Saturday, May 14, 2011

WEEKLY WAR OF WORDS: Oil and gas

Forex News Trading Traders on the Foreign Exchange market

President Obama used his weekly address on Saturday to call for an increase in "safe and responsible oil production here at home."

"Without a doubt, one of the biggest burdens over the last few months has been the price of gasoline. In many places, gas is now more than $4 a gallon, meaning that you could be paying more than $60 to fill up your tank.

"These spikes in gas prices are often temporary, and while there are no quick fixes to the problem, there are a few steps we should take that make good sense.

"First, we should make sure that no one is taking advantage of consumers at the pump. That’s why we’ve launched a task force led by the Attorney General that has one job: rooting out cases of fraud or manipulation in the markets that might affect gas prices, including any illegal activity by traders and speculators.

"Second, we should increase safe and responsible oil production here at home. Last year, America’s oil production reached its highest level since 2003. But I believe that we should expand oil production in America – even as we increase safety and environmental standards," President Obama said.

President Obama is certainly to catch some praise from Republicans, but his liberal environmental base may revolt against him on this proposal.

"To do this, I am directing the Department of Interior to conduct annual lease sales in Alaska’s National Petroleum Reserve, while respecting sensitive areas, and to speed up the evaluation of oil and gas resources in the mid and south Atlantic. We plan to lease new areas in the Gulf of Mexico as well, and work to create new incentives for industry to develop their unused leases both on and offshore," the President said.


President Obama also continued to call for an end to subsidies for oil and gas companies.

"Finally, the third step we should take is to eliminate the taxpayer subsidies we give to oil and gas companies. In the last few months, the biggest oil companies made about $4 billion in profits each week. And yet, they get $4 billion in taxpayer subsidies each year. Four billion dollars at a time when Americans can barely fill up their tanks. Four billion dollars at a time when we’re trying to reduce our deficit," President Obama said.



Representative Martha Roby (R-AL) delivered the Republican weekly address. Roby discussed the importance of increasing American energy production to help lower gas prices, create jobs, and increase American security.

"Year after year, politicians in Washington talk about steps to ease the pain at the pump, but they never act. It hit home this spring when the president promoted Brazilian-made energy in Brazil while his administration keeps our resources here at home under lock and key.

I am pleased to report the House has passed several measures designed to expand domestic energy production to help address the soaring gas prices. This is also important because when we're talking about energy, we're talking about jobs. The cost of energy is directly related to the cost of hiring workers and running a business," Roby said.

Roby also said that the American people will not give Congress a blank check to raise the debt ceiling.

"The American people reject the idea of giving Washington a blank check to increase the debt limit. The House is listening. Republicans have made clear that there will be no increase in the national debt limit, unless it is accompanied by significant spending reforms that truly change the culture of spending in Washington," Roby said.



Will the 'real' Obama' please stand up? Just a few months ago, he declared a moratorium on domestic oil drilling. He says one thing on Monday and then completely changes his position on Friday.

Unless you're an inmate of a mental institution, been kept in solitary confinement in some penal facility for the last couple of years or are a registered Democrat (can you see the resemblance?) this statement will not ease your fears about increasing oil production. The rest of us know better. His actions never correspond to his statements. He's in full campaign mode and nothing he says should be relied upon.

High energy prices were a feature of Obama, not a bug. If anyone had bothered to do a minimum of research into his position, the first thing you would've heard was his quote that, under his cap-and-trade plan, energy prices would "necessarily skyrocket." The second thing you would've found was his endorsement of high gas prices.

Nothing has changed. Obama has bought into each and every preposterous claim and outrageous plan that the radical, far-left-wing environmental movement (but I repeat myself) has proposed. In so doing, he, like others of his ilk, have demonstrated their inability to think for themselves.

What is even worse is that Obama got elected even after these facts about his energy policy were made known. If you voted for him, then you got exactly what you wanted: high energy prices and a national energy policy that restricts our ability to harvest our own abundant energy resources and rewards other countries for energy exploration using American tax money, and a crippled economy along with it.

You should be proud of what you and Obama have done to the country. The rest of us who were smart enough not to vote for him can only wonder if you've awakened from your slumber yet.

It is pretty clear that the majority are well aware that Obama has done nothing to help keep the cost of oil down. Most voters are aware that finger-pointing and whining do nothing to enhance the economy. Let's count Obama's accomplishments:

1. The stimulus (Billions handed over to unions under the guise of "stimulating the economy).

2. Wall Street Reform (Untold amounts of money given to bankers so that they get a big payday and those with money in the bank get the shaft when it comes to returns)

3. Obamacare (Once again, raise taxes, make everyone who works in the healthcare sector pay unions dues - another shaft to taxpayers and kiss on the lips to unions)

4. Make the National Labor Relations Board into another arm of Union backers (with the use of recess appointments) thus pushing Boeing out of the nation if they don't succumb to NLRB and union (read Obama) demands as to whether they can build in right-to-work states.

5. Hold up drill permits so that you can, instead, push through "alternative" forms of energy (ie., those that Obama and his minions have invested in and are now pouring government money into so that their investments make them richer every day) and then whine about oil companies.

Has Obama done ANYTHING to benefit this country since he took office. The answer is NO.

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