Oil prices
- Thread starter moreluck
- Start date
diesel96
Well-Known Member
The Democrats are the reason gas prices are high! Not the instability in the Middle East caused by two Bush-generated wars there…and another threatened one. It has nothing to do with our gargantuan thirst for oil, weaken dollar and the growing demand in China, India and elsewhere, or the impending decline of major oil fields in Saudi Arabia and Mexico. No! It's the Democrats fault because they won't allow drilling in the few remaining offshore areas that are not already open to drilling.
Apparently you don't take your own advice, what a hypocrite!!
Yes your very own peace loving, ah inspiring candidate is willing to drill now..
A republican talking point?? How about the majority of Americans that support it, why do you think your very own talking head, radical liberal Obama flip/flopped??? Yes, that's right...the majority rules!!Back at Ya!!
We are the ones we've been waiting for!!LOL
We will NEVER, EVER be able to drill our way out of this mess, not with emerging economies like India and China putting a heavy burden on the demand side. We could spud new wells on every 40 acres in the entire US, on and offshore and it won’t alleviate this global issue one bit. Why? Because we already have discovered just about every drop of the world’s oil. An innovative and technologically advanced nation just might figure out some new technologies that will replace the stone age ones of burning fossil fuels to run machinery. Too bad we never listened to Jimmy Carter and too bad Al Gore was robbed of the White House, we might be singing a different tune today. The right (er.. wrong) wing mantra about environmentalism causing this and if we only could drill in ANWAR we would not have to rely on ‘foreign’ sources is literally a pipe dream, and one that is full of baseless propaganda. The only way to cure the addict is to get him OFF the drugs, not to give him more drugs.
paidslave
Well-Known Member
Re: Oil prices, Invest in Iraq currency DINARS!
By Kevin G. Hall, McClatchy Newspapers Tue Aug 5, 6:41 PM ET
WASHINGTON — Iraq has benefited handsomely from this year's surge in oil prices and is well-positioned financially to shoulder a greater share of its own economic and security needs, the U.S. government's accounting watchdog concluded in a report released Tuesday.
In its report on efforts to stabilize and reconstruct Iraq , the Government Accountability Office steered clear of the politics of who pays for what. But it left little doubt that Iraq , which racked up $32.9 billion in oil earnings from January through June, can afford to pay more for its own reconstruction.
The GAO estimates that Iraq will earn $67 billion to $79 billion in oil sales this year, twice the average annual amount of revenue that it generated from oil sales from 2005 through 2007. This windfall comes despite the fact that Iraq is still struggling to approach pre-invasion oil-production levels.
Record high oil prices mean that Iraq's government could post a budget surplus of more than $50 billion by year's end. From 2005 to 2007, oil exports provided 94 percent of the Iraqi government's revenues.
"This substantial increase in revenues offers the Iraqi government the potential to better finance its own security and finance needs," the GAO said.
The Iraqi government has run budget surpluses since 2005 that amounted to a cumulative $29.4 billion at the end of last year. Should oil prices remain high, Iraq could post a budget surplus for this year of $38.2 billion to $50.3 billion , GAO researchers concluded.
However, investment spending by the Iraqi ministries that are responsible for oil, water and electricity declined sharply from 2005 to 2007. The GAO said that Oil Ministry spending fell by an annual rate of 92 percent, Electricity Ministry spending by 93 percent and Water Ministry spending by 13 percent. All three ministries affect Iraqi citizens' quality of life and thus support for the struggling elected government.
While Iraq has amassed budget surpluses, the U.S. Congress has appropriated roughly $48 billion since 2003 for efforts to stabilize and reconstruct the invaded nation. As of this June, the GAO said, about $42 billion of that money had been spent.
Just 1 percent of what Iraq spent from 2005 through 2007 went toward expenditures such as maintaining U.S.- and Iraqi-funded investment in buildings, water supplies and power-generation facilities.
"The Iraqi government now has tens of billions of dollars at its disposal to fund large-scale reconstruction projects. It is inexcusable for U.S. taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves," Sen. Carl Levin , D-Mich., said in a statement. "We should not be paying for Iraqi projects while Iraqi oil revenues continue to pile up in the bank, including outrageous profits from $4 a gallon gas prices in the U.S."
