It's Bush's fault - that BHO doesn't get credit for increased oil production

[Solus]

Does White House deserve credit for increase in domestic oil production? Some analysts say no

 "Oil and gas production in the United States has risen every year since the president's been in office. Oil production is now higher than it's been in eight years."

Industry analysts say production is rising -- not because of President Obama, but in spite of him.

http://www.foxnews.com/politics/2012/02/24/obama-administration-seeks-credit-for-increase-domestic-oil-production/?test=latestnews

[Rastus]

No White House deserves credit.  There were some creative and smart people who found money that someone was willing to risk to try some either new or discredited geological ideas.  The only thing government has contributed is staying out of the way just enough to allow it to happen.

[tombogan03884]

No White House deserves credit.  There were some creative and smart people who found money that someone was willing to risk to try some either new or discredited geological ideas.  The only thing government has contributed is staying out of the way just enough to allow it to happen.
not yet finding a way to stop it and let Petrobras, or Yukos, or some other Soros owned foriegn entity benefit from it

FIFY   

[Rastus]

A good edit.

[rojawe]

That POS in the WH has done more to harm or energy production than anyone in History. Drilling is down 17% from a year ago and they have declined more drill permits and other nations are drilling where were not allowed by obama. If he would let them look and produce oil without all the obama restrictions we would be getting the oil and if the oil companies like BP screws up make they pay for all the clean up. Lots of the 2 Billion BP paid was wasted on useless crap from the area's affected.

It's not all obama fault but he shovels more manure than we can handle and his BS is wearing thin. obama stand up and tell us how you have failed as the President of the U.S, We want jobs and not food stamps and slavery and you have squanders billions paying your campain contributors back while screwing the taxpayer. Senator obama stated he was supporting 4 dollaras and now we have it and going up everyday. 
Rant over

[Sponsor]

[rojawe]

Obama’s Oily Deception. Yet the United States is sitting on the world's largest untapped oil reserve. A natural resource that would not only mitigate the over $400 Billion sent overseas to other countries but could create untold millions of jobs and put the country on a sound financial footing.

[Solus]

Obama’s Oily Deception. Yet the United States is sitting on the world's largest untapped oil reserve. A natural resource that would not only mitigate the over $400 Billion sent overseas to other countries but could create untold millions of jobs and put the country on a sound financial footing.

Now that goes a long way to explaining why it's not in BHO's game plan.

[twyacht]

of course it is.....

 

[rojawe]

HALF FULL REPORT 02/24/12


Written by Jack Kelly

Friday, 24 February 2012

The average price of regular gasoline in February was $3.61 -- 42 cents more than at this time a year ago -- and an all time record for this time of year. Gas prices have hit $5 a gallon in some stations in Florida and Washington , D.C. , and are nearing $5 in Chicago and California . Typically, the price of gasoline rises substantially between March and June, so many more of us could be paying $5 a gallon by Memorial Day.

That, coupled with high unemployment and stagnant wages for most who have jobs, means most Americans will be getting squeezed. To pay more for fuel, we'll have to cut back how much we drive, or on other things. Americans used 344 million gallons of gas per day last week, down from an average of 390 million gallons per day in 2007. We drove about 100 million miles fewer than in 2007. Either way, our moribund economic "recovery" will suffer another blow.

The news media, of course, didn't focus on that. "Higher gas prices cloud Obama's re-election hopes," said the Associated Press Thursday.

WASHINGTON (AP) - Soaring gasoline prices are threatening to undercut President Barack Obama's re-election prospects and offering Republicans an easy target. With prices pushing $4 a gallon and threatening to go even higher, Obama sought Thursday to confront rising public anxiety and strike back at his GOP critics.

"Only in politics do people root for bad news, do they greet bad news so enthusiastically," Obama said of Republicans. "You pay more; they're licking their chops."

A poll for ABC News last April found the president's job approval rating was 13 points lower among Americans who said the price of gas is causing them hardship.

