-based watchdog said in a monthly report.
The agency predicted global oil product demand in 2008 to grow by 0.9%, or 800,000 barrels a day, down from the 1.2%, or 1 million barrels, forecast earlier.
The change follows decisions by several developing countries to reduce fuel subsidies because of high oil prices. The agency has also made upward revisions to its 2006 and 2007 data.
The agency lowered its 2008 global demand forecast to 86.8 million barrels a day, down 80,000 barrels from last month. The agency has been steadily lowering its demand predictions for the past several months as oil prices have climbed.
The IEA predicted U.S. oil demand would contract by up to 2.5% this year to 20.3 million barrels a day.[more]
http://money.cnn.com/2008/06/10/news/international/iea_forecast.ap/index.htm?postversion=2008061006
 
:eek:
U.S. retail gasoline prices rise 2 cents to $4.02 a gallon
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(7:44 am ET)
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NEW YORK (MarketWatch) - Average U.S. gasoline prices rose 2 cents in the last day to a new record of $4.04 a gallon for unleaded, according to the Daily Fuel Gauge Report from AAA. Gasoline prices broke through $4 gallon for the first time this past weekend. On Monday, gasoline prices rose 2 cents to $4.02 a gallon. A year ago, gasoline sold for $3.08 a gallon.
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Stocks open lower as oil prices surge
Tuesday June 10, 9:39 am ET
By Tim Paradis, AP Business Writer Stocks open lower as oil prices bounce higher; Bernanke says deep downturn unlikely

NEW YORK (AP) -- Wall Street is falling in early trading, with a jump in oil prices over supply concerns triggering more worries about inflation.
Crude prices are up $1.85 at $136.19 after surging above $139 last week. The Paris-based International Energy Agency says non-OPEC oil producing nations are having a tough time keeping up with demand.
Meanwhile, comments from Federal Reserve Chairman Ben Bernanke that a substantial economic downturn seems unlikely have raised expectations that the central bank might raise interest rates to fight inflation.
The Dow Jones industrial average is down 58 at the 12,222 level. http://biz.yahoo.com/ap/080610/wall_street.html
 
Bush calls for end to dollar's slide

Administration doesn't rule out intervention to prop up slumping currency.

Last Updated: June 10, 2008: 7:58 AM EDT

WASHINGTON (AP) -- President Bush's forceful call on Monday for a stronger U.S. dollar in the world economy may be coming a little late for Americans fed up with gas prices topping $4 a gallon and steadily rising costs of other imported goods.
As he left for Europe, the president said the U.S. is committed to keeping its currency strong, a point he clearly felt needed to be made after the dollar's long slide against the euro and other international currencies.
Bush's words signaled his administration's concerns about the economy. The sinking greenback is one reason that fuel prices are at record levels, and the run-up in energy prices is battering consumers and worsening the risk of recession.
"A strong dollar is in our nation's interests. It is in the interests of the global economy," Bush said outside the White House.
Bush and Treasury Secretary Henry Paulson appear to be easing away from their hands-off approach to managing the value of the dollar. While a strong dollar has long been stated U.S. policy, that usually has amounted to no more than rhetoric unbacked by specific steps.
The government has limited options for propping up the greenback, especially in an election year with rising unemployment, slumping consumer confidence and the worst housing market in decades.
Paulson declined to rule out direct intervention - the buying by the government of dollars in currency markets - as a way to influence the currency's value. Another way to shore up the dollar is for the Federal Reserve to raise interest rates - seen as an unlikely prospect given the current state of the economy.
 
This should help a bit?:)


CNBC
Saudis Boost Oil Output
Tuesday June 10, 11:16 am ET
Saudi Arabia's oil output increased by almost 500,000 barrels a day this quarter, to 9.54 million barrels, sources in the Saudi Oil Ministry told CNBC.
The current oil prices are unreasonable and unacceptable, the sources said, adding that no date has been set for a meeting between producing and consuming countries.


Oil prices retreated after the exclusive CNBC report. Earlier in the day, OPEC member Kuwait said it backed Saudi Arabia's call for a meeting of oil consumers and producers to discuss high prices. OPEC's second-largest oil producer Iran also welcomed the Saudi proposal.
http://biz.yahoo.com/cnbc/080610/25076266.html
 
LOL! They're happy with the high prices. They're just worried about the prices reducing demand - trying to figure out how to keep both up is their problem and what the meeting is about.;)
 
Senate GOP blocks windfall taxes on Big Oil
Saved by Senate Republicans, big oil companies dodged an attempt Tuesday to slap them with a windfall profits tax and take away billions of dollars in tax breaks in response to the record gasoline prices that have the nation fuming. GOP senators shoved aside the Democratic proposal, arguing that punishing Big Oil won't do a thing to lower the $4-a-gallon-price of gasoline that is sending economic waves across the country. High prices at the pump are threatening everything from summer vacations to Meals on Wheels deliveries to the elderly. The Democratic energy package would have imposed a 25 percent tax on any "unreasonable" profits of the five largest U.S. oil companies, which together made $36 billion during the first three months of the year. It also would have given the government more power to address oil market speculation, opened the way for antitrust actions against countries belonging to the OPEC oil cartel, and made energy price gouging a federal crime.
http://www.dallasnews.com/sharedcontent/APStories/stories/D917ICJG1.html
 
And here's the rest of it. Anybody who doesn't think big oil owns Congress and the White House better wake up. Block a measure that would force using profits to develop new energy resources and penalize them for not doing it, and block a measure that extends tax breaks for developing new energy resources....what does that tell you?
Shortly after the oil tax vote, Republicans blocked a second proposal that would extend tax breaks that have either expired or are scheduled to end this year for wind, solar and other alternative energy development, and for the promotion of energy efficiency and conservation. Again Democrats couldn't get the 60 votes to overcome a GOP filibuster.

Obama has supported additional taxes on the oil companies. McCain is opposed to such taxes and has proposed across-the-aboard tax reductions for industry as a way to help the economy.
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Windfall profits tax is needed on these profits. Big oil is simply using the profits to speculate in their own product and drive prices up. Tax the profits, and give them an exemption if they reinvest in R&D for alternative energy. That will stop the speculation and bring down the price of oil.

More tax breaks for big oil will not help this economy. McCain needs to get out from under big oil's thumb if he wants to win.
 
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