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View Diary: The Dean of West Virginia Radio gets taken to the woodshed (14 comments)

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  •  2/3 a good diary (0+ / 0-)

    The part where you blame speculators is fighting rubbish with rubbish.

    Yes, drilling in the OCS or opening up Alaska is irrelevant to current conditions. But supply globally having quit growing while the world economy continues - that's the real issue, idnit?

    A thorough seismic survey of the restricted zones should be done now. It would really help to know whether what we're arguing about is significant oil or a bucket.

    •  I have the testimony of sworn top experts (0+ / 0-)
      to back up what I'm saying.

      You can start by reading go this link, which was actually included in the text.

      I watched the testimony on CSPAN and all agreed.

      What are you offering to prove I'm wrong, there, "Downpuppy"? The sacred words of Geedubya and Phil Gramm or the hopes that your own protfolio doesn't crash when oil finally settles closer to the actual cost of extraction where it's supposed to be?

      •  No, you have one guy named Masters (0+ / 0-)

        that nobody's ever heard of. The other witnesses, who disagreed, and many more sensible arguments, are discussed & linked in various Krugman posts, or in masses & masses of material at the Oil Drum.

        •  WRONG. (0+ / 0-)

          Primary witnesses offering sworn testimony at the Energy Subcommittee on Oversight subcommittee hearings were:

          Mr. Fadel Gheit 81:34
          Managing Director and Senior Oil Analyst
          Oppenheimer & Co. Inc.
          125 Broad Street
          New York, NY 10004

          Mr. Roger Diwan 86:35
          Partner and Head of Financial Advisory
          PFC Energy
          1300 Connecticut Avenue, NW, Suite 800
          Washington, DC 20036

          Mr. Michael W. Masters 91:18
          Managing Member and Portfolio Manager
          Masters Capital Management, L.L.C.
          17 Church Street, 3rd Floor
          Christiansted, USVI 00820

          Edward N. Krapels, Ph.D. 98:38
          Energy Security Analysis, Inc.
          301 Edgewater Place, Suite 220
          Wakefield, MA 01810

          All were in agreement with what I'm saying here.

          You might wish to think that Big Oil isn't artificially driving up it's own prices by speculating with the billions in profit they've made, but that wouldn't make it true. And while I happen to like Paul Krugman I believe that he's misinformed in this area. And your reliance on the OilDrum, a petroleum industry-sponsored website selling the scam of "peak oil" does not give me confidence.

          Look. By Exxon's own admission,

          Exxon’s profits were a record for a first quarter and were the second highest ever for any U.S. corporation.  Exxon’s 2007 fourth quarter earnings of $11.66 billion are the all time record. During the first quarter of 2008 the oil giant piled up profits at the rate of $5.08 million an hour or $84,000 every minute. (See more historical data at Consumer Watchdog’s "Oil Profits Monster" database. Quarterly data and charts for Shell and BP will be updated by 11 am PDT.)

          With the announcement of record profits, Exxon also said it had bought back $8 billion in its own shares. source

          Hmm... Let's see now. Billions in profits, then billions plowed back in to speculate. Just what does that sound like to you if it's not pumping their own price up? And just how many other Big Oilys do you think are buying futures with their billions in profit instead of delivering the goods, when it's so much easier to roll a pair of loaded dice than it is to fire up the machinery? Particularly now that Abu Dhabi has begun throwing trillions at it through Citigroup, the world's largest funder of hedge funds?

          And just why do you think industry lobbyists are gearing up to protect "dark market" trading?  

          Again, the experts who testified in Congress on behalf of the Energy Commodities markets were all delivering the same message. Just because YOU hadn't heard it (and admit it, you hadn't) doesn't mean that it isn't true. So part of the problem is obviously getting the message out.

          Watch the testimony three times on the House Energy SubCommittee's website, and take notes as I have. You'll notice that even the Republicans on that committee didn't disagree with the witnesses I've proffered.

          Then read this.

          and then here

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