Levin, the chairman of the Senate Armed Services Committee , requested the study in March, along with the ranking Republican on the panel, Virginia's John Warner . Warner joined Levin on Tuesday in bipartisan criticism of Iraqi budget practices.
"Despite Iraq earning billions of dollars in oil revenue in the past five years, U.S. taxpayer money has been the overwhelming source of Iraq reconstruction funds," Warner said. "It is time for the sovereign government of Iraq , using its revenues, expenditures and surpluses, to fully assume the responsibility to provide essential services and improve the quality of life for the Iraqi people."
Before the U.S.-led invasion in 2003, then-Deputy Defense Secretary Paul Wolfowitz declared that Iraq's oil proceeds would cover the cost of the war and the expense of rebuilding the country after Saddam Hussein was removed from power.
"To assume we're going to pay for it all is just wrong," Wolfowitz told the House Budget Committee on Feb. 28, 2003 .
The Bush administration didn't refute the GAO's assertions. In a request from the GAO for comment, Deputy Assistant Treasury Secretary Andy Baukol acknowledged that increased oil revenues put Iraq in a stronger position to shoulder its own burdens.
"Nonetheless, the pace of spending has been held back by various factors, including deficiencies in capacity and security," Baukol, the chief treasury official for the Middle East , said in a written response.
Iraq spent $10.8 billion this year through April, Baukol noted, twice what it spent in the same period last year. The Iraqi government submitted a supplemental budget to the nation's parliament in July, he added, and the proposal included $8 billion dedicated to capital projects.
By Kevin G. Hall, McClatchy Newspapers Tue Aug 5, 6:41 PM ET
WASHINGTON — Iraq has benefited handsomely from this year's surge in oil prices and is well-positioned financially to shoulder a greater share of its own economic and security needs, the U.S. government's accounting watchdog concluded in a report released Tuesday.
In its report on efforts to stabilize and reconstruct Iraq , the Government Accountability Office steered clear of the politics of who pays for what. But it left little doubt that Iraq , which racked up $32.9 billion in oil earnings from January through June, can afford to pay more for its own reconstruction.
The GAO estimates that Iraq will earn $67 billion to $79 billion in oil sales this year, twice the average annual amount of revenue that it generated from oil sales from 2005 through 2007. This windfall comes despite the fact that Iraq is still struggling to approach pre-invasion oil-production levels.
Record high oil prices mean that Iraq's government could post a budget surplus of more than $50 billion by year's end. From 2005 to 2007, oil exports provided 94 percent of the Iraqi government's revenues.
"This substantial increase in revenues offers the Iraqi government the potential to better finance its own security and finance needs," the GAO said.
The Iraqi government has run budget surpluses since 2005 that amounted to a cumulative $29.4 billion at the end of last year. Should oil prices remain high, Iraq could post a budget surplus for this year of $38.2 billion to $50.3 billion , GAO researchers concluded.
However, investment spending by the Iraqi ministries that are responsible for oil, water and electricity declined sharply from 2005 to 2007. The GAO said that Oil Ministry spending fell by an annual rate of 92 percent, Electricity Ministry spending by 93 percent and Water Ministry spending by 13 percent. All three ministries affect Iraqi citizens' quality of life and thus support for the struggling elected government.
While Iraq has amassed budget surpluses, the U.S. Congress has appropriated roughly $48 billion since 2003 for efforts to stabilize and reconstruct the invaded nation. As of this June, the GAO said, about $42 billion of that money had been spent.
Just 1 percent of what Iraq spent from 2005 through 2007 went toward expenditures such as maintaining U.S.- and Iraqi-funded investment in buildings, water supplies and power-generation facilities.
"The Iraqi government now has tens of billions of dollars at its disposal to fund large-scale reconstruction projects. It is inexcusable for U.S. taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves," Sen. Carl Levin , D-Mich., said in a statement. "We should not be paying for Iraqi projects while Iraqi oil revenues continue to pile up in the bank, including outrageous profits from $4 a gallon gas prices in the U.S."
