Comments on: Inflation Skyrockets On Energy Costs

June Report On Consumer Prices Much Worse Than Expected, Cutting Into Earning Power

[txlakeside]

Prices are up not because of oil but because our banking system and wall street got us into big ca ca with worthless loans and worthless investments. Thus the value of the dollar has fallen. That is why everything is more expensive. The money folks have dumped dollars and fled to safer value.

If the value of the dollar rose the price of oil would fall. This is econimics 101. Do not let the rich arrogant repubs tell you different. They got us in this mess by less oversite on the banks and financial institutions. The loans that have been put out over the last 8 years are worthless. The rich got richer and the poor got pooorer!

Only a true idiot would believe that new oil drilling that would enter the market in 10 years would lower the price of gas today! If you print trillions of dollars and borrow trillions of dollars the dollar goes down! When the dollar goes down commodities go up! This is just another correction for the rich and they will be bailed out nicely by you and I.

[mbcsmith]

Posted by ofbyfor1 at 03:20 PM : Jul 16, 2008


There are over 140 actual leased tracks right now that these oil companies have that they cannot drill in. They have the leases. They can drill in some of them but they can''t produce. In others they can look but they can''t drill. So when people come out and say, these oil companies already have these giant tracts of land, ask yourself and ask them, do they have the right to drill and produce on those lands

[ofbyfor1]

These supposed leases are worthless. no proven oil or gas there. If they do find it, states may actually regulate whether or not the oil company can actually extract the oil after they have spent millions to explore and drill.
another BOGUS LIB ARGUMENT.

Posted by mbcsmith at 03:16 PM : Jul 16, 2008

Are oil companies so foolish as to buy worthless leases?

If so, should we continue to grant them enormous subsidies while they rake in record profits and the average tax-paying American is having to struggle to buy basics such as food and gas (not to mention the cost of heat this coming winter)? Your tax dollars at work, folks.

[mbcsmith]

Oil companies have had leases on huge offshore tracts that have gone UNUSED for YEARS! They''''ve already had the opportunity to explore them. As to whatever Bush did today, it will be practically a decade before any of that oil comes to the pumps. Don''''t hold your breath.


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Posted by ofbyfor1 at 03:02 PM : Jul 16, 2008


These supposed leases are worthless. no proven oil or gas there. If they do find it, states may actually regulate whether or not the oil company can actually extract the oil after they have spent millions to explore and drill.
another BOGUS LIB ARGUMENT.

[bobnjersey]

[it was all due to Lord God Bush.]
[Posted by GOP_forever at 03:04 PM : Jul 16, 2008]

that''s why he gets blamed for everything.

[ofbyfor1]

Posted by whitemale08 at 03:06 PM : Jul 16, 2008

A tiny 36-square mile island in the northeastern Caribbean has more energy sense in some ways than we do in the US!

http://www.sknvibes.com/News/NewsDetails.cfm/5743

The tiny island of Nevis, composed of a long-dormant volcano, just passed legislation regarding the use of geothermal activity as a source of energy.

Granted, there are NOT many places in the US that have the level of geothermal activity as Nevis does (Hawaii, Yosemite, etc), but this is the type of ''out-of-the-box'' thinking that we need to begin to explore. SHOULD have started exploring more alternative energy years ago. Granted, geothermal won''t run your car, but if it brings your heat bill down, hey...better off. No more oilmen in office, please. They only seem to think of themselves.

[bobnjersey]

[The high price of oil made it impossible for mortgages to paid. What are you going to do/ Blame Bush, Cheney, Snow or Congress. Gee, I wonder what the executive branch is supposed to do?]
[Posted by BajaJohn1 at 02:49 PM : Jul 16, 2008]

there suppossed to provide leadership ... which they don''t seem to know how to do ... unless it involves doctoring intelligence estimates, misrepresenting fiction as fact, and browbeating everyone to go along with what they say.

a good start would be for mr. cheney to pull the curtain away from his ''super secret'' energy commission from early 2001 ... which he has expended so much energy to protect.

[whitemale08]

President Bush lifted the executive ban on American offshore drilling, and the price dropped. It is still dropping today. Don''''''''t let the Democrats fool you into believing that we are stuck with high fuel costs, or that there is nothing we can do about it.

Posted by OneAmerican

The prices dropped because a report came out saying that demanded is expected to rise slower than expected. Idiot.


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Posted by melchg at 02:56 PM : Jul 16, 2008-

Exactly...little does this clown know that once the Saudi''s and Hugo Chavez look over these rising inventory reports they will justify cutting down output so that prices can rise again.

It''s just a way to destroy demand and keep raising the price at the same time.

But again there are too many dumb Republicans that believe that oil is Freedom when it''s not. Oil is Serfdom. Plain and Simple

Obama will get us off oil once and for all.

[ofbyfor1]

Personally I blame Phil Gramm. He should be thrown in jail.

Deregulation of the banking industry and creating the enron loophole is the cause for the vast majority of this mess.

