Senate Republicans hold the line on energy; Update: Reid falls apart

posted at 10:31 am on July 25, 2008 by Ed Morrissey

Senate Republicans kept their word today to defeat any energy bill that did not include an end to the Congressional moratorium on off-shore drilling.  By a 50-43 party-line vote, the bill that supposedly would curb “excessive” energy speculation failed to gain cloture.  Instead of allowing a pro-drilling amendment to get attached to the bill, the Democrats will bury it:

U.S. legislation to rein in excessive energy speculation failed a key procedural vote on Friday to move forward in the Senate, and now lawmakers will set aside the bill to consider other legislation.

The House of Representatives may take up its own anti-speculation bill next week, and then lawmakers will get ready to leave for their month-long recess in August. …

Senate Republicans strongly opposed the speculation bill, arguing the legislation should be modified to also boost U.S. oil production by allowing more offshore drilling and developing vast oil shale fields in the West. Republicans said tight petroleum supplies that were unable to keep up with demand were the cause of high energy prices.

Only Olympia Snowe (R-ME) crossed the party line to vote in favor of cloture.  Harry Reid (D-NV) voted against cloture, the only Democrat to do so, but only for procedural reasons.  His no vote will allow him to bring the bill back to the floor for another pass later in the session — if he chooses to do so.

Jim DeMint and Tom Coburn promised a tough line on energy, daring the Democrats to defy the overwhelming will of the electorate on increased domestic oil production.  The Democrats walked into the trap — and they may well find a way to lose a Congressional election that they had all but won this cycle.  If they adjourn for a summer break without allowing Republicans an opportunity to begin the long-term process of increasing domestic production and lowering gas prices, voters will hear all about it for the next four months … and they’ll let Harry Reid and Nancy Pelosi hear about it in November.

Update: What does Harry Reid do when he gets caught in a vice?  He lashes out at reporters and distorts the truth:

At a “pen and pad” — a more casual, off-camera chat with reporters — Reid attacked and scolded correspondents in attendance, telling them he’s “really disappointed” in how they have been writing his energy plans, which include a bill to reign in speculation in the energy futures markets.

According to two Senate Democratic aides, Reid and other Democratic leaders were particularly stung by an article Thursday in The New York Times. It followed on several other reports that have highlighted Democrats’ attempts to fend off defections from their ranks to GOP-sponsored amendments, measures that would permit new drilling in the Outer Continental Shelf and in the West for oil shale. ….

Reporters tried to pin Reid down Thursday on the amendment issue.

In the exchange, Reid told one reporter she should “watch the [Senate] floor more often. … You might learn something.”

Another reporter explained she had watched the Senate proceedings and said it was not clear he was … offereing separate amendments, to which Reid asked the reporter if she “spoke English.”

“Turn up your Miracle Ear,” Reid added.

Reid may need to check his own comprehension of English. He did allow only two amendments on the bill, which Dick Durbin confirmed during a floor speech. If Reid can’t count to two, he should stop worrying about the English skills of reporters and get into a remedial math class.


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While Newt wants speculation to stop with oil, at least for those not getting deliverables, and Republicans want all speculation to continue, perhaps there is middle ground:

TIGHTEN THE MARGINS!

If you want to slow down speculative traders in energy, make it smaller margins in order to buy futures.

Vincenzo on July 25, 2008 at 10:35 AM

Thank God! Finally they are showing some cojones!

rmgraha on July 25, 2008 at 10:35 AM

Testosterone???? Where did that come from???

PappaMac on July 25, 2008 at 10:36 AM

*Turns up his Toto record*

What they need to do is also get out there and show how the Senate is Hijacking anything that comes its way, only trying to vote on things Reid feels helps him out, all the Senators and Congressmen should just turn every TV interview into talking about this.

