Yesterday, while speaking at a college in Virginia, President Obama laid the blame of high oil prices at the feet of speculators: Obama said that global oil supply is adequate and that speculators are driving up prices significantly. “It is true that a lot of what’s driving oil prices up right now is not the […]
Tea Party Nation has just blasted out an email blaming Obama for the rising gas prices (login required): As we close out 2010, gas prices in much of the country crept about the $3 a gallon mark. In an interview a couple of days ago, the ex-president of Shell oil predicted $5 a gallon gas […]
Yesterday BP saw a huge decline in it’s value as their stocks lost 15% of their value: As BP hacked away at a pipe gushing oil at the bottom of the Gulf of Mexico, investors sawed off 15 percent, or $21.1 billion, of the company’s market value Tuesday. Some are pointing to the announcement by […]
Now that Sarah Palin is done playing celebrity (hopefully), she gets to go back to work in Alaska and face some big problems: Palin’s state budget proposal is due in a month, with plummeting oil prices slashing Alaska’s revenues by billions of dollars. The 1,700-mile natural gas pipeline she bragged about on the campaign trail […]
Oil prices spike as Hurricane Gustav nears Gulf Every time a hurricane approaches the Gulf, we see oil prices spike. If we open up more off shore drilling, these spikes will send a tidal wave through our economy. With hurricanes become more frequent and stronger, can our economy handle oil prices that will be just […]
As Hurricane Fay nears landfall, oil prices are rising in fear that it could interrupt operations in the Gulf of Mexico. Kind of ironic this is happening at a time we are debating rather to allow more offshore drilling or not.
That’s what we been told for months now, but McCain seems to think differently: Presumptive Republican nominee John McCain yesterday credited the recent $10-a-barrel drop in the price of oil to President Bush’s lifting of a ban on offshore drilling, an action McCain has been advocating. Really? So then why didn’t Bush lift the ban […]
Cenk brings up an interesting point (via Cesca): The oil that comes from that drilling will not be United States property (Republicans aren’t suggesting we nationalize the oil companies, are they?). It will be the property of whichever oil company got the rights to that contract. They can then sell it to whoever they like […]
We all know how dim of news the oil prices are, but what does Asia’s new inflation problem have to do with us? Think out sourcing. If inflation is high in Asia then the American companies that decided to ship their manufacturing overseas now have to pay more, not only in transportation from shipping costs, […]
In his radio address yesterday, Bush did more of the “blaming Democrats” for the high oil prices, through their rejection of lifting the offshore drilling ban: First, we should expand American oil production by increasing access to the Outer Continental Shelf, or OCS. Experts believe that the OCS could produce enough oil to match America’s […]