published Tuesday, April 26th, 2011

Choices

about Clay Bennett...

The son of a career army officer, Bennett led a nomadic life, attending ten different schools before graduating in 1980 from the University of North Alabama with degrees in Art and History. After brief stints as a staff artist at the Pittsburgh Post-Gazette and the Fayetteville (NC) Times, he went on to serve as the editorial cartoonist for the St. Petersburg Times (1981-1994) and The Christian Science Monitor (1997-2007), before joining the staff of the ...

74
Comments do not represent the opinions of the Chattanooga Times Free Press, nor does it review every comment. Profanities, slurs and libelous remarks are prohibited. For more information you can view our Terms & Conditions and/or Ethics policy.
AndrewLohr said...

Drill, baby, drill (carefully). There's plenty of energy, as Jerry Pournelle wrote in A STEP FARTHER OUT 30 years ago.

April 26, 2011 at 12:15 a.m.
blackwater48 said...

DAMN SOCIALIST

Here we go again. That commie fascist pinko nazi Kenyan socialist has stuck another stake into Freedom's bleeding heart. It's all about BIGGER Government with Obama.

It's not bad enough that he's trying to make health insurance corporations care as much about sick people as stock holders. Really, why do we need government regulating medical insurance?

Apparently that isn't socialistic enough for the man who thinks he's King of the World. He's finally unfurled his freak flag and we now see where he wants to take the country: Into the economic toilet.

This sugarplum just in from Bloomberg News:

"President Barack Obama said a Justice Department probe will examine the role of “traders and speculators” in oil markets and how they contribute to high gas prices.

“The attorney general’s putting together a team whose job it us to root out any cases of fraud or manipulation in the oil markets that might affect gas prices, and that includes the role of traders and speculators,” Obama said April 21 in Reno, Nevada. “We are going to make sure that no one is taking advantage of American consumers for their own short-term gain.”

How in the name of Adam Smith can that man-without-a-birth-certificate be allowed to use the bloated over-reaching government to sniff around the private parts of free enterprise? How long should we have to put up with this infringement into free markets?

Who better understands capitalism? Freedom and liberty loving Wall Street patriotic speculators or paper shuffling card carrying bean counting bureaucratic socialists?

We all know he's to blame for high gas prices because he's to blame for, you know, everything bad. This, however, is the last straw. I've had it. Time to get the pitch forks and torches.

When will this nazi commie fascist pinko marxist liberal nightmare end?

April 26, 2011 at 12:42 a.m.
bret said...

Andrew, Pournelle wrote science fiction, in contrast to the anti-science fiction that you espouse.

April 26, 2011 at 12:46 a.m.
nucanuck said...

By now we either know or should know that energy, especially oil, is headed higher and higher (except during a depression). No amount of investigating or drilling is going to change that. Oil prices are world prices and as the US government expands the money/credit supply, the dollar falls and the world oil price rises.

Production is struggling to keep up with demand because flow rates from old wells are falling faster than newer wells can produce, and this while the developing world's oil appetite increases by the day.

We also should know that our per capita oil consumption will fall dramatically this decade, no matter what we do.

Those who prepare to consume less will have a much smoother road ahead.

April 26, 2011 at 1:09 a.m.
SeaMonkey said...

looks like obama's dream has come true...european level gas prices....

he, and you lefties, will your way...no matter how illogicial, how damaging to this country, or how it hurts the american people. you don't care.

and what do you, dumb ass lib/enviro wackos, intend to replace oil with? green energy?

being the statist/socialist/ bully/thug that he is, it's quite clear he wants to drag us toward the myth of green energy

obama's creepy attempt at blaming speculators and traders for the high gas prices won't fly... it's liberal/enviro wacko policies

what a crock..."appetite"...as if we're just wasteful...

April 26, 2011 at 4:15 a.m.
mymy said...

How to refer to distance today: How far away is the grocery store? $20 away!

The decline of the dollar which Obama is doing nothing about is the cause of rising food and energy cost, etc.

April 26, 2011 at 6:26 a.m.
hambone said...

Fact: Big Oil contributed three times as much to GOP than Dems.

Fact: 100% of house GOP, Teabaggers and all voted to mantain 53 billion in taxpayer funded subsidies to Big Oil.

Go ahead, blame Obama!

April 26, 2011 at 6:30 a.m.

Great post Blackwater.

April 26, 2011 at 7:01 a.m.
dude_abides said...

Looks like the gas pump is threatening suicide.

April 26, 2011 at 7:01 a.m.
woody said...

An early American preacher, Lorenzo Dow, said it best-when trying to best depict "A No-Win Situation." He admonished...

"...You can and you can’t—You shall and you shan’t—You will and you won’t—And you will be damned if you do —And you will be damned if you don’t....


So, while all of you naysayers keep..naysaying..try to remember this didn't just happen..it's been building up to it for quite some time. Oh yeah..that's right.. your memory doesn't go back that far..does it??

I think another quote is appropriate right about now and I believe it should be attributable to Ms. Bette Davis.."Fasten your seatbelts..it's going to be a bumpy ride...." Woody

April 26, 2011 at 7:06 a.m.
dude_abides said...

Yeah, bw48, enjoyed the post. screamhonkey, get some sleep.

April 26, 2011 at 7:06 a.m.
lkeithlu said...

excellent, bw48

April 26, 2011 at 7:19 a.m.
jsgood35 said...