Levin, the chairman of the Senate Armed Services Committee , requested the study in March, along with the ranking Republican on the panel, Virginia's John Warner . Warner joined Levin on Tuesday in bipartisan criticism of Iraqi budget practices.
"Despite Iraq earning billions of dollars in oil revenue in the past five years, U.S. taxpayer money has been the overwhelming source of Iraq reconstruction funds," Warner said. "It is time for the sovereign government of Iraq , using its revenues, expenditures and surpluses, to fully assume the responsibility to provide essential services and improve the quality of life for the Iraqi people."
Before the U.S.-led invasion in 2003, then-Deputy Defense Secretary Paul Wolfowitz declared that Iraq's oil proceeds would cover the cost of the war and the expense of rebuilding the country after Saddam Hussein was removed from power.
"To assume we're going to pay for it all is just wrong," Wolfowitz told the House Budget Committee on Feb. 28, 2003 .
The Bush administration didn't refute the GAO's assertions. In a request from the GAO for comment, Deputy Assistant Treasury Secretary Andy Baukol acknowledged that increased oil revenues put Iraq in a stronger position to shoulder its own burdens.
"Nonetheless, the pace of spending has been held back by various factors, including deficiencies in capacity and security," Baukol, the chief treasury official for the Middle East , said in a written response.
Iraq spent $10.8 billion this year through April, Baukol noted, twice what it spent in the same period last year. The Iraqi government submitted a supplemental budget to the nation's parliament in July, he added, and the proposal included $8 billion dedicated to capital projects.
paidslave
Well-Known Member
I would have to say the easiest way to invest your money into Iraq's OIL is to buy the Iraq currency. This is a high risk way to money so do your own due diligents.
For the very first time you can invest in IRAQ currency.. The Dinar is now traded on several global markets and if you are interested do some research.
You can buy one million iraq dinar today for around $1000 usd. The exchanage rate is 1193 dinars to 1 usd. For currency traders you can figure out the potential here.
There are several banks that you can purchase Iraq dinars or possible find them on e-bay.
Make your own decision on investing in any market or currency and use your own judgement.
I thought I would throw this out to you.
If this currency goes to .01 your 1k would be worth 10k.
The kuwait dinar is at .23 cents
my2cents!
Iraq sits on the 4th largest oil reserve in the world!
Good luck!
For the very first time you can invest in IRAQ currency.. The Dinar is now traded on several global markets and if you are interested do some research.
You can buy one million iraq dinar today for around $1000 usd. The exchanage rate is 1193 dinars to 1 usd. For currency traders you can figure out the potential here.
There are several banks that you can purchase Iraq dinars or possible find them on e-bay.
Make your own decision on investing in any market or currency and use your own judgement.
I thought I would throw this out to you.
If this currency goes to .01 your 1k would be worth 10k.
The kuwait dinar is at .23 cents
my2cents!
Iraq sits on the 4th largest oil reserve in the world!
Good luck!
BrownShark
Banned
The problem with oil lies in our own financial backyard.
All the republican bait and switch advertising which by accounts works on some BC members, is nothing more than a diversion from the truth of the matter.
The reality is the stock market and those connected to it with respect to oil trading.
Here is a sample of todays talking points from an oil speculator:
This is all computer generated, preset levels that either buy or sell oil futures.. There is no cash involved here, just computers looking at numbers.
This has nothing to do with the number of oil wells drilling in the USA, it has to do with money and profit taking.
You could put a drilling rig every 10 feet from alaska to the mexican border, then from the west texas coast to florida and it wouldnt have an effect on this type of trading.
Its always been about profits, and for the republicans, it will always be that way, its just a matter of how to sell a cover story to those dumb enough to buy into it and then repeat it in their daily lives.
Thats where shout TV comes into play, all the regulars use the same talking points everyday, just like they have for the last 4 weeks straight, DRILL, DRILL, DRILL.....now they turn to polls to gauge the effectiveness of the propaganda.
Those who are captivated by shout TV are convinced that DRILLING is the answer and they run with the ball!
