Oil drops IMMEDIATELY after offshore ban EO repeal

Moderator: The Merrimack Volunteer Moderators

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby platypusman » Fri Aug 08, 2008 12:45 pm

More falling prices. Traders see the strong movement in the US for more drilling and conservation. This is driving down the price.

Oil prices slide beneath $114

Aug 8 11:34 AM US/Eastern

Breitbart.com

Crude prices continued their dizzying spiral down on Friday, shedding nearly four dollars to trade below 114 dollars a barrel as the US currency strengthened amid concerns about energy demand, dealers said. Brent North Sea crude for September delivery hit an intra-day low of 113.55 dollars a barrel. It recovered slightly to stand at 114.06 dollars, down 3.80 dollars, at about 1420 GMT

New York's main contract, light sweet crude for September stood at 116.28 dollars a barrel, down 3.74.

Oil futures have shed more than 20 percent in value since hitting record highs above 147 dollars per barrel on July 11.

Oil prices are "getting more and more pressure from dollar strength and it doesn't seem reversible for now," said Serge Laureau, commodities strategist at Saxo Bank in Copenhagen, quoted by Dow Jones Newswires.

The dollar struck a five-month high point against the euro on Friday on fading prospects of an interest rate rise by the European Central Bank, dealers said.
User avatar
platypusman
 
Posts: 873
Joined: Fri Feb 22, 2008 5:27 pm

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby RD » Fri Aug 08, 2008 1:03 pm

I don't see where this article mentions a so-called "strong movement in the US for more drilling." You want to believe there is a "strong movement in the US for more drilling" so badly that you're reading it into articles in which there is no such mention of your fictitious "strong movement." Sad.

platypusman wrote:Crude prices continued their dizzying spiral down on Friday, shedding nearly four dollars to trade below 114 dollars a barrel as the US currency strengthened amid concerns about energy demand, dealers said. Brent North Sea crude for September delivery hit an intra-day low of 113.55 dollars a barrel. It recovered slightly to stand at 114.06 dollars, down 3.80 dollars, at about 1420 GMT

New York's main contract, light sweet crude for September stood at 116.28 dollars a barrel, down 3.74.

Oil futures have shed more than 20 percent in value since hitting record highs above 147 dollars per barrel on July 11.

Oil prices are "getting more and more pressure from dollar strength and it doesn't seem reversible for now," said Serge Laureau, commodities strategist at Saxo Bank in Copenhagen, quoted by Dow Jones Newswires.

The dollar struck a five-month high point against the euro on Friday on fading prospects of an interest rate rise by the European Central Bank, dealers said.
"If you think teachers are your enemy, you should probably reassess who you think your friends are." - Chris Larson
RD
 
Posts: 5689
Joined: Wed Jan 07, 2004 3:49 pm

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby Jeannine Stergios » Fri Aug 08, 2008 1:22 pm

RD

I don't see where this article mentions a so-called "strong movement in the US for more drilling." You want to believe there is a "strong movement in the US for more drilling" so badly that you're reading it into articles in which there is no such mention of your fictitious "strong movement." Sad.


What is really, really sad is that you are spouting lies. The majority of Americans are in favor of offshore drilling. Why do you think your buddy Obama decided to change his stance?

http://www.rasmussenreports.com/public_ ... wer_prices

Even your elitist buddy Paul Krugman says so - and he isn't happy about it either.

http://www.nytimes.com/2008/08/08/opini ... ef=opinion
REPUBLICAN - BECAUSE NOT EVERYONE CAN BE ON WELFARE
Jeannine Stergios
 
Posts: 9306
Joined: Thu Nov 21, 2002 6:36 pm
Location: Jessica Drive Merrimack

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby Michael Pelletier » Sat Aug 09, 2008 10:58 am

How long do you think our economy can tolerate the outflow of billions of $’s for energy?

That's why it is so essential that Nancy Pelosi and Harry Reid return the Congress to session and repeal the statutory offshore drilling ban. That they refuse to do so, and so cravenly ducked their responsibility, is shameful. It is critical to our economic and national security that we develop domestic supplies of energy and lessen our dependence on foreign supplies.

Demonizing and threatening the people who have the equipment and know-how to do it, as the Democrats seem to enjoy, is not going to help matters, either.
User avatar
Michael Pelletier
 
Posts: 4219
Joined: Wed Feb 09, 2005 12:43 pm
Location: 3 Woodbine Lane

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby RD » Sat Aug 09, 2008 11:14 am

Michael Pelletier wrote:
How long do you think our economy can tolerate the outflow of billions of $’s for energy?

That's why it is so essential that Nancy Pelosi and Harry Reid return the Congress to session and repeal the statutory offshore drilling ban. That they refuse to do so, and so cravenly ducked their responsibility, is shameful. It is critical to our economic and national security that we develop domestic supplies of energy and lessen our dependence on foreign supplies.

The Republicans controlled Congress from 2003 - 2007, and had a Republican president all of those years. Why didn't they do it?
Last edited by RD on Sat Aug 09, 2008 11:20 am, edited 2 times in total.
"If you think teachers are your enemy, you should probably reassess who you think your friends are." - Chris Larson
RD
 
Posts: 5689
Joined: Wed Jan 07, 2004 3:49 pm

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby platypusman » Sat Aug 09, 2008 11:18 am

RD wrote:
Michael Pelletier wrote:
How long do you think our economy can tolerate the outflow of billions of $’s for energy?

