Obama and the price of oil.

ronalawn82(z9FL)June 24, 2012

"When it comes to the rising cost of gas at the pump, it's my view that the administration's policies are actually designed to bring about higher gas prices."color=000077>

This statement is credited to Mr. Mitch McConnell, about three months or so ago.

Now that the price of oil is falling is the Senate Minority Leader Mitch McConnell (R-Ky.) going to:

  1. Admit to culpable faulty reasoning?

  2. Advance a case that the falling oil prices are due to the "President's failed policies"?

  3. Double down on his original assertion?

  4. Shut up on this particular subject?

  5. AOTA?

  6. NOTA?

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littleonefb

maybe he'll figure out a way to take responsibility for the drop in oil prices himself?

Maybe he will come up with a way for the GOP to take credit?

maybe both of the above?

Doubt he will keep his mouth shut, though, unless Romney has him gagged or something like that.

It's just not possible, not in his nature to let Obama get any credit for anything good, anything that would support The President or any of his policies; certainly not now with an election just around the corner.

    Bookmark   June 24, 2012 at 2:28PM
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chase_gw

Given that several on this forum as well felt that the President was responsible for the price of gas when it was going up I'm sure they will credit him for the drop.

However, the spin will be he made the prices go up so he could bring them down as an election strategy......

...sorry for stealing their thunder);

    Bookmark   June 24, 2012 at 2:37PM
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lionheart_gw

Oil is subject to the same pressures as any other commodity, whether it's gold, silver, corn, coffee, or pork bellies. People bid higher prices for it because they believe its value will increase above what they offer to pay.

Like any other resource it can command a higher price when demand is greater or competition for it is greater or when supply falls.

Let's all be honest here. Rarely can any one head of state influence the prices of commodities. There are certainly things they *could* do that would distort the price. But no one has done that.

McConnell is playing politics, which is what politicians do. Very little of what politicians say has anything to do with facts and reality. This is why all politicians are smarmy. They sing a tune and hope that everyone else buys their music. It plays to the faithful but few else. The only value it may have is as a pile-on to an already frustrated citizenry dealing with a bad economy.

However, McConnell used the weasel words "it's my view", which implies opinion. Opinions are way, way, way subordinate to facts, but you can back away from them by saying "I guess I was wrong" after the fallout.

    Bookmark   June 24, 2012 at 2:55PM
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bill_vincent(Central Maine)

Now that the price of oil is falling is the Senate Minority Leader Mitch McConnell (R-Ky.) going to:

Give Obama the credit for that, too, just in time to take credit for it before the election, as I predicted MONTHS ago. This should be no surprise at all.

    Bookmark   June 24, 2012 at 4:17PM
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david52_gw

Demand is down because Barack HUSSAIN Obama socializedly refused to over-ride the legal framework and approve the not-yet-determined Keystone pipeline route, and everybody was discouraged because HE HATES AMERICA and stopped gassing up their Hummers so they could celebrate the 4th of July and sing the National Anthem and he was palin' around with Chinese-made flag lapel pins and so on.

    Bookmark   June 24, 2012 at 4:38PM
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elvis

Posted by bill_vincent Central Maine (billvincent@hotmail.com) on Sun, Jun 24, 12 at 16:17

Now that the price of oil is falling is the Senate Minority Leader Mitch McConnell (R-Ky.) going to:
Give Obama the credit for that, too, just in time to take credit for it before the election, as I predicted MONTHS ago. This should be no surprise at all.
______________

Do one of those searches. I also predicted it would drop before the election. :)

    Bookmark   June 24, 2012 at 5:09PM
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chase_gw

"However, the spin will be he made the prices go up so he could bring them down as an election strategy...."

like I said....

    Bookmark   June 24, 2012 at 5:22PM
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momj47(7A)

So you are saying President Obama IS responsible for the dropping price of oil. I sure appreciate it. He's got my vote.

$3.27 a gallon this afternoon in Baltimore.

    Bookmark   June 24, 2012 at 5:25PM
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marquest(z5 PA)

We really need Barack HUSSAIN Obama as President he can work miracles. Make the price of oil go up and down at will, he can leap tall buildings too.

You just wait there are so many other good things he can do he is the best. I am so happy so many can see how great he is as President and can witness these changes.

    Bookmark   June 24, 2012 at 5:25PM
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houseful

McConnell probably got that idea from Steven Chu.

    Bookmark   June 24, 2012 at 5:34PM
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mrskjun(9)

Gas was 1.84 a gallon when Obama took office, and now it's "down" to 3.27 a gallon? Wow, give him credit!!!

    Bookmark   June 24, 2012 at 5:43PM
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vgkg(Z-7)

Yeah I miss those good ol' daze of $1.84/gal and 7,000 Dow Jones, 700K monthly job losses too.
....and I also predicted the gas fall way before the election, even before July, you remember when Israel was supposed to have attacked Iran by July don't cha? Boo!

    Bookmark   June 24, 2012 at 6:29PM
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ronalawn82(z9FL)

When I think of the candidates for the next President I am reminded of a quote:
"Those who can - walk on water!
Those who can't - pass water!"
Who is which?

