Bush Blasts the Do-Nothing Democrats As Oil Hits New High
Bush was right 7 years ago. Bush was right today.
Oil prices reached a new high today of $145 a barrel.
Oil prices have nearly tripled under the Pelosi-Reid Congress in less than two years. (Crude Oil Price History)
But, the Do-nothing Democratic Congress continue to stand against developing domestic energy reserves and repeating their false canard about the 68 million acres already available to drilling.
One leading democrat, impeached judge and Rep. Alcee Hastings (D-Miramar), even admitted that Democrats have "no answer" to the skyrocketing gas prices and said Americans need to get used to paying $5 to $6 a gallon for their gas.
Well Republicans feels differently...
President Bush blasted the Democratic Congress today for refusing to act on the gas crisis facing Americans.
The White House reported:
...One thing is for certain here in the United States, that we can help alleviate shortages by drilling for oil and gas in our own country -- something I've been advocating ever since I've been the President. I've been reminding our people that we can do so in environmentally friendly ways. And yet, the Congress, the Democratically controlled Congress now has refused to budge. It makes no sense for -- to watch these gasoline prices rise when we know we can help affect the supply of crude oil, which should affect the supply of gasoline prices.Good for Bush.
And so, yes, we'll be talking about energy. Ultimately, of course, we're going to transition away from hydrocarbon. But we're now just in a transitional period and we need more oil to be able to do so. And I'm also going to remind people that our habits are changing. You notice in these newspapers that automobile sales have slowed down dramatically as automobile manufacturers shift from cars that are using more gasoline to cars that are more efficient, more fuel efficient.
And I'll also tell them it's a tough period for American consumers. I mean, nobody likes high gasoline prices, and I fully understand why Americans are concerned about gasoline prices. But I want them to understand fully that we have got the opportunity to find more crude oil here at home, in environmentally friendly ways, and they ought to be writing their Congress people about it; and they ought to say, you ought to be opening up ANWR and Outer Continental Shelf, and increasing oil shale exploration, for the sake of our consumers, as well as become less dependent on oil.
30 years of Democrats squeezing the oil tap has caught up with America.
Republicans need to attack Democrats on their anti-American energy policies that have created this crisis ...Like OPEC just did.




































16 Comments:
Wow, I am glad the President is taking it to them, but I hope it moves them to do something!
Hi JH
Here's what I posted a few days back - something from TIME magazine published SEVEN (7) YEARS ago:
In May [2001], convinced the nation was terrified of going California and hungering for a steak-and-eggs energy plan, Bush sold his plan as an aggressive drill-and-dig, anti-regulatory prescription to shoo away the tree-huggers and get the nation — and the economy — humming again.
Two months later, a New York Times/CBS poll released last week found that not only do two-thirds of the nation think Bush and Cheney are too beholden to oil companies, 60 percent think the pair made the whole energy crisis up.
GOT THAT!?!?!:
"... 60 percent think the pair made the whole energy crisis up."
* WELL, SEVEN YEARS AGO - (AT THE EXACT RIGHT TIME!) - BUSH AND CHENEY WERE RIGHT ABOUT ENERGY, AND THE LIB DEMS AND THE LIB MSM AND THE DUPED PUBLIC WERE WRONG.
* ALL THE DEMS AND EIGHT LIB REPUBLICANS KILLED THE PLAN - FIVE YEARS AGO.
* IF IT HAS PASSED, THEN WE WOULD NOT BE SUFFERING WITH HIGH ENERGY COSTS.
* WE CAN THANK THE DEMS AND THE LIB MSM FOR THE HIGH COST OF ENERGY.
LINKS:
http://astuteblogger.blogspot.com/2008/06/how-we-got-here-in-june-2001-bush.html
http://www.time.com/time/nation/article/0,8599,165957,00.html
Why not use some oil in the Strategic Petroleum Reserve (SPR)?
According to Wikipedia, the US imports about 12 million barrels of oil daily. We can withdraw about 4.4 million from the SPR to increase the available supply and, hopefully, reduce the price of oil.
