zed? really?

but of course,no pain,no gain

Hi BT, I heard McCain extolling the little drop in price and claiming it was because the prez lifted the ban on drilling. Wow! it’s like a magic wand!

OMG, we spend a few minutes with him and this is what he says. More lemonade and fruit cup.

what are we going to do about Grandpa?

He keeps talkin’ crazy like that and Obama will be forced to bring up Enron and “Kenny-boy” and how they wrote our energy, ahem, policy.

Hi BT. Sounds like McThuselah is warming up for the new X Files movie:

It’s out there…

The oil companies don’t have the rigs to exploit these reserves. They just want to lock them up now, add them to their list of reserves, sit on them, and exploit them down the road when the price of oil is even higher than it is now.

Yep, and really — seriously — why would the oil companies want to reduce the price of oil? It’s completely stupid.

Hi BT, I heard McCain extolling the little drop in price and claiming it was because the prez lifted the ban on drilling. Wow! it’s like a magic wand!

It’s that “psychological” thing again…especially since reversing the Executive Order has no impact on the Congressional ban on offshore drilling off California and Florida.

And those Saudi’s obviously dropped the price since they feared the US oil companies would start drilling…see they want to sell off their oil long before the paltry reserves in the Gulf and West Coast start to appear on the market in twenty years.

Just like our economic problems …it’s just “psychological”. If we’d just be happy and ignore these things we’d be as wealthy as Cindy!

It probably puts McCain in line for a nice payoff if he delivers this to the oil companies.

And those speculators have nothing to do with the price. Just ask the CFTC.
I’m really believing that study.
/snark

I know I do not fully understand the intracacies of the model, but iwsn’t there some relationship between record profits and record high prices?

“Pay no attention to that man behind the curtain.”

Something like that.

The f’ing refineries are already at capacity. Does anyone buy this crap. Does he have any idea how completely stupid he looks and sounds?

And of course they steadfastly have refused to increase capacity for a long time now, while actually taking some older refineries offline. Look for them to ask the gummint to fund new refineries (exempt from air standards, of course) so they can respond to this “emergency”.

I think I have come to the conclusion that he really doesn’t care about what he says. He has such a sense of entitlement to be prez that he believes that none of this stuff matters and that he will be crowned king of all he surveys in January.

Sometimes the answer is not complicated.
FD – I work in the regulatory sector of the commodities industry.
IMO the problem is not speculation or excessive speculation, but because the markets provide a nice shiny object while the real culprits are hiding in plain sight (or behind a thin veil of executive priviledge)
The CFTC (like many other agencies) was operating on a skeleton crew with no permanent leadership for over a year.
Effective leadership is impossible when the Commission had two empty seats and only an acting chair.
(sort of like the FEC, if you think about it)
The problem wasnt a lack of legislation, but the Administrations determination to gut any area of the government charged with enforcing inconvenient law.

Blue Texan:

Here’s a priceless letter to the editor in the Post I’ll let stand without comment:

Regarding the July 20 editorial “Washington’s Dry Well”:

Democrats vehemently argue that offshore oil drilling will do no good, taking 10 years to lower gas prices. They missed it by just a hair.

Three days after President Bush called for such drilling — or 3,649 days earlier than predicted — oil prices had fallen more than $15 a barrel. No wonder Congress’s public approval rating is lower than the president’s.

JESSE H. MERRELL
Washington

We’ve been hearing about gas being expensive because of the lack of refineries in California for a few years. Doesn’t seem likely that anything is going up here. Even T. Boone Pickens has the brains to figure out we’re not going to drill our way out of this “emergency.”

Poof! Magic!

Thanks.

Corporate T(r)eason………

New JH post

New Jane upstairs with another Short Ride lesson.

OT but it’s important to know when the people lose more of their rights. Bush has dropped his opposition to the foreclosure legislation now that it has a provision that fingerprints can now be taken for anyone applying for a mortgage. Drip by drip the rights of the people are being stripped.

How about Americans buying less gas, because we cannot afford it, with mandated health care, rising food cost up at least 10% since the increase in energy costs. “America’s Liberty” is being squandered by aristocratic corpo-fascist so they can continue to mercantile Americans and Iraqis in the name of endless profit. A warning from Jefferson again ignored. Servile absurdity!

He should be bringing this up at some point in time. It’s time to tar the Republicans with all the misdeeds and criminal acts they are responsible for.

I meant to post this last night, but forgot to “submit.” It was in response to Heathr Wilson’s (?) claim that McSame would pull troops out of Iraq faster than Obama’s schedule, “if conditions allow it.”

Yeah, right.

“If conditions allow it.” Yeah, like the Iraki puppet government signs away eternal oil contracts at favorable prices to Halliburton, and to die to the last drop of their [Iraki] blood protecting American oil supplies, etc. Heather is blowing smoke.

McCain’s claim to be the wiser head on foreign policy is already tattered and torn. If Obama can just avoid any mistakes for the next few days, so that McClain’s hapless attempts (most recently babbling about the “Iraq/ Pakistan border”) can sink into the public consciousness, it will all be over.

BTW, I predict that VP Cheney will die of “natural” causes within the next year. Before being hauled before any hearing where he will be under oath. Maybe a week or so before, just like his old pal, Bill Casey, Reagan’s CIA director, conveniently expired just before his testimony was required during the Iran-Contra hearings.

You read it here, first.

Bob in HI

If we’re making predictions, I predict Bush will announce a massive troop withdrawal two weeks before the election. This will be reversed one week after the election.