Gas Prices Drop Even Though We Voted For Obama

[Mayhem]

Oil drops $2 to five-year low on oversupply

Brent crude oil fell more than $2 a barrel on Monday to a new five-year low on predictions that oversupply would keep building until next year after OPEC decided not to cut output.

In a report dated Dec. 5, Morgan Stanley said oil prices could fall as low as $43 a barrel next year. The U.S. investment bank cut its average 2015 Brent base-case outlook by $28 to $70 per barrel, and by $14 to $88 a barrel for 2016.

"Without OPEC intervention, markets risk becoming unbalanced, with peak oversupply likely in the second quarter of 2015," Morgan Stanley analyst Adam Longson said.

Brent for January LCOc1 was down $1.82 at $67.25 a barrel by 9 a.m. ET, having fallen $2.30 to $66.77 - its lowest since October 2009.

U.S. crude CLc1 was down $1.24 at $64.60 a barrel, after hitting a session low of $64.14. The U.S. contract, also known as West Texas Intermediate, touched $63.72 last week, its lowest since July 2009.

At a meeting last month, top oil exporter Saudi Arabia resisted calls from poorer members of the Organization of the Petroleum Exporting Countries to cut production, driving a further slide in prices, which have lost more than 40 percent since June.

Cartel member Kuwait said on Monday that oil prices were likely to remain around $65 a barrel for the next six to seven months.

"I think oil prices will remain at these levels ... until world economic recovery is clear or if there were any political crises or OPEC changed its production policy," said Nizar al-Adsani, chief executive of Kuwait's state oil company.

In Libya, state oil company NOC said on Sunday the country was producing 800,000 barrels per day, though its El Sharara oilfield was closed because of a pipeline blockade.

The U.S. shale industry has yet to be hit by the slump in crude prices, Baker Hughes said in a report on Friday, reporting that three new U.S. oil-drilling rigs had been added in the last week.

"It was just a small increase, but nevertheless it was an increase despite the sharp price drop," said Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt.

"Given continued oversupply and still no sign yet that U.S. oil production starts to show any reaction, perhaps prices will continue to head lower," he added.

So to recap, somehow gas prices are dropping even though the GOP candidates swore up and down that re-electing the President would cause them to go higher.

I'm an now ready for the lame excuses to follow.

 

[xfire]

It would be nice to see a drop back to 99￠/gallon, that would be as good as a tax cut or pay raise for everyone. Of course I'm sure all the big oil companies would just go broke, broke I tell ya.

 

[Jagger69]

Yeah I noticed the crickets as well.

Likewise, unemployment is the lowest it's been in 3 years and new jobs are tracking close to the dotcom days of the 1990s:

http://www.bostonglobe.com/business...L/story.html?comments=all&sort=HIGHEST_RATING

I think the bigger point is that the president (any president that is) generally gets too much blame when things go wrong and too much credit when things go right. Obama's problem now is that he doesn't get credit for anything....and perhaps he shouldn't. It can be argued that his administration, for whatever reason and for whomever is to blame, has featured the most divisive environment the American government has known since pre-Civil War days. Like it or not, this will be his legacy....not the vision of hope and the spirit of "Yes, we can" that seems like it was a hundred years ago. Unfortunately, this overshadows any positive events that are occurring on his watch and now even members of his own party are deserting him.

 

[Rey C.]

Good post, Mayhem. The same thing crossed my mind the other day (as I was watching oil plummet... right along with my TWTR ). The tighty-righties made SUCH a big deal about how Obama had something to do with oil and gas prices, seems like they'd be on here thanking him right now. And why come the shale oil producers are ****** the blues right now? How could this be??? I thought they were going to pull the price of oil and gasoline down for us U.S. 'Muricans. How could they possibly be struggling with a falling oil price? I thought their mission in life was to bless us with cheap oil and 93 octane gas. :dunno: Ya don't thinks that maybe they borrowed money to explore and drill based on higher prices, and they actually wanted a price as high as possible, does ya? And now their banks are putting the squeeze on them as they struggle to service their debt on these lower revenues. Nah!!! Couldn't be that.

It's been estimated that the falling oil and gas prices have contributed around $100/ month to the average U.S. ******'s spending power. The overall "tax cut" resulting from the drop in oil and gas prices are north of $75 billion over the past six months alone.