Thankfully the house just passed H.R. 6377: Energy Markets Emergency Act of 2008

The totals were 402 Ayes, 19 Nays, 13 Present/Not Voting

The senate better pass this thing and quick.

Posted by melchg at 02:55 PM : Jul 16, 2008

Hmm, I agree and thanks for the update on the bill. I have to check out more info on that.

Core inflation rate excludes Energy and Food?
What the heck does it include, IPhones and cigarettes?

[coco0331]

The Bush family profits skyrocket. Iranian oil would solve the whole problem.

[ofbyfor1]

President Bush lifted the executive ban on American offshore drilling, and the price dropped. It is still dropping today. Don''''t let the Democrats fool you into believing that we are stuck with high fuel costs, or that there is nothing we can do about it.

Posted by OneAmerican- at 02:55 PM : Jul 16, 2008

Oil companies have had leases on huge offshore tracts that have gone UNUSED for YEARS! They''ve already had the opportunity to explore them. As to whatever Bush did today, it will be practically a decade before any of that oil comes to the pumps. Don''t hold your breath.

[chatarpatar]

what happened to my comment? It was there for a minute and then disappeared.
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Posted by buckfush500 at 02:36 PM : Jul 16, 2008



BOOSH DELETED IT!!

[ofbyfor1]

The combination of greed from the mortgage/banking industry and the gullible stupidity of the consumer was the perfect fuel for the economic mess, but let us not forget the OIL. The high price of oil made it impossible for mortgages to paid. What are you going to do/ Blame Bush, Cheney, Snow or Congress. Gee, I wonder what the executive branch is supposed to do.

Posted by BajaJohn1 at 02:49 PM : Jul 16, 2008

Agreed. And the executive branch? LOL, apparently, not much. Although their influence IS limited, there are definitely differences in results based on policy.

As for oil, I truly despair when I consider that it''s only summer and I wonder what the heck people who have oil heat are going to do this winter. I can''t even imagine the toll that that''s going to take on the economy.

We ain''t seen nothin'' yet, kids... :(

[oneamerican-]

President Bush lifted the executive ban on American offshore drilling, and the price dropped. It is still dropping today. Don''t let the Democrats fool you into believing that we are stuck with high fuel costs, or that there is nothing we can do about it.

[ofbyfor1]

As tax payer I can%u2019t see bailing out those to stupid to know what they could afford.

Posted by dkhorse1 at 02:35 PM : Jul 16, 2008

Ah, the mortgage issue, gotcha!

Yeah, I know how you feel. As I said earlier, I''ve been paying off my mortgage for the past 15 years without more than 1 or 2 months that were late, but only by a few days.

Consider this though... Depending on the number of foreclosurres, etc, everyone''s property values take a nosedive. A good thing if you ASK for a reassessment and have your tax bill go down (SOMETHING I would highly RECOMMEND TO ALL!), a bad thing if, for whatever reason, you need to sell your home NOW.

Also consider the effect of abandoned and uninhabited properties. Are we going to have to deal with SUBurban blight? Doesn''t sound good to me.

So, the mortgage situation will probably cost the average taxpayer, one way or another, whether we bail people out or not. I think that the cost of bailing them out, however, will be less in the long run.

The end of it is that this seems to be yet another cost of ''deregulation''. Yes, I know that some people want to cry to get government ''off our backs''. As far as that pertains to the average citizen, I agree. But since when can you trust large, powerful corporations to keep everything above board if no one is watching after them?

I''ll leave you with that thought, folks, but I think we all know the answer...

[lochlan-2009]

and happily do so without thinking.

Posted by GOP_forever

The GOP base that have destroyed this country these last eight years, "happily".

[jn122736]

Bush Sr. sure had it right in the 80s when he called trickle down ''''Voodoo Economics''''. Too bad he didn''''t stick to it. Part of the reason he lost election for his 2nd term was that he got caught between a rock and a hard place when he said, ''''Read my lips, no new taxes'''' and then realized that he HAD to raise them. At least in THAT part, he was honest.
Posted by ofbyfor1 at 01:55 PM : Jul 16, 2008,
~~~~~~~~~~~~~~~~~~
And probably the ONLY honest act by a republican president since Eisenhower.

America was almost as fed up with democrats with all the excessive taxing, mainly to finance their overspending while allowing pharmaceutical and medical care providers to over charge the Medicare system (mainly by bypassing normal restrictions with fabricated charges/services), coupled with anger at Carter for his seemingly non-response to the Iran hostage crises (myself included), as they are now with republicans.

It took me over ten years to finally realize what a farce trickle-down really is.

As I have stated before, I have voted in every presidential election, starting with JFK in 1960, and the only times my choice was not elected was in 2000 and 2004, and I have serious doubts about the validity of those two elections.

I believe that record qualifies me as a true independent voter.

[dkhorse1]

As tax payer I can%u2019t see bailing out those to stupid to know what they could afford.

[theroo4]

To GOP forever - that''s the problem - you happily vote for the GOP candidate in every election WITHOUT THINKING!!! What if the other candidate is much more qualified?