Video: Why gas prices are so high (hint: it’s not the evil oil companies)

posted at 12:45 pm on February 24, 2012 by Tina Korbe

To listen to the president talk, you’d think federal government policy had nothing to do with the high gas prices we face at the pump. Oh, no; Middle Eastern instability or the greed of big oil companies are to blame. Unfortunately for the president, that doesn’t square with his energy record, which has — at every turn — created obstacles to American energy production and, in effect, driven gas prices higher. House Speaker John Boehner has released a timeline that captures Obama’s deleterious impact on the oil and gas industry — and, consequently, on gas prices. The timeline extends to the beginning of Obama’s term in office, but, as a sample, take a look at just the five most recent decisions the administration has made:

  • JANUARY 2, 2011 – TIME reported that the Obama administration issued the first in a series of regulations on January 2 designed to unilaterally impose a national energy tax. Gas is $3.05 a gallon.
  • JUNE 21, 2011 - The White House opposes the House-passed Jobs & Energy Permitting Act that would unlock an estimated 27 billion barrels of oil and 132 trillion cubic feet of natural gas. Gas is $3.65 a gallon.
  • NOVEMBER 8, 2011 – The Obama Administration releases a plan for a five-year moratorium on offshore energy production, placing “some of the most promising energy resources in the world off-limits,” according to the House Natural Resources Committee. Gas is $3.42 a gallon.

Yesterday afternoon, Fox Business Network’s Gerri Willis interviewed Gulf Oil CEO Joe Petrowski, who confirmed what Boehner’s timeline suggests. The government has an inordinate amount of influence over the energy industry and has repeatedly proved itself adept at picking losers to subsidize and winners to penalize.


It makes no sense, this administration’s endless war on energy. It makes even less sense when you consider Candidate Obama’s stated promises to achieve energy independence. If that’s his goal, he has a funny way of showing it. When he ran for president, he even shilled for the Alaska pipeline — a project that, under his actual administration, has met with significant regulatory hurdles and is not slated to begin construction until 2015.

At some point, the president will have to accept that the American public can see through his rhetoric. He might say he wants a clean and secure source of energy, but his actions repeatedly say otherwise. According to a recent AP/GFK poll, 58 percent of Americans disapprove of his handling of high gas prices. What’s up with the other 42 percent?


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Comment pages: 1 2

One can readily find algae within Barry’s skull.

galtani on February 24, 2012 at 12:47 PM

Somebody needs to get this to BOR, quickly before he flips out again…

d1carter on February 24, 2012 at 12:47 PM

Is it Satan, then?

keep the change on February 24, 2012 at 12:48 PM

Announce “Drill here, drill now”. The price of oil drops. We win. Despots lose.

Paul-Cincy on February 24, 2012 at 12:49 PM

It makes no sense, this administration’s endless war on energy

Yes it does, Tina. If King Obama beats us down enough, we submit and he wins.

JPeterman on February 24, 2012 at 12:49 PM

Necessarily skyrocket.

Flange on February 24, 2012 at 12:49 PM

“Under my program, energy prices will necessarily skyrocket…”

Lanceman on February 24, 2012 at 12:49 PM

Because under Obama’s energy policies, the cost of energy will “necessarily skyrocket”. Dear Leader said so, himself.

novaculus on February 24, 2012 at 12:49 PM

Is it Satan, then?

keep the change on February 24, 2012 at 12:48 PM

Shut. Up. Now.

MelonCollie on February 24, 2012 at 12:49 PM

“House Speaker John Boehner has released a timeline that captures Obama’s deleterious impact on the oil and gas industry…”

Who…?

Seven Percent Solution on February 24, 2012 at 12:50 PM

It can not, by definition, be Obama’s fault. NOTHING is ever Obama’s fault.

Grunt on February 24, 2012 at 12:50 PM

(sigh) Why are people so ignorant to the real issue. It’s not that the value of Oil has gone up. The fact it, the value of the US dollar has gone down. This means that the weaker US dollar can’t buy as much oil as it once could.

When the Federal Reserve prints money out of thin air, it lowers the value of our currency because there is more of it. Additionally, when politicians, Republican or Democrat, continue to increase debt via horrible deficit spending it makes our money unstable.

MoreLiberty on February 24, 2012 at 12:51 PM

We have GOT to vote W out of office! He is IN BED with these EVIL oil companies!!

Oh. It’s a Democrat in office. OH its Obama.