Agree with BW48, but without the sarcasm.

April 26, 2011 at 7:49 a.m.
fairmon said...

The gage could be referencing energy, how much credit we have left, food supply or personal wealth, it is indicating too high on all of them, recalibration is needed. What is an individual or the government to do?

debt-use a debit card, cut up and throw away all credit cards.

oil-go natural and quit using food to operate a vehicle.

wealth-get it the old fashioned way

all items call for less artery clogging consumption using healthier oils and more exercise. Work qualifies as exercise so select leaders that will assure enough exercise facilities where earned wealth is available.

April 26, 2011 at 7:52 a.m.
jimbob said...

Good post Woody. Always like to read what you have to say. Have a nice day.

April 26, 2011 at 8:08 a.m.
bigbearzzz said...

two words....horse....and buggy.......Why dont we just go back to the old horse drawn carriages?!

April 26, 2011 at 8:32 a.m.
pmcauley said...

BW48 Finally something SeaMonkey can agree with.

April 26, 2011 at 8:37 a.m.
woody said...

Thank you Jimbob..

And Harp you made some really good points..but what if the gauge refers to our "Credibility?" Something to think about..Woody

April 26, 2011 at 8:41 a.m.
chet123 said...

AMISH people must be laughing at us...for a good reason...A segment of american are engulfed with hate..and every issue is a political football and politician no longer servants for the people but tools for the influence and corporate this is greatly why our Government wont work,,this is when our country fall to depravity spiritually as well as mentally. American people have too much trust in politician, corporate world, and even So call religeous leaders(many of them have sold out). Have American given thought that the country may just be a victim of a sham...yea sapped! milked by big Oil...yea suckered! Maybe there a secret agreement going on between the buyer and supplyer...yes maybe american buyer and foreign supplyer are collusing against american people to max.profit. Nooooooooo they surly wouldnt do that!...or would they?

It is a common knowledge for those who are investor(most very rich folk) if left uncheck...big oil and wall street will participate in "FUTURE SPECULATION"...meaning supplyer buy high over present market and sell even higher even though supply dont dictate higher price...its an old game! wall street and big Oil plays...LOL LOL.they rake in billions at our ignorance..since oil company contribute over 51 millions dollars to republican champain to help win congress ..Big oil can run wild...no safe guard!!Since congress is the first line of defense big oil knows that they own 112th comgress because it is republican control...they have a dear friend to do what they want(see oil prices with republican congress.. proof in pudding)starting under Bush..until now..price went down when democrate congress won election..but when democrat lost in november gas price spike up over night..yeah watch the TEA PARTY FOLk...people they are wolves in sheep clothing republican). I'm a Democrat..but think Obama is not putting pressure on Federal Regulatory..... the GAS Prices are a Sham...this is why we need Govenment for people....because big Corporate would just crush you...same for small business,,,dont fall too much in love with the republican party...corporate just crush your business...ask the old mom and pop stores....you are in the cross hairs too..BIG MONEY dont have a conscience....LOL

April 26, 2011 at 9:16 a.m.
chet123 said...

Libertarian you just dont get it do you...if you are that shadow please change your name..this has nothing to do with castor man...stay focus

April 26, 2011 at 9:21 a.m.
chet123 said...

you are being betrayed by your own fellow countrymen....WAKE-UP!

April 26, 2011 at 9:24 a.m.
chet123 said...

this country will never resolve it problem with CRAZY TALK!...spend too much time talking CRAZY!

April 26, 2011 at 9:26 a.m.
chet123 said...

See seamonkey stupid enough to blame Obama....get over it seamonkey...get over it...and help us to fix the problem for future generation ...and stop voting in people that work against you man...dont be so blinded by hate...get over it

April 26, 2011 at 9:31 a.m.
RainforestMoon said...

Libertarians are supposed to understand how markets work, so why do they continue to embarrass themselves with the Drill, Baby, Drill meme? Oil is a global market commodity, regardless where it's drilled. There IS NO CURRENT supply problem. If we opened up all offshore Florida and the West coast, by 2030 it would have the impact on gas prices of exactly 3 cents per gallon. If we produce more oil domestically, OPEC cuts production to keep supply at the level to support the price they want.

April 26, 2011 at 9:34 a.m.
chet123 said...

see the scary republicans have taken off running like rabbits again....they only do CRAZY TALK....make no sense..this country have problem...i'm beginning to wonder if republican can really govern???.....i can see seamonkey in office...a major problem arrive...he take off running like a scared rabbit...LOL LOL...i can see him giving the "state of the union"....if someone start sweating sea-monkey...he take off running LOL LOL...

April 26, 2011 at 9:37 a.m.
chet123 said...

Rainforest...i dont understand them...

April 26, 2011 at 9:39 a.m.
chet123 said...

i see you understand the game

April 26, 2011 at 9:41 a.m.
chet123 said...

glad to know some real thinkers are here

April 26, 2011 at 9:42 a.m.
RainforestMoon said...

And I live in FL on the Gulf. We KNOW what happens to our economy when oil is spilled in the gulf, even where it doesn't come ashore. We're still recovering from the loss from last year's spill.

April 26, 2011 at 9:45 a.m.
RainforestMoon said...

