Obama announces new oil drilling

We all know about Obama's stance against 'drill, baby, drill', but now he seems to have done a welcome flip-flop. It may be hypocrisy, it may be self-preservation, or it may be that he has finally seen the light, but whatever the reason, it is a first step toward lowering the price of oil and gas.

WASHINGTON – Amid growing public unhappiness over gas prices, President Barack Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico and off Alaska's coast and holding more frequent lease sales in a federal petroleum reserve in Alaska. But the moves won't calm spiraling prices at the pump any time soon.

Obama said Saturday that the measures "make good sense" and will help reduce U.S. consumption of imported oil in the long term. But he acknowledged anew that they won't help to immediately bring down gasoline prices topping $4 a gallon in many parts of the country, and an oil industry analyst agreed.

www.elitetrader.com...

reply to post by mishigas


Re-Election time coming!! Prices will drop, to make everyone love him and then all of a sudden...OOps we overestimated the amount of oil here and prices skyrocket back up after he is re-elected...

reply to post by mishigas


Even bad presidents can make good decisions. When credit is due, it should be given.

the bad decision was to ban offshore drilling in the first place.

obama is a bad president period.

what he and the left just dont seem to get and it echos in a his own words.

obama said himself we want to be consumers of oil not the producers.

but that extends to everything in this country.

we have long gone from being a nation of producers to consumers and when we produced that was what created the wealth in this country.

what we are now is nothing but a nation of consumers and that is what is leading to the wealth destruction in this country.

he just dont get it most people dont get it and they never will

Originally posted by mishigas

Obama said Saturday that the measures "make good sense" and will help reduce U.S. consumption of imported oil in the long term.
www.elitetrader.com...

Then perhaps he shouldn't have given Brazil a big, fat deal In March to drill in the Gulf of Mexico. Good going, Obama.

/TOA

I have always been told to thank people, no matter who, when they do something good.
Thanks Obama.
But, he is still the biggest liar ever.

reply to post by mishigas


Well we all know supply has nothing to do with oil prices.. so oil prices shoot through the roof and in less than 3 months the "green" president provides land leases to oil companies to exploit further resources..

Conspiracy?

I'd say so.. It's amazing to see that this supposed "green" president is apparently the secret mistress of the oil giants.

reply to post by macman


I guess we didn't learn from the deepwater drilling BP disaster that's killing everything....
I wouldn't thank Obama for anything he's done...

reply to post by Rockpuck

Well we all know supply has nothing to do with oil prices.. so oil prices shoot through the roof and in less than 3 months the "green" president provides land leases to oil companies to exploit further resources..

Conspiracy?

No. It's a result of the insanity of being the most powerful nation on earth AND HAVING *NO* COMPREHENSIVE ENERGY POLICY!

Oil prices are set on a global scale. And they are artificially inflated by speculators.

To the first point, we should set aside a major portion, if not all, of the oil drilled here to be consumed here. Sort of a play on, "What happens in Vegas stays in Vegas".

To the second point: we could immediately put an end to the detrimentral effects of speculation by requiring that the speculators take physical possession of the oil they buy and sell. Right now, those guys buy and sell numbers on a computer screen. They wouldn't recognize a gallon of crude if they stepped in it.

I'd say so.. It's amazing to see that this supposed "green" president is apparently the secret mistress of the oil giants.

Do you like paying $4/$5 a gallon of gas?

reply to post by TETRA.X


On shore drilling is alot safer then off shore and both are safer then deep water drilling.
We need oil.

as posted in another thread that came up last week (I'm too lazy to go look it up), it's actually the Government that controls oil/gas prices, not some mystical "speculators" living in estates in Dubai or whatever. Now if this is true, and we all know who actually controls the government's actions (:cough: Corporations :cough then is there any doubt that the only way they (oil/gas) could sell the ability to drill more (and make more money) is to sell it to us shills as a way to "lower the price of gas at the pump" ? Think about it. It's completely WIN-WIN for Big oil/gas!

