Anyone see Neil Cavutto just Destroy Xavier Becerra about Oil Speculators?
All that Mr. Becerra could say is the Same thing over and over, and I have always Liked and Respected Mr. Becerra. I even have considered him as my Running Mate when I make my Run for President, lol.
"We have 4 times more Oil Wells Drilling than when Mr. Bush Left office." Was all he could say, that, and "Our Policy is a Full Scale Approach: Solar, Wind, Nuclear, Drilling..." but when asked why Mr. Obama will only ALLOW 1/2% of know reserves to be Explored, why they Other 99.5% of it is OFF the Table.....he just kept saying "We have 4 times more Oil Wells Drilling..........."
But he could NOT answer the question or acknowledge that EVERY one of those wells was on Private Land and IN FACT Drilling on Publicly OWNED Land was Down From when Mr. Bush left office.
Secondly, Mr. Becerra was going On and On about Oil Speculators Driving up the Price of Oil, so Neil asked him if it was just as bad when the Speculators Forcasted the Price of Oil Dropping, and Mr. Becerra said That was a Good thing.
So, Neil Equated Oil Speculators to any other Commodity Speculators driving Prices down would be Good too then, and Mr. Becerra Lost it. He said..."that's why the government needs more Control."
Wow...I get so sick of Politics and Power Grabbing. This is all about Politics wanting to CONTROL Everything.
They want the Power to Drive Oil Prices Down, but Increase the value of This Stock, or Lower that Stock...
When will they realize that THEY are the Problem? Not just Mr. Becerra and the Left, but ALL of them?
- Anonymous8 years agoFavorite Answer
Obama entered office with the goal of driving up energy and gas prices...and he succeeded;
Why would anyone be surprised Gas is $5.00 a Gal? Obama said he was going to do it, he said he would make prices go thru the roof. True to his word, Obama then appointed Chu to see it got done, and it has. Energy and Gas prices are at record highs. It is what it is.
This is No accident...it was Obama's plan all along. So now we all have less money in our pockets because of Obama's policies. Is that the kind of 'Change' you were hoping for?
ABO in 2012. We need a President who puts the American People First. Obama has proven he is Not on our side.
- Anonymous8 years ago
I checked some answers before I answered and I see several of your answerers are so invested in the destruction of the U.S. oil market they deny reality! speculators are essentially buying oil in the future! THEY set the price we pay at the pump! and so long as your god Obamanamamoron refuses to allow more drilling the price will only go up! this is NOT "rocket science" people!
- KaratsLv 48 years ago
Just yesterday Saudi Arabia announced they would increase their output of oil and guess what. The price of oil dropped. So don't tell me there's no correlation between more drilling which increases supply and demand.
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- Monster BrainLv 48 years ago
Only thing I know for certain is that is has been more then 10 years since Clinton left office and that was one reason they would not open ANWAR and Bush has been out of office for over 3 years......All I know is that the non jobs producing Green Groups that destroy wealth and prosperity are more important to Obama and the DNC then Union Workers who would be building the pipeline so F them all.
- Anonymous8 years ago
We only have 2% at most 4% of the worlds oil and we use 20% and increasing how long of a solution is more drilling for that 2%-4%...?
- 8 years ago
Wow , what an idiot Cavito thinks its great when you pay oil speculators 60 cents a gallon which equals 12 dollars everytime you fill up is great. the speculators have no part in bringing the oil out of the ground to the refinery to your gas station but they make more than anyone in the selling of a gallon of gas
- Anonymous8 years ago
A statistical analysis of 36 years of monthly, inflation-adjusted gasoline prices and U.S. domestic oil production by The Associated Press shows no statistical correlation between how much oil comes out of U.S. wells and the price at the pump.
If more domestic oil drilling worked as politicians say, you'd now be paying about $2 a gallon for gasoline. Instead, you're paying the highest prices ever for March.
Political rhetoric about the blame over gas prices and the power to change them — whether Republican claims now or Democrats' charges four years ago — is not supported by cold, hard figures. And that's especially true about oil drilling in the U.S. More oil production in the United States does not mean consistently lower prices at the pump.
Sometimes prices increase as American drilling ramps up. That's what has happened in the past three years. Since February 2009, U.S. oil production has increased 15 percent when seasonally adjusted. Prices in those three years went from $2.07 per gallon to $3.58. It was a case of drilling more and paying much more.
U.S. oil production is back to the same level it was in March 2003, when gas cost $2.10 per gallon when adjusted for inflation. But that's not what prices are now.
That's because oil is a global commodity and U.S. production has only a tiny influence on supply. Factors far beyond the control of a nation or a president dictate the price of gasoline.
When you put the inflation-adjusted price of gas on the same chart as U.S. oil production since 1976, the numbers sometimes go in the same direction, sometimes in opposite directions. If drilling for more oil meant lower prices, the lines on the chart would consistently go in opposite directions. A basic statistical measure of correlation found no link between the two, and outside statistical experts confirmed those calculations.
- 8 years ago
Anybody in the idustry knows that speculators actually stabilize prices in the long term.
- NLv 78 years ago
Oil is sold on the global markets, more drilling won't lower it's cost.
Our oil has to compete with the oil from other countries, not to mention the profit that the oil company has to keep in mind.