    Bookmark   June 24, 2012 at 6:40PM
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elvis

Posted by ronalawn82 z9FL (ronalawn08@gmail.com) on Sun, Jun 24, 12 at 18:40

"When I think of the candidates for the next President I am reminded of a quote:
"Those who can - walk on water!
Those who can't - pass water!"
Who is which?"
______________________

Everyone "passes water". Jesus walked on water. Whose quote is that, RL?

    Bookmark   June 24, 2012 at 6:55PM
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patriciae_gw(07)

But this drop in prices is NOT just before the elections-the election is still months away so explain that.

    Bookmark   June 24, 2012 at 9:44PM
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bill_vincent(Central Maine)

"However, the spin will be he made the prices go up so he could bring them down as an election strategy...."
like I said....

You're close, Chase-- I said this last fall, when the price started skyrocketing.

But this drop in prices is NOT just before the elections-the election is still months away so explain that.

It took several months to go up as high as it did. It'll take several to drop back down.

    Bookmark   June 24, 2012 at 11:02PM
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chase_gw

Amazing how powerful that President of yours is.....gas prices were falling while we were in France and they have come way down herein Canada too.

The President has ZERO to do with the price of gas but you folks go on thinking he has powers that he doesn't.

    Bookmark   June 25, 2012 at 5:31AM
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mrskjun(9)

The President has ZERO to do with the price of gas but you folks go on thinking he has powers that he doesn't.

Are you sure of that?

Here is a link that might be useful: link

    Bookmark   June 25, 2012 at 6:53AM
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chase_gw

I'm very sure about that and you should be too.

The fact that politicians take all praise and no blame for just about everything has zero to do with reality.

    Bookmark   June 25, 2012 at 6:59AM
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haydayhayday

Bill:

"Give Obama the credit for that, too, just in time to take credit for it before the election, as I predicted MONTHS ago. This should be no surprise at all.

Elvis:

"Do one of those searches. I also predicted it would drop before the election. :)"

vgkg:

"....and I also predicted the gas fall way before the election, even before July, you remember when Israel was supposed to have attacked Iran by July don't cha? Boo!"

Hay (and JP Morgan, the man.):

"Prices will fluctuate."

The proof of the pudding is in the eating.

So, Bill, Elvis and vgkg,

How much money did you make?

Hay

    Bookmark   June 25, 2012 at 8:46AM
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haydayhayday

"The fact that politicians take all praise and no blame for just about everything has zero to do with reality."

So true. You ever see a parade that didn't have the politicians vying for the front spots?

Personally, I think we all need to go find a Wall Street speculator and give him a big hug.

Hay

    Bookmark   June 25, 2012 at 8:51AM
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MPH101(10a)

Have no fear though companies in the Gulf shut down nearly all production due to the threat from poorly organized weak tropical storm Debby (Not even a cat 1 hurricane), which only had a 10% probability of effecting the production grounds.
Cutting off over 300,000 barrels a day.

This is such a sham. These huge platforms are no crab boats in the Berring Sea which routinely battle full storm force gales and 40' seas.

Tropical storms are not new to the Gulf of Mexico and go back and see how many times they were shut down a few decades ago to cease production in 45 to 55 mph storm, which in this case wasn't a major threat or predicted to move that way.

    Bookmark   June 25, 2012 at 8:54AM
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markjames

I bought in the high 70s and sold @ 109.

The good stuff - gas without ethanol is still $4.25 plus locally at the few places where you can still get it.

The ethanol in the gas really screws up many small engines, seasonal use equipment and older engines, plus doesn't has substantially less BTU value, especially winter blends.

The ethanol free 93 octane that I use in my boats, motorcycles and cars runs around $5.00 per gallon.

    Bookmark   June 25, 2012 at 9:06AM
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mrskjun(9)

mph, you have to be kidding?? Of course they are shutting down production in the Gulf. Helicopters can't fly in that weather, crew boats can't beat the waves. There is just so much that is totally weird about your post it's almost impossible to address it. Shutting down production is a huge cost and shutdowns as well as start ups are the most dangerous times on rigs and in refineries!! Jeesh!

    Bookmark   June 25, 2012 at 9:21AM
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elvis

Posted by haydayhayday none (My Page) on Mon, Jun 25, 12 at 8:46
"So, Bill, Elvis and vgkg,

How much money did you make?"

Hay

_______________

Nada! I'm one of those conservative types, right? Like the tortoise and the hare; the grasshopper and the ant, well you see the pattern.

Boring. No money-making excitement here...thanks for asking :)

    Bookmark   June 25, 2012 at 7:24PM
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labrea_gw

Terrible loss for those betting on $130 oil it could still happen Goldman Sachs was betting on $130 a barrel for Sept of 2012. A few other in 2010 were predicting $225 oil for this Summer back then.
Great reading all the expert analysis in 2008 2009 on prices whats down must rise (if it's oil) till there's an alternative that will be implemented.

    Bookmark   June 25, 2012 at 7:41PM
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vgkg(Z-7)

Elvis, you don't have to be a conservative to lose money at the gas pump due to a rumor & fear motivated, zero consumption, paper based speculative bubble. Expect more of the same loop-de-loop gambling spikes in the years ahead.

    Bookmark   June 26, 2012 at 9:02AM
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esh_ga

And prices are still dropping. $2.98 today.

    Bookmark   June 27, 2012 at 8:39AM
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