Rbastid on July 25, 2008 at 10:37 AM

Good for the Senate republicans. I like that they show fight and are standing strong.

jencab on July 25, 2008 at 10:38 AM

Only Olympia Snowe (R-ME) crossed the party line to vote in favor of cloture.

*Sigh* Sorry about that, guys. The GOP bench is pretty shallow up here.

Slublog on July 25, 2008 at 10:38 AM

The Democrats walked into the trap — and they may well find a way to lose a Congressional election that they had all but won this cycle.

No they didn’t, they know perfectly damn well that they will be able to frame Republicans as friends of the oil companies and as being beholden to past technologies. Absolutely every communication from the Republicans on this issue must refute those two implicit points.

ninjapirate on July 25, 2008 at 10:39 AM

About time they started holding the line against these Democrat clowns.

Any party headed by corrupt dopes like Pelosi and Reid can and should be beaten and beaten hard.

NoDonkey on July 25, 2008 at 10:39 AM

Under the circumstances being what they are right now, I do not believe that one member of Congress should be allowed to leave Washington for break until this energy matter is dealt with. People are being hurt because of the high fuel costs and Congress does nothing but play political footsie with the matter. People should be hitting their reps in Congress right now with emails, faxes, phone calls, carrier pidgeons, the works, and make it clearly understood that if these reps want to stay in Congress, they better act on this and right now. Americans need to unite and say they are fed up with all this crap and want action now!

pilamaye on July 25, 2008 at 10:39 AM

Olympia Snowe has no cajones!
Um, she doesn’t.

carbon_footprint on July 25, 2008 at 10:40 AM

Limits on speculation are typical Democratic policies.
Step one, blame capitalism.
Step two, pass a bill that will make the problem worse.

Speculators are not responsible for the current rise in oil prices. Speculators help to smooth out price swings.

Additionally, since oil is an international commodity, and such a bill would only affect American speculators, this bill is incapable of doing anything, even if the Democrats had managed to identify the proper villian.

MarkTheGreat on July 25, 2008 at 10:40 AM

…lawmakers will set aside the bill to consider other legislation.

We may be looking back at this as the precise turning point of the Democrats botching another election.

forest on July 25, 2008 at 10:42 AM

Olympia Snowe has no cajones!
Um, she doesn’t.

carbon_footprint on July 25, 2008 at 10:40 AM

She’s also not a Republican; I don’t care if she does put an ‘R’ after her name.

rmgraha on July 25, 2008 at 10:44 AM

Waiting for the question from the wilting press corp:

Senator Obama, what do you think about the defeat of the democrat energy plan in the senate? Is it time to listen to the American people and drill?

jeff_from_mpls on July 25, 2008 at 10:44 AM

pilamaye on July 25, 2008 at 10:39 AM

Saw somebody suggest last night that Pres. Bush call an emergency session of Congress and make them come back in August and hold a vote on lifting the off-shore drilling ban. If the Dims refuse to come back, or refuse to vote, or refuse to lift the ban, Republicans get to use the Dim obstinancy against them in November. And if they agree to hold the vote and the ban is lifted, we get to drill. Win/win either way.

AZCoyote on July 25, 2008 at 10:45 AM

Leaders like Reid and Pelosi are not leaders. They don’t lead by example, they lead by senority. There comes a time when their leadership becomes so pathetic that the political pressures they use to keep thier members in line erode to the point they are exposed for the intellectually corrupt losers they are.

volsense on July 25, 2008 at 10:45 AM

Reid is nuts and that was demonstrated by his stupid attack against reporters. Oh God was that funny.

Keep it up republicans. You must also defeat this housing bill as well.

jencab on July 25, 2008 at 10:47 AM

Doesn’t the ban expire in September? If so it would be interesting to see them vote to extend it.

Les in NC on July 25, 2008 at 10:48 AM

The donks act like teenagers when they win and like teenager when they lose.

jukin on July 25, 2008 at 10:49 AM

its too bad they couldn’t do this for the past 8 years…

right4life on July 25, 2008 at 10:49 AM

Speculators are not responsible for the current rise in oil prices. Speculators help to smooth out price swings.

