I’ve posted this video a number of times to document what Democrats really want: socialism and the government takeover of free enterprise and personal freedom.
But the words of the oil industry executive that led to Maxine Waters’ outburst are now equally interesting.
Listen to what he predicts:
Here is the exchange in transcript form:
Oil Executive: I can guarantee to the American people because of the inaction of the United States Congress ever-increasing prices unless the demand comes down – and the $5 will look like a very low price in the years to come if we are prohibited from finding new reserves, new opportunities to increase supplies.
Maxine Waters: And guess what this liberal will be all about? This liberal will be all about socializing … uh, um, [pause] … will be about [another long pause in which she tries not to document that Democrats are communists] … basically taking over and the government running all of your companies.
The executive explains simple reality: “If you don’t allow us to find and extract new oil resources the price is going to go up and up and up you lunatic idiot.”
And the lunatic idiot issues a threat that Democrat Marxist communist dictator thugs don’t need no stinking reality. They can “socialize” the oil companies by exercise of naked government dictatorship and that will somehow magically make all our problems go away.
On July 14, 2008 – as I’ve amply documented – George Bush ended the federal moratorium on offshore drilling. And on that news gasoline prices IMMEDIATELY DROPPED by nearly $10 a barrel:
Larry Kudlow: In a dramatic move yesterday President Bush removed the executive-branch moratorium on offshore drilling. Today, at a news conference, Bush repeated his new position, and slammed the Democratic Congress for not removing the congressional moratorium on the Outer Continental Shelf and elsewhere. Crude-oil futures for August delivery plunged $9.26, or 6.3 percent, almost immediately as Bush was speaking, bringing the barrel price down to $136.
Update: July 18, 2008 Crude Oil has dropped to $128.88 a Barrel
Update: July 17, 2008 Crude Oil has dropped to $130.73 a Barrel
Update July 15, 2008 Crude Oil has dropped to $138.74 a Barrel Biggest drop in 17 years
We had the price of oil dropping by ten bucks a day every day after Bush ended the moratorium.
Liberals try to insinuate that the gas prices going down AS BUSH WAS SPEAKING WHEN THEY HAD BEEN GOING UP EVERY SINGLE DAY PRIOR TO BUSH’S SPEAKING was merely the result of the economy stagnating. But that is a lie: our economy didn’t blow up until September of 2008. By the time Lehman Brothers collapse officially triggered the financial collapse on September 14, oil prices were already at $100 a barrel.
It was the hint provided by George W. Bush that ended the speculatory bubble of oil.
After rumors send oil prices falling, Welch renews call on President to tap nation’s oil reserves
BURLINGTON, VT – A day after rumors that the U.S. would tap the Strategic Petroleum Reserve (SPR) spooked Wall Street speculators and sent oil prices falling, Rep. Peter Welch is pointing to that episode as exhibit A of the effect such a move would have on gas prices and is renewing his call on President Obama to take action
Notice that Democrats are demanding that Obama open the strategic reserves, which amounts to a very temporary increase of oil on the market. Democrats are demanding that Saudi Arabia drill more. They are demanding that oil supplies be increased to bring down prices even as they deny that the US – which is idly sitting on reserves of 1.6 trillion barrels of oil – would have any impact on prices.
Democrats want America to be more reliant and more dependent on Arab oil. They absolutely refuse to allow America to become energy-independent. That’s the bottom freaking line.
Our strategic petroleum reserve was intended to be stockpiled for time of national emergency or war. Obama wants to use it as a political slush fund to benefit his presidential campaign. The fact is, the US government bought that oil at a lower price and will replace that oil at a shockingly higher price. And since we very obviously can’t keep doing that, it won’t have a measurable effect on gas prices because it clearly isn’t a long-term supply increase.
And all of the above is why during the last three years, gas prices have gone from well under $2 a gallon ($1.84 a gallon on January 20, 2009) to nearly $5 a gallon on Obama’s watch. Bush gave us low gas prices; Obama took them away.
“Somehow we have to figure out how to boost the price of gasoline to the levels in Europe.”
Obama said he WANTED oil prices to go up – as long as the increase was gradual so the people wouldn’t get pissed off and hold him personally responsible.
“Since taking office, [Obama] has declared 85% of our offshore areas off limits, decreased oil and gas leases in the Rockies by 70%, rejected the Keystone XL pipeline, and has 10 federal agencies planning more regulation of hydraulic fracturing…. The president’s ‘Jekyll and Hyde’ approach to energy security is hurting consumers.”
[A] study, prepared by the nonpartisan Congressional Research Service (CRS), examined oil production on federal and non-federal land between 2007-2011. Approximately 96 percent of the total increase in domestic oil production occurred on non-federal land, CRS found.
Earlier this month, the Energy Information Administration reported that oil and natural gas production on federal land declined 40 percent over the past decade and 14 percent in 2011 alone.
And so you actually wonder why gas prices have “necessarily skyrocketed” under Obama’s watch???
Just today Obama announced that he was going to end the oil and gas tax breaks – which will amount to a $4 billion increase in gasoline prices as the oil companies get the money Obama is taking from them back.
This is nothing more than a continuation of Maxine Waters’ communist war on the means of production of the American economy.
I’ve written about the so-called “tax breaks” for oil companies. Note that what little “tax breaks” there were came on the back of tax increases – and the tax increases outweighed the tax breaks. The bottom line is that if Obama gives the oil industry a middle finger, the oil industry will give the American people who put this fool into office a middle finger.
a March 2011 report by the nonpartisan Congressional Research Service suggesting that the president’s proposals could actually result in higher gas prices and a greater reliance on imports.
The proposed repeal “would increase tax collections from the oil and natural gas industries and may have the effect of decreasing exploration, development and production, while increasing prices and increasing the nation’s foreign oil dependence. These same proposals, from an alternate point of view, might be considered to be the elimination of tax preferences that have favored the oil and natural gas industries over other energy sources and made oil and gas products artificially inexpensive, with consumer costs held below the true cost of consumption, when the external costs associated with environmental costs and energy dependence, among other effects, are included,” the CRS said.
“The Administration estimates that the tax changes outlined in the budget proposal would provide $22.8 billion in revenues over the period 2012 to 2016, and over $43.6 billion from 2012 to 2021. These changes, if enacted by Congress, also would reduce the tax advantage enjoyed by independent oil and natural gas companies over the major oil companies. On what would likely be a small scale, the proposals also would make oil and natural gas more expensive for U.S. consumers and likely increase foreign dependence,” according to the report
It is ZERO coincidence that on the VERY DAY that Obama announces he’s going to slap down American oil some more, ExxonMobile just got replaced by Petrochina as the number one oil company in the world. We’re now number two and sinking fast, baby.
There was a funny line I remember from Big Bang Theory to put this into perspective:
Leonard: Well let me see if I can explain your situation using physics. What would you be if you were attached to another object by an incline plane, wrapped helicly around an axis?
Leonard: There you go.
We’re screwed as long as Obama is allowed to continue ruining America.