Rebublican Congressional Revolt Continues

...and I always thought that republicans were free market capitalists. I also thought they stood for personal responsibility and accountability.

These days they seem to support bailing out major banks and mortgage companies instead of letting the market take care of them, or having them reap what they have sowed.

Apparently they also want the government to step in to help control gas prices rather than allowing the market to control the price.

I'm shocked that the personal-accountability-republicans don't take the same hard line with fuel prices as they do with welfare--
"if you're not working, don't take my hard earned money and be a leaching parasite"....
"if you can't afford the price of gas, downsize your house, get an economical vehicle, ride a bike."

Seems republicans want to hold people accountable for their actions only when its convenient.

Even more amusing, S.2925 introduced by Sen Durbin proposed to create a new government agency charged to oversee alternative energy development with the goal of reducing US imports of oil by 50% by the year 2020. Heck, as I've already established this could be done easily (and without bigger government) by simply permitting domestic drilling and keeping US oil production in country.

slkshock7 wrote:

Even more amusing, S.2925 introduced by Sen Durbin proposed to create a new government agency charged to oversee alternative energy development with the goal of reducing US imports of oil by 50% by the year 2020. Heck, as I've already established this could be done easily (and without bigger government) by simply permitting domestic drilling and keeping US oil production in country.

I am unclear how you think the US can double its domestic production in 12 years. That's a lot of wells to drill in a short time.

parados wrote:

slkshock7 wrote:

Even more amusing, S.2925 introduced by Sen Durbin proposed to create a new government agency charged to oversee alternative energy development with the goal of reducing US imports of oil by 50% by the year 2020. Heck, as I've already established this could be done easily (and without bigger government) by simply permitting domestic drilling and keeping US oil production in country.

I am unclear how you think the US can double its domestic production in 12 years. That's a lot of wells to drill in a short time.

Read my earlier post....it's not double our domestic production....it's cut in half our OPEC imports....

slkshock7 wrote:

parados wrote:

slkshock7 wrote:

Even more amusing, S.2925 introduced by Sen Durbin proposed to create a new government agency charged to oversee alternative energy development with the goal of reducing US imports of oil by 50% by the year 2020. Heck, as I've already established this could be done easily (and without bigger government) by simply permitting domestic drilling and keeping US oil production in country.

I am unclear how you think the US can double its domestic production in 12 years. That's a lot of wells to drill in a short time.

Read my earlier post....it's not double our domestic production....it's cut in half our OPEC imports....

Yes, which means the US would have to double domestic production assuming no increase in oil use.. The US presently imports nearly 70% of its oil.

the other 25% comes from keeping domestic oil for use in country.

In reading your earlier post you start with same faulty data.

The US does not export 1.4 million barrels of crude.
It exported 27,000 barrels of crude a day according to the US energy department. The 1.4 million figure includes all energy products.


http://tonto.eia.doe.gov/dnav/pet/pet_move_exp_dc_NUS-Z00_mbblpd_a.htm

You won't be making high grade gasoline out of residual fuel oil.

slkshock7 wrote:

the other 25% comes from keeping domestic oil for use in country.

I'm not quite clear how you would achieve that goal. One would think that the oil companies exploiting those new oil field would want to sell wherever they can make the most money.

Absent legislation mandating that American oil can't be sold to foreign countries, I can't see how this would happen.

Since US oil companies then keep 99.5% of domestic oil in country, your argument loses all credibility. This is done without any legislative bans on export of american oil, which is quite a statement on the altruism and patriotism of americian oil producers.

Old Europe,

I see your point, but I'm curious on why US companies are not focused more on exporting now. Gas prices in Europe and almost everywhere else in the world are significantly higher than in the US. Assuming this represents a higher profit margin, why aren't the US oil companies exporting a much larger percentage of domestically produced oil today?

I'd say that gas prices (not prices for crude oil) in Europe are higher because taxes are so much higher. Which, if anything, has helped to keep demand lower than what it would be otherwise.

Oil prices fall on demand fears

OIL prices fell in Asian trade today as fears about slowing US demand outweighed the increasing likelihood of heightened tensions over Iran's controversial nuclear programme, dealers said.

In morning trade, New York's main contract, light sweet crude for September delivery fell $US1.07 to $US120.34 a barrel from $US121.41 at the close of floor trading in the United States yesterday.

London's Brent North Sea crude for September delivery dropped 77 cents to $US119.91.

Oil prices fell below $US120 in New York and London yesterday for the first time in three months after latest US economic indicators signalled weakness in the world's biggest economy, dealers said.

The monthly US Commerce Department survey showed yesterday consumer spending, which fuels two-thirds of output, had cooled in June while inflationary pressures accelerated.

The US is the world's biggest energy user and any signs of slowing consumer spending usually weighs down global oil demand projections.

"Slowing demand and the hope for more supply is weighing on the market even as the geopolitics and the weather is getting wild,'' said Phil Flynn, analyst at Alaron Trading.

Tensions over Iran's nuclear programme surged after Iran missed a deadline over the weekend to respond to an international package of incentives aimed at persuading Tehran to freeze uranium enrichment.

The US State Department said yesterday that it and the five other powers holding nuclear talks with Iran had threatened to pursue new punitive action against Tehran.

Traders continued to keep watch on Tropical Storm Edouard, which was expected to make landfall by midday Tuesday around the border of Texas and Louisiana, according to the National Hurricane Centre.

The storm was not seen as a threat to oil installations but operators in the crucial US petroleum industry hub said they were taking safety precautions as the storm neared.