"The Truth About Oil and Gasoline"

[ktchamp97]

"The Truth About Oil and Gasoline"
http://www.energytomorrow.com/media/resources/r_526.pdf

The above is an excellent rundown of the supply, demand, economics, and other factors contributing to today's high prices at the pump. This study was put together by the American Petroleum Institute (API).

It seems like most folks out there have no idea what's really going on and it's easy and convenient to blame the oil companies. People like to moan about the record profits, in terms of raw dollars, but they're ignorant to (or choose to ingnore) the fact that oil companies are making, on average, 8% return on their money. That's just one of the issues the linked study above addresses...

Thoughts?

[okt0ber]

"The Truth About Oil and Gasoline"
http://www.energytomorrow.com/media/resources/r_526.pdf

The above is an excellent rundown of the supply, demand, economics, and other factors contributing to today's high prices at the pump. This study was put together by the American Petroleum Institute (API).

It seems like most folks out there have no idea what's really going on and it's easy and convenient to blame the oil companies. People like to moan about the record profits, in terms of raw dollars, but they're ignorant to (or choose to ingnore) the fact that oil companies are making, on average, 8% return on their money. That's just one of the issues the linked study above addresses...

Thoughts?

I don't think they're making too much money if they're going to invest it in technology to get us off of oil. I don't think they need to paying their upper management $400 million. No one deserves that much money. I don't care how "hard" you have worked. It's vulger.

Anyhow, we're just screwed and you need to direct that article to your congressmen.

[Miss Kitty]

Their profits are not because of gas prices, they are because the U.S. based companies keep sending U.S. jobs overseas. Oh but that is supposed to be hush hush. ;)

[mad_fan]

"The Truth About Oil and Gasoline"
http://www.energytomorrow.com/media/resources/r_526.pdf

The above is an excellent rundown of the supply, demand, economics, and other factors contributing to today's high prices at the pump. This study was put together by the American Petroleum Institute (API).

It seems like most folks out there have no idea what's really going on and it's easy and convenient to blame the oil companies. People like to moan about the record profits, in terms of raw dollars, but they're ignorant to (or choose to ingnore) the fact that oil companies are making, on average, 8% return on their money. That's just one of the issues the linked study above addresses...

Thoughts?


I think this has been addressed here enough times that you will still not convince the parttime socialists that the oil companies are not the problem...:)

[chhspantherfan]

good read, but not the whole story. many posts in other threads about the rest of the story........

[stevefoxsc]

hydrogen has actually been used in cars a replacement. Cheaper, more environmentally friendly, and last longer. Plus its derived from water been posting about it a lot.

[Pearland 06]

hydrogen has actually been used in cars a replacement. Cheaper, more environmentally friendly, and last longer. Plus its derived from water been posting about it a lot.

Hydrogen in itself cannot be a replacement for gasoline, nor can any other single product.

It would require a complete overhaul of the entire infrastructure of the US. Every gas station would have to be replaced by hydrogen fueling stations, and then the price of hydrogen would skyrocket just like oil.

However, one solution I can find no problem to is that water powered car that separates the hydrogen out of water. The report said any type of water should work, including tap and ocean water.

[ktchamp97]

I don't think they're making too much money if they're going to invest it in technology to get us off of oil. I don't think they need to paying their upper management $400 million. No one deserves that much money. I don't care how "hard" you have worked. It's vulger.

Anyhow, we're just screwed and you need to direct that article to your congressmen.

See pages 26 and 27 of the article. U.S. oil and gas companies invested $1.2 Billion into non-hydrocarbon technologies compared to the Fed's $1.6 Billion invested over the same time period (2000-2005).

Which oil exec is making a $400 mill a year salary?

I think this has been addressed here enough times that you will still not convince the parttime socialists that the oil companies are not the problem...:)

Just trying to do my part to dispel the many myths floating around out there.

[okt0ber]

See pages 26 and 27 of the article. U.S. oil and gas companies invested $1.2 Billion into non-hydrocarbon technologies compared to the Fed's $1.6 Billion invested over the same time period (2000-2005).

Which oil exec is making a $400 mill a year salary?



Just trying to do my part to dispel the many myths floating around out there.

$1.2 billion? That's pretty poor as compared to the dollar amount of profits.... If we're not going to have a nationalized oil company, the private companies need to make an effort to actually care about the well being of the country.