Well, my mistake then, clearly the oil companies have reduced the Government to a subsidiary of Exxon Mobil and it has no power to anything.

Gatsu on February 24, 2012 at 12:51 PM

Yes it does, Tina. If King Obama beats us down enough, we submit and he wins.

JPeterman on February 24, 2012 at 12:49 PM

Or we try to fight back and he unleashes his ‘civilian army’.

MelonCollie on February 24, 2012 at 12:51 PM

Is it Satan, then?

keep the change on February 24, 2012 at 12:48 PM

Well, I wouldn’t exactly call obama Satan. He’s too stupid for that. I was thinking ‘minion’.

Lanceman on February 24, 2012 at 12:52 PM

Hey, I cry foul! I would have been first with the “skyrocket” quote, except the site repeatedly shows me as logged in until I try to submit a comment. Then it either tells me I am not logged in, which requires logging out (??) before I can log in, or it just ignores the attempt to post. WTF?

novaculus on February 24, 2012 at 12:52 PM

The problem with all this analysis of Obama, they keep making the error that he is doing something on purpose.
I don’t think he knows what he is doing, what the ramifications are, it’s just a reaction, without any real thought or knowledge.
If one or two things work out (even a blind squirrel finds an acorn), than he and the MSM touts them as a pivotal success.
The good news for him, the liberal press has no idea what is going on, so they can’t report on any “problems” or mistakes, they are just as clueless.
So, please, don’t give this clueless president any kudos for even choosing a wrong decision, that assumes he would know what the right one would be…and that is way too much credit.

right2bright on February 24, 2012 at 12:52 PM

It can not, by definition, be Obama’s fault. NOTHING is ever Obama’s fault.

Grunt on February 24, 2012 at 12:50 PM

Now, George W Bush on the other hand…

CycloneCDB on February 24, 2012 at 12:53 PM

The problem with all this analysis of Obama, they keep making the error that he is doing something on purpose.
I don’t think he knows what he is doing, what the ramifications are, it’s just a reaction, without any real thought or knowledge.
If one or two things work out (even a blind squirrel finds an acorn), than he and the MSM touts them as a pivotal success.
The good news for him, the liberal press has no idea what is going on, so they can’t report on any “problems” or mistakes, they are just as clueless.
So, please, don’t give this clueless president any kudos for even choosing a wrong decision, that assumes he would know what the right one would be…and that is way too much credit.

right2bright on February 24, 2012 at 12:52 PM

All due respect, you’re absolutely fooling yourself…

CycloneCDB on February 24, 2012 at 12:54 PM

but i..I..I pumped up my tires….!!

ted c on February 24, 2012 at 12:54 PM

Driving O’s anti-energy policies supposedly is global warming. Here is an excerpts from an outstanding op-ed I found (Cult of the Warm):

The Warmists have pushed their agenda through with alarmist claims and hysteria… They have smeared and intimidated anyone who stood up to them.
If you believe that freedom is at the core of what it means to be human, then the Warmists and what they stand for are instinctively repulsive to you. On the other hand if you believe that human society must be organized into a moral collective for the betterment of all, then the Warmist idea provides a wake up call compelling us to form into ranks and goosestep in recycled rubber boots into the Green future. (An exaggeration, but [not by much].)
…No matter what research emerges, the edifice of the lie cannot be allowed to come down…If the Cult of Warm were to come tumbling down, then the first victim of it would be the technocratic society built on an unreasonable confidence in experts and Harvard men who always know what they’re doing and know how to do it better than we do.
Global Warming is not just a failure of a sizable chunk of the scientific establishment to put theory before ideology…It is a demonstration of how a handful of people in prominent positions can push through otherwise unacceptable measures by manufacturing a crisis and pipelining it through business and government. It’s a hack of
our entire system of government…
If the elites and their technocracy no longer amount to anything, then the emperor is naked, and suddenly elections might start mattering again. [analysis: Santorum shares the sentiments expressed above, not Mitt or Newt]

anotherJoe on February 24, 2012 at 12:54 PM

Why gas prices are so high

Because only the Rich can afford it while the poor cannot. The question should be is Why does Obama hate the poor?

multiuseless on February 24, 2012 at 12:55 PM

If you still believe, after 3 years, the constant lies and deceptions from Obama and his ship of babbling fools, your IQ has to be in the single digit range. Liberalism is definitely a progressive mental disorder and your existence removes all doubt of that truth.

volsense on February 24, 2012 at 12:55 PM

I think I’ll apply for a gov grant to get that pond I want started… About 2.6 million ought’a do it.
-

RalphyBoy on February 24, 2012 at 12:55 PM

Another problem is US refinery capacity.

