Posts Tagged ‘Harper’

Canada Prime Minister In China To Sell Keystone Oil Obama Rejected So America Could Have Highest Gasoline Prices EVER Instead

February 8, 2012

Fact one: America is just about to lose a huge source of oil because Barack Obama pissed away the hundreds of millions of gallons of Keystone oil and the tens of thousands of jobs it would have provided.  Now the energy America will desperately need to going to go to China.

Canadian PM in China trying to sell Keystone oil, says Sen. Hoeven
By Josiah Ryan – 02/07/12 12:40 PM ET

Sen. John Hoeven (R-N.D.) on Tuesday said that thanks to the Obama administration’s delay of the Keystone XL oil pipeline, Canadian Prime Minister Stephen Harper is, at this moment, hawking his nation’s excess oil to the Chinese administration.

“Right now Prime Minister Harper is talking to Hu Jintao, president of China, and believe me, China wants that oil,” Hoeven said. “[W]e will see what kind of agreement he comes back with from China.”

Harper arrived in China on Tuesday with a delegation of Canadian businessmen, and plans to meet with Chinese officials on the topic of energy.

Hoeven, whose state would host part of the proposed Keystone pipeline, which would carry oil from Canada to the American Gulf Coast, argued forcefully from the Senate floor on Tuesday that Canada wishes to sell its oil to its “best friend” the United States, but that the administration’s delay of a decision on the project had caused them to shop overseas for a buyer.

“The only thing we can figure is that the administration has decided that they don’t want oil produced in the Canadian sands,” Hoeven said. “While we continue to put Canada on hold, China is working very hard to make sure that oil comes to them.”

After a quiet morning on the floor, the Senate recessed for a break until 2:15 p.m. to accommodate party luncheons. The Senate will also be recessed Wednesday to accommodate a Democratic retreat.

Fact two: Americans spent more on gasoline over the course of 2011 than in ANY YEAR IN AMERICAN HISTORY.

U.S. drivers spend record amount on gasoline in 2011
Despite lower demand, more than $448 billion has been paid so far for fuel — $100 billion more than in 2010. Consistently high oil prices are blamed.
December 09, 2011|By Ronald D. White, Los Angeles Times

American drivers this week broke a record that will bring them no joy.

They collectively spent more than $448 billion on gasoline since the beginning of the year, according to the Oil Price Information Service, putting the previous record for gas expenditures — set in 2008 — in the rearview mirror with weeks of driving still to go.

It’s also a huge jump over last year, when U.S. drivers spent more than $100 billion less on gas.

The major reason for the record-setting gas spending in 2011 was that oil prices were consistently high all year. And that probably brought joy at the other end of the pipeline. The Organization of the Petroleum Exporting Countries is on pace to top $1 trillion in net oil exports for the first time, or 29% more than last year.

Fact three:

Gas prices to spike 60 cents or more by May
By Gary Strauss, USA TODAY

Get ready for another round of pain at the pump: $4 (or higher) gasoline.

After rising 19 cents a gallon in the past four weeks, regular unleaded gasoline now averages $3.48 a gallon, vs. $3.12 a year ago and $2.67 in February 2010.

Prices could spike another 60 cents or more by May. “I think it’s going to be a chaotic spring, with huge price increases in some places,” says Tom Kloza of the Oil Price Information Service. Kloza expects average prices to peak at $4.05, although he and other industry trackers say prices could be sharply higher in some markets.

Rising prices are an annual spring ritual, largely because of seasonal demand.

Refiners also switch from winter formulations to more expensive seasonal formulations to meet stringent environmental standards, which can tack on 15 cents a gallon, says Brian Milne of energy tracker Televent DTN.

This year’s earlier-than-usual run-up is more about anticipation than current supply and demand. Last week, the Energy Department reported anemic U.S. consumption — the lowest levels since September 2001. Domestic crude oil prices, now about $98 a barrel, are near six-week lows.

Renewed tensions in the Middle East are bolstering crude prices, while speculators are boosting futures contracts, betting on global supply disruptions and tighter refining capacity. Kloza notes that several U.S. and overseas refiners have experienced temporary or permanent closures.

So far, $4 a gallon has proven to be the upper limit consumers will pay. Last April, national prices peaked at about $3.98 a gallon. In 2008, a sharp run-up ended when prices hit an all-time average of $4.11 a gallon that summer.

“Higher demand, Iran, lost refining capacity are all potential problems,” Milne says. “We’ll get over $4 a gallon, but it’s going to be tough to sustain that level. People will drive less.”

Energy analyst Patrick DeHaan of price tracker Gasbuddy.com expects prices to rise to about $3.55 a gallon by the end of February and peak around $4 by Memorial Day weekend.

“You could see prices in Chicago, Los Angeles, New York, Washington and other major metropolitan areas at $4.60 or higher,” DeHaan says.

Lisa Margonelli, author of Oil on the Brain: Petroleum’s Long, Strange Trip to Your Tank, says consumers will be vulnerable to rising prices until the U.S. develops alternative fuels such as natural gas.

Fact four: Barack Obama is the worst and most failed president in American history.