Fuel prices at 6 year low all hail Obama

Discussion in 'News / Current Events' started by T Alan, Jan 20, 2015.

  1. T Alan

    T Alan
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    If he gets sniped when the prices are up, does he get credit when
    prices are down.
     
  2. Revmitchell

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    Just because he was criticized when they went up does not mean he should get credit when they go down. Contrary to unthinking minds we need to look at the actual reasons for the change not just make blanket statements.

    Starting threads based on blanket statements is nothing but an attempt to poke a finger in the eyes of some. It is childish.
     
  3. kyredneck

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    ...so says the hypocrite of all hypocrites on this site.... man your audacity never ceases to amaze me....
     
  4. poncho

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    #4 poncho, Jan 20, 2015
    Last edited by a moderator: Jan 20, 2015
  5. InTheLight

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    He shouldn't have been criticized (much) when gas prices were high and he shouldn't get praised (much) now that they're lower.

    The reason we have low gas prices is because of drilling in the Bakken fields in North Dakota and lower worldwide demand. Remember back in 2008 when Republicans were calling "drill, baby, drill" and Obama and Democrats scoffed and said it wouldn't make a difference in gas prices? Well, they were wrong.
     
  6. T Alan

    T Alan
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    I have it from good sources that the lower fuel prices are due to the full impact of the cash for cluckers the his majesty enacted some time back.
     
  7. poncho

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    MIDLAND, Texas (AP) — A swift plunge in the price of crude is sending shockwaves across West Texas oil country.

    Some producers in the oil-rich Permian Basin are slashing spending plans for 2015 as crude prices have fallen by nearly half in just six months, according to the Midland Reporter-Telegram (http://bit.ly/1xp2ZAj).

    Concho Resources trimmed its $3 billion capital program by a third and will reduce the number of drilling rigs it operates, from 35 to 25 in the second quarter, the newspaper reported Sunday.

    http://www.washingtontimes.com/news/2015/jan/19/west-texas-oil-producers-reduce-capital-budgets-ri/
     
  8. kyredneck

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  9. poncho

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    Halliburton, Baker Hughes to lay off thousands as oil slumps

    * Baker Hughes to lay off 7,000 employees
    * Halliburton says job cuts to be in line with primary competitors

    * Baker Hughes says falling rig count to affect 2015 results

    Oilfield service providers Baker Hughes and Halliburton plan to cut thousands of jobs as drilling activity slows further due to a steep fall in crude oil prices.

    Global oil prices have tumbled almost 60 percent since June, hitting five-year lows as growing production and tepid global demand has caused a supply glut and prompted oil producers to scale back spending.

    http://www.thedickinsonpress.com/energy/oil/3659949-halliburton-baker-hughes-lay-thousands-oil-slumps
     
  10. church mouse guy

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    Prices went up because the White House refused to allow drilling on federal lands. The numbers of permits issued by the White House is way down from the number that Bush issued.

    So fracking saved the Democrats.

    Then Saudi Arabia became worried that Obama was allowing Iran to develop the atomic bomb and the Saudis knew that Sunnis would be a target also.

    So to counteract this policy of letting Iran get the atomic bomb, the Saudis began to pump oil like crazy to lower the price and deprive Iran of oil income.

    Also, the Saudis hope to shut down fracking in the USA so that we once again will be dependent upon them.
     
  11. poncho

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    Most likely the Saudis also hope their terrorist proxy armies in Libya and Syria will make their pipeline through Syria dream come true.
     
  12. 777

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    I agree with the theory that gasoline prices have bottomed-out because QE stopped. That, and oil producing surpluses were up, so in a way, it IS the government's credit now just for finally ending QE last fall. The six-year QE waves were artificially deflating the dollar globally.
     
  13. Revmitchell

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    Has nothing to do with it. There are several factors. Oil production is up in the US and Saudi. In the US because of all the fracking. In Saudi because of politics.

    Demand is down.

    These are the primary reasons.
     
  14. Zaac

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    That thread. :laugh::laugh:
     
  15. Zaac

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    I'm gonna give him credit just because he's in office and his approval ratings are going up and people don't like him. :laugh:

    Bless him Lord Jesus!!!
     
  16. Crabtownboy

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    As there were factors beyond his control when prices were going up. I believe in religion a stance like your is called, to be polite, talking out of both sides of your mouth. Quite dishonest.

     
  17. 777

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    Well, I think the drop in the price of a gallon of gas is the reason Obama's approval rating is going up - just west of Olympia, WA, it was $2.19/gal yesterday, it was $4.09/gal less than two years ago here.

    There's a global oil surplus right now but there was a bigger surplus March 2012 to March 2013, yet the drop in price was much milder than now. The US dollar bottomed out last May and started to rise by that July. Then QE finally stopped in November - I think that's the reason these prices have gone so low, because that's the only differentiating factor.

    But maybe not but I hope I am right because that would mean prices will go down lower and lower as the dollar gets stronger and stronger. The laws of supply and demand aren't that significant when it comes to an inelastic commodity.
     
  18. Revmitchell

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    It is not just about surplus. It is also about the continuing drilling boom. However, I doubt the surplus was bigger then. There is so much current drilling going on right now. I cannot look out the window of my home in any direction without seeing a drilling rig.
     
  19. Revmitchell

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    It is possible that the Presidents policies have created a rise in fuel prices while a drop in them later has nothing to do with him.

    It is also possible that while the President did nothing to create a rise in fuel prices that later his policies were a major factor in the drop of them.

    Any of these positions would need to be supported with facts of how policies created a direction of fuel prices one way or the other.


    The blanket statement that if you accuse him of one you have to credit him with this other lacks facts and reason.
     
  20. InTheLight

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    I don't see what QE2 has to do with it. QE is a policy whereby interest rates are lowered so that banks have cheaper access to money with which to make loans. And banks don't make loans so people can buy gas.

    Yes, QE2 weakened the dollar but the subsequent rise in the strength of the dollar since QE2 ended is nowhere near the proportional drop in oil prices.

    The US now produces more than half its oil needs and it's illegal to export crude oil, another reason the change in the strength of the dollar has little to do with falling gas prices.
     

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