NCAAbbs

Can't the Athletic Department get a MasterCard? It's what the rest of us are having to do considering how 'Bush's economic' plan has worked out.

under klinton, 5.5% unemployment was considered great. My, how opinions have changed.
We've had it so good [under the bush plan] some don't know what to do when market forces come into play in a negative manner.
Oil prices wouldn't be this high if we'd started drilling our own reserves ten years ago.
W has done some stupid things, but everything isn't his fault.
Bush's economic problems stem from allowing congress to spend like drunken sailors.
Congress brought us the financial/banking problems a few face today.
The epa, if left to operate status quo, will be the death of our current economy.
Bush should have never allowed Ted Kennedy to help author nclb.
there are others..........
He's a dunce for trying to play nice with the opposition.

derailing rant over

lol Klinton. I see what you did there. Clever!

Actually no, it doesn't matter if they started drilling 10 years ago, the major reason for high gas prices is because of a loop in the farm bill.

could be. ethanol is a ruse, for certain. it costs more to produce, as well as drives up the cost of food.
my contention is, if we would have started ten years ago we would have upped our own production, today,
from 8.263 million barrels per day (9/2007 levels) to approx. 10.3 million barrels per day.
This would've positioned us as the second largest oil producing country in the world. http://internationaltradecommodities.sui..._countries
We would still have to import roughly 1/2 of our oil for consumption but 2+ million more barrels per day on the global market
would ease concerns over supply, thus lowering the bids of speculators (oil futures traders).
Opening ANWR and the continental shelf isn't the only answer, but it certainly would've helped.

Or that whole supply/demand thing

I don't think it would change much in the cost. honestly, we fix the issues with speculators today, the price drops by half by tuesday.

Much of the oil shale - oil sands deposits only look economical at $140 per barrel prices and that is the preponderance of the domestic "on shore" oil deposits we are talking about. The ANWAR deposits may be more useful IF the oil can be refined by our west coast refineries which was not the case for oil coming through from Valdez. The last I heard, most or all of the "pipe line" oil today is sold to Asian markets rather than being processed domestically. I have heard NOTHING to indicate that these things would change if ANWAR oil were brought in as well.

THIS would be incorrect.
facts:
90% of all ANS crude is used to supply refineries in alaska, hawaii and on the west coast
http://www.ftc.gov/os/2000/04/bpamacoana.htm

US refinery operable capacity http://www.eia.doe.gov/neic/rankings/refineries.htm
http://en.wikipedia.org/wiki/List_of_oil_refineries

US oil production http://indexmundi.com/g/r.aspx?t=20&v=88&l=en
US oil exports http://indexmundi.com/g/r.aspx?t=20&v=95&l=en
US oil consumption http://indexmundi.com/g/r.aspx?t=20&v=91&l=en
US oil imports http://indexmundi.com/g/r.aspx?t=20&v=93&l=en

12% export is hardly 'most or all.' much of the exported product goes to Canada, our largest oil supplier.
http://import-export.suite101.com/articl...untry_2007

Lou, I doubt the price would fall by half, but accepting that it would does not minimize the importance of "speculators" in any futures exchange transaction. Futures traders are just that, traders that speculate on future supply demand functions. If they left the market today and prices were lowered the oil owuld get used up that much faster.

As oil consumption would certainly increase as its cost declines the long-term supply would shrink which would a priori have an upwward effect on oil prices. That is unless short selling and "speculating" were for some dumbass reason to become regulated market practices.

Oh wait, they probably will be. Stocks cannot be shorted because that hurts investors, and Oil cannot be longed because that hurts consumers. Central Planning - hoorayyyyy!

One thing nobody is talking about concerning domestic oil:

The price of oil is due to many factors- high demand, static supply, speculation, AND a weak-ass dollar. As the value of our currency plummets we have to pay more and more for imports, and oil is a big import. If we were paying for oil produced domestically, drops in the dollar wouldn't affect it as much.

What is driving me nuts is the fact that the politicians have an opportunity to all come out smelling like roses if they would all cooperate for a change. If the Repulicans would agree to do what the Democrats want to do and vice-versa, we could have some progress. Lets build some wind farms, throw up some solar panels, invest in cars that run on dog poo, and start sinking drill bits in the ground. It doesn't have to be either/or. Lets do it ALL. But, alas, they all have to posture and show the country who has the bigger pair.