Analysts Say Gas Prices Could Fall to $2 if Congress Acts

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Jul 122008
 

Let’s see. Last week it was caused by Big Oil, this week by speculators, who will it be next week? Facts are facts; it is the Environmentalists and their corrupt Democrat shills that are to blame for the price of gas.

This is just more of the same blame game that the Democrats use to focus on someone else because they are in desperate need of a villain in this picture since they are not free to move or adjust their positions on the issue. They’re basically locked into an ideological position.

Drill Now, Drill Everywhere and Drill Often! I don’t care if we have to drill through a Caribou’s head to get oil. Just do it!

Gas Prices Could Fall To $2 If Congress Acts, Analysts Say


The price of retail gasoline would fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy markets, four energy analysts told Congress on Monday. Testifying to a House Energy and Commerce Committee subcommittee, Michael Masters of Masters Capital Management said the price of crude oil would drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135. Fadel Gheit of Oppenheimer & Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFC Energy agreed with Masters’ assessment at the hearing. Other witnesses say speculators aren’t a major factor in oil prices, however.


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The Truth about Drilling in ANWR
The Oil Jihad Continues: OPEC President Predicts the Price of Oil Will Climb to $170 a Barrel before the End of the Year
OPEC’s Oil Jihad
Alaska Governor to Harry Reid: Start drilling in ANWR
Mad About High Gas Prices? An Easy Solution
10 Reasons To Blame Democrats For Soaring Gasoline Prices
Congressional Stupidity Is Destroying America
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Democrats Put Big Oil on Display Once Again
Corn Prices Jump to Record $6 a Bushel, Driving Up Costs for Food

Congress Approval Rating Is a Sign of Complete Disapproval by the American People

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Jul 092008
 


Now that Congress has lost the confidence of the people, can a Revolution be far behind? All signs are pointing to history repeating itself again. Tammy Bruce explores the possibility in No Shame on the Hill.


Everyone in Washington, Republican and Democrat alike, should be extremely concerned with the fact that the American people have never been as repulsed by our own government as we are now.

Yet, there seems to be no shame at all on the Hill, no embarrassment or worry about the fact that the American people consider them complete and utter failures. There is no talk of resignation and slinking away. Instead, these same self-obsessed, do-nothing politicians go about their business, bemused by the disgust the great, unwashed, Not-Of-Their-Class masses feel for them.

According to the latest Rasmussen Reports survey, Congress has actually finally accomplished something–they’ve achieved the lowest approval rating in the history of the poll. Just 9 percent of the American people approve of the job Congress is doing. — That same 9 percent are also still waiting for the nurse to bring them their medication in their lovely padded rooms.

Once Congress hits the single-digits, they really must accept the fact that just as 5.5 percent unemployment is considered “full-employment,” a 9 percent approval rating is complete disapproval. With a number so shockingly low, one might think Pelosi and Reid would resign in disgrace, ashamed at the fact that the one thing they can claim to have done is lose the confidence of virtually everyone in the country.

But there’s a reason why this Congress is such a failure–it’s because they don’t care, are obsessed with irrelevant petty squabbling, and apparently have contempt for the American people. If they didn’t, out of simple respect for the people, all Democrat and Republican leadership in the House and the Senate would apologize and resign en masse.

A look at issues ranging from the doubling of gas prices since the Democrats took control, to the fact that Congress seems perfectly willing to sacrifice the health and safety of the American people to trade relationships with corrupt, incompetent, and malevolent nations like China and Mexico, explains why if there was a Bastille in this country it would have been raided by now.

Once, when a nation’s leadership was so unliked by the people, those in power suggested the unquiet mob be allowed to eat cake. That’s a history lesson worth reflecting on–no government wants to see what happens if they allow their approval rating to reach zero.


Congress Well Deserved 9% Approval Rating

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Jul 092008
 

Gee I wonder why Congress has its worst approval ratings ever. Let’s see… a Congress that invests in defeat, embraces terrorists, hates the United States and refuses to become energy independent…yep that will do it.

Suppose you were an idiot and suppose you were a member of Congress. But I repeat myself. – Mark Twain

Congressional Approval Falls to Single Digits for First Time Ever


The percentage of voters who give Congress good or excellent ratings has fallen to single digits for the first time in Rasmussen Reports tracking history. This month, just 9% say Congress is doing a good or excellent job. Most voters (52%) say Congress is doing a poor job, which ties the record high in that dubious category.

Last month, 11% of voters gave the legislature good or excellent ratings. Congress has not received higher than a 15% approval rating since the beginning of 2008.

The percentage of Democrats who give Congress positive ratings fell from 17% last month to 13% this month. The number of Democrats who give Congress a poor rating remained unchanged. Among Republicans, 8% give Congress good or excellent ratings, up just a point from last month. Sixty-five percent (65%) of GOP voters say Congress is doing a poor job, down a single point from last month.