Didn't the Exxon CEO that retired get that in his retirement package? I specifically remember it was a controversy a year or so ago, but I don't have time to go look it up right now.

[okt0ber]

Hydrogen in itself cannot be a replacement for gasoline, nor can any other single product.

It would require a complete overhaul of the entire infrastructure of the US. Every gas station would have to be replaced by hydrogen fueling stations, and then the price of hydrogen would skyrocket just like oil.

However, one solution I can find no problem to is that water powered car that separates the hydrogen out of water. The report said any type of water should work, including tap and ocean water.

I think $5 billion would more than cover that, don't you?

hydrogen would skyrocket initially, but at least we're not running out of that. And I agree on the separating the water thing, but that's a long way off yet...

[ktchamp97]

$1.2 billion? That's pretty poor as compared to the dollar amount of profits.... If we're not going to have a nationalized oil company, the private companies need to make an effort to actually care about the well being of the country.

Didn't the Exxon CEO that retired get that in his retirement package? I specifically remember it was a controversy a year or so ago, but I don't have time to go look it up right now.
Please, find time and actually read the article.

[mad_fan]

Please, find time and actually read the article.

Never happen...and Oktober hates American...try to keep up...;)

[t-long20]

Interesting....

To simplify it: We're consuming more oil than we're producing. It's simple ecoomics.

[yallerjacket]

Build more nuclear power plants. Make better batteries. Make electric cars. No gasoline needed. No emissions. It's too simple though.

[DrEdward]

"The Truth About Oil and Gasoline"
http://www.energytomorrow.com/media/resources/r_526.pdf

The above is an excellent rundown of the supply, demand, economics, and other factors contributing to today's high prices at the pump. This study was put together by the American Petroleum Institute (API).

It seems like most folks out there have no idea what's really going on and it's easy and convenient to blame the oil companies. People like to moan about the record profits, in terms of raw dollars, but they're ignorant to (or choose to ingnore) the fact that oil companies are making, on average, 8% return on their money. That's just one of the issues the linked study above addresses...

Thoughts?

Some of my thought are posted elsewhere. But the oil companies' record profits are not the problem; they are simply a most inviting political target and our weak "representatives" easily take shots at them. Those people somehow believe that they have some sort of legitimate claim on the profits merely because the federal governemnt has the power to tax. I agree that the oil companies have not handled their success very well from a PR point of view. What really leaps out is the compensation directed to the CEOs. Does anyone have any belief that such levels of pay are anywhere remotely in alignment with the marginal value of the product that said individuals bring to the company? (Of course, such a complaint on my part can be directed at many other industries in ths US currently.) I would much prefer to see some, actually a whole lot, of that compensation either redirected into research and development or returned to the shareholders as dividends.

[K-Rock]

The sky is falling! We're running out of oil! Its supply and demand...

What a bunch of junk.

This is simply people hedging their investments because the dollar is weak. They are pulling money and investing in oil. This bull market has created high prices.

Who started the run I wonder?

The simple fact is Bush is paying back the people who got him elected. He is doing nothing to stop this. He is on a farewell tour of Europe on tax payers money instead of working to resolve this issue. Meanwhile, the Oil Companies are getting record profits.

Whoever thinks different needs to wake up and smell the Vaseline!

[STJL41]

The sky is falling! We're running out of oil! Its supply and demand...

What a bunch of junk.

This is simply people hedging their investments because the dollar is weak. They are pulling money and investing in oil. This bull market has created high prices.

Who started the run I wonder?

The simple fact is Bush is paying back the people who got him elected. He is doing nothing to stop this. He is on a farewell tour of Europe on tax payers money instead of working to resolve this issue. Meanwhile, the Oil Companies are getting record profits.

Whoever thinks different needs to wake up and smell the Vaseline!

Do you buy into the idea that placing a windfall tax on these profits will somehow benefit the average consumer?

[K-Rock]

Do you buy into the idea that placing a windfall tax on these profits will somehow benefit the average consumer?

I haven't read about this....do you have a link?

