Costly gasoline clouds Obama re-election prospects

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Shazam
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Costly gasoline clouds Obama re-election prospects

Post by Shazam » 04-24-2011 06:52 AM

Fule Prices couls de-rail Obama re-election
Costly gasoline clouds Obama re-election prospects (AP) – 17 hours ago WASHINGTON (AP) — With gas prices climbing and little relief in sight, President Barack Obama is scrambling to get ahead of the latest potential obstacle to his re-election bid, even as Republicans are making plans to exploit the issue. No one seems more aware of the electoral peril than Obama himself. "My poll numbers go up and down depending on the latest crisis, and right now gas prices are weighing heavily on people," he told Democratic donors in Los Angeles this past week. In fact, Obama raised the issue unsolicited in a series of town meetings in Virginia, California and Nevada that were ostensibly about his deficit-reduction plan. And he made the gas spike the subject of his weekly radio and Internet address Saturday. "It's just another burden when things were already pretty tough," he said. As Obama well knows, Americans love their cars and remain heavily dependent on them, and they don't hesitate to punish politicians when the cost of filling their tanks goes through the roof. Indeed, for presidents, responding to sudden surges is a recurring frustration.


I hope it does end his Presidency I would pay 6+ just for him to be blamed for it and see him have a Jimmy Carter like One Term Presidency...My car does not run on Sun light nor wind.....or anything else in this FAIRY TAIL land we call Renewable Energy......DRILL DRILL DRILL off California,Florida in Alaska on the G.D. White House LAWN if it`s what it takes......the people wanted CHANGE in Policy MR.President not CHANGE in there pocket after they fill up there gas tanks BECAUSE of ur policies MR.President

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Post by kbot » 04-25-2011 06:34 AM

In watching the weekend news shows speak about this, the constants that keep being repeated, no matter which network, including Fox, all say the same things - oil and gas are plentiful, so much so, that Saudi Arabia is cutting production. It is the speculators (read that "Wall St") that is driving the rise in the cost of oil and gas.

Given this general, across-the-board recognition that this is strictly a Wall St. not an OPEC issue, then, what do you suggest?

If anything, this will reflect badly on the GOP, pro-business sect. Obama has already stated that he wants an investigation into why prices have risen so much so quickly, even as oil and gas producers state that there is over-production. If speculators are the cause of this - and even Fox News and Fox Busines News states that this is the case, then, to me, this only gives Obama's view much more credence, that it is simply greed on the part of Wall St, and until regulation is imposed there, we're all at risk.

What's being lost in the rhetoric, is that there has been an increase in oil and gas leases under Obama on "public lands". The question is, why are the oil and gas companies (and Wall St) recording record profits off of oil and gas extracted from public lands? If anything, those profits on public resources should be plowed into reducing the record deficit.......

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Post by Shazam » 04-25-2011 07:04 AM

kbot wrote: \
What's being lost in the rhetoric, is that there has been an increase in oil and gas leases under Obama on "public lands". The question is, why are the oil and gas companies (and Wall St) recording record profits off of oil and gas extracted from public lands? If anything, those profits on public resources should be plowed into reducing the record deficit.......


NOW THIS i Can Agree with.....

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Post by HB3 » 04-25-2011 07:48 AM

kbot wrote: Obama has already stated that he wants an investigation into why prices have risen so much so quickly.


Wow!!!! He wants an "investigation"!!!

That'll show 'em.

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Post by Cherry Kelly » 04-25-2011 09:10 AM

meanwhile the EPA shuts down drilling off the coast of AK -- leaving how many billion gallons of oil in "limbo" --

---

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Post by SETIsLady » 04-25-2011 10:00 AM

If oil is being manipulated on Wall Street then it doesn't matter where its coming from the prices will remain high.

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Post by kbot » 04-25-2011 06:35 PM

That Obama is calling for an investigation is nothing new - virtually all recent past presidents have done the same. This move is, to me, simply a CYA on Obama's part. What are his options? Even the Speaker of the Houe admitted today that the oil companies bear some burden in this as they report record profits - again, as prices soar. There are already drilling leases being haded out, so, will handing out any more leases result in lower prices? Probably not since it is already acknowleged that there is an existing glut of oil and gas. The US will very soon be a net exporter of natural gas, showing just how our "reliance" on foreign suppliers is all rhetoric.

So, what's left? The oil companies setting their costs, and the speculators on Wall St, self-admitting, that their practices contribute to driving up costs.

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Post by SETIsLady » 04-26-2011 09:32 AM

Kbot I totally agree with you. Will post more later but need to get to work.

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Post by Cherry Kelly » 04-26-2011 09:57 AM

kbot -- the gov't offices that "hand out" leases - stated only ONE had been given out. That was at the time just after Obama claimed 34 had. Now if they have "given out" more since then - would have to look it up to find out.