Voters not affiliated with either party are the most critical of Congressional performance. Just 3% of those voters give Congress positive ratings, down from 6% last month. Sixty-three percent (63%) believe Congress is doing a poor job, up from 57% last month.

Just 12% of voters think Congress has passed any legislation to improve life in this country over the past six months. That number has ranged from 11% to 13% throughout 2008. The majority of voters (62%) say Congress has not passed any legislation to improve life in America.

Voters hold little positive sentiment about the future. Just 41% find it at least somewhat likely that Congress will address important problems facing our nation in the near future, while 55% find this unlikely.

Despite these negative attitudes towards Congress, Democrats continue to enjoy a double digit lead on the Generic Congressional Ballot.

Most voters (72%) think most members of Congress are more interested in furthering their own political careers. Just 14% believe members are genuinely interested in helping people.

A separate Rasmussen survey found that half of all voters believe America’s best days are in the past. However, another survey found that 64% of voters also believe that the world would be a better place if more countries were similar to the United States.


Congressional Stupidity Is Destroying America

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Jun 162008
 


This article hits the nail square on the head. By the way… isn’t “Congressional Stupidity” redundant?

To blame anyone other than environmentalists and corruption in Congress for this energy crisis and alternative fuel fiasco is dishonorable and totally off base. We have untapped energy resources which could easily make the U.S. independent.

The solution to our energy crises is simple. Utilize our own energy-producing fossil resources.

Energy Crisis, Congressional Stupidity, And Election 2008


People are angry. Global oil prices have doubled over the past year, sending fuel prices skyrocketing. Diesel fuel, in particular, is outrageously high, putting the squeeze on the farming and trucking industries, and driving the price of nearly everything upward, especially the cost of food. Truckers have even taken to “demonstrating” in the streets of the capitol city.

The elected head of the nation’s government seems unable to do much of anything to alleviate the problem. But appearing as though he’s doing something is better than appearing as though he’s doing nothing, so he schedules a trip to Saudi Arabia for several “high level talks” with oil producers.

Does this sound like a description of the series of events that led up to President Bush’s trip to the Middle East a month ago? You remember that trip, don’t you? It gave us those hideous photos of our current U.S. President holding hands with Saudi King Abdullah, along with the headline “Saudi‘s Rebuff Bush.”

Well, the passage above could very well be used

to describe what was going on here at home back in February, March and April of this year. But it is actually a description of what’s been going on in London the past few weeks, as British Prime Minister Gordon Brown announced plans last Friday to pay his own special visit to “the King” later this month, on June 22nd.

Same problem, essentially the same description, but a different country. And here’s another difference between the two stories: in the United States, we have the resources to get ourselves out of our dilemma – – at least partially – – in the short-run.

It’s no mystery that the United States is home to its own substantial oil and gas resources. It is also true that oil corporations, themselves, are NOT the villains behind the skyrocketing fuel prices. The problem is, without a doubt, the United States Congress.

Currently, it is a violation of federal law to search for oil in the Pacific Ocean, in the Gulf of Mexico, in the Atlantic Ocean, and in Alaska. Similarly, it is against the law to search for oil shale in the continental United States. Congress has the power to change federal laws that restrict such energy exploration and development, but has chosen not to do this.

And if “Congress” is to blame for these harmful laws, that means that there is plenty of blame to go around among Republicans and Democrats alike. Republicans controlled the Congress for nearly twelve of the last thirteen and a half years, and during that time the stupidity on energy policy remained intact.

Yet for the past seventeen months, Democrats have been in control of Congress. And what has been the response from our nation’s legislative body regarding our most recent energy crisis? For one, the Democrats introduced legislation that would raise taxes on oil companies. Acting as if “companies” actually pay taxes (rather than passing along the additional costs to their customers), the Democrats chose to play – – to borrow a term from my friend and mentor Hugh Hewitt – – a game of “Sesame Street economics.”

Were the Democrats’ corporate tax increase to actually become law, it would do nothing to help expand our nation’s energy resources, and would, indeed, drive our energy costs further upward. But never mind the need for real solutions – – if you’re in Congress and you’re a Democrat, its good to look like you’re being “tough” on oil companies.

And on the point of “looking tough,” Congressional Democrats have also conducted several “investigations” and “hearings” as of late, to determine if oil companies have been doing anything illegal or unscrupulous so as to drive-up the prices of their products. One of my favorite moments from the “big oil hearings” was when Congressman Ed Markey of Massachusetts demanded to know why the Exxon Mobil Corporation was not investing at least 10% of its profits into the development of alternative, “renewable” energy sources. That’s like demanding to know why the cattle ranching industry is not investing in the development of a soy-based meat substitute product – – it was silly and illogical, yet it was an opportunity for Mr. Markey to look and sound tough in the face of big oil.

So while Congressional Democrats continue to try and appear like they‘re “getting tough” on the oil industry, how about if Congressional Republicans really “get tough” on congressional stupidity? Attitudes and tempers at the pump are already starting to get testy, and gasoline is expected to approach five dollars a gallon by the Fourth of July holiday weekend.

