Bush Says Drill, Drill, Drill — and Oil Drops $9!

Bush Says Drill, Drill, Drill — and Oil Drops $9!

kudlow.nationalreview.com

In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.

(visit the link for the full news article)

Oh wow... isnt this great...

I mean, this isnt a doom and gloom story like everyone wants to see...

But this is good news...

Bush lifts Executive ban, a barrel of oil drops almost $10, on the news alone.

So, if your keeping record, ALL BUSH DID, was SAY that the US is planig to drill, and it droped the price of oil...

Now, imagine what would happen to the price of oil, if the US start using more then 3% of our natural resources...


But imagine how mad all of bushes buddies are now... All of his oil buddies MUST BE PISSED... he probaly just cost his oil buddies Billions overnight...

So, whats next... expect the Democratic led congress to throw a (blank) fit, and not allow our country to use our resorces... and will cause the cost of oil to go up 20$...

kudlow.nationalreview.com
(visit the link for the full news article)

If only that bastion of socialist power..Pelosi, will shut her mouth and let the Congress drop its ban, the price might get to the levels they where a year ago!!! I find it incredulous that the congress AND the President has its own form of ban on offshore drilling. Holding the populace hostage to they're whims. Damn foolish!!


Zindo

Careful. The drop is more likely connected to all the talk about moving on speculators. They've been dropping shares as fast as they can since. Anyone knows that there won't be any effect on oil supplies for 10yrs if we started work tomorrow. This is all about speculators abandoning ship.

Well, as the man said, "A penny saved is a penny earned!"

[no longer a one-line witticism]

reply to post by ZindoDoone


Yea i know, right...

Our Nation, and the world, are waiting on Nacy 'Strech' Polosi to bring down the price of oil... we are banking on Museilini in a skirt to save us?

We might be in trouble...

This is what I've been saying all along.

It's speculation. The prime reason oil is changing in value is because of speculation. If you say "we're going to have allot of oil soon" the value drops.
If you say "such and such a refinery, or oil well is under political pressure" the value goes up.

It has nothing to do with the amount you actually have.
It has everything to do with what it's worth to an investor.

As I mentioned, we need to flood the news with reports about how "well" the world is doing at finding and procuring oil.

Quite frankly, they should have seen it coming when they attacked oil rich nations. Of course the investors are going to see that as a sign that oil is going to be worth more. And hence, by buying into oil, it DOES become worth more.

At least Bush has done something right for a change. Though, we shouldn't have been in this mess in the first place.

[edit on 15-7-2008 by johnsky]

Originally posted by jtma508
Anyone knows that there won't be any effect on oil supplies for 10yrs if we started work tomorrow.

In my opinion, this is the kind of [snip]thought that we need to stop.

10 years! Ten years to get a drop of oil out of the ground... that is a made up number, and most people bought it, bought it right from the mouth of the Major Media...



People that say it will take 10 years HAVE NO IDEA WHAT THEY ARE TALKING ABOUT.

Do you realise how long 10 years is??? We fought and WON WWI AND WWII in less then 10 years...
We finnished the Pannama Cannel in less then 10 years
We stated we wanted to go to the MOON, and in less then 10 years we did
The Trans-American Railroad, less then 10 years
The Manhatten Project, less then 10 years


But, we can do all these things? But we couldnt get a drop of oil out of the ground in 10 years... thats just moronic... and morons need to stop saying it... cause if you tell a lie enough times, people will start to belive it...


We could see our first barrel of oil in 2 months if we wanted... instead, our senators, and reps just want to argue, and complain about everything...

We have everything in place to get oil from places like ANWAR... we have pipelines built, platforms built... everything is in place... we just wait for congress to allow American COmpanies to drill...


Removed Insulting Remark.

Civility and Decorum are Required

[edit on 16-7-2008 by elevatedone]

Don't you guys know. If we start drilling we would have to drill for about 7 to 8 years before we can even see that oil? The reason why the barrel was short today is because of less demand for oil. Bush is slamming congress because they still have failed to lift the off shore ban. Plus I wouldn't consider our situation as bad as other countries like EU who pays more then 10 dollars a gallon. Yea you see I would've waited until gas was heading that direction before I start drilling offshore. Thats why McCain and other smart people in congress we have in the white house voted in favor of the ban. So now the difference that we could've saved in just gas prices going down will now be used to pay for taxes to help drill off shores. Thats what happens when people like our smart president don't think things thoroughly

[edit on 15-7-2008 by Solo954]

Yea right. We had a MAJOR oil crisis in the late 70's (in case your math challenged that's 30+ years ago). We saw our economy tossed into a recession, gas prices surge, people waiting in line for hours, rationing... the whole ball of wax. 30+ years. And what did we accomplish in that time? Well, let's see... we went from importing 24% of our oil to 70%.

So be careful who you're calling moronic. If you think all you do is stick your Stanley rechargeable in the ground you're crazy. New wells... most especially new OFF SHORE wells take years to build. And that's after we've found where it is we want to drill and assuming we hit on the first try.