[chhspantherfan]

Some of my thought are posted elsewhere. But the oil companies' record profits are not the problem; they are simply a most inviting political target and our weak "representatives" easily take shots at them. Those people somehow believe that they have some sort of legitimate claim on the profits merely because the federal governemnt has the power to tax. I agree that the oil companies have not handled their success very well from a PR point of view. What really leaps out is the compensation directed to the CEOs. Does anyone have any belief that such levels of pay are anywhere remotely in alignment with the marginal value of the product that said individuals bring to the company? (Of course, such a complaint on my part can be directed at many other industries in ths US currently.) I would much prefer to see some, actually a whole lot, of that compensation either redirected into research and development or returned to the shareholders as dividends.

doesn't happen like that anymore, sad to say. Our great nation once took pride in dividends, rewarding those individual investors that trusted managment. The Board of Directors were held accountable for management decisions and the nation prospered. At this point, the nation will never even understand what hit 'em. We will be owned by the British once again. They are the new financial heartbeat of the world, or is it the old heartbeat of the world?;)

[STJL41]

I haven't read about this....do you have a link?

I can't provide a specific link, I was just wondering what your thoughts are on the subject since some politicians (notably, the Dems) seem to be pushing that as an answer to fixing high gas prices as opposed to domestic drilling, which appears to be the GOP's answer.

[katyfan52]

I can't provide a specific link, I was just wondering what your thoughts are on the subject since some politicians (notably, the Dems) seem to be pushing that as an answer to fixing high gas prices as opposed to domestic drilling, which appears to be the GOP's answer.

Close the Enron loophole. ;) :D

[ktCarl]

I don't think they're making too much money if they're going to invest it in technology to get us off of oil. I don't think they need to paying their upper management $400 million. No one deserves that much money. I don't care how "hard" you have worked. It's vulger.

Anyhow, we're just screwed and you need to direct that article to your congressmen.


Who are you to say how much money a private sector job should pay? You are buying into the Marxist philosophy that pits the haves against the have nots.

[mad_fan]

Close the Enron loophole. ;) :D

We'll never do away with stupid people with money to invest...
But we can screw up the US ecenomy more...

Signed,
Paul Sarbanes
Michael Oxley

[chhspantherfan]

The sky is falling! We're running out of oil! Its supply and demand...

What a bunch of junk.

This is simply people hedging their investments because the dollar is weak. They are pulling money and investing in oil. This bull market has created high prices.

Who started the run I wonder?

The simple fact is Bush is paying back the people who got him elected. He is doing nothing to stop this. He is on a farewell tour of Europe on tax payers money instead of working to resolve this issue. Meanwhile, the Oil Companies are getting record profits.

Whoever thinks different needs to wake up and smell the Vaseline!


CLINTON SIGNED THE LEGISLATION THAT STARTED THE SPECULATORS SCURRYING.

as I have posted before-----

In the past, the Commodities Futures Trading Commission acted as the cop on the beat, ensuring that buyers in the market were not distorting or manipulating prices beyond what supply and demand normally dictate. Certainly, if a hard frost hit Florida and cost growers an orange crop, then bidding up the price of the remaining oranges was both a wise investment and allowed under the trading rules. Right now investors know that if they borrow and invest huge amounts in commodities futures, they can create a shortage on paper – which drives prices up just like an actual shortage of any given product would. What kept traders from cornering the market that way in the past were the government’s anti-manipulation rules.

Lay, DeLay, Gramm, Gramm & Clinton

The late, infamous Enron head, Ken Lay, realized in the eighties that he could make more money bidding up energy in the futures market than by actually creating and selling energy. But, under then-current rules, how much you could make swapping paper was limited. Fortuitously, Lay had excellent Texas political connections; and in November of 1992, the head of the Commodities Futures Trading Commission moved to exempt energy-derivative contracts and related swaps from any government oversight.

A vote was hurriedly put together before the Clinton White House would take over, and so Lay could finally start "dark" – unregulated – futures trading. The head of the CFTC was Wendy Gramm, wife of Texas Senator Phil Gramm; five weeks after she left, she became a board member of Enron in Houston.

Fast-forward to late 2000 and H.R. 5660, the Commodity Futures Modernization Act of 2000, sponsored by Republican Congressman Thomas Ewing of Illinois. That bill went nowhere, even though Tom Delay’s wife Christine was then working for a Washington lobbying firm, Alexander Strategies – which Enron had paid $200,000 to push through legislation for permanent energy deregulation in these "dark" markets.