The best thing our government can do to lower the price of gas at the pump is to raise interest rates and stop the devaluation of the dollar. Devaluation got us to where we are, and reversing it is the quickest way out. The debate over whether or not to drill is pure politics and utterly beside the point.
reliapundit,
thanks for that info...
Democrats, same as it ever was. 30 years ago, 5 years ago, today.
Drilling will not solve our problem, blah, blah.
Drilling alone will not solve our problems, but it must be part of the temporary solution.
I keeep up with latest innovations in solar, EV, hybrid research for investment purposes.
Tesla has announced a new roll out of an EV @ $60K by late 2010. It'll probably miss deadline. How many people can afford a $60,000 car? Finally, they'll only be producing about 10K a year to start. GM Volt Hybrid EV is expected 2010 at $35K rolling out at 100K units/year. There are others too.
But, there are est. 144 million cars in America, not counting large trucking. Even at hardy exponential rates of cost decrease with production increase, the growth rate for replacement and saturation leaves us decades away from any real relief for the great majority of people. There are over 650 million cars worldwide, with an estimated 2.9 billion by 2050 as India and China come online.
I'd like to see Obama mandate China and India stop making cars, or maybe sue them, like the Dems want to sue OPEC.
There is no easy solution. Drill now, drill here short term to help transition long term.
Even if we pump out all electric vehicles at the rate of 5M/year, that is 28 years to replace all cars. I think that is fairly realistic, guessing it will take another 5 years to pump out 5 million hybrids and EVs. The curve should go up after that as these vehicles get cheaper. Biofuels is yet another solution, the non-food Blue Algae kind.
The pressures will not be reduced much in the future as 2.3 billion cars come online. This leaves out Russia and South America. Two large areas of growth.
We have an exponential growth rate of production, optimization, and prosperity now in the world. To meet that growth simultaneously with new energy solutions is going to be difficult. This does not take into account any disruptions due to Iran conflict that most certainly will happen in the future.
Can someone explain why the term "shortage" is being used? If there truly is a "shortage" of oil, then one would expect to find gas stations with no gas to sell, as in "out of gas!" This oil crisis is purely due to greed. It's Enron all over again, what a joke.
SPR=Emergency only, as in Iran conflict.
By announcing the opening of all our reserves in ground, the speculator bubble will burst and prices will come down. How much is anyones guess. But I think it is causing about a $30/bbl hit.
Oh and large pension funds like teacher associations invest in these speculative futures. Traditional democrat, leftist organizations.
Anony,
There is no severe shortage, as in radically running out. Demand however is high with new economic prosperity in India, China and Russia.
This is not an Enron problem. If you want to get mad, blame Pension Funds too. Leftist ones at that for playing the Commodities market.
A weak dollar did lead to this. But jacking up interest rates to fast is not smart either. That could lead to rapid deflation.
The bubble that must burst is the oil speculators, not American economy. Supply must increase. There are futures bet on down trends in oil market as well. Once the magic pen signs open oil fields in America, the bubble will burst. The puts will prevail, oil will go down and the market back up.
there is no shortage of crude or distillates.
there is too much money chasing oil AS AN INVESTMENT/HEDGE.
more here:
http://astuteblogger.blogspot.com/2008/07/flash-futures-markets-are-completely.html
AND JH:
THANKS for the awesome linkage!
MORE IMPORTANTLY: thanks for all you do!
Energy is issue number one, and it's PARAMOUNT the public know who is on their side!
YOU GET THE TRUTH OUT.
The key to winning this fall will be finding a way to get this truth to the 5% uncommitted.
These folks are not pay ing attention now, and when they do it's to the MSM/nytimes/morning TV complex.
Which is VERY leftwing.
Getting this info to them is PARAMOUNT.
"U.S State Dept. role in Iraq oil deal questioned" By James Glanz and Richard A. Oppel Jr., Published: July 3, 2008 @ The International Herald
Evidently, a Dallas oilman named Hunt was contacted by interests in Kurdish territory, and he sought out the State Department's policy and was told there was none one way or the other so far as DETERMINING whether American business interests may or may not participate in making deals. The only given is the advice that ANY business deal made prior to the Iraqi government's formal decision will face possible contractual problems for having jumped the gun.