And Blackwater, I don't consider Wall Street speculators holding high position limits of a commodity they have no intention of ever using just to drive the price up and sell at a profit at the expense of every other American, transferring wealth upward while contributing nothing, "liberty loving OR patriotic." And you need to read some TRUTH about Adam Smith before you use his name for such dribble. Smith did not advocate a market system based on unrestrained greed. He was talking about small farmers and artisans trying to get the best price for their products to provide for themselves and their families. That is self-interest—but it is not greed.

April 26, 2011 at 9:55 a.m.
MTJohn said...

RainforestMoon - "self-interest" is pc speak for greed. Greed drives the free market system and greed is the reason that free markets really are not free.

April 26, 2011 at 10:22 a.m.
limric said...

Great one Clay. Is it hotter in New York or in the summer?

Don't believe any bull cookies about it being caused by Middle Eastern "concerns", inflationary spending, Obama or other BS!

The amount of oil on the market is not fluctuating that widely (if any) at all, and the Saudi's have already agreed, and fulfilled, a quota to keep the supply constant, despite the cranky Libyans nearby. It is ALL because of gambling with oil stocks by "speculators".

But if you wanna blame Obama. Go ahead. You’re a DOLT. Screech and yell, twirl around like an angry chimp, you’re still wrong - and still a DOLT.

There is no significant change in supply or demand (maybe a slight drop in demand) right now AT ALL. It is all based on "speculative trading", which is all about today's rich scam artists being able to "purchase" oil commodities (even though they do not even have the infrastructure or capacity to move, hold or sell the product), and then sell it off at a higher price due to "projected" scarcity! When any camel-riding thug picks his nose….oil prices go up. CHECK YOUR HISTORY.

It is like you going into the Quickie Mart and buying all the YooHoo, (which I like) and then selling it back to them at a higher price for the "appearance" of it being in high demand and low supply.

It's a scam, as it was during the Bush (not caused by) administration. It should be illegal for anyone to buy oil commodities if they do not have the infrastructure to actually move the product.

P.S. Nice posts Rainforestmoon, Blackwater, Chet123

April 26, 2011 at 10:25 a.m.
pmcauley said...

and when companies say they are raising prices for their share holders; it's to indicate how considerate they are to their investors, not that they actually WANT to have more profit, they have no choice!

How come no one ever asks why the share holders are more important than the customers??

pm

April 26, 2011 at 10:41 a.m.

You make good points Limric. That would be an interesting bill for Congress. I'm sure the GOP would snuff anything that moves to check and balance the market.

April 26, 2011 at 10:48 a.m.
nucanuck said...

limric, You are partially correct about demand. US demand has been down to flat, but worldwide demand is still increasing at a 1 1/2% rate. The Saudis did agree to replace the Libyan cut off, but ,so far, have not increased production.

Oil pricing is all about expectations and often short term price moves,up or down, are reflected in anticipation of events that may or may not happen. That's why it's called a futures market.

The far bigger issue is the longer term trend in oil availability. That is where trouble lies, trouble over which we have no control and can only acknowledge and prepare to alter our oil consumption habits... or have it done to us abruptly.

This isn't a political issue where one party has better options, this is a worldwide problem that will impact America hardest of all because our addiction to oil is the greatest.

The demand curve is going to cross the supply curve,either now or very shortly, and that is a cold hard,unavoidable fact. The variable is how we deal with the information.

April 26, 2011 at 11:03 a.m.
hambone said...

I look into the future and see a Lexus pulled by 2 horses.

4 if you buy the delux model!

April 26, 2011 at 11:29 a.m.
potcat said...

Obama has said a lot of things i agree with, but saying and doing are two different things.If he was going to do something about speculation or any thing else to do with Wall Street,it would have already happened. I want action not words and Obama has been a huge dissapointment.

For the working poor..Gas,food etc. and the money it takes to maintian a car and home is becoming impossible to do. Forget about Health insurance. These are the people i know and care about. With gas this high, getting back and forth to work becomes THE MAIN PRIORITY! Food, House payments, Electric, Water and INSURANCE..INSURANCE..INSURANCE.

April 26, 2011 at 11:45 a.m.
mountainlaurel said...

Needless to say, since more than four-fifths of the total increase in American incomes went to the richest 1 percent this increase in gas prices will not be a major concern, particularly for the C.E.O.’s of America’s largest companies who make 531 times as much as the average worker in America - in fact, will they even notice the increase?

As to how much longer the average American worker will be able to afford to drive to work, I don’t know. And what happens when this is no longer affordabe? Will major employers like WalMart purchase company pick-up trucks and select pick-up sites where employees sort of pile into the back of truck for a free ride to work? And is it wishful thinking to think it would be a free ride? Will employee transportation become a new employee benefit?

April 26, 2011 at 12:16 p.m.
limric said...

Nucanuck,

Thanks for the acknowledgement. I do believe I am more than partially correct.

The next time you drive to the gas station, look at the foreclosed houses you'll see on the way. They may seem like two parts economic bad luck, but high gas prices and home foreclosures are actually very much intertwined. Before most people were even aware there was an economic crisis, investment managers were abandoning failing mortgage-backed securities and looked for other lucrative investments. What they settled on was oil futures.

