Gas Prices Drop Even Though We Voted For Obama

[bobjustbob]

Gas price drop and sanctions against Russia spinning bad for them.

http://powersource.post-gazette.com/powersource/latest-oil-and-gas/2014/12/16/Russia-s-sinking-economy-becoming-a-global-threat/stories/201412160216

Oil prices half since last year and so is ruble to dollar (down 2% last 2 days). Loan defaults loom large.

 

[spacearrow99]

Saudi Arabia has more power over Russia than the West. Any decent economist will tell you 80% of Russia' s economy problems are a result of low oil prices. People are saying Putin, has made the oligarchs dump all their dollar holdings to stabilize the ruble. The Saudis are targeting American shale producers. Russia does not have a liquidity crisis. Countries can't have one unless you are in debt up to your eyeballs, and Russia is not. Russia is a solvent country, and it's relatively self-sufficient and hasn't loaned out it's citizen's wealth from future generations. Also the Russians are the top arms exporters in the world for a good reason, they have some state of the art equipment. The Chinese would open the bank, if the Russians gave then access to their most secret military equipment.

 

[Rey C.]

Whether it derailed the thread or not, I greatly enjoyed the exchanges between Jagger and Animus. Both expressed their points well and (I think) both arrived at the conclusion that the terms "liberal" and "conservative" are too broad, and there can be liberals who hold socially conservative views and conservatives who hold fiscally liberal views... vice versa, mix & match, Copernicus says, etc., etc.

I enjoyed reading that. Thanks, guys. :hatsoff:

 

[dakdak]

why do conservatives get to blame the president when the gas prices are high but say he has nothing to do with it when they are low? you cant have it both ways. unemployment is down, gas prices are down, holiday spending is way, way up, and the economy is growing in the world community. way to go president obama.

that last phrase is something we will never hear

 

[BioDefenseGrad]

Gas prices are dropping in spite of Obama.

Saudi Arabia has upped oil exports in order to put domestic U.S. oil drillers out of business. They want it to become unprofitable for U.S. companies so they halt production in the U.S. This would restore Saudi Arabia as the world's most important oil exporter. If you think I'm pushing anti-Obama propaganda, read this link from liberal NPR. They're hoping the higher cost of production for fracking shale oil will drive the domestic U.S. companies out of the market if we see another big dip.

 

[BioDefenseGrad]

why do conservatives get to blame the president when the gas prices are high but say he has nothing to do with it when they are low? you cant have it both ways. unemployment is down, gas prices are down, holiday spending is way, way up, and the economy is growing in the world community. way to go president obama.

that last phrase is something we will never hear

He doesn't have much of anything to do with it. In fact, if Obama had his way with fracking, prices would be higher than they are now.
You know where Democrats deserve credit? The new fuel efficiency standards on cars that are reducing demand for gas. Unfortunately for Democrats, this means starving state governments of tax dollars due to less consumption.

 

[Mayhem]

Gas prices are dropping in spite of Obama.

Saudi Arabia has upped oil exports in order to put domestic U.S. oil drillers out of business. They want it to become unprofitable for U.S. companies so they halt production in the U.S. This would restore Saudi Arabia as the world's most important oil exporter. If you think I'm pushing anti-Obama propaganda, read this link from liberal NPR. They're hoping the higher cost of production for fracking shale oil will drive the domestic U.S. companies out of the market if we see another big dip.

He doesn't have much of anything to do with it. In fact, if Obama had his way with fracking, prices would be higher than they are now.
You know where Democrats deserve credit? The new fuel efficiency standards on cars that are reducing demand for gas. Unfortunately for Democrats, this means starving state governments of tax dollars due to less consumption.

Your comprehension skills are right up there with your grasp of irony.

 

[bobjustbob]

That $2.29 gas I reported 11 days ago just came down to $2.03. Another 11% drop in the past 11 days. Bio D has a good point with his less tax dollars in the state government's rake. Less money out of citizen's pockets on a weekly basis will generate spending and paying off debts (at least I hope some of this extra savings people are getting goes to payoff instead of creating more debt). This is a stimulus that millions of people can take advantage of. Give credit to whoever kicked this thing into motion. Bush tried it with those one time checks before/during the crash. Good intentions when added to a tax cut, but not enough to curb the banking and shady investments allowed that spiraled out of proportion.

 

[Ace Boobtoucher]

Am I the only one who remembers BHO saying he hoped gas prices would rise above $5/gallon?

 

[mongo18]

Am I the only one who remembers BHO saying he hoped gas prices would rise above $5/gallon?

Probably, because he never said that, or anything like it. http://www.factcheck.org/2012/03/obama-wanted-higher-gasoline-prices/

 

[Mayhem]

That $2.29 gas I reported 11 days ago just came down to $2.03. Another 11% drop in the past 11 days. Bio D has a good point with his less tax dollars in the state government's rake. Less money out of citizen's pockets on a weekly basis will generate spending and paying off debts (at least I hope some of this extra savings people are getting goes to payoff instead of creating more debt). This is a stimulus that millions of people can take advantage of. Give credit to whoever kicked this thing into motion. Bush tried it with those one time checks before/during the crash. Good intentions when added to a tax cut, but not enough to curb the banking and shady investments allowed that spiraled out of proportion.

