All Posts Tagged With: "Foreign Oil"

McCain, Georgia, and the Economy

There seems to be a ton of news lately, and for a change, not all of it bad.  First, we have the Beijing Olympiad and the Chinese display of cultural prowess.  Fortunately for us, we have the best athletes in the world.

But in case you haven’t noticed, the Russians and Vladimir Putin have invaded the sovereign nation of Georgia.  There are a number of reasons why:  1)  They want oil, 2)  They know we’re distracted by Iraq and Afghanistan and can ill afford a third front, 3)  They perceive G.W. Bush to be a lame-duck president, incapable of exercising military and moral authority in their sphere.  This, coupled with the fact that the Democrats are running a popular, but empty candidate named William Jennings …


Oil Prices Went… You Guessed It…

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


What A Week: Energy

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


… It Keeps Going, And Going, And Going …

The downward pressure on the price of oil continues, although not as strong as the past few trading days.  At the end of the day, it was $117 (down $.22 from yesterday).  Oh, and the Dow was up 40 points.

Meanwhile, Newt Gingrich showed up today at the Capital to show support for the GOP Protest.  During his time in front of the cameras, he said that Republicans may consider shutting down the government by not allowing action on government spending bills required to replace the ones expireing on September 30.  This was done during his tenure as Speaker in 1995 and 1996… and blew up in Newt’s face.  I don’t think this is a particularly healthy maneuver for Republicans to make if they want …


Slip Slidin’ Away…

…the price of oil that is.  Down another few dollars to $117.22.  In the last few weeks, the price has dropped $30/bbl, or 20%.  I’m convinced it’s because Republicans and the nation’s PEOPLE are up in arms and pressing the majority party to do the right thing… just pressing the case for domestic drilling, in a dramatic symbolic coup, is of such substance to those watching… everyone watching is anticipating that Pelosi will give in, or have to deal with an all-out party rebellion.  Those Democrats that are up for reelection in November should be getting pretty nervous, and hopefully their constituents are letting them have it while they spend August campaigning.

While Democrats are enjoying themselves or campaigning (or both) at home, Republicans


US House Republicans Stand Up for a Second Day

I don’t always like some of the things that Steve King says (I think he may have good motives, but perhaps suffers from Bushitis), but I was glad to see he was still in Washington DC along with a number of other House Republicans to continue protesting the No Vote Vacation.  Here are King’s comments today:

“We produce more renewable energy in our district than in any of the 434 other districts. In our land, we know about energy. Not Pe-la-la-losi-land! Here, we know what we’re talking about.”

[Puts up a huge poster of Pelosi] : “This is her dilemma: ‘I am trying to save the planet, I am trying to save the planet!’ She wants the planet restored to some imagined state of


US House GOP Members Continue Fight To End Vacation

Allahpundit over at Hot Air brings us news that Republicans in the US House, who staged a dramatic protest Friday over the closing of business in Congress for a month while the Energy issue sits languishing, plan to continue this effort anew on Monday.  From House Republican Leader John Boehner’s office :

Washington, Aug 3 – House Republicans will be back on the floor of the U.S. House of Representatives again Monday to continue the unprecedented protest that began last Friday, when dozens of Republicans joined hundreds of American citizens on the House floor to protest Speaker Nancy Pelosi’s (D-CA) decision to send Congress home for the rest of the summer without a vote on legislation to lower gas prices and move America toward


Exxon Just Can’t Win

Exxon Mobil Corporation reported record earnings today, a record for any major corporation, but still came up short.  Earning 2.27 per share was still 10% below market expectations.  So, Exxon stock took a 4.7% slide.

Not really a big deal, since the close today was just slightly below Wednesday’s open… you see, Wednesday was when everyone rushed in to buy Exxon stock in hopes of a better report today.  If you discount that silly run up, the stock price really stayed where it’s been for a while.

Exxon made a ton of money off of the run up on oil prices… the largest revenue area (for most oil companies) being their own gas and oil exploration units.  They certainly don’t make as much on …


Oil Prices Back Up a Bit

“Everyone knows…” are words I’m getting tired of hearing.  It is a subtle form of manipulation by forcing one to either immediately agree or disagree and by disagreeing become an outsider.  Katie Couric this evening says “The world’s oil problems all come down to the laws of supply and demand”.  Careful here.   On the face of it, the statement says something that seems very simplistic to most people (“it’s all about current supply and current demand”), and therefore lacks credibility, and manipulates people (or attempts to) into believing that long-term solutions won’t solve our immediate price problems.  The reality is, the perceived future demand and perceived future supply are the real drivers.

If every major news anchor got up in the morning and lied to …


Why Do Oil Prices Continue To Drop?

Just when you thought you couldn’t afford to go on summer vacation, just when you thought the ONLY answer to rising gasoline prices was a “gas tax holiday“, just as various states are complaining they don’t have enough tax money collected to pay for road work, now oil prices fall to a 3 month low of 121.99 for US Crude and 122.71 for Brent Crude (at noon, central time), with no end in sight

You heard me, the analysts, the same ones that said we were likely stuck with $4-5 a gallon gasoline or higher by end of summer, are telling us that buying oil commodities is a bad deal right now, and even OPEC anticipates oil prices could fall …


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