Dan Gilligan, president of the PMA- Petroleum Marketers Association, representing 8,000 retail and wholesale suppliers recently spoke out. "Approximately 60 to 70 percent of the oil contracts in the futures markets are now held by speculative entities," he argues. "Not by companies that need oil, not by the airlines, not by the oil companies. But by investors who profit money from their speculative positions."

Remember, the entire United States uses 18M barrels of oil a day, so 600M barrels is a 37-day supply of oil. But, we also make 9M barrels of our own oil and import 'just' 9M barrels per day, and 5M barrels of that is from Canada and Mexico who, last I heard, aren't even having revolutions. So, ignoring North Sea, Brazil, Venezuela and lumping Africa in with OPEC, we are importing 3Mb per day from unreliable sources and there is a 225-day supply under contract for delivery at the current price or cheaper - plus we have a Strategic Petroleum Reserve that holds another 727 Million barrels (full) plus 370M barrels of commercial storage in the US (also full) which is another 365.6 days of marginal oil already here in storage in addition to the 225 days under contract for delivery. Contracts outnumber even of proposed deliveries. This is pure speculation and market manipulation, as oil companies win government authorizations for wells (which the ditch diggers posting here won’t recognize) but then don't open them for exploration or exploitation. It’s all a game of manipulating oil supply to keep prices up. And NO ONE seems to be DOING DAMN THING ABOUT IT !

Who is buying 200,000 contracts (1,000 barrels per contract) for May or June delivery that can't possibly be delivered for $2.49 more than they were priced the day before? These are the kind of questions that you would think regulators would be asking – but we don’t have any.

This should be front page news – but the media and much of the populace have simply accepted the BS reasons for high food and oil prices as an unavoidable fact of life. This is another scam of the century that no one wants to talk about, because so many powerful people armed with legions of lawyers want unquestioning allegiance, and will sue you into silence…or get you to blame Obama. Shame on us all !!

April 26, 2011 at 12:57 p.m.
RainforestMoon said...

Here's an inconvenient truth for the "blame Obama's energy policies gang" for high gas prices. Oil giant Halliburton just reported record revenues in the first quarter of 2011, pulling in $5.3 billion. Credits Increased U.S. Oil Production Under Obama

http://ir.halliburton.com/phoenix.zhtml?c=67605&p=irol-newsArticle&ID=1551221

April 26, 2011 at 1:25 p.m.
mountainlaurel said...

Harp3339 said: “Work qualifies as exercise so select leaders that will assure enough exercise facilities where earned wealth is available.”

Believe you’ve oversimplified the sitluation, Harp3339. Indeed, jobs are urgently needed, but this still does guarantee gas will be affordable for the average American worker. When it comes to jobs and salaries, America is viewed by many in the corporate world as a third world country:

“Reporting from Danville, Va.— When home furnishing giant Ikea selected this fraying blue-collar city to build its first U.S. factory, residents couldn't believe their good fortune. . .State and local officials offered $12 million in incentives. Residents thrilled at the prospect of a respected foreign company bringing jobs to this former textile region after watching so many flee overseas.

But three years after the massive facility opened here, excitement has waned. Ikea is the target of racial discrimination complaints, a heated union-organizing battle and turnover from disgruntled employees. . . The International Assn. of Machinists and Aerospace Workers said a majority of eligible employees had signed cards expressing interest.

In response, the factory — part of Ikea's manufacturing subsidiary, Swedwood — hired the law firm Jackson Lewis, which has made its reputation keeping unions out of companies. Workers said Swedwood officials required employees to attend meetings at which management discouraged union membership.

. . . Laborers in Swedwood plants in Sweden produce bookcases and tables similar to those manufactured in Danville. The big difference is that the Europeans enjoy a minimum wage of about $19 an hour and a government-mandated five weeks of paid vacation. Full-time employees in Danville start at $8 an hour with 12 vacation days — eight . . . determined by the company.

What's more, as many as one-third of the workers at the Danville plant have been drawn from local temporary-staffing agencies. These workers receive even lower wages and no benefits, employees said.

Swedwood's Steen said the company is reducing the number of temps, but she acknowledged the pay gap between factories in Europe and the U.S. "That is related to the standard of living and general conditions in the different countries," Steen said.

Bill Street, who has tried to organize the Danville workers for the machinists union, said Ikea was taking advantage of the weaker protections afforded to U.S. workers. "It's ironic that Ikea looks on the U.S. and Danville the way that most people in the U.S. look at Mexico," Street said.”

http://www.latimes.com/business/la-fi-ikea-union-20110410,0,5341610.story

[L.A. Times: "Ikea's U.S. Factory Churns Out Unhappy Workers - Nathaniel Popper]

April 26, 2011 at 2:13 p.m.
BigRidgePatriot said...

I am impressed with the artwork. How much time did clay put into crafting his gas gage? Obviously a lot more time than he did trying to think up a thought provoking message.

obama promised us he would wage war on carbon based energy and he is delivering. Oil drilling in the US is down, something like 13-16% since he took office. Even coal mining was down in 2010, obama must be pleased.

The dollar continues to spiral downward. When I finished an expense report today I saw that the Canadian dollar is now worth $1.05 US. When obama took office the Canadian Dollar was worth $0.82 US. That has a direct impact on the price of imported oil people.

I suppose since clay failed to assign a cause to his observation he is hoping that we will point our finger at the usual suspects identified by obama and the main stream media - speculators!

clay once again shows his desire to shelter his hero obama from any accountability for his actions. Not surprising, quite typical, mind numbingly typical.

