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Thursday, November 08, 2007

Oil Markets out of Control

Once more the nation is facing $3 gasoline and home heating oil over speculation and what some would think is market manipulation. While the market and its volatility are soaring out of control you can almost here the cash registers ringing non stop for all of the friends of President Bush. With his lack of action on behalf of the lower classes of America he is proving the point made by thousands of political writers like yours truly that he is a puppet President.

This man that claims to be a great listener is tone deaf when it comes to the people that can least afford the greatest inflationary market driven product in the world. Oil and the price of it effects practically every product made in the United States. From your vegetables getting from the fields in California to the local supermarket in New England, to anything made with plastics. Take a break, look around you computer desk or just around your living room. The wires insulated with PVC that burn the lamps that you read or watch television by are oil based. The cabinet to your television, the keyboard of your computer and most of the parts inside of it, stereo, DVD player, surround sound speakers, the sneakers on your feet, the bottled water container that you drink because it supposed to be good for you. Just for giggles make a list, when you get over one hundred items in your living room, move to the kitchen. Take a deep breath and get ready for writers cramp. All of them are oil based products in one form or another. Everything in our society is linked to oil and the higher the price goes it seems the wider the smirk on W gets.

Along comes the favored Democrat Senator from New York that is also running for W’s office. She calls out for the tapping of our nations Strategic Petroleum Reserve (SPR) to let the markets know that the situation is out of control and releasing millions of barrels onto the open market will impact prices by negating the rumor that there is a supply problem. By the way, there is no supply problem. There is a free for all market problem where investors and Wall Street are manipulating the price of oil to make yet another killing. Line up for the firing squad because you are the one facing the bullets from W’s buddies. Just empty your checking account and insert it at the nearest gas pump and you will not be harmed. You will be damned cold this winter but frost bite never killed anyone. I may be wrong on that last fact so don’t quote me. Over at Reuters they have this to say on what the political beat is on tapping the SPR…

Clinton urges Bush to tap oil reserves
Thu Nov 8, 2007 4:11pm EST

By Tom Doggett

WASHINGTON (Reuters) - Democratic presidential candidate Sen. Hillary Clinton called on the Bush administration to tap into the government's emergency crude oil and heating oil reserves to boost supplies and lower prices.

"I urge the President to release oil from the Strategic Petroleum Reserve and the Northeast Heating Oil Reserve to send a signal to the market and ease concerns about low crude oil stocks that are driving prices higher," Clinton said in a statement posted on Wednesday on her campaign Web site.

The price of U.S. crude oil hit a record $98.62 per barrel on Wednesday at the New York Mercantile Exchange and the average price consumers paid for home heating oil reached a record $3.11 per gallon this week, partly from concerns about tight petroleum supplies this winter.

Energy Department data also showed this week was the first time that the retail prices for heating oil, gasoline and diesel fuel all topped $3 per gallon at the same time.

The Bush administration has repeatedly said that the crude oil and heating oil reserves should only be used to offset major supply disruptions and not to manage energy prices.
- Reuters

I’m thinking this is more of the same political crap shoot that both parties play but one side is looking out for the people that will set the thermostat this winter at 62 and hope the oil tank lasts ten or eleven days longer. The other side of the aisle is shoveling cash so fast into the bank that the blizzard of 78’ in New England looked like a flurry.

President Bush will never interfere with the oil industry because that is his background and his monetary base for being elected twice. If you asked yourself what was the greatest way to increase the price of oil seven years ago it would be total unrest in the Middle East. BINGO!

Personally, I’m not a fan of Hillary Clinton but if she is the only one asking the President to release the SPR then that is one form of leadership that those of us in the middle and lower classes are glad to hear. How much more are we to do without for Exxon Mobil, Shell and Chevron to rake in another multi billion dollar quarter of profits? If it gets her some votes for doing so, then it was a smart political move on her part. If you vote your wallet then you have to think twice this election because one party will be raping it and the other will be trying to stop the crime before it happens.

Thirty years from now when the records of what this President did to this nation on behalf of his friends in big oil will be revealed and President Warren G. Harding will no longer be known as the most corrupt President ever. Insert a W plaque at the hall of shame. Right next to him will be Marie Antoinette.


Cross posted at Bring IT ON!

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Anonymous Tom said...

I know that trading in oil futures can have an impact on oil prices, but isn't a large part of this increased price also increased demand, especially from India and China.

9:57 PM  
Blogger Papamoka said...

Nope! Canada is the largest contributor to the oil supply and Natural Gas in the USA.

India and China are growing in demand but the source for their supply is basically regional.

Rumor mill inuendo and myth perpertrated once more.

10:15 PM  
Anonymous Anonymous said...

Think the guillotine could be brought back into fashion for such "rulers?" Or at least a winter night spent without a furnace in a northern state? We're all supposed to believe a short oil supply is behind the prices, and when we know better, we still have to pay up.

10:17 AM  

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