Oil and gas industry executives testified on ending tax breaks for the largest multinational oil and gas companies. Senate Democrats and the Obama administration are proposing ending $21 billion in subsidies for oil companies as a budget deficit reduction measure. The executives said the plan would do little to reduce gas prices and hurt their exploration efforts.C-Span
Barack Obama Weekly Address = Oil Prices
Rolls-Royce is coming out with an electric car.
Just in time too because this Libya shit is gonna kill me at the pump.
It has come to my attention that many of you are concerned about rising gas prices. In times of crisis like these, we should solve our problems in the most effective and efficient way.
And what way is that?
Why, blame someone, obviously.
Now, some of the astute might note that I’ve posted a picture of Muhammar Qaddafi and believe I am blaming him for this current predicament. However, that would not be the case at all. Muhammar Qaddafi is a visionary leader who has founded perhaps the most excellent form of government in the form of the Libyan Arab Jamahiriya (whatever Jamahiriya means, I have no idea, but I read his Green Book and it seems quite good).
You see, Colonel Qaddafi is of course the King of Kings of Africa, Brother Leader of Libya, Dean of the Arab leaders, and had a Ukrainian nurse. As far as we at Der tolle Mensch are concerned, the chap is completely without fault.
No, the people at fault are his ungrateful scummy people who want to overthrow this most excellent and fashion forward of world leaders. Them and the rest of these ungrateful kids in the Middle East have shut down Libya’s formerly excellent production and cause you to pay more for gas.
These opposition figures are nothing more than criminals dosed up on Al-Qaeda, drugs, and alcohol (these of course, are in no way mutually exclusive). Don’t take my word for it, I’ve heard it from Libyan state TV myself.
So, what should we hope for? That Colonel Gaddhafi will soon take back his country and get the oil flowing again. Then we can stop worrying about filling up our cars. We can hope to be so fortunate…
Long live Qaddafi!
-Der tolle Mensch
Before I get into the jokes, I wanted to take a couple of sentences to talk about D-Day. Today is the anniversary of D-Day, when the American forces landed on the beaches of France during WW2. Take a second out of your day to thank a military member for all they have done. I am sure they…
Tim Pawlenty isn’t alone on this misstep. Democrats bought the lie during the Bush years. Republicans are crying the very words now. Sadly, no one happens to know exactly how the market works. Gas prices are completely out of the President’s hands. The president has much control over gas prices as…
This Marketplace report on the OPEC summit highlights what we’ve seen revealed in the Wikileaks memo. Don’t think that just because oil prices dropped for a bit that everything’s better now. These fluctuations will continue and the overall trend will be a continued rise.
Sen. Bernie Sanders (I-Vt.) introduced legislation today that would order the federal commodity regulators overseeing futures trading to limit the positions on oil speculators in an effort to curb high gas prices.
The bill, titled End Excessive Oil Speculation Now Act of 2011, has been in the making for weeks as Sanders and other lawmakers in the House and Senate have investigatedwhy prices at the pump remain higher than two years ago even though supply is up and demand is lower.
The Dodd-Frank bill from 2010 included a provision that required the Commodity Futures Trading Commission to tackle the excessive speculation with a plan of enforcement by January 22, 2011. Those statutory obligations have yet to be met, and the bill would add one more piece of law to compel the CFTC to limit disruptive trading.
Daily Telegraph, 15 Jun 2011
The cartel of oil-producing countries will have $1 trillion (£600bn) in revenues for the first time this year.
Forecasts from the US government show that the Organisation of Petroleum Exporting Countries (Opec), whose key members include Saudi Arabia and Iran, will…