Hammering home a point for the libtard commenters on this site who don't believe that we are right:
...Kevin Mooney of the Pelican Institute reports, at The American Spectator, both that an investment bank’s new report says the Obama deepwater-rig permitting slowdown could soon cause 20 more rigs to leave the Gulf and that Louisiana’s Republican U.S. Sen. David Vitter has written Interior Secretary Ken Salazar blasting the administration’s slowdown policies. According to Vitter, nine fewer deepwater rigs are now operating than had been the case (on average) before the Obama policies took effect. Overall, Vitter suggests, those policies will cause a “decline in drilling activity of approximately 60 percent.”...
Which, by no coincidence, means less US-produced oil.
...The administration has similarly blocked or almost hopelessly slowed development of oil shale out West and in Pennsylvania, as well as drilling off both Alaska and the Atlantic coast, not to mention regular inland drilling numerous places. The administration has also been unfriendly to oil sands, pipelines, and – relatedly – natural gas. Only somebody who utterly fails to understand economics could fail to believe these supply-restrictive polices are keeping prices artificially high. (They will climb higher still if Obama gets his way in hiking taxes on the petroleum industry.)
As it turns out, with a few non-major assumptions, it IS possible that the US could have $2.00/gal gasoline.
November '12, folks.
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11 comments:
Gulf oil production had always been nearly irrelavant to crude oil prices.
Strupp is right. That's why Oil prices stayed stable when the Oil Platform exploded. Right?
5:59 was me.
David
Oil prices never spike when hurricanes shut down those Gulf rigs, right?
"for the libtard commenters..."
The sweet smell of civility!--Thomas Jefferson
Good God.
I'll spell it out. Gulf oil production is practically nothing compared to global oil production. Therefor, gulf oil doesn't impact global oil prices much. Yes, there exists short run supply shocks and market speculation based on current events like hurricanes and oil spills.
Gulf oil production is practically nothing compared to global oil production
Yah, but Obozo--who is now a lame-duck--is making certain that EVERY US source of petroleum is limping.
And there's something very important about Gulf oil: US jobs. You know: tax revenues, yadayada.
"is making certain that EVERY US source of petroleum is limping."
Directional drilling out west is absolutely booming.
Conservative estimates of jobs lost in the gulf are about 10-12,000 jobs.
Not good. But not really that much considering we currently have over 24 million underemployed right now.
Teatards?
Hey Truther 10:31, why do you hide?
David
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