Six months later came Senate Bill 3283, also named the Commodity Futures Modernization Act of 2000. This time around the sponsor was Republican Sen. Richard Lugar of Indiana, and now Phil Gramm was listed as one of the bill’s co-sponsors. Like it had in the House, this bill was destined to go nowhere until, late one night, it was attached as a rider to an 11,000-page appropriations bill – which was signed into law by President Clinton.

Now traders had an officially deregulated market for energy futures. Worse, that bill also deregulated many financial instruments – including the collateralized debt obligations that are at the center of today’s mortgage crisis, which may well cost us more than $1 trillion before it’s over. "

It has grown into this !!!!!

https://www.theice.com/marketdata/ga...arkersView.jsp

[katyfan52]

CLINTON SIGNED THE LEGISLATION THAT STARTED THE SPECULATORS SCURRYING.

as I have posted before-----

In the past, the Commodities Futures Trading Commission acted as the cop on the beat, ensuring that buyers in the market were not distorting or manipulating prices beyond what supply and demand normally dictate. Certainly, if a hard frost hit Florida and cost growers an orange crop, then bidding up the price of the remaining oranges was both a wise investment and allowed under the trading rules. Right now investors know that if they borrow and invest huge amounts in commodities futures, they can create a shortage on paper – which drives prices up just like an actual shortage of any given product would. What kept traders from cornering the market that way in the past were the government’s anti-manipulation rules.

Lay, DeLay, Gramm, Gramm & Clinton

The late, infamous Enron head, Ken Lay, realized in the eighties that he could make more money bidding up energy in the futures market than by actually creating and selling energy. But, under then-current rules, how much you could make swapping paper was limited. Fortuitously, Lay had excellent Texas political connections; and in November of 1992, the head of the Commodities Futures Trading Commission moved to exempt energy-derivative contracts and related swaps from any government oversight.

A vote was hurriedly put together before the Clinton White House would take over, and so Lay could finally start "dark" – unregulated – futures trading. The head of the CFTC was Wendy Gramm, wife of Texas Senator Phil Gramm; five weeks after she left, she became a board member of Enron in Houston.

Fast-forward to late 2000 and H.R. 5660, the Commodity Futures Modernization Act of 2000, sponsored by Republican Congressman Thomas Ewing of Illinois. That bill went nowhere, even though Tom Delay’s wife Christine was then working for a Washington lobbying firm, Alexander Strategies – which Enron had paid $200,000 to push through legislation for permanent energy deregulation in these "dark" markets.

Six months later came Senate Bill 3283, also named the Commodity Futures Modernization Act of 2000. This time around the sponsor was Republican Sen. Richard Lugar of Indiana, and now Phil Gramm was listed as one of the bill’s co-sponsors. Like it had in the House, this bill was destined to go nowhere until, late one night, it was attached as a rider to an 11,000-page appropriations bill – which was signed into law by President Clinton.

Now traders had an officially deregulated market for energy futures. Worse, that bill also deregulated many financial instruments – including the collateralized debt obligations that are at the center of today’s mortgage crisis, which may well cost us more than $1 trillion before it’s over. "

It has grown into this !!!!!

https://www.theice.com/marketdata/ga...arkersView.jsp

He may have signed it, but the onus is on the Gramms (and their cohorts) as far as I'm concerned, and now he (Phil Gramm) appears to be McCain's economic brain. That concerns me. I generally agree that it is better to let the free market system "do it's work", but when people within the system pervert it with greed, then somehow the reins need to be pulled in. This is just a small part of the deregulation nightmare that will be part of the Bush II legacy.


http://www.baltimorechronicle.com/2008/051908Leopold.shtml

[Redhoss]

Hydrogen in itself cannot be a replacement for gasoline, nor can any other single product.

It would require a complete overhaul of the entire infrastructure of the US. Every gas station would have to be replaced by hydrogen fueling stations, and then the price of hydrogen would skyrocket just like oil.

However, one solution I can find no problem to is that water powered car that separates the hydrogen out of water. The report said any type of water should work, including tap and ocean water.

You are correct but anything we do in the way of alternatives will help in the long run.

[Redhoss]

I think $5 billion would more than cover that, don't you?

hydrogen would skyrocket initially, but at least we're not running out of that. And I agree on the separating the water thing, but that's a long way off yet...

I heard on the news just today that Japan is building this year, 200 hydrogen cars to sell. This makes me wonder why we're not closer to doing so.

[Dawg Fan]

The sky is falling! We're running out of oil! Its supply and demand...

