Gasoline prices are going up and the Republican party can’t stop talking about it.
what eye thynk: The Republicans, led by Mr. Boehner who has instructed his minions to “hit hard on the gas issue”, want you to believe that President Obama and the EPA are stifling domestic oil production and the rising price of gasoline is all their fault. Bull!
Here are some facts that the Republican party refuses to acknowledge: In 2005 we were importing 60% of our oil. In 2010 our import needs dropped to 45% due to INCREASED DOMESTIC PRODUCTION. In 2011 we produced 10.3 million barrels of domestic oil each and every day--the highest domestic production since the 1980s. Currently there are more working oil rigs in the US than there are in the rest of the world combined. At the same time, our use of gasoline has actually declined 5% since 2008.
So, we are using less, importing less and increasing domestic production but gasoline prices continue to rise. Why? Two reasons--first, oil is a world commodity. Global issues like the Mid East conflict and the rising use of oil in countries like China and India impact the price of the oil we import.
The second reason may have an even bigger impact: oil speculators. Major blame can be laid at the feet of speculators who see rising oil prices as a cash hog just waiting to be exploited. I read a study on oil speculation published by the Futures Trading Commission showing that those who actually use oil account for only about 20% of oil trading. That means that 80% of the buying and selling of oil is done by speculators whose only purpose is to sell it at a profit. If they purchase 80% of the available oil at $100/barrel on Tuesday, those who need oil are forced to purchase it at $101/barrel on Wednesday. And the beat goes on.
Want to be really incensed? Follow this link to Energy Investments Inc., where you can learn that oil speculation can be 100% tax free! http://www.energyinvestmentsinc.net/index.php?&page=why&keyword=oilgas&gclid=COD1-oT8-q4CFcbc4AodGn2W0g
Goldman-Sachs does some oil speculating and admitted recently that the price of gasoline would drop by about 56 cents/gallon if oil speculation was regulated.
So why isn’t oil speculation regulated? Good question. Maybe we should ask Mr. Boehner.
just more Republican misinformation. It's what they seem to do best these days. By the way, I never could get it right. Is his named pronounced 'Baynor' or Boner'? Just sayin'...
ReplyDeleteIn an election year, particularly, politicians love to put forth issues in the most simplistic terms, to their simple-minded constituents, many of whom have difficulty entertaining complex, multi-faceted concepts and don't really want a lot of pesky facts. So if you can paint your opponent, specifically that weird, dark-skinned man in the White House with 'Hussein' for a middle name, as making things troublesome for all of us, that's a bonus. De-funding education, in particular higher education, translates into an electorate that won't bother to read some of the things you suggest to glean all the facts about complicated issues. Makes for minds that are more pliable to the spin and rhetoric of the day. Subtlety? Details? Who needs 'em? Simple minds prefer their world black and white, complete with short captions and sound bites. Just the right amount to process without getting a headache.
ReplyDeleteI think the favored term going around is "sheeple".
Baynor or Boner -- Well, do we pronounce our state "Ay-hi-ay??????
ReplyDeleteWe have a seemingly huge portion of our population that is not only ignorant, they are militantly ignorant BY CHOICE. That type of ignorance is far more resilient and dangerous!!!!
Thank you again for such a thought provoking blog -- it is reassuring to see that there are still thinking people in existence!!!!
SO -- would you mind if we clone you???????????? :)
"they are militantly ignorant BY CHOICE", you are so very 'spot on' lightningbug. I have been unable to determine what it was about some of them that was so very scary. You nailed. Speaking of 'thinking people', you and that Sir William are definitely in that league.
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