Actually, it is a good part of it, its just not been quantified how much of investment in oil is speculation.

The problem today is, you don’t need to pay the full price for oil futures, just a small percentage. If your future pays off, you just take the profit, if it doesn’t you owe the difference.

Right now the margins are small. You simply make the margin tighter to keep massive hedge funds from buying billions in oil future with only tiny percentags of the real cost.

There’s nothing wrong with investing in commodities, as long as its not highway robbery.

Vincenzo on July 25, 2008 at 10:50 AM

Reid is nuts

Enough said.

Les in NC on July 25, 2008 at 10:50 AM

Reid is just upset that the drive by media parrot no longer can keep the cone of silence on the news, allowing only the Democrat Marxist propaganda to come out. New world Harry, the people now have the Internet.

tarpon on July 25, 2008 at 10:52 AM

Frak the Hill. The coastal Red states need to pass incentive legislation for the oil companies to start drilling and building refineries. Let the Feds try to find enough U.S. Marshals to stop them.

Limerick on July 25, 2008 at 10:53 AM

Reid’s scolding of reporters for stating the truth demonstrates how the talking cadaver feels about the American electorate. When do facts have anything to do with the truth, the democratic slogan, will be their downfall in November.

volsense on July 25, 2008 at 10:53 AM

If Reid can’t count to two, he should stop worrying about the English skills of reporters and get into a remedial math class.

He was probably educated in a government school. What do you expect.

Someone send him to a remedial economics class (especially the parts about supply and demand). No grade. Pass or Fail. Right now? He’s been failing for many years.

Dr.Cwac.Cwac on July 25, 2008 at 10:54 AM

Additionally, since oil is an international commodity, and such a bill would only affect American speculators, this bill is incapable of doing anything, even if the Democrats had managed to identify the proper villian.

MarkTheGreat on July 25, 2008 at 10:40 AM

Doesn’t matter to them. Their goal is to pass a knee jerk, feel good bill to give the impression of concern. Passing restrictive regulations is their way of life. Treat a symptom rather than a disease.

a capella on July 25, 2008 at 10:55 AM

Hypothetical reporter: “Senator Reid, if you are really convinced that allowing increased drilling won’t have any impact on oil prices either in the long term or short term, then why not allow more drilling and prove your Republican rivals and others calling for increased drilling wrong?”, “What do you have to lose?”

DerKrieger on July 25, 2008 at 10:56 AM

America doesn’t care…republicans are bad

tomas on July 25, 2008 at 10:58 AM

In the exchange, Reid told one reporter she should “watch the [Senate] floor more often. … You might learn something.”

That’s Reid’s problem, we are watching. Ed shouldn’t you be getting your clubs ready?

Les in NC on July 25, 2008 at 10:59 AM

Worst Majority Leader Evah!

Dr.Cwac.Cwac on July 25, 2008 at 10:59 AM

The Democrat created energy crisis is exactly what is needed to drive the socialists out of office. Would be nice to see Harry the Breathing Cadaver lose Senate majority position. I would very much like the Democrats exposed for the socialists/Marxists/communists they truly are…Keep equating Democrat with Socialist and these clowns will be on the way out…

adamsmith on July 25, 2008 at 11:00 AM

Limerick on July 25, 2008 at 10:53 AM

The Red states just might go their own way.

DerKrieger on July 25, 2008 at 11:01 AM

At a “pen and pad” — a more casual, off-camera chat with reporters

Damn! I hope someone sneaked some video.

Let the Democrat energy policy implosion begin!

forest on July 25, 2008 at 11:01 AM

Dr.Cwac.Cwac on July 25, 2008 at 10:59 AM

Too bad it’ll be bigger in 2009.

lorien1973 on July 25, 2008 at 11:02 AM

Thank God! Finally they are showing some cojones!

