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April 09, 2012

Crying over Obama, oil

I am in awe of the accomplishments listed for President Barack Obama on increasing the domestic oil supply. Because he did all this great stuff, that means that the price increases are all the fault of speculators, right?

Whatever happened to the task force on oil speculation, which refers to yet another promise issued in the face of falling approval ratings with probably no intention of keeping it. I realize that The Star is in full Obama campaign mode, but for crying out loud, this came from your parent newspaper company.

And as far as the continuing insistence that none of the Republican solutions would have any immediate effect, that may be true. But for sure if they are “nonstarters” they will be nonfinishers, and we will still be crying the blues in four more years if Obama is re-elected.

Jim Barber

Independence

Comments

Casady

Hi GG. FYI, Gingrich's proposal to get gas down to $2.50 is based on the presumption that as long as gas remains at or above $2.50 a gallon (roughly $50 - $60 a bbl), oil companies will have the incentive to continue oil exploration. This is based on the theory that if oil producers are given carte blanc on domestic exploration and extraction, they will produce oil to the point where the $2.50 market equilibrium is established. While this is true from an economic perpsective, the benchmark price is pretty elusive as it does not take global demand and the speculation that comes with it into consideration.

fanoftravel

Oil speculators are adding 23.39 dollars to every barrel of crude http://www.forbes.com/sites/robertlenzner/2012/02/27/speculation-in-crude-oil-adds-23-39-to-the-price-per-barrel/ Where is congress????

whispering_to_kc

"... that means that the price increases are all the fault of speculators, right? ..."

The price "increases" are a result of Ben Bernanke's printing presses running full time to recapitalize the banks, flooding the world with cheap dollars.

ggbridge

What are the republican ideas to decrease the cost at the pump? How exactly was Newt going to get us to $2.50 gas?

LL

Amen Mr. Barber!

 
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