If the US would go to one blend, country wide; it would lower costs or be allowed to build more reineries.

Unfortunately, Obama and BILL O’REILLY get too much attention from hammering the oil companies to consider this.

cougar on February 24, 2012 at 12:56 PM

Biden: “WTH, my back is all wet, yellow and smells like urine.”

Obama: “Ah, it’s just raining again.”

BruthaMan on February 24, 2012 at 12:56 PM

It makes no sense, this administration’s endless war on energy.

Only if you don’t understand liberals/progressives. Otherwise it makes perfect sense.

FruitedPlain on February 24, 2012 at 12:57 PM

This is, after all, a White House that has put at the center of its domestic agenda its goal of a “green economy,” which hinges on making fossil fuels too expensive for Americans to purchase. In January 2008, candidate Obama told the San Francisco Chronicle that under his cap-and-trade plan, “electricity rates would necessarily skyrocket.” Steven Chu, now Secretary of Energy, told this newspaper in the same year: “Somehow, we have to figure out how to boost the price of gasoline to the levels in Europe.” That would be, oh, $10 a gallon.

Never forget, never, never, never. Hold him to account.

Schadenfreude on February 24, 2012 at 12:57 PM

Necessarily skyrocket.

Flange on February 24, 2012 at 12:49 PM

“Under my program, energy prices will necessarily skyrocket…”

Lanceman on February 24, 2012 at 12:49 PM

Because under Obama’s energy policies, the cost of energy will “necessarily skyrocket”. Dear Leader said so, himself.

novaculus on February 24, 2012 at 12:49 PM

Is there an echo in here?

Lost in Jersey on February 24, 2012 at 12:57 PM

Or we try to fight back and he unleashes his ‘civilian army’.

MelonCollie on February 24, 2012 at 12:51 PM

I don’t see anybody fighting back, do you?

JPeterman on February 24, 2012 at 12:58 PM

d1carter on February 24, 2012 at 12:47 PM

O’Reilly is a liberal hack pretending to be an independent. He was far more passionate about protecting Obama from any blame on oil prices than he (being the good catholic) was on the trampling of religious freedoms.

dmann on February 24, 2012 at 12:58 PM

I heard an oil expert on the radio earlier this week say that the government could drop gas prices by $1 a gallon immediately by suspending all the requirements for different blends and additives in different regions of the country. Poeple really have no idea how much the government interferes with the supply of gasoline.

EPA might also want to rethink forcing our three refineries in Philadelphia to close later this year, as this will undoubtedly cause much higher prices here locally and leave the rest of the country vulnerable to refinery closures from hurricanes this summer.

rockmom on February 24, 2012 at 12:58 PM

Is it Satan, then?

keep the change on February 24, 2012 at 12:48 PM

In conjunction, of course, with Teh Gheyz!!11!!

JohnGalt23 on February 24, 2012 at 12:58 PM

“It makes no sense, this administration’s endless war on energy.”

*sigh*

Tina…

… You have to go back to what Obowma believes.

Seven Percent Solution on February 24, 2012 at 12:59 PM

novaculus on February 24, 2012 at 12:52 PM

As it turned out there was some nice symmetry with the three posts.

Flange on February 24, 2012 at 12:59 PM

The administration took a midterm election beating because the public saw it move to the left of reality on spending and health care. Rising gas prices now threaten to catch it out the same way on energy. If it wants to recapture public favor, it will have to make a major shift.

Schadenfreude on February 24, 2012 at 1:00 PM

skyrockets in flight….afternoon delight. aaaaaaaaaaaaaaaaaaafternoon delight.

sorry.

GhoulAid on February 24, 2012 at 1:00 PM

What’s up with the other 42 percent?

17% are black voting for Obama because he’s black
20% are liberals voting for Obama because their stupid

I can’t account for the other 5%…sorry

cajunpatriot on February 24, 2012 at 1:01 PM

I liked Petrowski’s answer about the poll….”The other 42% must be walking.”

I am so tired of hearing from anyone opposing drilling and taking advantages of our resources…..”But But It’ll take 10 years to get online and that won’t help us now!” Well guess what, if we would’ve started this ten years ago it would be online now!

The best time to plant a tree is 20 years ago. The second best time is today.