Took them long enough. They don’t get a pass for being asleep at the wheel for so many decades.

Blake on July 25, 2008 at 11:02 AM

I always thought Nevada was a Red(dish) state. How did they elect Harry, the Body, Reid?

DerKrieger on July 25, 2008 at 11:02 AM

I’m John McCain and I must take time off from my campaign to go to Washington and build a bi-partisian coalitian to end this crisis that is facing America! We can no longer operate government on the basis of the Politics of Personal Destruction and I will therefore summon my gang of 14 where we shall silence the conservative minority within the Senate so that the people’s business may once again proceed!

sabbott on July 25, 2008 at 11:04 AM

This issue is a game-changer, and if the Republican leadership can’t figure this one out they’re hopeless.

watchmen on July 25, 2008 at 11:07 AM

DerKrieger on July 25, 2008 at 11:02 AM

It’s near impossible to remove an incumbent with the bribery money – I mean war chests – they amass.

I think that there should be a fundamental change to the ballots. Remove party designations and remove the (I) next to the incumbents name as well.

lorien1973 on July 25, 2008 at 11:19 AM

The pressure exerted by an informed electorate is insurmountable, dingy. You are now working in public, the beltway walls have crumbled and people are scrutinizing every thing that actually happens.

We need to spread the word to everyone we know to email, mail, phone, fax to Reid and Pelosi about this and post messages to uTube.

I keep saying, “its about home heating oil, stupid!” IMHO that’s the club.

dogsoldier on July 25, 2008 at 11:22 AM

watchmen on July 25, 2008 at 11:07 AM

Totally. If the republicans can’t use this to pull their ass out of the fire, they don’t deserve to win.

lorien1973 on July 25, 2008 at 11:22 AM

“Turn up your Miracle Ear,” Reid added.

Unbelievable! The man is beyond arrogant. That’s just downright rude and in a spectacularly stupid fashion.

Jill1066 on July 25, 2008 at 11:30 AM

Apparently THIS “surge” is working, too. Well done, Senate GOP.

If only someone would make Harry Reid’s lip as fat as his head…

Spanglemaker on July 25, 2008 at 11:33 AM

Olympia Snowe crossed the aisle to vote with the Dems? Imagine that!

I’m surprised that Susan “Compromise” Collins didn’t go along with her. Although perhaps she’s been humbled by her idiotic opposition to the surge last summer.

Buy Danish on July 25, 2008 at 11:38 AM

The Senate GOP needs to do this every day, bring up a bill for offshore and inland drilling every day, and shut down every Democrat regulatory bill. Do it over and over again. They need something to point to as an accomplishment, and expanding oil supply could be one of those things.

doubleplusundead on July 25, 2008 at 11:39 AM

Here’s your winning GOP ad on this:

Democrats are keeping gas prices at record levels by preventing drilling and utilizing shale oil. Democrats won’t even let us look for oil. Republicans are trying to open up domestic supply, so we can stop sending money overseas and create jobs at home. Democrats want to impose a 50 cent gas tax to raise gas prices even higher.

Then skip to video of Reid saying “turn up your miracle ear”

LOL

lorien1973 on July 25, 2008 at 11:40 AM

Here’s your winning GOP ad on this:

Democrats are keeping gas prices at record levels by preventing drilling and utilizing shale oil. Democrats won’t even let us look for oil. Republicans are trying to open up domestic supply, so we can stop sending money overseas and create jobs at home. Democrats want to impose a 50 cent gas tax to raise gas prices even higher.

Then skip to video of Reid saying “turn up your miracle ear”

LOL

lorien1973 on July 25, 2008 at 11:40 AM

Ummm… Would this not require that members of the RNC pull their heads out of their asses? I suspect this will not happen anytime soon. There are many an issue to go after democRATs with but the RNC obviously sees no reason to do so at this or any other time. Senator McAmnesty certainly would not support attacking his close friends so where would the motivation come from?

sabbott on July 25, 2008 at 11:45 AM

Wasn’t there a question a couple years ago regarding refining capacity? I remember hearing that even if production went up, we are at max refining capacity and it wouldn’t help here much, and that there was a ban on building new refineries?