However, the reality is, wall street has screwed the american consumer for 8 years unchecked by this administration.
For those who are stuck on drilling, remember, off shore drilling only will produce active wells for approx. 2 years. Anwar will produce for an est. 4 years.
This hardly solves our energy crisis.
Dont confuse energy crisis and price crisis.
They are not the same.
Energy crisis is the level of energy we can expect to see over the next few decades, as where price crisis is something we control at home and affects all americans.
As I said before, the BUSH administration allowed one industry to wipe out thousands of businesses and industries here and abroad.
The next administration will do what it takes to control this industry.
If people were really interested in drilling, why not support a goverment run , non-profit oil company to drill in anwar, offshore and in the continental shelf and ALL THE OIL be kept in america to solve our energy crisis and price crisis.
WE DO OUR OWN drilling and KEEP THE OIL in america.
The oil companies have already proven they need no further profits from oil.
I know, i know, you guys are in for the free market, free to the oil companies and painful to the american citizen.
As long as wall street remains unchecked, americans and american businesses will suffer.
Peace
All the republican bait and switch advertising which by accounts works on some BC members, is nothing more than a diversion from the truth of the matter.
The reality is the stock market and those connected to it with respect to oil trading.
Here is a sample of todays talking points from an oil speculator:
This is all computer generated, preset levels that either buy or sell oil futures.. There is no cash involved here, just computers looking at numbers.
This has nothing to do with the number of oil wells drilling in the USA, it has to do with money and profit taking.
You could put a drilling rig every 10 feet from alaska to the mexican border, then from the west texas coast to florida and it wouldnt have an effect on this type of trading.
Its always been about profits, and for the republicans, it will always be that way, its just a matter of how to sell a cover story to those dumb enough to buy into it and then repeat it in their daily lives.
Thats where shout TV comes into play, all the regulars use the same talking points everyday, just like they have for the last 4 weeks straight, DRILL, DRILL, DRILL.....now they turn to polls to gauge the effectiveness of the propaganda.
Those who are captivated by shout TV are convinced that DRILLING is the answer and they run with the ball!
However, the reality is, wall street has screwed the american consumer for 8 years unchecked by this administration.
For those who are stuck on drilling, remember, off shore drilling only will produce active wells for approx. 2 years. Anwar will produce for an est. 4 years.
This hardly solves our energy crisis.
Dont confuse energy crisis and price crisis.
They are not the same.
Energy crisis is the level of energy we can expect to see over the next few decades, as where price crisis is something we control at home and affects all americans.
As I said before, the BUSH administration allowed one industry to wipe out thousands of businesses and industries here and abroad.
The next administration will do what it takes to control this industry.
If people were really interested in drilling, why not support a goverment run , non-profit oil company to drill in anwar, offshore and in the continental shelf and ALL THE OIL be kept in america to solve our energy crisis and price crisis.
WE DO OUR OWN drilling and KEEP THE OIL in america.
The oil companies have already proven they need no further profits from oil.
I know, i know, you guys are in for the free market, free to the oil companies and painful to the american citizen.
As long as wall street remains unchecked, americans and american businesses will suffer.
Peace
brett636
Well-Known Member
Two Bush generated wars? I am assuming you are referring to Iraq and Afganistan, both of which had bi-partisan support and one of which your man obama wants to send more troops into? Of couse its all Bush's fault because he holds a gun to the head of those democrat congressmen who all voted to send our troops into battle.
It was the democrats who promised to lower gas prices when they took control of congress, and the exact opposite occured. Lets not forget that the democrats had an opportunity to do something about this, but decided it was better to go on vacation then vote on easing the pain on their constituents pocketbooks. Typical democrat fashion of acting like they are all for the working people, but in reality they just want power and ultimately screw the working people.
Nobody is saying we can drill our way out of this problem. New drilling initiatives are not going to solve this problem, but they will ease the pain now so new alternative sources of energy can come online. You claim that you only wish to help the lower class people, and guess what, when you only make $10/hr. or less $4/gal. gas really eats up your budget. Unfortunately, your just the typical latte liberal where money is not a major issue for you, yet you claim to know what is best for lower middle class and poor people by making them pay more for gas.