VikingGoneWild on February 24, 2012 at 1:02 PM

IRS Audit of Joe Petrowski coming in 3….2….1….

ManWithNoParty on February 24, 2012 at 1:02 PM

“The question should be is Why does Obama hate the poor?”
multiuseless @ 12:55PM

Obama doesn’t hate the poor, he looks at them as a carpenter would look at the tools of his trade. Obama, being a Saul Alinsky disciple, feels the middle class must be destroyed because, as Alinsky thought, they are a buffer to the upper class. Bring the middle class down to the level of the poor and then the masses will have nothing in their way to strip the upperclass of their wealth. GOOGLE: Saul Alinsky. Undestand Alinsky, understand Obama.

volsense on February 24, 2012 at 1:03 PM

What’s up with the other 42 percent?

It’s surprising that this number is so low, really. His moochers get their tanks and plates filled, at the back of your toils.

Soon the producers will have had enough.

Schadenfreude on February 24, 2012 at 1:04 PM

Pharaoh Obama can solve this problem by simply snapping his fingers. To wit: Reach out to the oil companies and require them to provide, free of charge, $300.00 in gasoline purchases per month for every American with a SNAP card. Just swipe your SNAP card at the pump and filler up!

So let it be written, so let it be done.

SlaveDog on February 24, 2012 at 1:04 PM

NONSENSE!

residentblue on February 24, 2012 at 1:04 PM

Wow, I’m filling up my premium-unleaded fueled BMW 135 twin-turbo beast at GULF tonight on my way home.
-but-
Gulf better beef up their legal department. They’re gonna be in for a long 2012. Obama no likey criticism. He’s too intelligent and too magnificent to allow such gutter tactics.

smfic on February 24, 2012 at 1:04 PM

17% are black voting for Obama because he’s black
20% are liberals voting for Obama because their they’re stupid

I can’t account for the other 5%…sorry

cajunpatriot on February 24, 2012 at 1:01 PM

Sorry – pet peave. And when used in a sentence calling someone stupid – it screamed to be corrected.

CycloneCDB on February 24, 2012 at 1:05 PM

Don’t watch BOR anymore. He’s beyond ignorant. Jus’ has the ‘rant down pat. Why doesn’t he advocate that the govt nationalize the oil companies and refining like they did with the car companies and health care. That way Zero would be in charge of gas prices and they could go up or down depending on how we vote.

Kissmygrits on February 24, 2012 at 1:05 PM

How about the other 42% are drones and useful idiots

Conservative4ev on February 24, 2012 at 1:05 PM

residentblue on February 24, 2012 at 1:04 PM

You don’t deem anything about logic, because you have none. Get a nap, and a new brain, gnat and bloodsucker.

Schadenfreude on February 24, 2012 at 1:06 PM

CycloneCDB on February 24, 2012 at 1:05 PM

I know…typing too fast…

cajunpatriot on February 24, 2012 at 1:06 PM

I do not care, Obama is awesome.

/troll-speak

Left Coast Right Mind on February 24, 2012 at 1:06 PM

I don’t see anybody fighting back, do you?

JPeterman on February 24, 2012 at 12:58 PM

*sigh*. No.

MelonCollie on February 24, 2012 at 1:07 PM

It’s all about the money. Read the article and see all the players. They want energy to skyrocket for a reason.

ShoreBank survived and invested in many “green” businesses such as solar panel manufacturing. In fact, the bank was mentioned in one of Obama’s speeches during his election campaign because it subjected new business borrowers to Eco-litmus tests.

Prior to becoming President, Obama sat on the board of the JOYCE FOUNDATION, a liberal charity. This foundation was originally established by Joyce Kean’s family which had accumulated millions of dollars in the lumber industry. It mostly gave funds to hospitals but after her death in 1972, the foundation was taken over by radical environmentalists and social justice extremists.

This JOYCE FOUNDATION, which is rumored to have assets of 8 billion dollars, has now set up and funded, with a few partners, something called the CHICAGO CLIMATE EXCHANGE, known as CXX. It will be the exchange (like the Chicago Grain Futures Market for agriculture) where Environmental Carbon Credits are traded.

Under Obama’s new bill, businesses in the future will be assessed a tax on how much CO2 they produce (their Carbon Footprint) or in other words how much they add to global warming. If a company produces less CO2 than their allotted measured limit, they earn a Carbon Credit. This Carbon Credit can be traded on the CXX exchange. Another company, which has gone over their CO2 limit, can buy the Credit and “reduce” their footprint and tax liability. It will be like trading shares on Wall Street.

http://whatreallyhappened.com/WRHARTICLES/shorebank.php

FLconservative on February 24, 2012 at 1:07 PM

Propagate this, daily, and often.