Was this debunked? Or did they already do something about it?

I have had my head buried in books for a while and maybe I missed it.

ConservativeLawStudent on July 25, 2008 at 11:45 AM

*So, drilling for more oil to increase supply isn’t the *answer, but releasing oil from our strategic reserve to *increase supply, IS A GOOD IDEA? LOL Transparent and *pathetic. DRILL DRILL DRILL

marklmail on July 25, 2008 at 11:46 AM

ConservativeLawStudent on July 25, 2008 at 11:45 AM

I believe that refining is where most of the mark up is right now. We are losing refineries. When one goes down, prices go up because of supply/demand. More refineries would help as well. The price of oil isn’t only a supply issue; it is a refining issue as well.

Also, the price of gas is high because there are (if memory serves) like 40 different formulations across the country caused by various state laws. If you reduce that # of formulations, prices would drop a little too. But that’d require state, not federal action.

lorien1973 on July 25, 2008 at 11:49 AM

I am still having problems sorting out the ‘speculators’. If there are two speculators for every transaction, one who thinks the price will rise and the other who thinks the price will fall, which one is good and which bad?
My head is beginning to hurt.
It was sooo much easier when you just had to know that big-anything [big oil, big insurance, big pharmaceuticals] or anything making big profits were the bad ones…

LaMonte on July 25, 2008 at 11:51 AM

Only Olympia Snowe (R-ME) crossed the party line to vote in favor of cloture.
*Sigh* Sorry about that, guys. The GOP bench is pretty shallow up here.

Slublog on July 25, 2008 at 10:38 AM

Feel no guilt slublog. She is just one of about 40 GOP Senators that lose their way from time to time.

JonRoss on July 25, 2008 at 11:53 AM

Here’s another point McCain should be making loud and clear to anyone who’s on he fence about Obama: Reid and Pelosi are radicals who are telling us we’ll get nothing and like it.

forest on July 25, 2008 at 11:54 AM

Speculation is ONLY a major factor when supplies get tight. Increase the supply and the speculator influence drops. I could be wrong though.

JonRoss on July 25, 2008 at 11:56 AM

The Dems cling to a frail Reid when the wind begins to blow…

cthulhu on July 25, 2008 at 12:12 PM

I am still having problems sorting out the ’speculators’. If there are two speculators for every transaction, one who thinks the price will rise and the other who thinks the price will fall, which one is good and which bad?
My head is beginning to hurt.
It was sooo much easier when you just had to know that big-anything [big oil, big insurance, big pharmaceuticals] or anything making big profits were the bad ones…

Speculation is ONLY a major factor when supplies get tight. Increase the supply and the speculator influence drops. I could be wrong though.

Basically, anyone can speculate ont he price of oil. You are buying future contracts. There is a buyer and a seller, but neither need to actually hold any oil. You are betting on the price of oil today and at a distinct point in the future.

To get your contract you only need to pay 7% of the actual contract. So if you buy 100 dollars in oil futures, you only put up 7 dollars. If your future comes in above the price you paid, you get paid the price of the contract minus the 93% you didn’t pay.

So there in lies the problem of oil speculation. It’s such a tiny percentage you have to pay to get that contract, but the full effect of the contract effects the oil price.

Make the margins like 50%, and things would cool down, yet still allow open market trading of commodities.

Vincenzo on July 25, 2008 at 12:14 PM

Also, I might add, on the stock market, futures margins are usually 50% of the face value of the stock.

In commidites like oil, its 5% to 10%.

You do the math.

