Be sure to thank Inhofe for high gas prices

[T-Town Now]

"Today's vote shows that Republicans are willing to stand up and fight to ensure the Senate stays focused on providing solutions to rising energy prices," Senator Inhofe said. "When Democrats allow the Senate to reopen for business on the issue of bringing down energy costs, I am ready to put forward amendments to encourage the development of natural gas vehicles, prolong the feasibility and production from our marginal oil and gas wells, address the market distorting subsidization of fuels in other countries, and repeal federal prohibitions on importing fuels from the Canadian oil sands.

"Republicans in the Senate are serious about providing solutions to rising energy costs. I will continue to stand with my Republican colleagues to ensure the Senate holds a fair and open debate on the need to increase energy supplies.  I believe a large majority of Senators will vote in favor of amendments to open responsible access to America's plentiful energy resources.  Democratic leadership knows this as well.  That's why they're blocking a full and open debate."

Just ignore the fact that the GOP doesn't want to stipulate that any oil drilled here STAYS here.

Just ignore the fact that at best it will be a decade before any impact on prices is felt.

Just ignore the fact that at best the price per gallon will only drop a few cents.

Just ignore the fact that the oil companies have donated huge sums of money to Inhofe's campaigns over the years.

Just ignore the fact that Inhofe has an almost perfect voting record in support of the oil companies.

And be sure to ignore the fact that the Republicans prevented legislation from passing that would have cracked down on oil speculation, which is largely responsible for the increase in oil this year.

Don't like higher taxes? What's the difference, it's still money you don't have to spend.

Oklahoma has so many natural resources, yet we have little to show for it. We can thank people like James Inhofe for that.

[Conan71]

...or you can just be a total moron and try to blame the energy problem on one Senator.

[MDepr2007]

but he did get us some tax payor money from all over the USA for some dams .
oink oink

[Gaspar]

quote:Originally posted by T-Town Now

"Today's vote shows that Republicans are willing to stand up and fight to ensure the Senate stays focused on providing solutions to rising energy prices," Senator Inhofe said. "When Democrats allow the Senate to reopen for business on the issue of bringing down energy costs, I am ready to put forward amendments to encourage the development of natural gas vehicles, prolong the feasibility and production from our marginal oil and gas wells, address the market distorting subsidization of fuels in other countries, and repeal federal prohibitions on importing fuels from the Canadian oil sands.

"Republicans in the Senate are serious about providing solutions to rising energy costs. I will continue to stand with my Republican colleagues to ensure the Senate holds a fair and open debate on the need to increase energy supplies.  I believe a large majority of Senators will vote in favor of amendments to open responsible access to America's plentiful energy resources.  Democratic leadership knows this as well.  That's why they're blocking a full and open debate."

Just ignore the fact that the GOP doesn't want to stipulate that any oil drilled here STAYS here.

Just ignore the fact that at best it will be a decade before any impact on prices is felt.

Just ignore the fact that at best the price per gallon will only drop a few cents.

Just ignore the fact that the oil companies have donated huge sums of money to Inhofe's campaigns over the years.

Just ignore the fact that Inhofe has an almost perfect voting record in support of the oil companies.

And be sure to ignore the fact that the Republicans prevented legislation from passing that would have cracked down on oil speculation, which is largely responsible for the increase in oil this year.

Don't like higher taxes? What's the difference, it's still money you don't have to spend.

Oklahoma has so many natural resources, yet we have little to show for it. We can thank people like James Inhofe for that.

That is a very naive analysis.

Just ignore the fact that the GOP doesn't want to stipulate that any oil drilled here STAYS here.

Can't do that.  We're in a global market.  Would bankrupt our oil companies who have interests in other countries and thousands of businesses in other countries.  It would disrupt global trade on all levels, and probably spark a war or two.

Just ignore the fact that at best it will be a decade before any impact on prices is felt.

That's wrong.  Land wells would take up to 5 years to come online.  Offshore rigs could be producing in less than 18 months.  A spokesman for the oil industry just testified to this before the congress recess today.  Speculative prices would plummet immediately after an announcement to drill was made.  The only thing keeping speculative prices high is congress's inaction.  

Just ignore the fact that at best the price per gallon will only drop a few cents.

Also incorrect.  Domestic oil companies are currently taxed 49 cents on every dollar made.  They run at a 7.9% margin.

Exxon just announced RECORD PROFITS, of which the government reaped nearly half.  What the talking heads failed to mention is that Exxon's profit margin shrunk.  They made 11 billion last quarter.  They will make around 48 billion for the year.   After taxes and expenses they will have 1.9 billion to return to investors.  

They spent 7 billion on exploration and have raised capital spending to more than $25 billion to cope with escalating costs for drilling rigs and engineers.  

Opening additional resources would shrink their profits, but increase their profit margins.  Translation: the government would make less,  and the investors would make more.  Oh, and supply would increase with speculative supply at the highest rate in over 30 years.  I can't even imagine the effect on gas prices.

Just ignore the fact that the oil companies have donated huge sums of money to Inhofe's campaigns over the years.

Incorrect.  They have donated their legal limit.  They have also donated their limit to many of your favorite Democrats like Hillary Clinton, and heaven forbid, Barak Obama.