What a bunch of junk.

This is simply people hedging their investments because the dollar is weak. They are pulling money and investing in oil. This bull market has created high prices.

Who started the run I wonder?

The simple fact is Bush is paying back the people who got him elected. He is doing nothing to stop this. He is on a farewell tour of Europe on tax payers money instead of working to resolve this issue. Meanwhile, the Oil Companies are getting record profits.

Whoever thinks different needs to wake up and smell the Vaseline!

It's a conspiracy, I tell ya, a conspiracy:rolleyes:

[katyfan52]

It's a conspiracy, I tell ya, a conspiracy:rolleyes:
Just because you're paranoid, doesn't mean they're not out to get you. ;)

[t-long20]

The truth is that you can't handle the truth.

[t-long20]

The sky is falling! We're running out of oil! Its supply and demand...

What a bunch of junk.

This is simply people hedging their investments because the dollar is weak. They are pulling money and investing in oil. This bull market has created high prices.

Who started the run I wonder?

The simple fact is Bush is paying back the people who got him elected. He is doing nothing to stop this. He is on a farewell tour of Europe on tax payers money instead of working to resolve this issue. Meanwhile, the Oil Companies are getting record profits.

Whoever thinks different needs to wake up and smell the Vaseline!

That post is probably 100% wrong but it's also 99.9% entertaining. You should start making blogs.

[mad_fan]

Just because you're paranoid, doesn't mean they're not out to get you. ;)

Just because you're paranoid, doesn't mean they're NOT out to get you...

Mel Gibson...
(whatever his character's name was...;))

[yallerjacket]

I heard on the news just today that Japan is building this year, 200 hydrogen cars to sell. This makes me wonder why we're not closer to doing so.

Are you talking about the water fueled cars or the hydrogen fuel cell cars? With the water fueled cars, we wouldn't need filling stations. Just a water hose that can reach the driveway.

[katyfan52]

Originally Posted by K-Rock http://www.5atexasfootball.com/forum/vB/images/buttons/viewpost.gif (http://www.5atexasfootball.com/forum/vB/showthread.php?p=806510#post806510)
The sky is falling! We're running out of oil! Its supply and demand...

What a bunch of junk.

This is simply people hedging their investments because the dollar is weak. They are pulling money and investing in oil. This bull market has created high prices.

Who started the run I wonder?

The simple fact is Bush is paying back the people who got him elected. He is doing nothing to stop this. He is on a farewell tour of Europe on tax payers money instead of working to resolve this issue. Meanwhile, the Oil Companies are getting record profits.

Whoever thinks different needs to wake up and smell the Vaseline!
That post is probably 100% wrong but it's also 99.9% entertaining. You should start making blogs.
Actually his post is probably not 100% wrong. In his testimony before Congress, Michael Greenberger, former head of the CFTC (Commodities Futures Trading Commission) testified that if the Enron loophole, which allows unregulated trading of energy futures, was closed, the price of oil and thereby gas, would go down by 25 to 50 percent. Feinstein tried to get it closed way back in 2002 as well. To McCain's credit he was one of very few Republicans who supported it. The ones who are making out like bandits appear to be the speculators who are buying oil, and driving the prices up. An amendment to the latest farm bill was passed, over the President's veto (I think). Let's see how long it takes for the law to show it's teeth.

If we want to talk about the pros and cons of drilling offshore, or taxing the oil companies, or alternative sources that's fine, but I don't think that's the most expedient answer to the current price of gasoline. And from other stuff I've read he's not necessarily being too cynical when he suggests that the PTB have sat on their hands.

BTW, I wonder if McCain is regretting his choice of Phil Gramm as his economic advisor. :o As an aside, Congressman John Larson (D-CT) introduced a bill that puts an interesting twist on the problem (http://www.opencongress.org/bill/110-h6264/show). :D Wonder where Bear Stearns would put all that heating oil???

[katyfan52]

Just because you're paranoid, doesn't mean they're NOT out to get you...