Come on, Georges, let me hear ya say it: "Thanks, Big ***** O!" :bang:

 

[BlkHawk]

Yeah I noticed the crickets as well.

Likewise, unemployment is the lowest it's been in 3 years and new jobs are tracking close to the dotcom days of the 1990s:

http://www.bostonglobe.com/business...L/story.html?comments=all&sort=HIGHEST_RATING

I think the bigger point is that the president (any president that is) generally gets too much blame when things go wrong and too much credit when things go right. Obama's problem now is that he doesn't get credit for anything....and perhaps he shouldn't. It can be argued that his administration, for whatever reason and for whomever is to blame, has featured the most divisive environment the American government has known since pre-Civil War days. Like it or not, this will be his legacy....not the vision of hope and the spirit of "Yes, we can" that seems like it was a hundred years ago. Unfortunately, this overshadows any positive events that are occurring on his watch and now even members of his own party are deserting him.

Well what do you expect from a Kenyan born Muslim Communist? :wink: Sure there are a lot of people who don't like his policies, I include myself for some of them, but a lot of the vitriol is due to the fact that there are still some racist fucks in this country who can't stand the fact that a black man is president.

 

[xfire]

It can be argued that his administration, for whatever reason and for whomever is to blame, has featured the most divisive environment the American government has known since pre-Civil War days. Like it or not, this will be his legacy

You're assuming the division will stop once someone else is elected. I don't share your optimism, nor have I forgotten how Bush supporters deserted him during the waning days of his presidency. I don't think Obama's lot is as bleak as you've painted it, but at the same time I don't see the current state of politics getting any better, only further deteriorating until the dying GOP is finally reduced to irrelevancy.

 

[Jagger69]

You're assuming the division will stop once someone else is elected. I don't share your optimism, nor have I forgotten how Bush supporters deserted him during the waning days of his presidency. I don't think Obama's lot is as bleak as you've painted it, but at the same time I don't see the current state of politics getting any better, only further deteriorating until the dying GOP is finally reduced to irrelevancy.

I'm being optimistic?? LOL....I figured people might blast me for being too glum. I don't see things getting better with the next president either....especially if that president is another democrat. If it's a republican, it'll be reverse obstructionism from the dems as the minority party. Same ****, different agenda is all. It's important to realize and admit that it's the system that's broken so there's nothing to convince me that things will somehow get better.

Gas prices have fallen because there is a price war between the OPEC nations and the US is providing more of it's own oil supply and is actually exporting more oil than it imports. The immediate question that arises is, if we are now an oil-exporting nation, why are we importing any oil at all? Price is the only possible reason....hence the prices are dropping as the OPEC countries compete for our declining demand. Fascinating since I'm sure that most would consider Obama's administration to be unfriendly to the expansion of oil exploration and exploitation. The facts would speak otherwise.

 

[MustBeGood]

Oil drops $2 to five-year low on oversupply



So to recap, somehow gas prices are dropping even though the GOP candidates swore up and down that re-electing the President would cause them to go higher.

I'm an now ready for the lame excuses to follow.

Nothing to do with Obama.

OPEC lead by the Saudi Arabia is trying to make it expensive for the "Fracking" companies lead by Exxon to use that process of production.

With energy production there is always the opportunity cost of to proceed with production and it is when oil is over $80 a barrel for the alternative forms of extraction.

The good news is this can **** the stupid Keystone XL, that will leak no matter what Koch Industries or Halliburton lobbies on it will be safe.

The blaming Obama for high gas prices is the typical mis-info that GOP leans on to make everything look gloomy for the sap suckers who believe their lies here in the United States.

Like the big lie that Social Security is broke.

 

[sean miguel]

You're assuming the division will stop once someone else is elected. I don't share your optimism, nor have I forgotten how Bush supporters deserted him during the waning days of his presidency. I don't think Obama's lot is as bleak as you've painted it, but at the same time I don't see the current state of politics getting any better, only further deteriorating until the dying GOP is finally reduced to irrelevancy.