That's why it is so essential that Nancy Pelosi and Harry Reid return the Congress to session and repeal the statutory offshore drilling ban. That they refuse to do so, and so cravenly ducked their responsibility, is shameful. It is critical to our economic and national security that we develop domestic supplies of energy and lessen our dependence on foreign supplies.

The Republicans controlled Congress from 2003 - 2007, and had a Republican president all of those years. Why didn't they do it?


Pelosi had a plan to bring down the price of oil. She did not and that is a fact.
User avatar
platypusman
 
Posts: 873
Joined: Fri Feb 22, 2008 5:27 pm

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby RD » Sat Aug 09, 2008 11:20 am

Why didn't the Republicans do it when they were the majority with a Republican president?
"If you think teachers are your enemy, you should probably reassess who you think your friends are." - Chris Larson
RD
 
Posts: 5689
Joined: Wed Jan 07, 2004 3:49 pm

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby platypusman » Sat Aug 09, 2008 11:22 am

RD wrote:Why didn't the Republicans do it when they were the majority with a Republican president?


The price of oil was lower when Republicans controlled congress, that is a fact.
User avatar
platypusman
 
Posts: 873
Joined: Fri Feb 22, 2008 5:27 pm

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby Jeannine Stergios » Sat Aug 09, 2008 12:13 pm

platypus

In November 2006 we were promised lower gas prices by the Dems. When they took control of Congress gas was $2.34 per gallon. We all know what transpired after that. The Dem solution was to sue OPEC. I think there are too many lawyers in Congress don't you?
REPUBLICAN - BECAUSE NOT EVERYONE CAN BE ON WELFARE
Jeannine Stergios
 
Posts: 9306
Joined: Thu Nov 21, 2002 6:36 pm
Location: Jessica Drive Merrimack

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby Michael Pelletier » Sat Aug 09, 2008 1:16 pm

RD wrote:The Republicans controlled Congress from 2003 - 2007, and had a Republican president all of those years. Why didn't they do it?

Image

But, that said, it wasn't for lack of trying - Bush's Department of the Interior proposed to open 6 million acres off Pensacola in Lease Sale 181 in 2001. Bush supported a 2003 Energy Bill (HR6) which would have allowed energy development anywhere in the Outer Continental Shelf, including moratorium areas (Sec 321, 330), and weakened states ability to interfere with energy development projects off their shores.

In 2006, the Republican House passed an offshore drilling ban repeal which died in the Senate.
User avatar
Michael Pelletier
 
Posts: 4219
Joined: Wed Feb 09, 2005 12:43 pm
Location: 3 Woodbine Lane

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby RD » Sat Aug 09, 2008 1:49 pm

Michael Pelletier wrote:it wasn't for lack of trying


And the Democrats have been trying only to be met with veto threats and non-veto-proof majorities thanks to the Republicans. So there's really not much to discuss at this point, unless you just get off on trying to trash Democrats.
"If you think teachers are your enemy, you should probably reassess who you think your friends are." - Chris Larson
RD
 
Posts: 5689
Joined: Wed Jan 07, 2004 3:49 pm

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby platypusman » Sat Aug 09, 2008 2:53 pm

Some people need to stop playing games. In a free market, prices are determined by supply and demand.

The Democrats have been against increasing supplies so they are responsible for the higher prices familes pay at the pump. This is a fact.
User avatar
platypusman
 
Posts: 873
Joined: Fri Feb 22, 2008 5:27 pm

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby Michael Pelletier » Sat Aug 09, 2008 3:01 pm

RD wrote:And the Democrats have been trying only to be met with veto threats and non-veto-proof majorities thanks to the Republicans.

Wait, are you trying to say that the Democrats have been trying to open up offshore drilling only to be blocked by Republican threats and parliamentary maneuvering?
User avatar
Michael Pelletier
 
Posts: 4219
Joined: Wed Feb 09, 2005 12:43 pm
Location: 3 Woodbine Lane

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby RD » Sat Aug 09, 2008 3:33 pm

Nope, they've been trying other viable measures, such as offering up new leases in trade for leases that oil companies already have but aren't even using.
"If you think teachers are your enemy, you should probably reassess who you think your friends are." - Chris Larson
RD
 
Posts: 5689
Joined: Wed Jan 07, 2004 3:49 pm

Re: Oil drops IMMEDIATELY after offshore ban EO repeal

Postby Jeannine Stergios » Sat Aug 09, 2008 11:28 pm

RD

Nope, they've been trying other viable measures, such as offering up new leases in trade for leases that oil companies already have but aren't even using


We are trying to INCREASE our oil supply not trade one thing for another or sell off some of our reserves for cheaper oil. What is it about increasing supply that escapes the minds of Democrats? Why are they so thickheaded about this?
REPUBLICAN - BECAUSE NOT EVERYONE CAN BE ON WELFARE
Jeannine Stergios
 
Posts: 9306
Joined: Thu Nov 21, 2002 6:36 pm
Location: Jessica Drive Merrimack

PreviousNext

Return to National Politics

Who is online

Users browsing this forum: No registered users and 3 guests

cron