Schadenfreude on February 24, 2012 at 1:08 PM

hint: it’s not the evil oil companies

yes it is, Tina.

Now you go sit in the corner until you get these silly notions out of your head.

davidk on February 24, 2012 at 1:08 PM

I agree. Obama’s energy policies were also responsible for gas prices ranging from $4.50 in 2008 down to $2.00 in early 2009.

Or maybe oil speculation is a bigger driver of the market than one country’s energy policies.

BBegley on February 24, 2012 at 1:09 PM

NONSENSE!

residentblue on February 24, 2012 at 1:04 PM

Don’t worry, You and I will say Booosh!

Lanceman on February 24, 2012 at 1:09 PM

DOTUS, Manager of American Decline, Category 5 Hurricane, Apocalypse Now, Americas’ Death Panel, Grim Reaper of the Economy.

No matter what you call him he’s collapsing whole or partial industries and his wife is just as busy with her team of destroyers.

PappyD61 on February 24, 2012 at 1:10 PM

Hate to point this out, but if that list of events with gas prices is what Boehner is putting out – he’s incompetent. The quotes you put in the article show gas prices coming down with every step after the initial jump from January to May. That doesn’t exactly make the point of what Obummer is doing to us.

dentarthurdent on February 24, 2012 at 1:10 PM

Don’t worry, You and I will say Booosh!

Lanceman on February 24, 2012 at 1:09 PM

S/he will be in front of you, I hope.

Schadenfreude on February 24, 2012 at 1:10 PM

Is it Satan, then?

keep the change on February 24, 2012 at 12:48 PM

“No, this is clearly Bush’s fault. It is so obvious it is Bush’s fault. I’m sure everyone knows it’s Bush’s fault. How can you be so ignorant to not know it’s Bush’s fault. Bush and his failed policies are the culprit. It’s Bush’s fault that his oil cronies won’t do what I want them to do–he made them not cooperate with me. If Bush hadn’t driven us so deep into this ditch, we’d be out by now, so this is Bush’s fault.

No, wait. This is because Bush screwed up the Arab Spring. So it’s still Bush’s fault.”

–B.(not Bush)Obama

NOMOBO on February 24, 2012 at 1:10 PM

Is there an echo in here?

Lost in Jersey on February 24, 2012 at 12:57 PM

What’s the problem? Obama said it.

BacaDog on February 24, 2012 at 1:10 PM

Booosh, you magnificent bastard! 3 years out of the WH and you’re still enriching your oiiiiil buddies!

Lanceman on February 24, 2012 at 1:13 PM

What’s up with the other 42 percent?

Figure 33% are out and out Obamabots. Barry can piss on them all day long and tell them it’s rain. They’d believe him. The other 9% can be chalked up to normal human stupidity/don’t care.

GarandFan on February 24, 2012 at 1:14 PM

Somebody needs to have this guy sit down and explain this stuff to O’Reilly. He was jumping the whole freaking ocean last night.

Southernblogger on February 24, 2012 at 1:15 PM

Obama supports higher gas prices.

Schadenfreude on February 24, 2012 at 1:15 PM

The “high” price of gas and oil has everything to do with the Presidents policies . . . just not his energy policies, which as harmful as they are to energy production, have not been able to stem the tide of what is a boom to oil production in this country thanks to private industry and the development of the shale and oil sands resources in the Midwest.

No, it is the inflationary policies of the administration in the form of debt and 0% interest rates that are the culprit. Because the truth is as compared to the price of gold and silver, THE PRICE OF GAS AND OIL HAS NEVER BEEN LOWER!!

If you find a dime that was minted before 1965 you could buy a gallon of gas with it because it has enough silver in it.

ReformedDeceptiCon on February 24, 2012 at 1:15 PM

BOR has lost it, especially with his rants about global energy supplies, the tightness of control held by the Middle East and their actions on the spot market. The GOP should be glad he doesn’t claim to belong to the party.

DanMan on February 24, 2012 at 1:16 PM

FLconservative on February 24, 2012 at 1:07 PM

The Chicago Climate Exchange was closed down well over a year ago.

Collapse of Chicago Climate Exchange Means a Strategy Shift on Global Warming Curbs

The closing this week of the Chicago Climate Exchange, which was envisioned to be the key player in the trillion-dollar “cap and trade” market, was the final nail in the coffin of the Obama administration’s effort to pass the controversial program meant to combat global warming.

