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Oil prices edged higher in electronic trading Wednesday after OPEC members said the group would cut crude-oil output by 520,000 barrels a day under a plan to roll back production to quotas set in September 2007.
The move is a bid to halt sliding prices in what OPEC described as "over-supplied" conditions on global energy markets.
One of many sources...
The Organization of the Petroleum Exporting Countries early today announced plans to cut oil production by 1.2 million barrels a day, equal to 4.3 percent of the group's total, in an effort to stop the slide in oil prices over the past three months.
Washington Post
Originally posted by jtma508
Obama is hardly alone in calling the argument that we can 'drill our way out of foreign dependence' flawed. Additional drilling is, at best, a stop-gap measure.
Of course we tariff ethanol. It isn't Obama doing this.
Some people have tried to link the downturn in oil prices to the discussing about expadning drilling. How ludicrous. As usual the real reason is more complex. The slowing economy has signficantly reduced demand. The sabre rattling against Iran quieted. And the speculators were put on notice. Of course OPEC is lowering production. Why wouldn't they want higher prices if they can get them?
This argument has nothing to do with Obama. He is supporting the opinions of enery professionals that understand the importance of energy diversification and independence. The oil companies, on the other hand, could give a rat's ass about independence. They're all about profits at any cost. Keep in mind that these oil companies profit from foreign as well as domestic oil --- they do the refining and distribution. Why would they want biofuels, solar or wind to take the place of the foreign oil?
Originally posted by jamie83
Originally posted by jtma508
Obama is hardly alone in calling the argument that we can 'drill our way out of foreign dependence' flawed. Additional drilling is, at best, a stop-gap measure.
On what facts do you base this opinion? It sounds like this is just another Democratic talking point being copied and pasted.
Originally posted by joe70353
Jamie, there is a flaw in your logic. You incorrectly assume that more oil = more gasoline = lower prices.
Originally posted by dariousg
Originally posted by jamie83
We need to get rid of this 'party line' political LIES BS fast or this country truly will walk off into the sunset never to be seen again.
It's not part line BS or lies.
Nancy Pelosi won't even permit a vote on lifting the ban on offshore drilling. The Republicans want to tap our own oil and bring that supply onto the market, which will lower prices. The Democrats want to keep oil and gas prices high so alternative energy is a competitive option.
It's no B.S. It's fact.
Originally posted by jamie83
Originally posted by joe70353
Jamie, there is a flaw in your logic. You incorrectly assume that more oil = more gasoline = lower prices.
This isn't a hypothetical debate.
A few weeks ago oil was at $150 a barrel and gas prices at the pump where well over $4 a gallon.
Now oil is $100 a barrel, and gas prices here at least are under $3.50 a gallon.
If you can't see the cause and effect relationship between oil prices and gas prices I'm not sure how else to make it any clearer.
Originally posted by jamie83
This isn't a hypothetical debate.
A few weeks ago oil was at $150 a barrel and gas prices at the pump where well over $4 a gallon.
Now oil is $100 a barrel, and gas prices here at least are under $3.50 a gallon.
If you can't see the cause and effect relationship between oil prices and gas prices I'm not sure how else to make it any clearer.
More than 44 million acres of public lands are leased for oil and gas development, according to a new Wilderness Society analysis of Interior Department data. The analysis points to an explosion of drilling on federal lands, with 7,124 drilling permits (APDs) issued in 2007, a new record for the Bush Administration. Nationwide, the leasing is outstripping the oil and gas industry’s capacity to drill, as industry is drilling on only a quarter of the leases they hold.
Originally posted by jtma508
Prior to Bush's Presidency no one had ever attacked the US with airliners.