Thanks! I hadn’t realized they represented mutual fund investments, not savings.

Wise Golden:

Hate to admit to appalling ignorance, but I don’t have a 401K. Could you explain the 19% in energy to me? Thanks.

JM Hanes on June 26, 2008 at 6:07 PM

If I might, JM, most 401K plans are made up of various mutual funds which are diversified and invested in a broad cross section of industries. This smooths out volitilty. Energy makes up a large part of most people’s retirement funds because it’s a good solid dependable investment area.

That’s why the dem’s constant attempts to strangle and punish the oil companies has the direct affect of greatly endangering retirement savings.

How anyone could even remotely consider the dems ‘better’ on the economy or domestic issues is beyond me.

Hate to admit to appalling ignorance, but I don’t have a 401K. Could you explain the 19% in energy to me? Thanks.

Think_b4_speaking on June 26, 2008 at 5:26 PM

I was born in Florida. You couldn’t pay me to drink the water there. I think the water in mexico may be healthier.

upinak on June 26, 2008 at 4:55 PM

.
You are correct, but my point is that the left is determined to keep this as a crisis, so that they can implement their agenda. Like poverty pimps, if the problem is being solved, there is no need for their ‘services’. Everyone in my industry knows what is in Floridian waters, etc., and so do the dems.

I listened to a neighbor pontificate that Bush and Cheney are behind the rise is crude per barrel. He asked the rhetorical question: How greedy can they be? How do you deal with such ignorance?

onlineanalyst on June 26, 2008 at 1:11 PM

Move to a better neighborhood. I wouldn’t allow someone that stupid anywhere near where my little daughter rides her bike.

TexasJew on June 26, 2008 at 1:21 PM

Unfortunately, there a multitude of neighborhoods like Onlineanalyst’s. That is the biggest problem the Republicans face with the current oil price surge. If the voting public is moved enough to complain, and most are, then they blame it on whoever the President is. “Throw the bums out!” is a time-honored, if often blinkered, American attitude. My hope is that it will extend to the Democrats in Congress, but my fear is that it will end with George W. Bush.

We who would not want to see an Obambi presidency have to ask ourselves: What can we do to exonerate President Bush and shift the blame for high-priced gasoline on to the Democrats?

Think_b4_speaking on June 26, 2008 at 3:47 PM

Think there is one problem with your senerio. Where the actualy know that oil is there, they let drill. But how do you know, when you drill, if oil is there or not?

You can’t rely on the government, such as USGS, BLM or even State entities to understand or even know the geological aspects of all of their State. Some areas are still concidered untouched. Other areas have been heavily drilled, but how they glean the information is off the cores that the drillers bring up and what the mudloggers report. In some cases, these reports or logs are not complete or the cores have been lost.

A lot of problems and of course lack of funding.

Democrats favor a mandate-laden bill that would force oil companies to expedite their work on existing leases

.
Of course they do. If oil companies were allowed to drill where the oil is, instead of on leases they know there is little if any, the supply problem would be solved, and we would have little impetus to punish the oil companies.

I listened to a neighbor pontificate that Bush and Cheney are behind the rise is crude per barrel. He asked the rhetorical question: How greedy can they be? How do you deal with such ignorance?

I had a co-worker pontificating that “it’s no wonder that oil is so high when GWB has 19% of his wealth in energy.” I looked at him and said, “everyone that has a 401K has 19% of their wealth in energy – what’s your point, everything that’s bad is because of Bush?” He shut-up. They always back down when you confront them. They know they are wrong, they just need to hear it once in a while.

onlineanalyst on June 26, 2008 at 3:01 PM

The people who argue consistantly about Oil, Gas, Fuel, etc. and how it does this or that to economics, the enviroment and so on, are also the ones who abuse it the most.

Those who just learn from books and yet never done anything with a/the degree they recieved shows me one thing. Yep they are book smart, but that doesn’t mean I want them working for or with me. People like that get in the way of people like TJ and I, who are constantly busy, have multiple things going on and do our jobs in the most conservative manner possible because we also understand the concept of a buck.

TJ is educated, but anything usually with a science degree, it is standard to do things. Like a 4-6 week excursion field type learning. Most Science Degrees are like that. I have learned mostly thru hands on and knowing if I didn’t learn it, it would mean I would get cut. I have taken enough college to get me by, but still need more via the people who run the world.

Also always ask questions. Just because there is someone who knows one thing, doesn’t mean they don’t know another issue. Drilling for Oil and Gas is hard and takes many professionals. But until people understand (if they ever do) it is never going to be favorable.

Ok, let me get this straight…

1) Future markets and speculators are the real problem, because their belief in higher future price of oil is raising the current price of oil as well.

2) More supply in the future wouldn’t affect the price today at all, and would only affect the future prices.

Does anyone in the Democratic party holding these two ideas (I’ve heard both of them several times) realize they’re contradictory?

gekkobear on June 26, 2008 at 1:22 PM

Good point — just more hypocrisy of thought. It’s big brother double speak.

Consider the irony. Tourism will suffer greatly. What makes New Orleans tick? So, taxpayers are supposed to help rebuild a tourist attraction no one can afford to visit.(shakes head and trudges off mumbling to self)

a capella on June 26, 2008 at 10:00 AM

It is ironic that Florida never allowed drilling 100 miles off coast so that tourism would not be effected and as a result, high gas prices are causing a dramatic loss to tourism. By the way – I don’t think it would be possible to harm Florida tourism with an oil well 100 miles away.