I don't think it'll ever be reduced to irrelevancy, even with an influx of immigrants from south of the border. There are too many people (not enough IMO) in this country who reject the left's agenda for the GOP to ever become irrelevant. With the exception of Mark Warner in Virginia and Ben Nelson in Florida, the GOP hold all U.S. senatorial seats and governorships in the south.

And the republicans hold the highest majority they've had in the house since 1946. The democrats are closer to being irrelevant than they've ever have. But the pendulum swings both ways. I learned that in 2006.

 

[bobjustbob]

$2.29 reg. $2.79 diesel by me in NJ. A .70 drop in the past 3 months for reg. I don't know what the drop in diesel is but that makes everything cheaper for businesses too. You folks taught me that the President has nothing to do about gas prices, it's a market/industry thing. Still it is what it is and it's on his watch. I still want more production and easier exploration and the pipeline because I want energy independence. You never know when some Sheik might get a bug up his ass and cut us off again.

Unemployment is always a lagging indicator. Took longer than it should have but our economy is resilient and again, it's on his watch.

 

[MustBeGood]

To Animus Fox^^^^^^^^^^^^^^

Dumb ass Ducks fan YOUNG CONSERVATIVE!

GOP was the party of the people in 1946 and the Dems was the redneck party quoting party stats that are online with bull ****.

That's okay though, GOP supporters are a bunch of sap suckers for votes so that the 1% can stack more money and giive you a tax cut enough to pay three months of your credit card bills.

Take your ass here with the rest of the young idiots that believe the GOP is for the commonwealth of all: http://theyoungconservativesofamerica.org/

Racism is there game with blue ***** noble era policies is what you are being fed. But hey, you are pimple bumb living in Oregon with GOP ideas as that state will always be for the commonwealth.

Eat your spoon fed BS, and look for grammar errors in this post as a comeback punk bitch.

 

[Jagger69]

I don't think it'll ever be reduced to irrelevancy, even with an influx of immigrants from south of the border. There are too many people (not enough IMO) in this country who reject the left's agenda for the GOP to ever become irrelevant. With the exception of Mark Warner in Virginia and Ben Nelson in Florida, the GOP hold all U.S. senatorial seats and governorships in the south.

And the republicans hold the highest majority they've had in the house since 1946. The democrats are closer to being irrelevant than they've ever have. But the pendulum swings both ways. I learned that in 2006.

The conservative movement will never enjoy a true majority since their platform is exclusive of too many demographic groups that they find unacceptable. Their very attitude in and of itself makes them a minority. However, that fact is irrelevant since the only thing that matters is who actually votes come election time. An energized and motivated conservative base outdid a passive, lazy and complacent liberal faction in the mid-terms and the result is the republican majority that we now are enduring. We'll see what happens in the presidential election in 2 years but I will concede that, typically, old, white rural people are more likely to vote than younger, ethnically and racially diverse and urban constituents are. It's the greatest hope the republicans have going forward and, all things considered, not at all an unlikely outcome for them to prevail. It's happened before....it'll happen again.

 

[sean miguel]

I will concede that, typically, old, white rural people are more likely to vote than younger, ethnically and racially diverse and urban constituents are. It's the greatest hope the republicans have going forward and, all things considered, not at all an unlikely outcome for them to prevail. It's happened before....it'll happen again.

Younger, ethnic and urban would describe me and I used to be liberal but the scales have fallen from my eyes so to speak and I've rejected it. From my view and my experience living in a deep-blue state, I see the typical liberal as the dinosaur relic of the 60's college professor who still sports a pony tail.

The U.S. by all accounts is still a center-right country so liberals are the minority.

 

[sean miguel]

That's the thing; it's not that I'm all rah rah over the republicans inasmuch as I'm anti-democrat/liberal. The GOP is simply a means to an end.

Do I give a **** about Mitch McConnell and that he'll be the next senate majority leader? Not in the positive. Only that Harry Reid won't be.

 

[Jagger69]

Younger, ethnic and urban would describe me and I used to be liberal but the scales have fallen from my eyes so to speak and I've rejected it. From my view and my experience living in a deep-blue state, I see the typical liberal as the dinosaur relic of the 60's college professor who still sports a pony tail.

The U.S. by all accounts is still a center-right country so liberals are the minority.