It's not unusual for the president to take the heat when gas prices rise: George W. Bush's job approval rating correlated with the price of gasoline across his two terms at -.84, a very strong relationship. Obama's approval rating has correlated with the price of gas at -.71.

Aware of the political threat, Mr. Obama made a major speech on energy policy at the University of Miami , in which he lied even more than usual. It isn't his fault gas prices are higher. Blame the Iranians...and the Republicans.

Zero took credit for a recent increase in oil production, which "couldn't be farther from the truth," said the president of the American Petroleum Institute. But more drilling for oil and natural gas can't solve the problem, Obama said. Drill drill drill is just a bumper sticker. There is no short term solution. The long term solution is to double down on government "investments" in alternative sources of energy.

 Iran 's political brinkmanship is partly to blame for the oil price spike. But most of it's been caused by the policies of the Obama administration. They're leading to an "energy abyss," oil company executives say.

What those executives have in mind are the many restrictions the administration has placed on drilling for oil and natural gas, and EPA regulations which clobber the coal industry. But his overall fiscal recklessness may be just as much to blame.

Gasoline prices only seem to be rising. What's actually happening is that the value of the dollar is plummeting. Louis Woodhill notes that measured in gold, the price of oil per barrel today is 18 percent lower than the average for the last 41 years.

It was 41 years ago that President Nixon took us off the modified gold standard in the Bretton Woods financial arrangement. In 1971, West Texas crude was selling for $3.56 per barrel. This week, it was selling for $105.88 per barrel.

The primary reasons for the massive devaluation of the dollar since 1971 have been massive federal budget deficits, and (especially) monetizing the debt by the Federal Reserve.

It ought not surprise anyone with a knowledge of history that the present Obama-Bernanke fiscal-monetary course is exactly opposite the policies of President Reagan and Federal Reserve Chairman Volcker in the early 1980s, with predictably very different results. So we now have inflation coupled with low economic growth, or stagflation. Welcome back, Carter.

Whether you place more of the blame for high gas prices on the Obama administration's restrictions on energy production or on his reckless spending, the high prices are primarily the result of Democrat policies, and they are deliberate. Democrats want high energy prices to make their alternative energy and mass transit boondoggles seem less outrageously expensive. Steven Chu, now the Energy Secretary, let the cat out of the bag in a 2008 interview with the Wall Street Journal:

Somehow we have to figure out how to boost the price of gasoline to the levels in Europe .

Republicans, understandably, have jumped on that Chu quote. But so has the left wing Webzine Politico, because Politico thinks Chu had it exactly right.

Walter Russell Mead doesn't. The quote devastatingly reveals just how tone-deaf and myopic white-collar, progressive intellectualism can be. The delusion that jacking up energy prices is part of a "good government" agenda is one of the pieces of insanity that keeps the blue intelligentsia from consolidating its position as a natural governing class.

Politico thinks Democrats should openly advocate high energy prices. Mr. Mead explains why they don't:

If you are a politician who wants to raise the price of gas, you have two choices in America: you can persuade the military leadership to install you in office through a coup d'etat, or you can lie to the voters and pursue your agenda on the sly.

A number of Democrats seem to have chosen the second option. The significance of the Chu sound bite is that some voters think President Obama has a stealth energy agenda, and rising gas prices tend to strengthen that perception.

The president deserves the blame for higher energy prices. But even if he didn't, the Wall Street Journal thinks that if voters hold him responsible, "rough justice" will have been administered:

Mr. Obama has also spent three years blaming George W. Bush for every economic ill. If Mr. Obama now feels frustrated by economic events beyond his control, perhaps he should call Mr. Bush for consolation.


--------------------------------------------------------------------------------


When gasoline prices rose to $3 a gallon in 2005, Debbie Dimwit, now the national chair of the Democratic National Committee, excoriated President Bush. She's been strangely silent now.

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