Mel Gibson...
(whatever his character's name was...;))
Mel as Jerry Fletcher in the movie "Conspiracy Theory" with Julia Roberts. That was a cool movie. :cool:

[Slim-Rob]

I heard on the news just today that Japan is building this year, 200 hydrogen cars to sell. This makes me wonder why we're not closer to doing so.

http://www.gm.com/explore/technology/fuel_cells/

http://www.motortrend.com/features/auto_news/112_news051028_ford_focus/index.html

http://www.chevrolet.com/fuelcell/

[Slim-Rob]

this is a truly interesting vehicle. I remember seeing it at one of the detroit car shows a few years ago. The Hy-wire by GM:

http://auto.howstuffworks.com/hy-wire.htm


You don't buy a sedan or a coupe or an SUV, you buy a chassis then as many different bodies as you want. You just put them on and you're good to go. Sweet idea, probably will never happen.

[HebronHawk]

http://www.gm.com/explore/technology/fuel_cells/

http://www.motortrend.com/features/auto_news/112_news051028_ford_focus/index.html

http://www.chevrolet.com/fuelcell/

Wonder why Chevy is not doing the Equinox fuel cell testing in Texas? It would be a good test in our heat.

[78 Spartan]

Two counterparts to the moronic Democrats who think clean energy should be given to them for free:

1) "Drilling in [ANWR, offshore California, Florida, etc.] will not cause gasoline prices to go down today, tomorrow, or next year............"

Talk about short-sighted! That's like arguing that since you can't retire on a year worth of earnings, there's no point in ever getting a job!

Getting out of this hole that the left wing has put us in will not be easy and will not occur because of a single solution. We need to a) conserve, b) invest in renewable energy, c) invest in nuclear power, and d) develop our own hydrocarbon resources. The Democrats want us to endure an enormous recession to reduce our energy consumption and our standard of living in order to "save the planet", regardless of what the rest of the world does. Stupid.

2) "We should build electric cars instead of gasoline-powered cars........"

Where do you think electricity comes from? To generate electricity, you must either burn oil, natural gas, coal, or generate nuclear power. Wind and solar energy is such a small speck in the total electricity input menu that you can grow it exponentially for several years and it still won't amount to much. And electricity is an inefficient power source because so much of it is lost in transmission. Until we start building nuclear power plants, electric powered cars will also be burning hydrocarbons, indirectly.

[ktCarl]

Two counterparts to the moronic Democrats who think clean energy should be given to them for free:

1) "Drilling in [ANWR, offshore California, Florida, etc.] will not cause gasoline prices to go down today, tomorrow, or next year............"

Talk about short-sighted! That's like arguing that since you can't retire on a year worth of earnings, there's no point in ever getting a job!

Getting out of this hole that the left wing has put us in will not be easy and will not occur because of a single solution. We need to a) conserve, b) invest in renewable energy, c) invest in nuclear power, and d) develop our own hydrocarbon resources. The Democrats want us to endure an enormous recession to reduce our energy consumption and our standard of living in order to "save the planet", regardless of what the rest of the world does. Stupid.

2) "We should build electric cars instead of gasoline-powered cars........"

Where do you think electricity comes from? To generate electricity, you must either burn oil, natural gas, coal, or generate nuclear power. Wind and solar energy is such a small speck in the total electricity input menu that you can grow it exponentially for several years and it still won't amount to much. And electricity is an inefficient power source because so much of it is lost in transmission. Until we start building nuclear power plants, electric powered cars will also be burning hydrocarbons, indirectly.

Here's what George Carlin, God rest his soul since he died last night, had to say about "saving the planet".

http://uk.youtube.com/watch?v=eScDfYzMEEw

:D

[chhspantherfan]

Actually his post is probably not 100% wrong. In his testimony before Congress, Michael Greenberger, former head of the CFTC (Commodities Futures Trading Commission) testified that if the Enron loophole, which allows unregulated trading of energy futures, was closed, the price of oil and thereby gas, would go down by 25 to 50 percent. Feinstein tried to get it closed way back in 2002 as well. To McCain's credit he was one of very few Republicans who supported it. The ones who are making out like bandits appear to be the speculators who are buying oil, and driving the prices up. An amendment to the latest farm bill was passed, over the President's veto (I think). Let's see how long it takes for the law to show it's teeth.

If we want to talk about the pros and cons of drilling offshore, or taxing the oil companies, or alternative sources that's fine, but I don't think that's the most expedient answer to the current price of gasoline. And from other stuff I've read he's not necessarily being too cynical when he suggests that the PTB have sat on their hands.

BTW, I wonder if McCain is regretting his choice of Phil Gramm as his economic advisor. :o As an aside, Congressman John Larson (D-CT) introduced a bill that puts an interesting twist on the problem (http://www.opencongress.org/bill/110-h6264/show). :D Wonder where Bear Stearns would put all that heating oil???