Quote:
"I specifically asked if the USG had a policy toward companies entering contracts with the KRG," the Hunt official, David McDonald, wrote in an e-mail message to a colleague last Sept. 28. The State Department officials, McDonald wrote, replied that there was no policy, neither for nor against. The encouragement by State Department officials did not end with the signing of the contract on Sept. 8, the documents suggest.
/End Quote.
Glanz and Oppel are fabricating a whole cloth story from "there was no policy, neither for nor against" (double negatives cancel into a positive) that they then mutate by suggestion into "encouragement" in order to fan the progressive fascist flames against any American oil industry interests in Iraq. Anyone else the authors will overlook and give free reign, but Americans must suffer.
Well considering that George W's pandering to brother Jeb's whining, a good example wasn't set from almost the beginning...
The fact is, it didn't start there...
Those of you who slogged Gore's inane tomb, "Earth in the Balance might remember this bit of crapola:
GORE ON GAS
PAUL EHRLICH'S BOOK, ON GAS PRICES: "The United States could start by gradually imposing a higher gasoline tax-hiking it by one or two cents per month until gasoline costs $2.50 to $3.00 per gallon, comparable to prices in Europe and Japan." (Paul R. Ehrlich and Anne H. Ehrlich, The Population Explosion, 1990, pp. 219-220) On the dustcover of the book, Gore said, "The time for action is due, and past due. Ehrlich has written the prescription." "Higher taxes on fossil fuels. . . is one of the
logical first steps in changing our policies in a manner consistent with a more responsible approach to the environment."
(Al Gore, Earth in the Balance, 1993, p. 173)
One has to ask one's self, just how smart our are fellow citizens?
Sixty-one percent (61%) favor Obama’s proposal for the government to spend $150 billion over ten years developing alternative energy sources
Well that federal government financed education in the public madrassas is paying off for the Dems...
The citizens abysmal ignorance of the Constitution is working in their favor...
Josh - Opening up all our reserves is not a sound idea from a long term strategic point of view. We don't want to be a country without any domestic oil of its own at all.
I'm not saying raise interest rates quickly or doing anything that would send the economy flying in one direction or another.
A slow, measured increase in interest rates to stop the slide of the dollar would immediately stabilize oil prices and start to bring them down. It's that simple. Nothing more need to be done and we can protect our domestic reserves for the long term.
In short, you're wrong - the problem isn't supply.
I don't buy the supply issue either. This is a manipulation of markets, similar to what Enron did to the electricity market in the west. Supply may just be meeting demand, but it is, after all, meeting demand. The fact that oil inventories in the U.S. are being reported as low sound suspect to me. When demand falls like it has, inventories should rise, yet they drop? So the U.S. is importing less oil? B.S., the markets are being manipulated. Oil should not be sold to hedge funds or pension funds. All they do is add cost to a product that they could never really use or even physically possess.
.....Can someone explain why the term "shortage" is being used? If there truly is a "shortage" of oil, then one would expect to find gas stations with no gas to sell, as in "out of gas!" This oil crisis is purely due to greed. It's Enron all over again, what a joke.....
Boy, lots of ignorant lefties posting on this one. Someday you guys have to read something besides lefty comic books.
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let me spell it out
D E M A N D I S G O I N G U P
n the world’s most populous country, it means every day about 1,000 new cars hit the streets in the capital city of Beijing alone. These new cars and the existing ones require fuel, which accounts for some of the reason why China’s oil consumption has been increasing by about 9 percent annually.
http://worldblog.msnbc.msn.com/archive/2008/06/26/1169824.aspx
P R O D U C T I O N I S F L A T
Samuel Bodman, attending two days of meetings in northern Japan among energy chiefs from Group of Eight industrialized countries and other top economies, said the surge in world oil prices was largely a simple problem of supply and demand.