April 26, 2011 at 2:14 p.m.
BigRidgePatriot said...

mountainlaurel said... "...America is viewed by many in the corporate world as a third world country"

And a very typical pontification by the premier liberal blogger... A wild statement against America and a weak anecdotal example trying to prove a ridiculous point. The rest in the claybot gallery will undoubtedly praise mountainlaurel for a very insightful cut and paste exercise that uses junk evidence to prove a junk point.

mountainlaurel could have tried to use the new VW plant in Chattanooga to prove her theory about corporate America being viewed as a "third world country" but that would not have worked very well. She has to go to Virginia to find an example that will suit her desire to talk down her own country.

She did beat those birthers into the ground yesterday though. We can all be eternally thankful for that effort, sigh...

April 26, 2011 at 2:30 p.m.
limric said...

Sniff sniff. I can smell BS a mile away. And Libertarians4Freedom, your post smells.

According to the Bureau of Ocean Energy Management, Regulation and Enforcement, or BOEMRE, 39 shallow-water permits for new wells have been issued since June 8, 2010, 31 deepwater drilling permit applications for activities such as drilling water injection wells and drilling from a fixed rig with a surface blowout preventer that were allowed under the moratorium. 28 of these permits have so far been approved.

Check N.Dakota - Just for starters.

According to Andy Radford, senior policy adviser at the American Petroleum Institute, permit approvals have dropped 65 percent, post gulf oil spill. Prior to the gulf disaster, the Obama administration reported approving 217 new well permits (shallow and deepwater). But the pace of permitting is picking up, he said. "We'll get to the new normal eventually."

Maybe you…like Senator Kyle, didn’t mean it to be accurate.

Maybe you meant permits since the moratorium, not since Obama administration came into office. (There were hundreds issued pre-gulf oil spill).

Maybe you meant just deepwater drilling, not shallow water drilling. There have been 39 shallow-water permits for new wells since June 2010. And many more before that.

Maybe you meant to exclude permits issued for projects that were under way prior to the oil spill (and which had to come back and meet the new, modified standards). Five of the six new well permits were underway prior to the moratorium.

Maybe you meant not permits, but exploration plans. The first exploration plan since the oil spill was approved a few weeks ago.

Perhaps. But that's not what you said.

The permitting process has undeniably slowed, but as the numbers above show. Your statements -- at least the way you worded them are – in a word Bulls…

April 26, 2011 at 2:47 p.m.
nucanuck said...

limric,

We don't disagree that speculation causes price distortions. Remember 2008 when oil fell to $38 per barrel, below the cost of production for Canadian tar sand and deep water extraction oil? Lack of demand trumped speculators. Speculators distort grains,sugar,cotton...on and on. But that is not the point I was trying to make.

Oil is a fungible worldwide product and we in the US can do almost nothing to impact additional supply or the price. We only produce about 5MB per day of domestic conventional oil. If we were to be able to produce more,it would help ease our reliance on imports, but would not help with the price.

For years OPEC controlled the spiggot, hence the price, but that is no longer true ,or at least not to the same degree. OPEC now has almost no spare production capacity according to those who project such things. Production of conventional, inexpensive, easy to get to, oil has maxed out. There is no way to increase that production number because depletion of old wells is exceeding new production and that is projected to continue, no matter what.. What we have left is expensive, hazardous to extract reserves that, in the overall oil picture, aren't that plentiful.

World oil production, conventional and synthetic, is unlikely to exceed 90MB per day, ever, BUT world demand will continue to rise and price will determine who gets the oil when we are in a permanent supply deficit. In a short number of years, the US will be required to pay for imported oil in the currency specified by the seller, US dollars won't be accepted. The phasing out of the dollar is underway now and seems unstoppable. We have abused our reserve status and now we must endure the blowback. That means dollar priced oil is going up, and up.

So yes, speculators distort price to some degree and I doubt we can do much about that, but I say that is a straw man, a diversion from the bigger problem that will drive prices far beyond today's seemingly high prices. And yes, we agree that those with the least will be impacted the most.

Do what we can to curb speculation, but focus the country on coming reduced supply and even higher price...that's the adjustment that we have failed to face. and the bigger problem.

April 26, 2011 at 2:52 p.m.
lkeithlu said...

L4F posting something inaccurate? gasp Color me surprised!

April 26, 2011 at 3:52 p.m.
BigRidgePatriot said...

limric said... "... 39 shallow-water permits for new wells have been issued…the Obama administration reported approving 217 new well permits"

That was an awful lot of space giving only half of the story leaving the reader with as many questions as answers. The permit numbers SEEM to be thrown around to show that obama is doing his part to keep domestic production underway. They are meaningless, however, unless they are given with comparable numbers from a comparable time period just before obama's administration.

Fact is, domestic drilling is down when prices should be encouraging producers to drill. That is the tool that the obama administration can use to suppress oil production without any legislation. I bet if we compare drilling permit approval rates during the obama administration to that of the Bush administration they are way down.

April 26, 2011 at 4:17 p.m.
BigRidgePatriot said...

hambone said... "I look into the future and see a Lexus pulled by 2 horses"

The horses would starve as their grain is being used to make ethanol. Another hideous mistake started under Bush and carried on by obama.