JPeterman on February 24, 2012 at 1:16 PM

What’s the problem? Obama said it.

BacaDog on February 24, 2012 at 1:10 PM

No problem. It was a joke. See, all at the same time three different people posted … ah, nevermind.

Lost in Jersey on February 24, 2012 at 1:18 PM

I don’t see anybody fighting back, do you?

JPeterman on February 24, 2012 at 12:58 PM

Yes I do….

https://www.facebook.com/note.php?note_id=10150581060688435

http://hotair.com/archives/2012/02/22/beyond-the-soundbites-gingrich-releases-30-minute-energy-ad/

tencole on February 24, 2012 at 1:18 PM

July 14, 2008:
President Bush lifted an executive order banning offshore oil drilling, and urged Congress to follow suit.

September 16, 2008:
The U.S. House of Representatives approved on a 236-189 vote legislation that would open waters 50 miles off the Pacific and Atlantic coasts to oil and natural gas development.

September 27, 2008:
The U.S. Senate by a 78-12 vote eliminated a 27 year ban on offshore drilling off the Atlantic and Pacific coasts of the United States.

And what effect did those three things have on gas prices?

U.S. city average price of unleaded regular gasoline

July 2008: $4.090 per gallon

December 2008: $1.689 per gallon

Source: Bureau of Labor Statistics Data: U.S. city average: Gasoline, unleaded regular, per gallon

Gas prices dropped more than 50% (almost 60%) in just five months!

Then what has happened under the Obama administration?
More restrictions on drilling, and higher prices.

ITguy on February 24, 2012 at 1:18 PM

It makes no sense, this administration’s endless war on energy

Yes it does if you want a poor, dissatisfied and angry “proletariat”, ripe for revolution.

oldernwiser on February 24, 2012 at 1:18 PM

Jug ears knows exactly what he is doing. He and his whole admin know exactly what they are doing. All the posts here showing his quotes and Chu’s quotes show this. This bunch wants to punish this country for its evil capitalist ways and bring it into line with their concept of a “good ” nation. As a proper partner in the nations united. In their diseased liberal minds,they are doing the correct thing and are being good little citizens of the world. This means trampling all over individual rights and becoming part of the collective. Resistance is futile,,you will be assimilated. [I loved all Star Trek,,especially Jeri Ryan, 7 of nine I think]

retiredeagle on February 24, 2012 at 1:18 PM

What they really want, for you to walk, and ask for the soup, while you pass the line.

Schadenfreude on February 24, 2012 at 1:20 PM

The perception of the possibility of a supply issue drives up oil prices. Remove the perception of the possibility of a supply issue, and the price of oil drops precipitously. (It dropped more than 50%, almost 60%, in just five months in 2008, after bipartisan action removed the perception of the possibility of a supply issue.

the price has nothing to do with supply and demand for oil. It’s the financial market for oil, filled with both professional speculators and amateur investors betting on poorly understood oil exchange-traded funds, who have ratcheted up the price of gas to such sky high levels.

“There is no supply issue going on here – what you have is the perception of the possibility of a supply issue,” Dicker says. “A whole bunch of people are pouring money into an oil market trying to take advantage of what they perceive to be a real risk in supply. It’s a marketplace that I argue should not be allowed to be wagered on like a stock or bond.”

Among the biggest winners of the new oil markets are investment banks like Goldman Sachs… In 2004 and 2005, Goldman Sachs made $1.5 billion a year trading oil, Dicker says. In the first half of 2009 alone, the firm made $3.4 billion oil trading profits.

Goldman Sachs, which has a revolving door between Wall Street and Democrat Washington D.C. government positions (*), has made billions from oil speculation.

(*) There are many examples, but one prominent one is Jon Corzine.

ITguy on February 24, 2012 at 1:20 PM

Sorry – pet peave peeve. And when used in a sentence calling someone stupid – it screamed to be corrected.

CycloneCDB on February 24, 2012 at 1:05 PM

:^)

playblu on February 24, 2012 at 1:20 PM

Liars/liberals, a repeat, in action.