Bio D makes no point whatsoever. Bio D does what every Right-wing tool does. Complain. When gas prices are high, bitch about it. When gas prices are low, bitch about it. When the sun comes up, bitch about it. When the sun goes down, bitch about it. And this is the guy who bitches about everyone else playing the victim.

Am I the only one who remembers BHO saying he hoped gas prices would rise above $5/gallon?

Probably, because he never said that, or anything like it. http://www.factcheck.org/2012/03/obama-wanted-higher-gasoline-prices/

So....yes Ace....you are the only one who remembers. Next question?

 

[Ace Boobtoucher]

Well I stand corrected. It was Steven Chu.

http://www.politico.com/news/stories/0212/73138.html

And Dear Leader did say under his plans that energy prices would necessarily skyrocket.

 

[mongo18]

Well I stand corrected. It was Steven Chu.

http://www.politico.com/news/stories/0212/73138.html

And Dear Leader did say under his plans that energy prices would necessarily skyrocket.

Chu said that in 2008 when he was was in charge of the Lawrence Berkeley National Laboratory in California, before he was the energy secretary and before Obama was even elected. He also said in April 2009 that he was against any steps that would raise the price of gasoline.

And when Obama said "energy prices would necessarily skyrocket" he was talking about the price of electricity under a cap and trade system, that quote has been taken out of context and used as part of a complete fabrication, like most right wing arguments.

Do you ever stop and realize how wrong you are about pretty much everything and suspect that for that reason you might be part of the problem, not the solution as you like to believe?

 

[Rey C.]

He doesn't have much of anything to do with it. In fact, if Obama had his way with fracking, prices would be higher than they are now.
You know where Democrats deserve credit? The new fuel efficiency standards on cars that are reducing demand for gas. Unfortunately for Democrats, this means starving state governments of tax dollars due to less consumption.

Actually, several states are looking at increasing sales taxes on gasoline since the overall price has fallen so much. The percentage paid in states that have flat taxes is already quite high. But the thinking is, with the price so low, consumers will barely notice a few cents here or there.

From a piece I just read on Bloomberg, at $50/barrel and below for WTI oil, things may get interesting for several banks, hedge funds and large private equity players who have backed and financed fracking ventures. Some monkeys may be about to get shook outta da tree.

 

[BioDefenseGrad]

Actually, several states are looking at increasing sales taxes on gasoline since the overall price has fallen so much. The percentage paid in states that have flat taxes is already quite high. But the thinking is, with the price so low, consumers will barely notice a few cents here or there.

From a piece I just read on Bloomberg, at $50/barrel and below for WTI oil, things may get interesting for several banks, hedge funds and large private equity players who have backed and financed fracking ventures. Some monkeys may be about to get shook outta da tree.

NPR profiled several states and it was not dependent on the PRICE of gasoline, but the drop in consumption. Revenues have fallen because of an increase in efficiency as well as a change in driving habits. The improving economy and declining cost of gasoline has lowered resistance to an increase in the gas tax.

 

[Rey C.]

NPR profiled several states and it was not dependent on the PRICE of gasoline, but the drop in consumption. Revenues have fallen because of an increase in efficiency as well as a change in driving habits. The improving economy and declining cost of gasoline has lowered resistance to an increase in the gas tax.

Ah, I see. So you're saying that since the overall price has fallen so much, consumers will barely notice a few cents here or there in taxes. Thanks for straightening me out on that.

My point was that certain state governments are responding to declines in revenues by increasing taxes where they can do so with the least amount of resistance or backlash: fuel, food/restaurant, sales, personal, real estate, etc.

 

[bobjustbob]

$1.89. Another 14 cents down in 3 fucking days. $39 to fill my tank 3 1/2 months ago, $24 today. Okay, so the Saudi's are looking to put the squeeze on fracking. Pressure on the Canadian pipeline if you want to believe it too. $15 a week is $65 a month extra in yours and my pocket. Is this temporary till the next Arab nation gets a hard on or Russia gets out of their situation? I don't care, I'll take it where I can get it. The fracking and pipeline and opened drilling sites and technology won't go away and be ready when need be. Bitching and debate over $65 a month savings for even a temporary time is so fucking stupid. Enjoy while you can.

 

[spacearrow99]

http://www.bbc.com/news/business-30577375

Alexei Kudrin is snake oil salesman. What if prices returned to $100 per barrel of crude oil? Kudrin is protecting Putin by blaming Russia's problems on Western sanctions.

 

[mikexmoran]

$1.89. Another 14 cents down in 3 fucking days. $39 to fill my tank 3 1/2 months ago, $24 today. Okay, so the Saudi's are looking to put the squeeze on fracking. Pressure on the Canadian pipeline if you want to believe it too. $15 a week is $65 a month extra in yours and my pocket. Is this temporary till the next Arab nation gets a hard on or Russia gets out of their situation? I don't care, I'll take it where I can get it. The fracking and pipeline and opened drilling sites and technology won't go away and be ready when need be. Bitching and debate over $65 a month savings for even a temporary time is so fucking stupid. Enjoy while you can.

Yup. It will be interesting. It may stop new fracking development, but for the most part the fracking investments are a sunk cost. So, it wouldn't make sense for those companies to fold, even operating at a loss. I think the biggest bite is really being put on Russia, not the US fracking industry.

 

[Mayhem]

The end result of fracking is we'll pay less for oil and much more for water. Not an equitable trade.