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For years the Republicans have built their houses of sand on screaming about how the only sensible energy tactic is 'DRILL BABY DRILL!', and how Obama is crushing the oil industry - and of course, how he's wrecking the stock market.

So how do they explain the current US oil boom, that is sending shock waves through OPEC?

I thought I'd share today's headlines on these stories - they particularly struck me, after listening to all the unsubstantiated predictions of woe;

http://money.msn.com/...

And the stock market which is setting new records?

http://money.msn.com/...

Could it be (GASP!) that everything they've predicted is based on BS and scare tactics, designed to frighten their low-information base, and create worry in order to damage the public's faith in the economic turnaround? Or is it that they have absolutely no idea of what they're talking about? Or a stirred (not shaken) mixture of both?

The downside to the oil story is that the increased production is based on oil from shale deposits, which is horribly polluting and creates massively increased carbon output. But still, it's proof of the fact of their utter wrongness on EVERY SINGLE THING they've used as a talking point.

Just a simple info-story for everyone to know, and ponder.

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Comment Preferences

  •  Tip Jar (8+ / 0-)

    WAR IS PEACE, FREEDOM IS SLAVERY, IGNORANCE IS STRENGTH - Big Brother 1984, Republican Party 2000-2013

    by Fordmandalay on Tue May 14, 2013 at 04:55:52 PM PDT

  •  Does shit stink? (4+ / 0-)

    Are Republican talking points lies?

    look for my eSci diary series Thursday evening.

    by FishOutofWater on Tue May 14, 2013 at 05:05:48 PM PDT

  •  higher prices means they can... (5+ / 0-)

    get oil from sources that used to be too expensive to tap. Hence an oil boom. Now they are manipulating the markets to make sure the price stays high so they can keep tapping those sources.

    It is simple Wall Street gambling and greed...

    "Approximately 60 to 70 percent of the oil contracts in the futures markets are now held by speculative entities. Not by companies that need oil, not by the airlines, not by the oil companies. But by investors that are looking to make money from their speculative positions,"
    In a five year period, Masters said the amount of money institutional investors, hedge funds, and the big Wall Street banks had placed in the commodities markets went from $13 billion to $300 billion. Last year, 27 barrels of crude were being traded every day on the New York Mercantile Exchange for every one barrel of oil that was actually being consumed in the United States.
    Masters believes the investor demand for commodities, and oil futures in particular, was created on Wall Street by hedge funds and the big Wall Street investment banks like Morgan Stanley, Goldman Sachs, Barclays, and J.P. Morgan, who made billions investing hundreds of billions of dollars of their clients' money.
    "The investment banks facilitated it," Masters said. "You know, they found folks to write papers espousing the benefits of investing in commodities. And then they promoted commodities as a, quote/unquote, 'asset class.' Like, you could invest in commodities just like you could in stocks or bonds or anything else, like they were suitable for long-term investment."
    How about we do something about this. Or at least tax the fuckers who are making billions gambling.

    http://www.cbsnews.com/...

    I sing praises in the church of nonsense, but in my heart I'm still an atheist, demanding sense of all things.

    by jbou on Tue May 14, 2013 at 05:12:44 PM PDT

    •  They Have to Gamble, There Isn't Enough Demand (1+ / 0-)
      Recommended by:
      jbou

      in consumer markets for much increased production because the rich have too much of the wealth.

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Tue May 14, 2013 at 05:21:51 PM PDT

      [ Parent ]

      •  It's going to get ugly (3+ / 0-)
        Recommended by:
        FishOutofWater, Karl Rover, Odysseus

        Someone is going to throw a brick through a window complaining about being broke and gas prices and his buddies are going to throw bricks too and all of a sudden we have a real revolution. Rich people need to be reminded that being too greedy is bad for them and society.

        I sing praises in the church of nonsense, but in my heart I'm still an atheist, demanding sense of all things.

        by jbou on Tue May 14, 2013 at 05:25:06 PM PDT

        [ Parent ]

  •  They're not saying this because they believe it, (2+ / 0-)
    Recommended by:
    bepanda, Major Kong

    although some might, they're doing it because it's what they're paid to do.

    Selling your body is immoral, selling your integrity is a good business decision.

    "The human eye is a wonderful device. With a little effort, it can fail to see even the most glaring injustice." Richard K. Morgan

    by sceptical observer on Tue May 14, 2013 at 05:23:32 PM PDT

  •  I've gotta say that the link you provide (1+ / 0-)
    Recommended by:
    Odysseus

    is not consistent with your rhetoric about OPEC experiencing shock waves.

    All it says is that new demand will be met by NA supplies and OPEC will keep on pumping at current levels, which is probably close to capacity (because if it wasn't, they would have long since flooded the market 1998 to cause prices to plummet to put the kiboosh on the development of alternative sources of crude oil - they clearly no longer have that capacity).

  •  It won't last. (2+ / 0-)
    Recommended by:
    207wickedgood, wilderness voice

    The shale oil boom requires high prices to be economically viable.  The real advantage is that it buys us some time to change.

    Dollars spent on domestic oil aren't going offshore.  For decades oil imports have been bleeding this country.  Notice how the Petroleum deficit has been cut.

    -7.75 -4.67

    "Freedom's just another word for nothing left to lose."

    There are no Christians in foxholes.

    by Odysseus on Tue May 14, 2013 at 06:14:28 PM PDT

  •  yes, absolutely (0+ / 0-)

    (response to title)

    This Rover crossed over.. Willie Nelson, written by Dorothy Fields

    by Karl Rover on Tue May 14, 2013 at 07:33:40 PM PDT

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