Schadenfreude on February 24, 2012 at 1:21 PM

It makes no sense, this administration’s endless war on energy

Yes it does if you want a poor, dissatisfied and angry “proletariat”, ripe for revolution.

oldernwiser on February 24, 2012 at 1:18 PM

He needs “5 more years” to finish his journey…

But my journey is part of a larger journey – one shared by all who’ve ever sought to apply the values of their faith to our society. It’s a journey that takes us back to our nation’s founding, when none other than a UCC church inspired the Boston Tea Party and helped bring an Empire to its knees.

Barack Hussein Obama

ITguy on February 24, 2012 at 1:21 PM

Hate to point this out, but if that list of events with gas prices is what Boehner is putting out – he’s incompetent. The quotes you put in the article show gas prices coming down with every step after the initial jump from January to May. That doesn’t exactly make the point of what Obummer is doing to us.

dentarthurdent on February 24, 2012 at 1:10 PM

I think the list ought to go straight to the $3.50/gal in August 2008 to the $1.90/gal on January 2009 after the drill here, drill now mantra got the democrat controlled house to nulify the outer continental shelf ban on drilling. Obama has reinstated it and created several more obstructions and we’ve been on cruise control increases ever since because we don’t control our supply at all.

DanMan on February 24, 2012 at 1:21 PM

All due respect, you’re absolutely fooling yourself…

CycloneCDB on February 24, 2012 at 12:54 PM

I get is socialist/liberal views, I understand that, that is why he follows whatever his liberal/socialist cronies tell him…but I don’t think he really understands what is happening, I don’t think he is that smart.
He follows, like he always has, that path, but he doesn’t know why, he isn’t a “deep” thinker, nothing in his background indicates he is any thing but an intellectual lightweight.

right2bright on February 24, 2012 at 1:22 PM

It makes no sense, this administration’s endless war on energy.

It makes perfect sense.

Democratic party politicians believe that burning fossil fuels is destroying the planet and that American businesses, having been bought off by evil oil companies, are too stupid and greedy to switch to alternatives before “we” run out of oil. They believe that in order to save the planet and prevent us from having nothing with which to run our cars and warm our houses, they have to force the stupid American public to switch to alternatives by artificially jacking up the price of gasoline, natural gas, coal, and oil.

High energy prices are a Democratic party strategy. Why this simple truth has not been a staple of Republican political campaigns for the last 20 years is beyond me.

Democrats are genuinely ignorant of economics. They don’t realize that if they have to artificially raise the price of oil products, it proves that there really is no shortage. They don’t realize that profit motive guarantees that oil companies will find alternatives before oil runs out, and guarantees that other companies would do so even if (in opposition to every economic principle known to man) oil companies failed to do that. They don’t realize that the need for subsidies and price manipulation proves that alternative energy sources are Not Ready For Prime Time(tm). They’re not smart enough to figure out that “renewables” are NEVER going to provide more than a small fraction of American energy, because they’re just, plain EFFING LOUSY sources of energy.

philwynk on February 24, 2012 at 1:22 PM

right2bright on February 24, 2012 at 12:52 PM

He knows exactly what he’s doing, destroying you and yer land. He’s been very successful at it, because all let him. Wake up.

Schadenfreude on February 24, 2012 at 1:24 PM

right2bright on February 24, 2012 at 1:22 PM

He’s not a deep thinker, he’s actually a big dummy, but he is a very malicious passive-aggressive narcissistic dummy, the most dangerous of them all.

Schadenfreude on February 24, 2012 at 1:25 PM

I figured ITguy would have already weighed in when I posted. Again, good stuff ITguy.

DanMan on February 24, 2012 at 1:26 PM

According to a recent AP/GFK poll, 58 percent of Americans disapprove of his handling of high gas prices. What’s up with the other 42 percent?

That’s the 40 or so percent of the electorate that will never turn on Obama no matter what. Either because they’re hardcore ideologues, Obama’s appeal to them lies merely in his skin color, or they’re dependent on the government and know damn well which party’s gonna keep sending those checks(well, at least til we default on the debt).

Doughboy on February 24, 2012 at 1:27 PM

DanMan on February 24, 2012 at 1:21 PM

Ya – that’s kind of my point. The snapshot shown above doesn’t really show what’s going on. It makes it look like Obummer’s anti-energy decisions are actually bringing prices down – whihc we know is NOT happening. I’m surprised the lib trolls haven’t already jumped on that limited picture to try to say “see the One is doing GOOOD things”.

dentarthurdent on February 24, 2012 at 1:28 PM

What’s up with the other 42 percent?

They’re clueless.

Next easy question?

iurockhead on February 24, 2012 at 1:28 PM

On a happier note, boy is Ms. Willis good looking.