Vincenzo on July 25, 2008 at 12:16 PM

Anyone on this board that lives in Nevada or California and start a recall process of Pelosi and Reid.

Those are 2 states out of 18 that have a recall process for citizens that want to end their term early for not doing their jobs!!!!!!!!!!!

http://www.ncsl.org/programs/legismgt/elect/recallprovision.htm

xler8bmw on July 25, 2008 at 12:29 PM

And The Drive to Five (Percent) continues.

Let there be a shutdown.

steveegg on July 25, 2008 at 12:29 PM

Re: Update (Reid) lashes out at reporters and distorts the truth

Predictable!

In the exchange, Reid told one reporter she should “watch the [Senate] floor more often. … You might learn something.”
Another reporter explained she had watched the Senate proceedings and said it was not clear he was … offereing separate amendments, to which Reid asked the reporter if she “spoke English.”
“Turn up your Miracle Ear,” Reid added.

DELICIOUS! Apparently these two are not ‘sweeties’ to Reid.

Sir Napsalot on July 25, 2008 at 12:32 PM

Vincenzo on July 25, 2008 at 12:16 PM

you said that the futures market are usually 50% of face. Actually if you kow like I know oil (depending on where it is in the world since all oil areas sell at different prices) is about 82 dollars for actual price. The “futures” for oil isn’t is at 50% as of yet, but I have seen some interesting figures that show oil to be at 250 a BBL in 2012 and then DROP to no more then 110 or lower in 2013. Do you know why? I do.

The fact that some people are let and allowd to trade certain items doesn’t usually bother me. It happens to be the ones who trade and buy that have no clue as to what they are doing and how they are effecting the market all to get a “quick buck”.

Even you mentioned it earlier. Make it harder with margins, but how?! Since it would be concidered a probematic item and the fact someone would throw a lawsuit on it that would say you have to be wealthy to trade, or buy. See the problem.

upinak on July 25, 2008 at 12:41 PM

he’s “really disappointed” in how they have been writing his energy plans,

I’ve often thought democrat leaders were just puppets for a more insidious, hidden entity. Now harry’s given it away.

peacenprosperity on July 25, 2008 at 12:50 PM

I always thought Nevada was a Red(dish) state. How did they elect Harry, the Body, Reid?

DerKrieger on July 25, 2008 at 11:02 AM

Ouch! :)

whitetop on July 25, 2008 at 12:54 PM

Good to see both my Senators held the line.

otcconan on July 25, 2008 at 12:58 PM

I sent an email last night to Senator McConnell urging him to continue to pressure the Dems to allow domestic drilling. If they keep pressuring the dems, Reid just might melt down permanently. :)

windybon on July 25, 2008 at 1:12 PM

In the exchange, Reid told one reporter she should “watch the [Senate] floor more often. … You might learn something.”

Hey Dirty Harry, we’re watching YOU, and don’t like what we see!

byteshredder on July 25, 2008 at 1:51 PM

get into a remedial math class

Remedial kindergarten as least and if his IQ is above 70 it should be remedial pre-K.

burt on July 25, 2008 at 1:54 PM

“Turn up your Miracle Ear,” Reid added.

OK, tell me again why reporters carry the Democrats water? I think I would have thrown my water in his face if he said this to me.

What a jerk.

Topsecretk9 on July 25, 2008 at 2:00 PM

In the exchange, Reid told one reporter she should “watch the [Senate] floor more often. … You might learn something.”

Another reporter explained she had watched the Senate proceedings and said it was not clear he was … offereing separate amendments, to which Reid asked the reporter if she “spoke English.”

“Turn up your Miracle Ear,” Reid added.

What an A-hole.

ThePrez on July 25, 2008 at 2:03 PM

Blame the Massholes. That’s what I always do. Maine needs to secure it’s borders.