Production has stalled since 2005 at 85 million barrels a day, while economic growth — particularly in China and India — has pushed demand ever higher, Bodman said before a meeting of ministers from the U.S., Japan, South Korea, India and China.
http://news.yahoo.com/s/ap/20080607/ap_on_bi_ge/oil_prices_bodman
U S C O M P A N I E S C O N T R O L L I T T L E O F W O R L D S U P P L Y O F O I L
Stephen Simon amplified:
Exxon Mobil is the largest U.S. oil and gas company, but we account for only 2 percent of global energy production, only 3 percent of global oil production, only 6 percent of global refining capacity, and only 1 percent of global petroleum reserves. With respect to petroleum reserves, we rank 14th. Government-owned national oil companies dominate the top spots. For an American company to succeed in this competitive landscape and go head to head with huge government-backed national oil companies, it needs financial strength and scale to execute massive complex energy projects requiring enormous long-term investments.
To simply maintain our current operations and make needed capital investments, Exxon Mobil spends nearly $1 billion each day.
http://www.powerlineblog.com/archives2/2008/05/020571.php
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---Oil should not be sold to hedge funds or pension funds. All they do is add cost to a product that they could never really use or even physically possess.
Ahhh... the classic lefty hostility to the presence of middle men in the market. If only the farmers could sell directly to the townspeople, then they could get all the profit from growing their crops..
Well then genius, you would not be drinking coffee from Africa, fresh fruits from South America in the winter time, seafood if you live in the Midwest.
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Yep, little Charlie Brown meets global markets. They took your football again Charlie.
"Well then genius, you would not be drinking coffee from Africa, fresh fruits from South America in the winter time, seafood if you live in the Midwest."
Well then Mr. Deep Pockets, why are you comparing luxuries to necessities? Get real...
""U.S State Dept. role in Iraq oil deal questioned" By James Glanz and Richard A. Oppel Jr., Published: July 3, 2008 @ The International Herald'...
Well of course its questioned...
I think the expectation that anyone from IHT has a clue about market forces and basic economics is at best a wet dream...
joshua says: "By announcing the opening of all our reserves in ground, the speculator bubble will burst and prices will come down"...
Ahhh joshua, consider the following from Robert Samuelson: Politicians Pile Their Baggage On Speculators
Tired of high gasoline prices and rising food costs? Well, here's a solution: Let's shoot the speculators.
A chorus of politicians, including John McCain and Barack Obama, blames these financial slimeballs for piling into commodities markets and pushing prices to artificial and unconscionable levels.
Gosh, if only it were that simple.
Speculator-bashing is another exercise in scapegoating and grandstanding. Leading politicians either don't understand what's happening or don't want to acknowledge their own complicity. (there is more)
"This is a manipulation of markets, similar to what Enron did to the electricity market in the west"...
Hmmm, I think a better description of what happened on the west coast vis a vis Enron was that lazy politicians and an even lazier electorate weren't keeping an eye on their own monetary expenditures...
"Can someone explain why the term "shortage" is being used? If there truly is a "shortage" of oil, then one would expect to find gas stations with no gas to sell, as in "out of gas!" This oil crisis is purely due to greed. It's Enron all over again, what a joke"...
Well the joke's on you boy george...
Shortage is an 'MSM term' used in lieu of not having a clue what they are talking about and YOU fell for it...
"Oil should not be sold to hedge funds or pension funds. All they do is add cost to a product that they could never really use or even physically possess"...
Hmmm, how so very marxist of you boy george...
Quick, can you explain the difference between those eviiiiil speculators and someone buying stocks or bonds for their portfolios?
Could there possibly be a dim-witted Dem ready to change his non-drilling attitude?
Bakken reserve largest in lower 48
The federal survey agency described Bakken as the largest assessment of a continuous - as opposed to spotty or interrupted - source of oil it has ever made.
The number represents about 12 years of North Dakota's entire oil production portfolio and about two years of annual oil consumption, which amounts to 20 million barrels a day.
"This is really significant," said John Kolak, who coordinates energy resources for the Geological Survey.
He said the assessment is not a guarantee that oil production from the Bakken would ever realize 4.3 billion barrels. Rather, it strictly measures potential, he said.
Sen. Byron Dorgan, D-N.D., pressed for the assessment in light of earlier studies, one by a USGS geologist who said the Bakken has the generation capacity of more than 400 billion barrels of oil.
Dorgan said finding 4.3 billion barrels of recoverable oil is "very big news" that will cause people from all over the country to take a look at North Dakota's oil-producing potential.
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