Just ignore the fact that Inhofe has an almost perfect voting record in support of the oil companies.

He voted in favor of increasing the United States energy reserves on every level.  I commend him for this.  He has also voted for alternative energy initiatives, bio-fuels,  and other energy initiatives.  

He has demanded that the government reduce it's nearly 50% taxation on our energy companies, because as we all know Exxon does not pay this tax, they simply tack it on to every gallon of fuel that you buy.

I am not a Republican, and I think their are far better candidates that could represent Oklahoma in the future, but your accusations against Inhof are just silliness.  He's done WELL for us, no pun intended.

[FOTD]

This thread needs to be moved over to the Senator Malarkey thread.

He sux. Oklahoma looks like a joke as long as this moron represents us. Duh.

He will not play well with others when the landslides hit in November. Get rid of him. Go Andrew Rice!

[TheArtist]

quote:Originally posted by MDepr2007

but he did get us some tax payor money from all over the USA for some dams .
oink oink

That paltry little amount? Plus, I sure as heck wouldnt call it pork, bout time he brought home the bacon. You should see what other states get. How bout some bacon for our crumbling roads and bridges?

[NoNewTulsaTax]

Why don't you look in the mirror for the REAL reason for high gas?  Probably not a very pretty sight.

[Wilbur]

Just ignore the fact the US probably has more gas and oil then the Middle East, but we'd rather be dependent on other countries for our energy.

Shame.

[NoNewTulsaTax]

We CAN'T drill our way OUT.----T. Boone "Slim" Pickens

[patric]

quote:Originally posted by NoNewTulsaTax

We CAN'T drill our way OUT.----T. Boone "Slim" Pickens

Oh, no?  All we had to do to stop the spiraling cost of gas was to allow drilling in protected areas, and boom, prices begin to drop overnight.
Hey, how simple can it get?  [)]

[TheArtist]

quote:Originally posted by patric

quote:Originally posted by NoNewTulsaTax

We CAN'T drill our way OUT.----T. Boone "Slim" Pickens

Oh, no?  All we had to do to stop the spiraling cost of gas was to allow drilling in protected areas, and boom, prices begin to drop overnight.
Hey, how simple can it get?  [)]

Would just buy you a little time at best and be a short term fix. Lower gas prices would just mean people in India and China would be able to drive more cars. They can start driving more cars just as fast as we can pump more oil. Plus it would mean that Americans would forget and go about their usual ways.

What I see as one possibility. Is that the world does indeed keep gas prices low, pumps more gas from ever dwindling supplies, produces more and more cars,,, such that when the supply curve really starts its downward spiral, it will be very rapid and precipitous. Prices will skyrocket like nothing you have seen, and the world will go into a tailspin. I keep thinking that around the year 2035 is make or break time. It might be wise to hold off on drilling those "back up" reserves about 5 or 10 years before then, for national security reasons if anything. Lets not be so greedy we are stupid. The writing is on the wall on how this could all play out. (might as use everyone elses oil up first before we use up every last drop of our own lol) We dont want to be in the position of not having anything to use ourselves, or to sell to China and India, leaving Russia with the oil and pulling the worlds economic strings. Even if we became completely self reliant on alternative fuels, which is unlikely,,, what happens in the rest of the world will effect us. Lets play our cards carefully here. Its not going to kill us now to not drill there. That oil will be muuuuch more valuable in the future no matter how you look at it.  

[patric]

quote:Originally posted by TheArtist

quote:Originally posted by patric

quote:Originally posted by NoNewTulsaTax

We CAN'T drill our way OUT.----T. Boone "Slim" Pickens

Oh, no?  All we had to do to stop the spiraling cost of gas was to allow drilling in protected areas, and boom, prices begin to drop overnight.
Hey, how simple can it get?  [)]

Would just buy you a little time at best and be a short term fix. Lower gas prices would just mean people in India and China would be able to drive more cars. They can start driving more cars just as fast as we can pump more oil. Plus it would mean that Americans would forget and go about their usual ways.

What I see as one possibility. Is that the world does indeed keep gas prices low, pumps more gas from ever dwindling supplies, produces more and more cars,,, such that when the supply curve really starts its downward spiral, it will be very rapid and precipitous. Prices will skyrocket like nothing you have seen, and the world will go into a tailspin. I keep thinking that around the year 2035 is make or break time. It might be wise to hold off on drilling those "back up" reserves about 5 or 10 years before then, for national security reasons if anything. Lets not be so greedy we are stupid. The writing is on the wall on how this could all play out. (might as use everyone elses oil up first before we use up every last drop of our own lol) We dont want to be in the position of not having anything to use ourselves, or to sell to China and India, leaving Russia with the oil and pulling the worlds economic strings. Even if we became completely self reliant on alternative fuels, which is unlikely,,, what happens in the rest of the world will effect us. Lets play our cards carefully here. Its not going to kill us now to not drill there. That oil will be muuuuch more valuable in the future no matter how you look at it.

+1.  Like us (the consumer), the oil industry is tuned to immediate gratification.  We were just being pressured into one last hurrah before the oilman left the White House.

[MDepr2007]

I thought places like Semgroup was the cause, since oil fell as they started to fall.