April 26, 2011 at 4:21 p.m.
BigRidgePatriot said...

Is obama committed to perpetuating every mistake that was made during the Bush administration and doubling down with his own?

It would seem so!

April 26, 2011 at 4:24 p.m.
BigRidgePatriot said...

For anyone who cares, I have to credit lkeithlu for providing the clue that finally made it possible for me to upload an avatar, or put anything on the mytfp profile.

You have to include your email address in the profile for it to save anything. I tried a bogus email address thinking that it might be displayed but it took the liberty of correcting my address when I hit the save button. Go figure.

Thank you lkeithlu. You're not only good for IT tips, you could be a better president than that dope we have in the Whitehouse right now!

Now I am hoping to see some avatars that put vampire obama to shame.

April 26, 2011 at 4:31 p.m.
fairmon said...

mntlaurel,

Why should a company not hire Jackson Lewis to advise them how to deal with all the union tricks and organizing tactics? They must be a pretty savvy company, I have worked with some Jackson Lewis attorney's and they are among if not the best at advising a company what is ok and not ok to do during a campaign. They are good at helping a company educate people and vote with facts and not just union promises of things they can't deliver.

Your reference and data is provided by the union attempting to organize a sight, surely it isn't biased. People can vote a union in if they so desire and the owners can close it if they decide the U.S. is not a good place to put a business. What protection is afforded Swedish workers not provided American workers? How much of the $19 per hour to build book cases is take home pay compared to the same in U.S. dollar terms? I can find examples like this but I can also find many examples where politicians have caused good paying job providing companies to leave the U.S. What would you propose congress and the BamaBama do to create an adequate number of good American jobs? The gage in this 'toon could be a measurement of how close we are to being a 3rd world country instead of a powerful world leader.

April 26, 2011 at 5:13 p.m.
fairmon said...

Woody,

Excellent point regardin credibility. Heck, we may be running on fumes if we gaged that.

April 26, 2011 at 5:14 p.m.
fairmon said...

The left extreme on the gage says empty the right extreme says broke. Does this mean it doesn't matter who is driving one of two bad things will happen? It does appear our leaders are like a greyhound bus driver covering the windshield then driving and making adjustments by looking in the rear view mirror to see what he has run over.

Futures contracts are a zero sum game. A lot more people go broke dealing in futures than make money. If they guess the future cost of a commodity correctly and buy accordingly they make money, guess wrong and they lose. For each person gaining someone else loses. The broker could care less they make money handling the transaction. An investigation will reveal futures buying and selling has no impact on the actual price. Anybody remember the Hunt brothers attempt to buy so much silver they could corner the market and increase their fortune? They lost the family fortune when the higher prices increased the amount coming to market including from governments taking profits on their holdings and silver dropped to prior levels.

Gas may go past $5 a gallon but if the supply is increased it will drop like a rock. If the U.S. just threatens to open up drilling it will drop significantly just as it did before. The drop in prices reduces the incentive to drill and makes it too costly for the return on investment.

April 26, 2011 at 5:35 p.m.
chet123 said...

bigridgepatriot...why are you such a butt licker...you know as well as anybody do you can read..and see with eyes that speculation is going on here...you are one of those people who want to believe civil war had nothing to do with slavery...i can tell you will say any thing to protect the rich and greedy..you fail to mention that speculation of this magnitude only happen when republican control congress.gas prices was sky high the last time republican control the house..this is nothing new...and it is not a coincident..you are just blind to that fact.thats why democrat will regain control of the house..republican turn their head the other way...no investigation under their control...thats what they do..nothing..but shoot off at the mouth...they can not govern...you have evil laws like you can have evil people,,,and this is evil and immoral....where is your so call moral?....you dont have any..your aliiance is to all mighty green.if a small business person would use these tactic he would be arrested for price gouging and fraud.the funny thing is that you so gulible and fill with hatethat you can see the big picture....more of the investor are not even americans...wish the world war 2 generation was still around...they would say...is this what we died for...you would be consider a traitor....hate do blind a man....you are hopeless my friend....you are still my friend even with your crazy talk LOL LOL

April 26, 2011 at 5:50 p.m.
chet123 said...

i will be back later!!!

April 26, 2011 at 5:52 p.m.
mymy said...

Anybody gona need a new passport one of these days. Take a look at the new Obama State Dept. proposed new forms. Now lefties explain this away.

http://www.glennbeck.com/2011/04/26/why-doesnt-gov-want-you-to-have-a-passport/

April 26, 2011 at 6:25 p.m.
BigRidgePatriot said...

This beats the clay meter any day, it lays the problem at the feet of it's creator.

http://townhall.com/political-cartoons/bobgorrell

April 26, 2011 at 6:53 p.m.
fairmon said...

chet123

I have avoided saying anything but your lack of knowledge around futures contracts and various economic matters is frightening. Oil and gas prices are not a result of democrats or republicans. You may not remember when democrat Jimmy Carter was president we had sky high prices and lines at the gas pumps due to shortages. Inflation was in the double digits. In 2008 when gas prices went parabolic the democrats controlled congress and republican George Bush was president neither them knew whether to crap or wind their watch. Bush did release some of the reserves which helped some. Congressional hearings were held with oil company CEOs which only proved how little congress knew about the flow of oil and the cost. They learned how little control oil companies actually had over the cost per barrel. Suppliers holding it off the market waiting on higher prices or the fear of a shortage drives the price up. When the supply exceeds the demand it drops precipitously and it will again do that if the supply increases more than the demand. You fail to mention the most recent price spike followed the presidents approval of an attack on Libya. Libya is a major supplier and fears of a loss of that 2 million barrels or so a day affects oil prices.

