Oil prices have Doubled since Obama took office.

This is true. There are thousands of well projects in the planning right now. I live in a small town in West Texas, and we only have a few small time drilling operations here. But here is what is happening in Big Spring right now:

Patterson Drilling (they are really from Midland, the mecca of US oil business) - 220 rigs unstacked and sent to Pennsylvania to drill new wells

JB Hunt - 130 wells contracted in the next 3 months.

Robinson Drilling - 200 wells contracted in the next 3 months.

Unfortunately, we lost Big Dog drilling (from Midland) in the recent bust. They were over extended and not prepared to weather the storm (many believe they were just in it for the quick buck in the first place, hence their horrible safety record).

The catalyst for all this: oil has to be above 70 a barrel to make any money drilling it in the US. There is no oil shortage...just a shortage of oil costing less than 70 bucks a barrel.

I will say that Key Energy is cutting back hours, and Paul Musslewhite is closing a yard, and Basic Energy laid off a few folks. This is more due to chemical well pumping, and a lack for the need for hot oil truck drivers. But i don't think the chemical wells will work long term...we will see.

[edit on 7-6-2009 by bigfatfurrytexan]

There is another thing you have not considered...

Oil HASNT changed....our dollar has.

The US dollar is worth just about crap. This keeps up and we'll be back in the Weimar Republic.

Soft Despotism is something you all should look into.

Exactly the same effect that Bush had on oil prices. That is my point!

Can you imagine if oil would have doubled right when Bush took office? Someone would have mentioned it...but with this President....nothing is said. The media is treating him as if he is too big to fail.

reply to post by RRconservative

---

You're stretching that pretty far.

We were not in a full blow recession when bush took office, the dollar wasnt declining like a brick in water and unemployment wasnt soaring to the moon.

There are just to many economic factors to this. You cant blame one man. The media understands this and the people do as well.

Please pull the fur tree out of your ears because it's blocking your eyes.

[edit on 6/7/2009 by Tentickles]

Oh dear, so this is a Bush apology thread?



I don't have to imagine it.



www.copecharts.com...

And you know where it went from there ...

I told you to look things up.

[edit on 7 Jun 2009 by schrodingers dog]

reply to post by Tentickles

---

Speaking of unemployment....When Obama took office the unemployment rate was 7.6% now it is at 9.4%. Guess we'll blame Bush on that too.



But wasn't Obama's massive debt producing stimulus package suppose to create jobs and stimulate the economy?

reply to post by RRconservative

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Dude those numbers were going to happen anyway. Unemployment was rising long before OBAMA TOOK OFFICE.

No man, NO ONE, can stop the actual unemployment rising with the economy with the shape it was in.

The policies he has been doing will likely make things worse which SUCKS...but that is besides the point.

The correlation you are trying to make is a falsehood.

You don't hate the mans beliefs and ideology...i just think you hate the man.



[edit on 7-6-2009 by David9176]

The only thing Obama is doing to effect oil prices is continuing the deficit spending policies of Bush at a hyper-accelerated level. Both these men push the same agenda and serve the same masters.

Do you really think you can just introduce 14+ Trillion new dollars into the money supply without the value of the dollar being affected?

14+ Trillion, that's more than the annual US Gross Domestic Product, looted by foreign bankers in less than 7 months.

The biggest take in criminal history.

With more spending, bailouts and deficits to come, and signs such as the Chinese laughing at Little Timmy Geithner when he tells them not to worry about the dollar; the price of oil will go up along with the price of everything else, because your dollar won't be worth the paper it's printed on.

This reminds me of times when I hear people say, "Invest in Gold, it's a good investment because it's going up in value."

No it's not, gold is at the same value it's always been (that's why we used to use it to back our currency when we had a REAL monetary system).

Gold prices are up because your dollar's value is going down, and down, and down.

I believe a dollar now is worth a little over 2 cents of a 1913 dollar backed by gold.

These guys have taken so much money, (even trillions devalued is billions!) and left the American people with our worthless scraps of paper. And it's all out in the open.

And you want to argue weather or not Obama is manipulating oil prices?

WAKE UP.

that's my $.25

and you can keep the change.

pun definitely intended.

[edit on 7-6-2009 by DrZERO]

People did complain/blame about Bush and gas prices-

www.yuricareport.com...



Bush needed/wanted/craved/coveted reelection in 2004, and, without big oil's financial backing, that was simply not going to happen. Can you imagine the outrage in Houston when they caught wind of the White Houses’ plan? They weren't about to let "good ole' boy" Bush interfere with their own plans to completely suppress Iraq's oil reserves, because if they were released, those record-breaking, obscene, and unimaginable oil company profits that everyone's so outraged about lately (except rich Republican stock holders that is) would evaporate in mid air; that's why!

blogcritics.org...


www.salon.com...

headline?) Oil companies: High gas prices are Bush's fault

books.google.com...