Meanwhile, now the folks in Florida that would not allow oil wells 100 miles away are hoping to get approval for windmills that are 6 miles offshore and are visible. VISABLE! From the shore. And they are actually saying things like, “people will find them relaxing and beautiful.” Now don’t get me wrong – I don’t care if we put up windmills, but I just can’t believe the hypocrisy of thought.

If we dither for another seven years, we will still be seven years from a solution and worse off. It’s time to start thinking long term.

Amen brother.

Honestly — I just want the government to get out of the way of the oil companies and let them do what they do. They, the oil companies, can get this fixed if they are allowed to do so. Too bad we didn’t do it 10, 20 or 30 years ago. Oh well — spilt milk at this point, let’s just not blow it again.

The Democrats plan is dumb, although less dumb than their past plans. The Republican plan will have us in a nice position, or at least a better position 10 years from now. It’s that simple.

I will never forget riding in a shuttle to the Denver Airport after a week’s worth of hiking in the Rockies twelve years ago. As we drove past some refineries in an industrial park, one of our “fellow travelers” carried on dramatically about the polluting stench. I simply asked her how she managed to travel from the Cayman Islands (yes, those!)to join us fellow hikers. Obviously she flew in. What did she think was fueling her transportation? Idiocy knows no bounds.

Did anyone else see the announced and then cancelled energy confab that Pelosi and friends had posted? I believe that a link can be found at powerlineblog in yesterday’s threads. The Dems are absolutely clueless. Not only are their obstructive chickens coming home to roost…but the chickens are headless besides being gutless.

And those idiotic Carbon Credits, to paraphrase Walter Mattau in The Odd Couple: “Gohbidge”!

The price will come down immediately as speculators see that they cannot forever bet on ever increasing prices.

But we here are preaching to the choir. I for one like the idea above. Spend the 4th of July emailing, calling, harrassing our congressmen and then…

Convince just one of the major candidates for president that we are serious and that is the only way they will get our vote.

Otherwise I may become a speculator myself. Its’ not too hard to figure which way prices will go as the Democrat Party does NOTHING and demand increases withoput end.

onlineanalyst on June 26, 2008 at 1:39 PM

Murtha Land or not. Those who can learn and regurgitate is one thing. Those who use the knowledge to make things better is another.

One, look at the people who have these seriously formal educations and then see what they do with their life.. jobs etc. And then take the time to think what they give back?

TJ and I work our ass off on Oil because we KNOW if it stops flowing, the world will stop turning. Those who don’t care or want it to stop will be the people who will also be begging for us to help “Them”. And honestly I give to the poor, to charities that make them start learning to help themselves. But if something happens in the future… to each their own!

gekkobear on June 26, 2008 at 1:22 PM

Did you ever think that those who are speculators and enviro left winnies are the people who are also holding back for no drilling? I know quite a few day traders and speculators who are so left that it makes a tree scream!

Stop and think. The MSM may be saying this but when it comes down to it, it is very much like the .com bubble and a few other bubble. One day there will be high yeild Nuclear Stations Stock for areas around the country…. don’t you think that those who have their “specualations and stick in oil” won’t fold out and go to where the money will be, if they can help it?

onlineanalyst on June 26, 2008 at 1:39 PM

Well, I guess.. screw ‘em. Let them enjoy pushing their cars uphill and allowing Indian adolescents do their jobs twelve times more efficiently.
There was a time when Union workers weren’t so stupid. But with the decline of union memebership and the development of entire non-unionized industries, I guess the wheat and the chaff got separated.
As far as “educated” component – they are generally into or dependent upon the public sector, which is as isolated from the real economic issues as a “Bubble Boy”.

Of course, Pennsylvania is the birthplace of the oil industry as well as center of the coal and coke industries and our American industrial revolution.
That’s a hell of a legacy to throw away…

JDPerren on June 26, 2008 at 12:41 PM

Yes Rock does. One thing rock didn’t point out is that it has been happening since 75 at least.

jon1979 on June 26, 2008 at 9:40 AM

Aarrgh! I guess they want them to go to Wink, Texas and make the 1928 Hendricks Field wells start flowing 10,000 barrels of oil per day again, instead of 1 or 2, like their present production. Of course, BHO IS a “light worker” – he can do anything! If you’re a brain-dead planaria like his typical voter.

Companies lease land and then do the seismic exploration. So they may lease 5000 acres and then find that only 300 is produceable. Or, in many cases, none.

Even slimy scum like the Democrats can’t be that stupid!
Do they want oil companies to drill in synclinal structures with a biilion barrels of salt water instead of oil?
Or do they want oil production in this country?
Let me see…

If they pulled this kind of traitorous crap in my parents’ day, they would have hung them from lampposts. If they were lucky..

What traitorous puerile shitheads.
It’s like saying if we have a food crisis, we don’t know how much food we’ll have if we increase planting acreage, since we could have a cold winter and kill most of the crops next year. So… why plant?

If this country continues to elect such morons, then how could we call ourselves a free people?
We should go to the national archives, bury the constitution in Monticello and start waving around Mao’s little red book.

1) Future markets and speculators are the real problem, because their belief in higher future price of oil is raising the current price of oil as well.

2) More supply in the future wouldn’t affect the price today at all, and would only affect the future prices.

Does anyone in the Democratic party holding these two ideas (I’ve heard both of them several times) realize they’re contradictory?

If the U.S. gets off its a** and starts drilling, then speculators will predict a lower future price due to higher supply. This will lower the speculators influence in driving the price up (and may reverse it entirely, depending upon what the belief is within the market regarding future prices).

Without a source of new supply being started, it’s obvious that the 5 year spread on oil prices will not be going down, so betting on it going up is where everyone will be (driving the price up in the process).