A good rule of thumb; make a lot more of something, more than people will buy, and it gets cheaper. Have less than people want and they will bid the price up. If you want less of something tax the heck out of it. If you want more of something tax it less.

A $400+ Apple I-phone includes around $120 in hidden local, state and federal taxes and in Chattanooga another $40 in sales tax. Would Apple sell more I-phones if there were no taxes? Would they sell less if the taxes were doubled?

You make a good point regarding subsidies, oil companies nor any other company should get them. Remember though those not getting a subsidy will increase the cost of their product or service to make up for the lost revenue that came from the subsidy. Both parties have their favorites and give them various breaks called subsidies, incentives, grants, deductions, reductions etc.

Study economics, read some annual stock holder reports, go to the security and exchange commission web site and review the legally required filings, go the brokers web sites and learn about the markets. Do these things and you will be way ahead of most members of congress. Educate yourself and quit buying the crap put out by politicians of both parties and the media. Read what others post and ask yourself what if that is accurate? What thesis makes it not likely to be? Are there verifiable facts to the contrary?

You say see the big picture, that is hard to do if you are in the dark. Politicians like people to be like mushrooms, keep them in a dark place and covered with manure.

April 26, 2011 at 6:56 p.m.
BigRidgePatriot said...

chet123 said... "...you know as well as anybody...that speculation is going on here"

I never said there was not speculation going on. When the market gets concerned that demand is outpacing supply people buy futures thinking they can get rich selling later. Duh! (I think it was lkeithlu that taught me that word, our next president)

I am watching the price of gold and silver drop towards the 14 day moving average line and wondering if I am going to buy if it falls below. I would do so anticipating that it is going to rebound quickly after the profit taking is done and so I can add an easy couple of percent to the return on that buy this year.

I suppose that makes me a speculator chet123. I would buy speculating that precious metals are going to continue to rise. Does that make me an evil person?

Oil is no different than gold or silver. If people think they can buy and sell it higher later they will do so, and there is nothing wrong with that.

The problem is that the POTUS is showing the entire world that he is retarded in the fields of economics and energy policy and is seemingly doing everything within his power to drive up energy prices, as he did promise as you may remember.

You would have to be a dolt not to bet that energy prices are not going to rise under the influence of obama. Don't blame the speculators, blame the problem. Speculators are just the messengers.

The problem is made worse because investors do not know where to go. With inflation the way it is, you lose money in CD’s. The FED has suppressed interest rates so that you cannot make any money financing real estate. The stock market is poised for another big slide when QE2 expires. Everyone is moving into real property, precious metals, commodities and energy. If you could pay cash money for a good used truck right now it would probably be a better investment than the Dow or holding US dollars!

Since the FED and obama have destroyed conventional investment vehicles they have encouraged people to move to speculation. If I was a bigger player I would be in oil too!

April 26, 2011 at 7:42 p.m.
BigRidgePatriot said...

My mom just told me that their investment banker has them heavily invested in black gold right now. Go figure. My 75 year old mother, trying to protect her retirement money from obama, is one of the oil speculators you seemingly want to burn at the stake.

You are a funny guy chet123.

April 26, 2011 at 7:52 p.m.
fairmon said...

BRP,

I don't think most people understand what is meant by speculators or that they can lose as well as win. I think Obama just publicized his economic ignorance, even his AG was surprised. The sad thing is how many people said "oh yeah" "Your're the man" etc. and started referring to similar ignorace as supporting data.

April 26, 2011 at 7:53 p.m.
BigRidgePatriot said...

mymy said... "Anybody gona need a new passport one of these days. Take a look at the new Obama State Dept. proposed new forms. Now lefties explain this away."

http://www.glennbeck.com/2011/04/26/why-doesnt-gov-want-you-to-have-a-passport/

Check this out everybody, this is truly ridiculous. Fortunately my entire extended family has their passports.

obama is a jerk.

April 26, 2011 at 7:59 p.m.
BigRidgePatriot said...

harp3339 said... "I don't think most people understand what is meant by speculators"

Clearly not. Some talking head on the TV starts jumping up and down shouting, "Speculators!" and the puppets start waving their hands and jumping around.

The puppets do a really good job of demonstrating how a pure democracy can be quite dangerous in practice.

April 26, 2011 at 8:03 p.m.
mountainlaurel said...

BigRidgePatriot said: "mountainlaurel could have tried to use the new VW plant in Chattanooga to prove her theory about corporate America being viewed as a "third world country" but that would not have worked very well. She has to go to Virginia to find an example that will suit her desire to talk down her own country."