UPS Lifer
Well-Known Member
Nancy Pelosi is on line right now on the Washington Post discussing her new book. I asked a two part question. I wanted to know why a Congress that has a low approval rating is in recess with the energy and housing crisis in need of legislation right now. I also wanted to know why, as Speaker of the House why she has not insisted that Congress stay in session to address these problems. I prefaced these comments with the fact the Republicans have been and will continue to be on the attack about in action in Congress waiting for a new president to take office.
I will let you know if she takes the question! I would also recommend submitting a similar question so that she sees we want something done! Maybe then, the question will get answered.
Here is the link:
http://www.washingtonpost.com/wp-dyn/content/discussion/2008/08/01/DI2008080102174.html
I will let you know if she takes the question! I would also recommend submitting a similar question so that she sees we want something done! Maybe then, the question will get answered.
Here is the link:
http://www.washingtonpost.com/wp-dyn/content/discussion/2008/08/01/DI2008080102174.html
I use to worry about oil prices. But then I started looking around for alternatives to the problem of the high prices at the gas pump. The answer to this problem was right under my nose all time. Its a good thing the current prices for gas are coming down, or I would have to dig out my shovel.
I have these things running through the corner of my property:
Two ten inch and one 12 inch diameter pipes full of petroleum products. I could dig a tunnel from my basement and tap into these babies. I could go ahead and retire early by selling discount gasoline right out of my driveway. Of course I would have to figure out if I had an abundant supply of gasoline, diesel fuel, or aviation gas. And if I wanted to get rid of my internet bill too.......
just kidding of course??????
I have these things running through the corner of my property:
Two ten inch and one 12 inch diameter pipes full of petroleum products. I could dig a tunnel from my basement and tap into these babies. I could go ahead and retire early by selling discount gasoline right out of my driveway. Of course I would have to figure out if I had an abundant supply of gasoline, diesel fuel, or aviation gas. And if I wanted to get rid of my internet bill too.......
just kidding of course??????
UPS Lifer
Well-Known Member
moreluck.... you are right again!
This is as close as it came to answering my question.
Marietta, Georgia: Dear Madam Speaker,
Although this forum is primarily focused on your book, I cannot help but bring up an issue that is affecting each and every American. Why have the American people not seen energy legislation that lowers the price of gas?
Thank you
Nancy Pelosi: Now let's pivot from book questions to a topic many of you have raised: the high price of gasoline at the pump and what we can do about it.
Every American family is affected by the high price of oil and gas. It is our responsibility in Congress to protect the consumer and increase the domestic supply of energy. For the past 18 months, the Democrats in Congress have set forth an energy agenda. Some has been passed into law - and some has been blocked by the Republicans.
House Democrats have put forward 13 major proposals that would increase supply, reduce prices, protect consumers and transition America to a clean, renewable energy-independent future. Each time a majority of House Republicans have voted against these proposals.
Let me be very clear: drilling for oil in protected areas offshore will not bring down the price at the pump for 10 years - and then only 2 cents. To say otherwise is a hoax on the American people.
Here's what we can do:
1. Free Our Oil
We can have immediate price relief at the pump. Freeing our oil from the Strategic Petroleum Reserve will bring down the price of oil in 10 days. President Bush refuses to take this step for immediate relief.
10 years or 10 days - the choice is clear.
2. Use It or Lose It
Democrats passed the Drill Bill which says to Big Oil "Use or or lose it!" - drill in the 68 million acres in the lower 48 states or let someone else drill there. Also, "use it or lose it in Alaska. All of these areas have permits for drilling - and will produce oil sooner than drilling in protected areas offshore.
3. End Excessive Speculation Which Raises the Price of Oil
Democrats were part of a strong bipartisan vote was taken in the House but GOP leaders twisted arms to block passage.
4. Repeal the subsidies for Big Oil
With Big Oil making record profits, they do not need American taxpayers funding their drilling.
