Oil execs on Capitol Hill

[airdvr 198]

http://www.reuters.com/article/marketsNews/idUSN2143395820080521

Is this what Congress thinks we need?

I actually found myself watching this drivel in CSPAN last night. What a joke. Being called before congress because your company is profitable.

I heard the most assinine statements last night...

Arlen Specter...he wants to bring a lawsuit against OPEC? Please.

Some other idiot seemingly amazed that we are at the mercy of OPEC. What planet does congress live on?

Or this one from Herb Kohl "Your industry has no problem doubling your profits, tripling your profits, even when prices at the pump go crazy," he said. "You have no problem keeping up with your increasing profits. It just doesn't seem fair, guys. It just doesn't seem fair."

This is the legislature's idea of problem solving?

Please don't dent the planet.

Destinations by Roxanne

[Gawain 0]

You think that's bad, you should have heard Rep. King's (R-IA) interview on Glenn Beck's radio program yesterday.

After this round yesterday, I'm writing the CEO's of the oil companies I own stock in and am going to advocate they stop cow-towing to this crap, lay it on the line and show some balls for a change.

So I try and I scream and I beg and I sigh
Just to prove I'm alive, and it's alright
'Cause tonight there's a way I'll make light of my treacherous life
Make light!

[airdvr 198]

They did sit there like a bunch of deer caught in the headlights while these pompus ass pontificated to them. This dog and pony show was a joke, like much of what congress does these days.

Please don't dent the planet.

Destinations by Roxanne

[piper17 1]

Members of Congress need to take a course in Economics 101 at their local community college or state university and learn about the law of supply and demand....more supply than demand for a product drives down the cost. Drill and refine more, talk less.

"A man can never have too much red wine, too many books, or too much ammunition"...Rudyard Kipling

[NewGuy2005 51]

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Members of Congress need to take a course in Economics 101 at their local community college or state university and learn about the law of supply and demand....

Their constituents need to take the course, then they will have enough sense to vote these idiots out.

[billvon 2,406]

>Arlen Specter...he wants to bring a lawsuit against OPEC?

I loved that one.

"We, in Congress assembled, find OPEC guilty of gouging and coercive pricing!"

"Yeah, whatever. Now give us another 40 billion dollars."

"Uh - OK."

[pirana 0]

My sentiments exactly. People belly-ache like all get out; then return most of the incumbents to office. If the devil you know is less scary than the devil you don't know - - then shut up and eat your porridge.

I've long advocated a vote-them-all-out approach. Vote every last one of the assholes out of office. If the new group does not fundamentally change the way they address our nations issues; and does not make something more than tiny marginal improvements to SOMETHING - - ANYTHING!!! . . . .vote all the fuckers out again.

At some point the politicians might get the idea.

" . . . the lust for power can be just as completely satisfied by suggesting people into loving their servitude as by flogging them and kicking them into obedience." -- Aldous Huxley

[airdvr 198]

I can't find the exact numbers. Does anyone know how long the Strategic Reserve would last us if it were released?

My thoughts are we are the consumer, the biggest customer. I'd like to see a bold move on our part. Release the reserves and cut off Middle Eastern & Venzualan oil, if even for no more than a week or so depending on how far it would take us.

I don't know if it's doable, or if it would ultimately have a negative impact but I get tired of these countries holding a gun to our heads.

I'd also like to see Congress and the tree huggers step out of the way and let us drill for oil in our own country. Sure, sure, you say the impact to the world's oil supply is negligible but every barrel we can get on our own is one less we pay those assholes for.

Please don't dent the planet.

Destinations by Roxanne

[diablopilot 2]

"Fair", unless talking about the event, is a bullshit concept.

----------------------------------------------
You're not as good as you think you are. Seriously.

[SkyDekker 1,129]

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I can't find the exact numbers. Does anyone know how long the Strategic Reserve would last us if it were released?

My thoughts are we are the consumer, the biggest customer. I'd like to see a bold move on our part. Release the reserves and cut off Middle Eastern & Venzualan oil, if even for no more than a week or so depending on how far it would take us.

I don't know if it's doable, or if it would ultimately have a negative impact but I get tired of these countries holding a gun to our heads.

I'd also like to see Congress and the tree huggers step out of the way and let us drill for oil in our own country. Sure, sure, you say the impact to the world's oil supply is negligible but every barrel we can get on our own is one less we pay those assholes for.