Strike Twice on February 24, 2012 at 1:29 PM

(hint: it’s not the evil oil companies)

Irrelevant when the chain of events is as follows:

a) Obama will cite “record oil company profits – (and those greedy fat cats got a tax break too)!”
b) MSM will replay it 24/7
c) Gallup will construct a poll in which at least 55% of the public agree.

Rinse and repeat.

mudskipper on February 24, 2012 at 1:30 PM

Hate to point this out, but if that list of events with gas prices is what Boehner is putting out – he’s incompetent. The quotes you put in the article show gas prices coming down with every step after the initial jump from January to May.

dentarthurdent on February 24, 2012 at 1:10 PM

He needs to compare each of those prices with the price on the same day three years earlier. What you’re seeing is the result of annual gasoline price cycles.

philwynk on February 24, 2012 at 1:31 PM

Solyndra holds all the answers to our problems….Oh wait….

Uh, uh, uh, ALGAE!!! That’s it, algae!!!!

Bitter Clinger on February 24, 2012 at 1:35 PM

NONSENSE!
residentblue on February 24, 2012 at 1:04 PM

Shut up.

jawkneemusic on February 24, 2012 at 1:38 PM

Let ‘s play out this real politic scenario:

Despite Barry bowing deeply to the King of Saudi Arabia, the Saudis power hierarchies do not like or feel secure with their hold to power when Barry is POTUS. The Saudis feel threatened by Iran and the Arab Spring and know Barry is a weak horse. They probably will not do anything to help lower gas price and in turn help the re-election chance of Barry. Increased oil price will fatten their pockets as well. Does that explain the Saudis cutting back on oil production at the time when Iran stopped oil shipment to England and France.

http://www.thegatewaypundit.com/2012/02/as-gas-prices-climb-to-record-highs-saudi-arabia-cuts-oil-output-and-exports/

And Big Oils do not like Barry either.

So get use to high gas price in the coming months.

galtani on February 24, 2012 at 1:40 PM

BOR reaction is typical of him – he’s not a conservative, he’s a populist. I don’t know if he’s too stupid to understand the concept of “global market” or just pandering to the populist thread, but he’s off the rails.

Just so be clear:

High prices, low demand, and “high” supply in the US are NOT proof that the laws of supply and demand have been broken and oil companies are “ripping us off”.

It’s a GLOBAL market – lower demand in the US is completely offset by HIGHER demand globally, and the relatively high US supply is swallowed up by that global demand. Increasing supply WILL drive prices down once that supply meets the overall global demand. There is no “local market” – and anomalies like 99 cent gas in Kuwait are explained by local government subsidies to keep the natives calm.

peski on February 24, 2012 at 1:42 PM

Don’t watch BOR anymore. He’s beyond ignorant. Jus’ has the ‘rant down pat. Why doesn’t he advocate that the govt nationalize the oil companies and refining like they did with the car companies and health care. That way Zero would be in charge of gas prices and they could go up or down depending on how we vote.

Kissmygrits on February 24, 2012 at 1:05 PM

BOR the buffoon has never been right on energy, but his latest rants about the exporting of gasoline really puts him over the edge, along with the dotard Lou Dobbs. His position is very close to that of Maxine Waters.

I don’t know if he is just looking for interviews on the liberal media to sell his books, or if he really is this dumb.

slickwillie2001 on February 24, 2012 at 1:43 PM

I hate to sound too much like Ron Paul, but the price of gold is also back towards its highs…so is copper and other commodities

The increase in the price of oil is related to that and has to do – to a large extent – on our crazy money printing and budget deficits.

Deafdog on February 24, 2012 at 1:44 PM

It’s because we have two anti-oil men in the White House.

JohnJ on February 24, 2012 at 1:46 PM

but his latest rants about the exporting of gasoline really puts him over the edge

slickwillie2001 on February 24, 2012 at 1:43 PM

You ain’t lyin’, Der Schliekmeister. I saw that and my mouth was hangin’ open in dumbfoundedocity.

Lanceman on February 24, 2012 at 1:46 PM

He’s not a deep thinker, he’s actually a big dummy, but he is a very malicious passive-aggressive narcissistic dummy, the most dangerous of them all.

Schadenfreude on February 24, 2012 at 1:25 PM

Someone posted this yesterday on little Bammie’s thought processes, it would be hilarious if he were not president: How Obama Makes Decisions

slickwillie2001 on February 24, 2012 at 1:47 PM

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