Some believe it’s a matter of coming to the aid your country, BigRidgePatriot. Surely, even you must admit the U.S. has much in common with some of these third world countries these days. Irresponsible government derulation, high level of oversight corruption, financial market crisis & corruption, housing crisis, credit crisis, and energy crisis are all typical characteristics of a third world economy. And, of course, there is also the matter of income equality, which is very troubling to most Americans - something that you continue to ignore:

“While the top 1 percent have seen their incomes rise 18 percent over the past decade, those in the middle have actually seen their incomes fall. For men with only high-school degrees, the decline has been precipitous—12 percent in the last quarter-century alone. All the growth in recent decades—and more—has gone to those at the top. In terms of income equality, America lags behind any country in the old, ossified Europe that President George W. Bush used to deride. Among our closest counterparts are Russia with its oligarchs and Iran. While many of the old centers of inequality in Latin America, such as Brazil, have been striving in recent years, rather successfully, to improve the plight of the poor and reduce gaps in income, America has allowed inequality to grow.”

http://www.vanityfair.com/society/features/2011/05/top-one-percent-201105?currentPage=2 [Vanity Fair: “OF THE 1%, BY THE 1%, FOR THE 1%” by Joseph Stiglitz]

April 26, 2011 at 8:16 p.m.
Rufus_T_Firefly said...

Democrats have control of the House of Representatives and gasoline is $1.69 a gallon. Republican gain control of the House of Representatives and today gasoline i $3.70 a gallon.

Hmmm.....

Speculators see an opportunity. With Republicans in charge of on part of government speculators strike.

Speculation accounts for as much as 60% of the cost of gasoline.

Click Here for more

April 26, 2011 at 9:35 p.m.
fairmon said...

mtnlaurel,

Your heart is no doubt in the right place and you are sincere in your concern. You may learn something if you investigated how Brazil, Argentina and similar countries are accomplishing their progress. Ir darn sure wasn't by increasing taxes and putting over half of the population on the dole. It was not by over regulating. It was not by developing a 4ft high stack of tax regulations in order to show favor to some at the expense of others. It was not by having the highest corporate tax rates in the world. They compensate people based on knowledge, skill and ability not simply because they are in need of a job.

Don't run off on some tangent about how I don't want to provide assistance and comfort to children, the elderly and disabled. I will will double any contribution you have made to those charities that provide assistance to those people. But, I can assure you I have no sympathy for those that did not, will not and never will avail themselves of the opportunity to improve their value to an employer and apply those talents when employed. I have seen far too many not appreciate an extremely good paying job. Too many show up with the attitude here I am, hire me, train me and give me some flexibility regarding when I work. Many of them can't learn the simplest of jobs but want top pay. It is a much different attitude than that of employees I saw in many countries.

To put it bluntly your favorite president is an economic idiot with an agenda that will not work. I can't say I see much better from "the other side of the aisle" to use a D.C. term. It does bother me to see so many people falling for party BS from both sides. They are concentrating on the 2012 elections at great risk to the future of this country.

Do you know how many countries in the European union, those with the Euro as their currency are near bankruptcy, and likely to default on their debt? I admit we are about as screwed up as it gets but not for the reasons you referenced most of which were the results not the cause. We are catching up with those European countries you indicate are ahead of us but the areas in which we are closing in on them is not in our best interest.

Does the continuous eroding of the dollar by Geithner and Obama not concern you? Do you know those realizing an 18% increase in income the last decade had a loss from or no gain from their U.S. sources of income while the increase came from investments outside the U.S.? A small detail but critical. Individuals do get to deduct foreign taxes when they repatriate their profits to dollars and show the income on their income tax. So the IRS shows them having a higher average income but like Paul Harvey used to say "now for the rest of the story".

Do you think it is unpatriotic of me to own stock in some companies in other countries? Do you think it unpatriotic of me that some of my income is derived from outside the U.S.?

April 26, 2011 at 11:03 p.m.
kousuke said...

It's just the same problem we have in Tokyo, Japan. Blackout or Fukushima.

April 27, 2011 at 8:45 a.m.
chet123 said...

bigridgepatiot...hope you realized we love our family too...tell your mother get a job and not profit off my darn back MAN!!!

May 3, 2011 at 3:09 p.m.
chet123 said...

can you pollster see the mentality of people like bigridgepatiot....maybe he can get off his lazy butt and get a extra job to help finace her trip over seas....and vaction home in florida...he think we suppose to bank-roll his mother...this is the kind of mentality we are dealing with today ...only a craze republican talk like that...think hes mother have an entitlement that i take care of her lol lol lolhe will a new meaning to the word "AUDACITY"

May 3, 2011 at 3:18 p.m.
chet123 said...

speculation should be illegal!! a rich man trick!!!you can write in laws like that when you buy congress..and the judges

May 3, 2011 at 3:21 p.m.
chet123 said...

bigridgepatriot..talks about pure democracy is bad...look like to me we have a pure capitalism...which is worse...i see why bigridge run when he sees i'm commenting....because he will get call out ...his idea of American is that of an OLIGARCH government(where a few on top rule)people on bottom are puppet...notice he used the term puppet....our vision is different...that why Obama is hated so...he is not from a ruling class family as bush was....watch these clowns folk...dont trust their lies

May 3, 2011 at 3:35 p.m.
please login to post a comment

videos »         

photos »         

e-edition »

advertisement
advertisement

Find a Business

400 East 11th St., Chattanooga, TN 37403
General Information (423) 756-6900
Copyright, Permissions, Terms & Conditions, Privacy Policy, Ethics policy - Copyright ©2014, Chattanooga Publishing Company, Inc. All rights reserved.
This document may not be reprinted without the express written permission of Chattanooga Publishing Company, Inc.