That is an interesting twist. Hopefully some people will wake up in Congress and remember who they represent.

[Lp78]

Interesting, don't know how much is true.

http://www.youtube.com/watch?v=NbakN7SLdbk

[chhspantherfan]

Interesting, don't know how much is true.

http://www.youtube.com/watch?v=NbakN7SLdbk


don't know either, but if it works then expect someone to buy and shelve the patent:rolleyes:

[yallerjacket]

Until we start building nuclear power plants, electric powered cars will also be burning hydrocarbons, indirectly.

I don't really care about hydrocarbons right now. We should all be driving electric cars already. I'd rather be burning American coal than Arab oil. Obviously, we should start building many more nuclear power plants as soon as possible. Nuclear power + electric automobiles = No oil and no pollution. It's the simplest solution, but the one least talked about.

[mad_fan]

I don't really care about hydrocarbons right now. We should all be driving electric cars already. I'd rather be burning American coal than Arab oil. Obviously, we should start building many more nuclear power plants as soon as possible. Nuclear power + electric automobiles = No oil and no pollution. It's the simplest solution, but the one least talked about.

:eek:...And no Robin Hood property tax money from West Texas...this aint going to make the boys around Carroll ISD happy one bit...

[chhspantherfan]

"Last week, the Iraqi government said its production was up to 2.5 million barrels per day, about where it was prior to the coalition invasion. On Sunday, officials also said it was awarding additional oil contracts to 41 foreign companies in the hope of boosting exports by another 500,000 barrels per day. It will be the first time the global energy companies will be back in Iraq since Saddam Hussein kicked them out in 1972. "

http://news.yahoo.com/s/csm/20080623/ts_csm/apricepause


Wonder who those 41 companies are?

and this from the commodity side

http://news.yahoo.com/s/bloomberg/20080623/pl_bloomberg/ak18maj3kx4

[AZTiger]

Didn't the Exxon CEO that retired get that in his retirement package? I specifically remember it was a controversy a year or so ago, but I don't have time to go look it up right now.

a lowly pencil pusher workin in a cube for 30 years can retire a millionaire if he's smart about it. next issue please...

[katyfan52]

That is an interesting twist. Hopefully some people will wake up in Congress and remember who they represent.

From your mouth to God's ear. ;)

[chhspantherfan]

this continues to be the issue that Congress should address immediately. IMO


http://www.bizjournals.com/charlotte/stories/2008/07/07/daily47.html

US Airways Group Inc. is among a consortium of 12 U.S. air carriers asking the U.S. Congress to address the actions of oil speculators, whom they blame for escalating fuel prices.

The airlines say oil speculators are purchasing 66 percent of all oil futures contracts, up from 21 percent two decades ago. That has given speculators more control over the end price, and airlines are having to pick up the bill, the air carriers contend.

“Speculators buy up large amounts of oil and then sell it to each other again and again,” the airlines say in a letter sent the letter to customers and lawmakers. “A barrel of oil may trade 20-plus times before it is delivered and used; the price goes up with each trade, and consumers pick up the final tab.”

The airlines’ chief executives say regulatory oversight of market speculation has declined in recent years, and the industry sees a need for reform to ensure speculators do not overheat the market to a point that hurts the consumer.

Signing the letter were the CEOs of AirTran Airways Inc. (NYSE:AAI), Alaska Airlines (NYSE:ALK), American Airlines (NYSE:AMR), Delta Air Lines Inc. (NYSE: DAL), JetBlue Airways Corp. (NASDAQ:JBLU), Northwest Airlines (NYSE:NWA), Hawaiian Airlines (AMEX:HA), Midwest Airlines (AMEX:MEH), Southwest Airlines (NYSE:LUV), United Airlines (NASDAQ:UAUA), Continental Airlines (NYSE:AL) and US Airways (NYSE:LCC). Arizona-based US Airways operates its largest hub at Charlotte/Douglas International Airport.

“For airlines, ultra-expensive fuel means thousands of lost jobs and severe reductions in air service to both large and small communities,” the CEOs state. “To the broader economy, oil prices mean slower activity and widespread economic pain. This pain can be alleviated, and that is why we are taking the extraordinary step of writing this joint letter to our customers.”