TBinSTL on July 25, 2008 at 2:12 PM

When do we hear the obligatory outrage from the Deaf-American community to this hateful speech by the esteemed Senate Majority Leader?

rockmom on July 25, 2008 at 2:16 PM

Just as my myspace page says, “INDIVIDUAL RESPONSIBILITY. A Concept the Dumbocrats Just Don’t Understand.”

Members of the DNC NEVER have accepted personal responsibility for anything.

As for the “(speak) English” comment, I wonder how Dirty Harry can use such language when he accuses us, the Right, of the same sentiment when it comes to communication in America.

madmonkphotog on July 25, 2008 at 2:41 PM

Reid makes US sick.

Maquis on July 25, 2008 at 2:55 PM

The Democrat’s Congress…working hard to get those approval ratings as low as possible. It’s like Golf, right?

scottm on July 25, 2008 at 3:19 PM

Vincenzo on July 25, 2008 at 10:35 AM

Wonderful.

Except for the fact that soon after you’ll be watching them loosened in Abu Dhabi.

drjohn on July 25, 2008 at 3:29 PM

The best way to stop speculators from betting on not enough supply is to increase the supply.

MSimon on July 25, 2008 at 5:24 PM

Congress gives it to us Without Lubrication.

MSimon on July 25, 2008 at 5:26 PM

Only Olympia Snowe (R-ME) crossed the party line to vote in favor of cloture.

Is it safe to assume from that statement that John McCain was busy on the campaign and was not there cast his mavericky vote along with Ms. Snowe ?

LegendHasIt on July 25, 2008 at 5:29 PM

Oh, By the way: Good for the Republicans that did the right thing. Thanks guys.

LegendHasIt on July 25, 2008 at 5:31 PM

Turn up your Miracle Ear!

Ohhhh, good one. That goes in the quiver. Wait until the wife hears me tell her that.

I’m gonna get a beating!

pabarge on July 25, 2008 at 5:38 PM

House Republicans are taking this serious as well — The American Energy Act (HR 6566):

a comprehensive energy bill that takes an “all of the above” strategy to end our dependence on costly foreign oil and reduce gas prices in America. At a Capitol Hill news conference this afternoon, the Members of Congress will also demand Democrat House Speaker Nancy Pelosi end her opposition to American-made energy and allow a vote on the bill.

With $4 gas prices this can gain massive support if they can get the media to stop their Obamadrooling for three minutes or so!
David

LifeTrek on July 25, 2008 at 5:44 PM

I always thought Nevada was a Red(dish) state. How did they elect Harry, the Body, Reid?
DerKrieger on July 25, 2008 at 11:02 AM

All the California liberal refugees that moved there for the jobs brought their liberal idiocies with them. The Real Nevadans are too small in number to block the hordes of carpetbaggers.

LegendHasIt on July 25, 2008 at 5:47 PM

LifeTrek on July 25, 2008 at 5:44 PM

Steve Pearce has also introduced a bill: HR6301
http://www.govtrack.us/congress/billtext.xpd?bill=h110-6301

Of Course, Pelosi has buried it and won’t allow it to come up for discussion, much less a vote.

I haven’t had time to digest the whole bill, but on a scan, there is some really smart stuff in Steve’s bill… Practically AND politically.
.
.
.

Nancy and Harry sittin in a tree
k.i.s.s.i.n.g.
on you and me.
.
(uhh.. make that K a P)

LegendHasIt on July 25, 2008 at 5:55 PM

Frak the Hill. The coastal Red states need to pass incentive legislation for the oil companies to start drilling and building refineries. Let the Feds try to find enough U.S. Marshals to stop them.

Limerick on July 25, 2008 at 10:53 AM

I completely agree. We need to start drilling AND building refineries as without refineries all that oil is going to sit there and it will not help move supply above demand and inturn drop gas prices.

While I don’t usually support tax hikes in anyh way it would be in our best interest in the long run that once gas drops to a more reasonable price (say $2.50 per gallon as an example) the government should add a 10 cent tax per gallon to fund research grants into alternative energy sources so we can once and for all tell the middle eastern shieks that are getting filthy rich and using some of these oil profits to support terrorism to go shovel camel-shiitte!

