The ban on offshore drilling expires tonight at midnight Eastern Time. At this writing, that’s just five hours away.
Congress was incredibly preoccupied during the weeks following its lengthy vacation, and could not (supposedly) get the work done to extend the moratorium on drilling for this oil. Such a ban would normally have been included in the $600 billion stopgap funding bill passed last week, but would have likely led to a fight that would have shut down the government. Instead of chasing that fight, they’ve left it up to the next Congress to address this issue. Keep that in mind on election day.
Tomorrow (October 1) is known by many now as Energy Freedom Day. This might be temporary, but we’ll take what …
Crude oil dropped to $105/bbl Monday, down $1.26. After hours the price continued to fall, as of midnight it was hanging around $102/bbl.
Since hitting it’s high at 147.27 on July 11 (that’s still less than 2 months ago), the price has fallen almost 30%. According to most Democrats, this would only be possible if actual cheaper domestically drilled oil were available to put into the system immediately, not some years into the future. Strange as it may seem, it looks like other factors, such as the continued growth in the public pressure on Congress to act and open up domestic drilling, may also influence prices.
Of course, you aren’t required to be an economist to be a member of Congress. The problem appears …
Filed Under: Economy, Energy
During Rudy Giuliani’s speech at the Republican National Convention tonight, the crowd got so stirred up on the oil drilling issue, they interrupted his speech for a couple of minutes while they chanted (I believe):
“Drill, Baby, Drill!”
It was another inspiring moment produced spontaneously by a group who clearly believe we should use and manage the resources that we own to take care of our country, instead of allowing other foreign interests squeeze us and manipulate us as they control the flow of energy that we need.
Drill, Baby, Drill!!!…
After dropping $10/bbl during the day, the price of crude settled down $5 after fears of interruptions in production from Gustav failed to materialize
It really stinks when people are disappointed that nothing bad happens.
That said, it appears we’ve dodged the bullet on the hurricane, although we cannot forget the loss of life and property that has occured.
But it is great news that oil production continues untwarted by the weather, and that the price of oil can continue falling.
When the price as down to about $105 (we closed around $110), at that point the price had lost all it had gained since the beginning of the year.
All that without actually pumping any of that oil out of ANWR or any new …
The Left is going absolutely bonkers over the selection of Sarah Palin to run for Vice-President on the GOP ticket.
There’s also a lot of negative comments coming from the Right, although not quite as emotionally charged as those from the Left.
Christopher Patton of The Podium, aka DI Blog (that is, Daily Iowan, I believe) had a great sample headline which read “Sarah Palin is a Far-Right Ideologue“. Right off I love the headline because it tells me we’ve got the right message coming out. Patton is great reading if you’re looking for some reasoned content from the Left. He manages to hit great points, which to someone from the Left sounds like heresy, and to someone on the Right sounds …
Sad to see, but true. California Governor Arnold Schwarzenegger is appearing on a web site to promote “EcoDriving“. Among his comments are that we should do…
Simple things such as maintaining proper tire pressure and avoiding rapid starts and stops, and keeping your engine tuned.
Gag me. He preceeds the above comments with the standard liberal line that moving forward with implementing “biofuels, offshore drilling and nuclear power” will have no immediate impact on gasoline prices.
I’ve known for a while now that Arnold has tended to lean to the liberal way of thinking. Now he’s reading the Democratic Party talking points.
And the talking points continue to deliver the biggest lie of all:
Americans aren’t doing what they should be doing to
The price of crude is hovering around $115 / bbl. At this point, I suspect it won’t make much motion, especially not downward, until some real action is finally taken by Congress to open up drilling. I agree with the refrain of Republicans to do “all of the above”, that is, work the alternative energy agenda while opening update domestic drilling. The market will continue to laugh at us on the alternative energy options (by the way, we’ve had Ethanol in the US since World War I, so let’s stop acting like alternative fuels are “new”). But as we engage with definitive action, we will continue to see the impact on commodity prices.
The sad thing is that the market is so clearly expressing it’s …
Last week I started taking my bicycle to work. It’s about 7.5 miles as the crow flies, and my shortest (and most difficult) route is about 8.5 miles… the longest (and easiest) route is 13 miles. Downtown Des Moines is at a slightly lower elevation than the suburb of West Des Moines where I live, so mornings aren’t too bad, just a one tough hill, and afternoons, when taking the longer route, is okay except for one really big hill.
I realize that this is not a big deal… the point is NOT that I’m doing anything that great.
But I am saving about a gallon of gasoline each day I do this. That’s about $3.50 a day. At least that covers my coffee money.…
Down! Not alot, but it dropped another $.75 today to $114.45 a barrel.
Meanwhile, the Republican Protest against the Democratic No-Vote Vacation continued into its second full week, with activity at Capital Hill and at town halls throughout the country. House Republicans want everyone (that means you and me) to contact their Democratic representatives and tell them to demand a vote on the American Energy Act (H.R. 6566) immediately.
Politico reports that Democrats are now demanding that House Minority Leader John Boehner apologize for remarks he made on Friday about Nancy Pelosi… regarding the public’s “hanging” her if she does not address the energy topic.
Boehner’s staff later replied with this message:
“Leader Boehner used a figure of speech to reflect the frustration Americans feel every
The Republican Protest of the No-Vote Vacation continues today, with no end in sight. CSPAN showed the following press conference (video courtesy John Boehner’s office) featuring House Minority Leader John Boehner (Ohio), Mike Pence (Indiana), and Jon Porter (Nevada). Excellent, concise, brought a solid message back from their constituents, and continuing the push forward. Worth the 13 minutes to watch:
The best part of the message was the encouragement to all of us to call our congressmen. Call (202)224-2121 and ask to be connected to your congressman/woman. Call and speak to Pelosi as well. Let your them all know you want them back to work in Washington right now to get this energy legislation voted on. And let them know that if they don’t vote …