If that's your political persuasion being young, ethnic (what ethnicity are you if I may ask?) and urban, you are a minority. Statistics say so. Center-right? That's been the claim for decades but there is no quantitative data to back that up....maybe it's true but it truly is immaterial. Interesting article from 2 years ago to challenge that perception is here:

http://www.outsidethebeltway.com/america-not-a-center-right-nation-anymore/

Not saying it's fact, just saying there is nothing concrete to back up the "right center" claim. At the very best, data like that is simply a snapshot of a dynamic landscape anyway so any attempt to put that kind of permanent label on the electorate and maintaining that they remain static are futile in my opinion. Again, it only matters who is energized to vote and historically that has been the conservative movement more than the liberal. When Obama was swept into office, the changing demographics played their hand. In the last election, the conservative movement was dominant. In the final analysis, it's all about who gets out the vote. However, overall, the republicans have painted themselves into a corner that is guaranteed to make them a minority so I think your claims about the demise of the liberal viewpoint are greatly exaggerated. Gay? Conservatives don't want you. Black? They don't want you. Hispanic? They don't want you. Non-Christian? They don't want you. The ultimate numbers are against the conservatives as America continues to become more diverse if everyone decides to exercise their right to vote. If they don't (and shame on them if they don't), the conservatives will prevail as they have on many occasions.

 

[sean miguel]

If that's your political persuasion being young, ethnic (what ethnicity are you if I may ask?) and urban, you are a minority.

I'm half pacific islander and half white. So I'm as white as President Obama but ethnic enough that I've been asked "do you speak english?" or "do you know karate?" upon first meeting.

However, overall, the republicans have painted themselves into a corner that is guaranteed to make them a minority so I think your claims about the demise of the liberal viewpoint are greatly exaggerated. Gay? Conservatives don't want you. Black? They don't want you. Hispanic? They don't want you. Non-Christian? They don't want you. The ultimate numbers are against the conservatives as America continues to become more diverse if everyone decides to exercise their right to vote. If they don't (and shame on them if they don't), the conservatives will prevail as they have on many occasions.

See I don't get that. One of the things that drove me away from the left was they tend to always see things racially and make excuses or blame based on that. You have someone like Bobby Jindal who was voted as governor of Lousiana by predominantly white southern conservatives. Or Nikki Haley in South Carolina. Then Marco Rubio in Florida and Mia Love in Utah (of all places, right?) These are all non-whites embraced by republicans and conservatives. As far as gays, there's the Log Cabin Republicans. So, they've rejected the gay friendly left as well. And Ben Carson is a darling of the right.

I don't get how you can say if you're a part of any of those groups that conservatives "don't want you."

 

[Mayhem]

Younger, ethnic and urban would describe me and I used to be liberal but the scales have fallen from my eyes so to speak and I've rejected it. From my view and my experience living in a deep-blue state, I see the typical liberal as the dinosaur relic of the 60's college professor who still sports a pony tail.

This is funny to me because I'm the mirror opposite of all this. Older, white male who used to be Republican/Conservative. I've lived in both Blue and Red locales. And I've seen the best and mostly worst of both. I see the typical Conservative as someone who laments the 'good old days" but can never articulate what made them so good.

No ponytail. Although if I had one, it would be used for a comb-over.

 

[sean miguel]

No ponytail. Although if I had one, it would be used for a comb-over.

:1orglaugh

 

[Jagger69]

I don't get how you can say if you're a part of any of those groups that conservatives "don't want you."

Simple. Because their platform has consistently said that. Do you really believe the conservative movement embraces gay rights? If so, you haven't been paying attention.

This is funny to me because I'm the mirror opposite of all this. Older, white male who used to be Republican/Conservative. I've lived in both Blue and Red locales. And I've seen the best and mostly worst of both. I see the typical Conservative as someone who laments the 'good old days" but can never articulate what made them so good.

No ponytail. Although if I had one, it would be used for a comb-over.

LOL....meself as well!

 

[sean miguel]

Simple. Because their platform has consistently said that. Do you really believe the conservative movement embraces gay rights? If so, you haven't been paying attention.

As in gay marriage? Obama was against gay marriage while candidate and president. Didn't the majority of California voters vote against it? You can hardly accuse them of being conservative.