Just an idea…

Liberty or Death on July 25, 2008 at 6:45 PM

This really all about the influence and control exercised by environmentalism upon the liberal mind. We need a national debate on just how far we have to damage our economy for the sake of spotted owls and polar bears. It’s not the big oil companies. It’s not the speculators. It’s not the Arabs or the Venezuelans. It’s America’s idiotic refusal to develop its own natural resources and buy them instead overseas!

Why do we expect other countries to deplete their own resources when we aren’t willing to touch our own?

Harry Reid ought to be careful how he treats the news media, because they are all that’s been propping up the Democrats as they have followed the environmentalist myths. If anybody gave him half the scrutiny and criticism the President gets he’d be out on his ear.

flataffect on July 25, 2008 at 7:25 PM

To paraphrase an old trading line;
There are two people in the world who know everything there is about oil. One of them is long, and the other one is short.

If you understand that line, you might understand the market.

Trading is a risky game. The more margin you use, the greater the risk of zeroing your accout.

If you make a bet where you lose 50% of your account, you would have to double your money on the next bet to break even.

If you make a bet where you lose 1% of your account, you would have to make 1.0101% on the next bet to break even.

Try plotting this in a spreadsheet. You get a nice curve that goes up as the percent lost goes up.

Another experiment. Try tossing coins with ten people at the same time. You have $1000 in pennies. They each have 100 pennies. After a couple hours, unless they use strict money management, a few will have increased their pot and more will have zeroed out.

Margin is not necessarily your friend. Toss a coin to see if the market is going up or down. A 50% expectancy? Not when you consider slippage and psychology. The market makers get their share and the players fight over the rest. Those that don’t have an edge, a system that gives them a positive expectancy, and tight money management, eventually lose. If your are making bets where you are losing 4% or more on a trade then you better have a good sytem to make up for it.

Oil producers also play the market. If they think the current futures price is good and may go down, they will sell. If they think it will go up, they will buy.

If trading in the USA is restricted, the action will just move overseas even more. The trading is global. There will be plenty of market makers willing to take the bets if the USA doesn’t.

Roll the Nadaq, New York Stock exchange and all of the worlds stock exchanges into one big pile. The futures pile is much larger. The largest pile is the foreign currency exchange, FOREX. This does two to three TRILLION

punslinger on July 25, 2008 at 10:32 PM

“Turn up your Miracle Ear,” Reid added.

Hear that, MSM?

That’s the Democrats taking you for granted.

You gonna let them get away with that?

:)

Merovign on July 25, 2008 at 10:38 PM

Feel no guilt slublog. She is just one of about 40 GOP Senators that lose their way from time to time.

JonRoss on July 25, 2008 at 11:53 AM

Yeah, but when they other go astray, they vote with the Democrats.

When Snowe goes astray, she votes with the Republicans.

Merovign on July 25, 2008 at 10:39 PM

Congress whined when the Iraqi Parliament went on break. Well, now WE have an energy crisis in full flame and Congress is going to take August off?

We need a blizzard of commo with these pogues to make sure they don’t leave D.C. until they, at the very least, eliminate the restrictions on offshore drilling. That will be a start. I don’t like the GOP much more than I do the Democrat Party, but they have it right on this. I hope they set up a constant, loud noise about the Democrats’ obstructionist policy. Even if only as a matter of self-interest, they ought to recognize this may be the issue with which they can save themselves from abject defeat in November. It’s simply supply and demand. Look what happened after Bush finally got off his ass and rescinded his father’s stupid no-drilling order. Democrats are deathly afraid that if off-shore drilling is permitted, gas prices WILL drop dramatically in response, before the first well is operational.

mikelikesit on July 26, 2008 at 12:06 PM