Win 1 - they make record profits off raised prices
Win 2 - they make more profit off of increased drilling


From Obama's stance
Win 1 - his personal stocks increase in value (oil/gas)
Win 2 - he looks like a savior to us shills since he "fought to lower the prices at the pump".

Believe me folks - nothing happens if nobody's getting rich.

reply to post by macman


Do we know for a fact what kind of drilling he is talking about?
The truth is that we don't need oil. What we do need is the energy technology that has been suppressed for decades...

reply to post by TETRA.X

Look, I agree.
But until I can buy a vehicle, running an alternative fuel for the same cost as a combustion engine, and then add a fuel that brings us back down to the $2.5-$3 range, we need oil.
Show me a better way, and I will change my way. Until then, we need oil, as I am not going to fork out $40k for some junk half gas half electric car that makes my home power bill go up, instead of my monthly fuel bill.

reply to post by mishigas


Erm.. not sure why your yellin at me mate, my post was pretty anti-oil company?

Anyways..

Oil is the USA's second highest source of income after income taxes. If we stopped drilling we would go bankrupt. If oil prices fall it increases the deficit. Opening more oil = more government revenue.

So it's really not surprising that politicians sell out and whore themselves to oil companies.

reply to post by Chrisfishenstein


You nail it to the spot, anything for votes, I guess in the world of glamor and corporate whoredom public appearances and public opinion still goes.

And as usual rather than making our natural resources to become property of the people in the nation they are given away in leases for profit.

Still we are to continue been gouge at the pump.

reply to post by TXRabbit

as posted in another thread that came up last week (I'm too lazy to go look it up), it's actually the Government that controls oil/gas prices, not some mystical "speculators" living in estates in Dubai or whatever.

Government can affect oil prices to the extent that they levy taxes or tariffs on a gallon of crude or a gallon of gas. And the speculators sit in Chicago and NYC.

Government can also positively affect prices through wise policies, encouraging conservation, and encouraging best use of our own natural resources. Oilcos have been stifled by tree-huggers who care more about 'possible' air pollution to one tiny village from ONE ice-breaker ship.

Now if this is true, and we all know who actually controls the government's actions (:cough: Corporations :cough then is there any doubt that the only way they (oil/gas) could sell the ability to drill more (and make more money) is to sell it to us shills as a way to "lower the price of gas at the pump" ? Think about it. It's completely WIN-WIN for Big oil/gas!

Huh? That is pretzel logic, for sure!

Win 1 - they make record profits off raised prices
Win 2 - they make more profit off of increased drilling

Except that they haven't had any payback from your item 2 in over 30 years....I'd say they are very patient! And the fact that we send crude overseas to be refined because tree-huggers have stifled building new refineries for several decades is more proof of insanity, and another bullet in the heart of your argument.

From Obama's stance
Win 1 - his personal stocks increase in value (oil/gas)
Win 2 - he looks like a savior to us shills since he "fought to lower the prices at the pump".

1) You do realize that potus' are required to divest themselves of holdings that would be a conflict of interest, don't you?
2) He may look like a savior to you...to me, he looks like the part of the horse that went over the fence last.

Originally posted by TETRA.X
reply to post by macman

 

Do we know for a fact what kind of drilling he is talking about?
The truth is that we don't need oil. What we do need is the energy technology that has been suppressed for decades...

Dont need oil? Im assuming you typed this response from a keyboard made from cardboard?

Oil is more than just what we put into our cars. Just about everything made uses some type of petroleum product. i read somewhere that upwards to 80% touched in the civilized world was directly influenced by oil./

reply to post by armtx


Naturally we need oil because our entire existence is built on oil. But we could have been less dependent on oil if we had the suppressed technology. Less dependence on oil could have meant less wars and dead people in the world.

somethings gotta pay for that nasty deficit!! at the expense of a beautiful gulf, so we could pollute even more with our cars and where they take us to pollute more. LOL sick world we've made here

reply to post by macman


You are right. I'm thinking in a perfect world.....