Thing is - we have oil, we have some 9000+ oil riggers still unemployed (near gulf area) since the spill in the gulf. Meanwhile other countries are bringing in more deep drillers (oil wells) in the gulf....and Obama tells Brazil that we will help pay for them to drill. (Where is Brazil going to drill? Could it be in the gulf?)

Yes distilleries are in cahoots to charge all the high rates - but what is this country doing? Oh ya - sell your car and get a hybrid - sure that's the answer. NOT!

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Post by SETIsLady » 04-26-2011 10:12 AM

Kbot, came across these articles which really make you ask some serious questions about why we are subsidizing the Oil companies and makes me question whether this whole issue isn't being orchestrated by some on Wall Street.

Rising Gas Prices Expected To Increase Exxon’s Earnings By More Than 50%
The country’s five biggest oil companies — BP, Chevron, ConocoPhillips, ExxonMobil, and Shell — made a total profit of nearly
The country’s five biggest oil companies — BP, Chevron, ConocoPhillips, ExxonMobil, and Shell — made a total profit of nearly $1 trillion over the last ten years. In 2008, ExxonMobil broke its own record for most profitable year for a public company in history by making more than $45 billion. And according to an analysis in the Wall Street Journal, rising oil prices in 2010 mean that Big Oil’s profits this year “could come close to rivaling the industry’s record year in 2008”:

First-quarter crude prices averaged about $100 a barrel, or about 20% higher than a year ago, pushed upward by oil-supply concerns due to political unrest in the Arab World and a recovering global economy. That spike is expected to lift earnings by about 50% at Exxon Mobil Corp., and about 33% each at Chevron Corp. and ConocoPhillips, compared with a year earlier.

Despite these sky-high profits, House Republicans voted unanimously last month to preserve the billions in subsidies that oil companies receive from the federal government every year. Gas prices in many parts of the country are currently higher than $4 per gallon.
trillion over the last ten years. In 2008, ExxonMobil broke its own record for most profitable year for a public company in history by making more than billion. And according to an analysis in the Wall Street Journal, rising oil prices in 2010 mean that Big Oil’s profits this year “could come close to rivaling the industry’s record year in 2008”:

First-quarter crude prices averaged about 0 a barrel, or about 20% higher than a year ago, pushed upward by oil-supply concerns due to political unrest in the Arab World and a recovering global economy. That spike is expected to lift earnings by about 50% at Exxon Mobil Corp., and about 33% each at Chevron Corp. and ConocoPhillips, compared with a year earlier.

Despite these sky-high profits, House Republicans voted unanimously last month to preserve the billions in subsidies that oil companies receive from the federal government every year. Gas prices in many parts of the country are currently higher than per gallon.


More: http://thinkprogress.org/2011/04/25/big-oil-2010/

Update: House Republicans are planning "legislation aimed at expanding domestic oil production in response to high gasoline prices," but CNN Money provides a reminder that more drilling won't drive prices noticeably lower

http://www.politico.com/news/stories/04 ... z1KXq1ApXS

http://money.cnn.com/2011/04/25/news/ec ... /index.htm

And then there is this.

Halliburton Brings In Record $5.3 Billion In First Quarter, Credits Increased U.S. Oil Production Under Obama


http://thinkprogress.org/2011/04/26/hal ... t-quarter/

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Post by SETIsLady » 04-26-2011 10:17 AM

Oopps forgot this one.

Oil market adequately supplied: OPEC secretary-general


http://www.todayonline.com/Business/EDC ... ry-general

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Post by Shazam » 04-26-2011 10:20 AM

Yea....Opec would say that :rolleyes:

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Post by SETIsLady » 04-26-2011 10:29 AM

Shazam wrote: Yea....Opec would say that :rolleyes:
Interesting that you would skip over the items that I posted Phil.

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Post by Shazam » 04-26-2011 10:48 AM

We should not worry about Opec....We need OUR oil and to explore for more....Renewable fule is a FANTASY most 99.9 % of the US cars run on an Internal Combustion Engine how everyone from the very RICH to the VERY poor get to WORK... If SPECULATORS are fixing to tank the economy then DO something about that is FAIR and CONSTITUTIONAL......But the facts are Obama LOVES gas prices this high.....he is just sad he could not pass CAP and TAX (trade) to do it all by himself (could you imagine gas and Electricity costs now had he passed it??) OMG :eek:

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Post by SETIsLady » 04-26-2011 01:59 PM

Well it looks like The President and the GOP are going to work together on this which is great :)

Obama To Congress: Join Boehner And Me In Slashing Oil Subsidies

http://www.huffingtonpost.com/2011/04/2 ... 53917.html

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