Instead we can invest in research, renewable energy, and tax credits for wind, solar and other renewables. This passed the House but failed in the Senate by one vote - John McCain was absent that day but said he would have voted no.
5. Increase Our Energy Supply With Increased Use of Natural Gas - a cleaner energy source.
There is immediate relief for the consumer - if only President Bush would free our oil.
_______________________
paidslave
Well-Known Member
Brownshark, I agree with everything you have to say in your last post.
Most Americans don't realize what you know in your heart and mind.
Iraq pays .10 cents a gallon for gas. Why so cheap? Because the country pays for the drilling and not private companys hoarding billions in gross profits.
Free enterprise and Capitalism is not always a good thing when it comes to greedy slobs like this Administration!
Instead of this administration just training the military they should train our young how to explore oil and how to extract it!
Maybe we should hand out some OIL education grants......
Perhaps it would save thousands of lives!
Most Americans don't realize what you know in your heart and mind.
Iraq pays .10 cents a gallon for gas. Why so cheap? Because the country pays for the drilling and not private companys hoarding billions in gross profits.
Free enterprise and Capitalism is not always a good thing when it comes to greedy slobs like this Administration!
Instead of this administration just training the military they should train our young how to explore oil and how to extract it!
Maybe we should hand out some OIL education grants......
Perhaps it would save thousands of lives!
av8torntn
Well-Known Member
Not exactly true. The Government pays the difference with subsidies. While their country pays private companies to drill they do not have enough refineries to keep up with the growth in demand. They must import large amounts of refined oil. They also have a very large black market for gasoline. You have blindly stumbled into a very large problem for the Iraqi government. While you seem to somehow think it is a successful system the people that live it do not agree. Free enterprise and capitalism is always a good thing. One basic thing to keep in mind is when price falls demand tends to increase. Here is an elementary school article that explains the basics for you.
http://arbyte.us/blog_archive/2005/09/Iraq_Gas_Price_Controls.html
tieguy
Banned
Agreed. I missed the threat of a third could you post a link? The two bush wars were active before the democrats took congress so yes you're right.
tieguy
Banned
Re: Oil prices, Invest in Iraq currency DINARS!
More proof that the war in Iraq has been a huge success.
More proof that the war in Iraq has been a huge success.
tieguy
Banned
diesel96
Well-Known Member
Agreed with me being facetious...lol
You want a link of a third threatened war?.....I'll tell you what, google Attack/nuke Iran while listening to McCain's doo-whop of bomb bomb Iran on you tube and Condi prancing around bellowing "mushroom cloud". Or listen to what that pathetic turn coat Joe Liberman says on attacking Iran when he's not dry humping McCain leg.
UPS Lifer
Well-Known Member
Pelosi is like every other Democrat blaming the Republicans and Bush for the inaction in Congress. She states that the Republicans twisted arms to block passage. Blah Blah Blah! Sounds like the Demos who control both houses cannot muster enough support in their own party to pass legislation. ...and they want to control the White House also!
Apparently it is a David vs Goliath thing and the Demos are Goliath! All the Demos do is play the blame game. Congress ... Get off your butts take responsibility and do something other than blame the minority for twisting your arms!!!! What a bunch of wusses - and they are led by the biggest wuss - Pelosi!
Apparently it is a David vs Goliath thing and the Demos are Goliath! All the Demos do is play the blame game. Congress ... Get off your butts take responsibility and do something other than blame the minority for twisting your arms!!!! What a bunch of wusses - and they are led by the biggest wuss - Pelosi!
moreluck
golden ticket member
I get tired of hearing the mantra....."If we drill now, there won't be any relief for 10 yrs. or more."
They've already had experts say if drilling was started today that in a year or two there would be production. I say drill now in addition to also going ahead with wind, solar, nuclear, etc. Do it all!! Just do something!
They've already had experts say if drilling was started today that in a year or two there would be production. I say drill now in addition to also going ahead with wind, solar, nuclear, etc. Do it all!! Just do something!
UPS Lifer
Well-Known Member
I agree! i am sick and tired of all the lame excuses for not doing anything! Let's loosen the strangle hold these mid east countries have on us!