May 6th 2005- two thirds of Americans though Bush could do something to lower gas prices


The guy was blamed. In my opinion, somewhat rightly.

That wasn't the original point. The point is Bush was blamed, Obama isn't.
Why? Is it media bias? I would say for one, we're used to seeing oil at 70 a barrel. Gas at $2.75. If oil started reaching 100 and gas at $3.50 plus, it might be a more gripping news story again. In the wake of all the other stories the media is covering, it just doesn't have any bite.

Two- Bush was an oil man. That's fact. So clearly, people are going to have this idea, true or false, that Bush was in with the oil people, looking to make them rich.

I'm sure there are other reasons too. But let's not pretend it didn't happen.

Oh, and there's plenty of oil on this planet. Plenty. Uganda is just the latest country to realize their enormous oil potential.

business.timesonline.co.uk...

I'm going with "What is media bias?" for $100, Alex.

are you blind?

it cost 3.45 a gallon two years ago.

5 months before november 4 it was still like 2.50. then 3 months before it was like 2. then a month before it was like a dollar 40

they just lowered it before they put obama...so it would look like this
i been checkin gas prices with this in mind since 6 months before november.. they were lowerin em the WHOLE time up til november to cover their ass and make themselves(previous administration) look better


you're bliiiiiiiind

[edit on 7-6-2009 by whateverponcho]

en.wikipedia.org...

oil was 20/ barrel before bush took office. the last summer he was in office it topped out at i think something like 147/barrel.

now what were you saying about obama and the price of a barrel of oil?

[edit on 7-6-2009 by elitegamer23]

obama has many faults

that he didnt fix your gas problem in his first months in office is well..not one of them

bush raped us for 8 years...and you people complain about the # obama did in the last 6 months while sayin bush wasnt that bad..

i agree obama is horrible horrible..

but dude...bush was the WORST

they're just puppets and figureheads anyway...silly worms

Don't you guys all remember when the oil prices started falling fast and OPEC started cutting production whining that oil must be around $60 a barrel in order to promote drilling and costs for new location start ups and or new oil retrieval methods. Well here we are its right at the levels that they wanted.

On a side note i believe that there is less talk about it in the MSM due to diesel being still relatively lower, thus trucking and construction is still able to operate somewhat unlike last year when diesel went through the roof.

The economy is all ready bad enough but when the trucks stop shipping goods due to costs then we will here about it a lot more.

The reason why gas prices are up is because we the taxpayers were forced to bailout the biggest banks that were deemed to big to fail.

The banks are buying up oil prices to please the Saudi's. Didn't you notice oil dropped significantly when the banks were about to go under?

It is market manipulation, but the banks were selling off all the oil commodities that they bought in order to make them look in better shape than what they were.

What is happening is that the past two administrations just gave a bunch of our tax money to the banks and the banks spent the money to buy up oil which in turn screws us.

More to it than that, but good observation.

Oil prices have been depressed for extended periods before. Complex politics involved, like when they were trying to starve out Russia.

Oil will go back up to the levels seen in 2008 and higher. A few countries will benefit, anyone who speculates on oil prices for sure. Consumers will scream. It's not a new story.

Part of the long term strategy of the US is to drain as much of the relatively cheap reserves as soon as possible. Untapped ones in the US will be developed later.

But in the short term prices will rise and fall depending on political situations of the moment.

Mike

Peak oil
www.energyinvestmentstrategies.com...

9.1 % decline means half the current production in less than 10 years.

The last big field was discovered around 1980.

Search for "peak oil" and "export land model"

There is no reason to argue right v left. If you dump trillions of dollars into an economy it devalues the dollar and makes prices appear higher. 100 dollars in an economy equals 1 dollar a barrell of oil. dump another 100 dollars into the market and the oil goes to 2 dollars a barrell. The oil is still 1 dollar a barrell for every 100 dollars put into the market. It all ties back to the bankers and the Federal Reserve private banking company. There was no reason for gas to hit 4 dollars a gallon to begin with except to collapse the economy. The government knew that people were living on the edge with credit maxed to the limit. Bush bailed out AIG and Obama bailed out GM. Doesn't matter which party you put in office, they still win.

Um yeah...Bush was taking care of his oil buddies and so is Obama. Until we vote for someone outside of corporate influence, this will be the trend.

Sorry to drop some realism on ya, but, that's the way it is.

This comment goes to the OP.

Wonder if voting is really the answer...I don't think our votes really count anymore...