There is a huge opportunity to be seized for the Republicans, if they can figure out how to point-out the foolishness and destructiveness of the Democrats’ proposals, and then propose a real solution to the problem, and then make it happen.

But can the Republican Party, at such a time as this, actually rise to the occasion? And what precisely is the message to voters? And who are the spokespersons for this message? Thoughtful answers to these questions could change the outcome of election 2008.


Related:
The Price Of Oil Rose 8% Today
Newt Gingrich: Drill Here, Drill Now, Pay Less
10 Energy Questions for the US Senate
Congress Responsible For High Oil and Gas Prices
Saudis And Democrats See No Reason To Raise Oil Production Now
The Democrat’s Energy Plan: When Common Sense Is Not So Common
ANWR Derangement Syndrome: Senate Democrats Reject Domestic Oil Drilling
Energy Pandering: Congress Divided On Energy Plan
Senators Introduce Bill to Increase Domestic Oil and Natural Gas Production
200 Billion Barrels Of Oil That Could Make The U.S. Energy Independent
Democrats Put Big Oil on Display Once Again
Corn Prices Jump to Record $6 a Bushel, Driving Up Costs for Food

ANWR Derangement Syndrome: Senate Democrats Reject Domestic Oil Drilling

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May 142008
 

We can’t drill our way to lower prices,” said Sen. Dick “Head” Durbin, D-Ill.

Hey Dick, if we can’t drill our way to lower prices then why did this vote occur in the first place? If your desire is to increase the supply to the public, then why not actually increase the supply to the public?

Senate Passes Halt On Oil Stockpiling To Curb Gas Prices


A veto-proof majority in the Senate voted Tuesday to stop filling the Strategic Petroleum Reserve to try to curtail soaring gasoline prices.

The vote dealt a setback to President Bush’s policy of boosting oil stockpiles in the event of a major supply disruption. But it had a limited immediate market impact.

Crude oil spiked to $126.98 a barrel on fuel oil demand and Iran’s talk of cutting exports. Oil shed some gains on the SPR vote, but still closed up $1.57 at $125.80.

The Senate voted 97 to 1 to halt crude deliveries now averaging 70,000 barrels a day until the price of oil drops below $75. That’s less than 0.1% of global demand of 87 million barrels. A House vote was scheduled later in the day.

The Energy Information Administration estimates stockpiling 100,000 barrels a day adds $2 a barrel to the price of oil and 4-5 cents a gallon to gasoline.

House Speaker Nancy Pelosi’s office says an SPR halt could save drivers 5-24 cents a gallon.

Influential oil economist Philip Verleger told Congress in December that filling the strategic reserve “may have added as much as 10% to the light sweet crude price.”

He suggests the Energy Department sell light sweet crude stocks and fill the SPR with more-plentiful sour crude, which has a higher sulfur content. That means refiner rules would need to be relaxed in an emergency, he says.

The White House has kept boosting crude stockpiles over growing criticism. Bush argues that preparing for a national emergency trumps the negligible price declines that would result.

He proposed doubling SPR capacity to 1.5 billion barrels in his 2007 State of the Union address. The reserve now holds just over 700 million barrels, enough to cover 58 days of imports.

“Congressional tampering with presidential authority to fill the SPR may be unconstitutional,” wrote Heritage Foundation senior fellow Ariel Cohen. The move “interferes with the executive branch’s authority to conduct national security policy.”

Republican lawmakers are parting ways with Bush on the strategic reserve, but they are united in supporting more domestic drilling.

“(W)e’ve been heartened that by bringing up the SPR plan Democrats are conceding a link between increasing our supply and reducing our price at the pump,” House Minority Leader John Boehner and Republican Whip Roy Blunt said in a statement.

They noted in a letter to Pelosi that opening the Arctic National Wildlife Refuge to drilling could eventually yield 1 million barrels per day. The Senate on Tuesday voted 56 to 42 against a bid to open ANWR.

The senators also urged Congress to lift restrictions on deep-water drilling off U.S. coasts.

Meanwhile, Democrats are pushing a resolution to halt arms sales to Saudi Arabia until it ups oil output.

“If Saudi Arabia and other OPEC countries do not substantially increase production, we in Congress will block their lucrative arms deals,” said Sen. Charles Schumer, D-N.Y.

Democratic leaders haven’t backed a federal gas-tax holiday proposed by presidential contenders Sen. Hillary Clinton, D-N.Y., and Sen. John McCain, R-Ariz.


Related:
Energy Pandering: Congress Divided On Energy Plan
Senators Introduce Bill to Increase Domestic Oil and Natural Gas Production
200 Billion Barrels Of Oil That Could Make The U.S. Energy Independent
Democrats Put Big Oil on Display Once Again
Corn Prices Jump to Record $6 a Bushel, Driving Up Costs for Food