Middle east has been making $3 billion a Day off oil. I am sure they can hold out longer than the US can. Specially since the majority of your oil isn't coming from them.

[billvon 2,406]

>Does anyone know how long the Strategic Reserve would last us if it were released?

By the numbers:

We use 22+ million barrels a day, SPR holds 700 million currently. That's a month (31 days) of capacity.

However maximum pumping rate is 4.4 million barrels a day, so it would be more accurate to say that it would supply a little less than 1/5 of our needs for 160 days (5 months.)

[Hausse 0]

I still think it's kind of funny that people think it's the companies fault to make profit...

The only way to stop them from doing so is simple: Impose giant gas taxes. Make the gas price go up to $8 like everywhere else in the world and I bet it would take very little time until 95% of all pick ups and SUV's are off the street, hybrids are everywhere and hydrogen will be ready for use very soon.

That's the problem with directly electing the president. All the morons that don't understand economics will elect the guy/girl that does the wrong thing (a.k.a. McCain) cause it's the popular way to go.

[pirana 0]

Quote

I still think it's kind of funny that people think it's the companies fault to make profit...

The only way to stop them from doing so is simple: Impose giant gas taxes. Make the gas price go up to $8 like everywhere else in the world and I bet it would take very little time until 95% of all pick ups and SUV's are off the street, hybrids are everywhere and hydrogen will be ready for use very soon.

That's the problem with directly electing the president. All the morons that don't understand economics will elect the guy/girl that does the wrong thing (a.k.a. McCain) cause it's the popular way to go.

That's the problem with democracy. It's very easy for smooth-talking leaders to portray an attractive image, cover their mistakes with schmooze, and lead us well down the bad path before the huddled masses realize they've been fucked over yet again.

" . . . the lust for power can be just as completely satisfied by suggesting people into loving their servitude as by flogging them and kicking them into obedience." -- Aldous Huxley

[jcd11235 0]

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That's the problem with directly electing the president. All the morons that don't understand economics will elect the guy/girl that does the wrong thing (a.k.a. McCain) cause it's the popular way to go.

We don't directly elect the President. That's why Bush took his Oath of Office in January 2001 instead of Gore.

I do, however, suspect that Gore would have place a little bit more emphasis on transitioning to alternative fuels that Bush has.

Math tutoring available. Only $6! per hour! First lesson: Factorials!

[billvon 2,406]

> I still think it's kind of funny that people think it's the companies fault to make profit . . .

>The only way to stop them from doing so is simple: Impose giant gas taxes.

Which no one would like either. People want lots o' stuff without paying for it; that desire has been behind most of the stupider taxation, refund and economic policies of the past 20 years. (Although I never thought I'd see a time that we got so stupid that we were actually mailing people checks of their own money back to them - and claiming that was a good move.)

[TheAnvil 0]

The oil companies are an easy target on which to focus the ire of idiots. It helps get you re-elected. That's why they were doing that - I hope. Disgusting nonetheless.

Vinny the Anvil
Post Traumatic Didn't Make The Lakers Syndrome is REAL
JACKASS POWER!!!!!!

[kelpdiver 2]

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I do, however, suspect that Gore would have place a little bit more emphasis on transitioning to alternative fuels that Bush has.

Well, he couldn't have put any less emphasis on the subject. But honesty, I see his grand conversion as something that would only have happened after losing - much like the multiple transitions of Jerry Brown in his life.

Not to disparage - I think Brown is looking pretty good these days, first as mayor of Oakland and now the CA AG, and he'll be running for governor again.

[kelpdiver 2]

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I can't find the exact numbers. Does anyone know how long the Strategic Reserve would last us if it were released?

So your thinking is that we'll purge the reserve for a minimal (if that) change in the demand curve, then afterwards we'll buy the oil back at 5 times the original purchase price? Won't the buyback increase demand and therefore prices again? And you accuse Congress of being weak on economics?

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Earlier this month, lawmakers unveiled a new energy package that would revoke $17 billion in tax breaks extended to big oil companies and slap a 25 percent windfall profits tax on firms that don't invest in new energy sources.

If we want to play by simple economics, it's clear that the oil companies no longer need $17B in corporate charity. And if they want rights to new locations, they can and will be subject to requirements on R&D.

[StreetScooby 5]

Quote

It's very easy for smooth-talking leaders to portray an attractive image, cover their mistakes with schmooze, and lead us well down the bad path before the huddled masses realize they've been fucked over yet again.

My exact perception of Obama.

We are all engines of karma