If only things were really as simple as they seem to be in Rose-colored-glasses Land.

We would see our first barrel of oil tomorrow if the oil companies would just drill on the 80% of unused oil leases they are sitting on right now! The excuse that there isn't oil there just doesn't hold up. The leases never would have been signed if there wasn't oil to be had. This is nothing but a power play by the oil barons. They will never be satisfied until they own it all and control everybody.

The fact that the price dropped while Bush was speaking about drilling speaks volumes on the continued manipulation of an American public held hostage to fossil fuels.

Rein in the oil speculators

Congress should take straightforward steps to ease the upward price pressure from speculation. Job one should be closing the "Enron loophole," the provision that the now-defunct energy company pushed through Capitol Hill eight years ago that eliminated most government regulation of the electronic trading of oil.

The Commodities Futures Trading Commission has fewer staffers than at any time in its 33-year history, even as activity on the markets it oversees has exploded.

Well I dont believe oil is high because of the drilling situation at all. Its because of the dollar but with that said I do agree with this in the fact that if we can drill our own oil instead of importing it all maybe it will save us from invading more countries. So yes this is good news.

reply to post by jtma508


That is true.

IF we had to go find the oil, then build piplines, and drilling platforms, it would take a few years...


But, we have:
Platforms built
Pipelines built
And we know where the oil is


All the hard work is done.. the oil companies just need the permission to drill...

Originally posted by jtma508
New wells... most especially new OFF SHORE wells take years to build. And that's after we've found where it is we want to drill and assuming we hit on the first try.

Dont forget the reason why the ban was set in first placed was to preserve the reef.

Its not just speculators. It the fact that no more oil is being pumped by anyone than there was two years ago. India and China have raised there usage 40% in the last two years and the amount available is not being met. The barrel total needs to rise 60% to have more supply than demand. We need to drill and drill anywhere there is oil. China is already setting up rigs off the shore of Cuba. Thats OUR oil they are taking. If Washington doesn't get off they're asses and see whats happening we're in deep doodoo!
Zindo

reply to post by jtma508


You are absolutely correct.

This drop has nothing to do with Bush's talk of opening more areas to oil companies for drilling.

Oil Prices Plunge in Massive Sell-Off

Oil prices have fallen harder than they have in 17 years, as fears that record fuel prices are spreading broad economic pain exacerbated the third big sell-off in just over a week.

****SKIP****

Mounting concerns about the risks inflation poses to the United States, the world's biggest oil consumer, helped spark the declines. Analysts also attributed the sell-off to Thursday's expiration of options contracts, which tend to increase volatility, and to computers programmed to automatically sell once prices reach certain thresholds.

"There was this big ... selling pressure when prices dipped below $US140 a barrel. It got a lot of bulls very nervous," said Tom Kloza, chief oil analyst at the Oil Price Information Service. "If it was a fire, you'd call it an accelerant."

Concerns about the economy were high on traders' minds.

Federal Reserve Chairman Ben Bernanke told Congress that "numerous difficulties" are racking the US economy, and warned that rising prices for energy and food are elevating the risks of inflation.

At the same time, the US Labor Department reported that wholesale inflation jumped by 1.8 per cent last month, a larger than expected gain. Over the past year, wholesale prices have risen 9.2 per cent, the most since 1981.

"Traders get spooked and simply sell positions," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "The threat of recession, at some point the market's going to plug that in."

Lingering concerns about the health of the financial sector continued to weigh on banking stocks, reminding energy traders that oil prices are not immune to troubles elsewhere in the market.

After hearing that our economy isn't doing so well (any average citizen could have told them that, but they had to hear it from one of the "elite") from Federal Reserve Chairman Ben Bernanke and the US Labor Department, the speculators got "spooked" and started selling.

THAT's what happened, it had nothing to do with Bush that I can see!

[edit on 7/15/2008 by Keyhole]

reply to post by mybigunit


I agree on the low dollar..... Gerald Celenti said on C2C last night it is down 42% in the last 7yrs and will continue down unless intrest rates
are dramatically increased. Also, the credit card shoe hasn't fallen yet....

This oil volatility is contrived to make more cash. It will be $150 before it's $120. I firmly believe that Lindsey Williams is right and the banks just punch a number into the system and tell suppliers what the price is..........02c


[edit on 15-7-2008 by Pinktip]

reply to post by Solo954


No offshore spill or damage to reefs in any area has happened including Oil Rigs that have been hit by fire and storm. Thats a BS story put out by Greenpeace and the Sierra Club. Its bogus.
Zindo

Originally posted by TKainZero
reply to post by jtma508

 

And we know where the oil is

Can you please share some light on that sir. I would like to know where that oil is that is not covered under any reefs, I would personally swim down all the way to the bottom of the ocean and dig out the oil with only using a pair of chop sticks like Owen Wilson did in Shanghai Noon.