With Gas Prices Expected To Drop Below $3, Republicans Suddenly Silent On Obama’s Role

[babylonsister]

I know, you're all shocked!!!

http://thinkprogress.org/climate/2012/06/25/505369/with-gas-prices-expected-to-drop-below-3-republicans-suddenly-silent-on-obamas-role/

With Gas Prices Expected To Drop Below $3, Republicans Suddenly Silent On Obama’s Role

By Rebecca Leber on Jun 25, 2012 at 2:59 pm


Experts predict average gas prices may fall below $3 this fall after dropping 14 cents in two weeks. When prices hit a record high, Republicans attributed sole responsibility to President Obama, even though there is no evidence that factors like drilling impact what consumers pay.

Just two months ago, Republicans said Obama shouldered the blame for rising gas costs, and that only he had the “key” to lower gas prices:

Mitt Romney, March 18, 2012: “He gets full credit or blame for what’s happened in this economy, and what’s happened to gasoline prices under his watch, and what’s happened to our schools, and what’s happened to our military forces. All these things are his responsibility while he’s president.”

House Speaker John Boehner (R-OH), April 6, 2012: “The president holds the key to addressing the pain Ohioans are feeling at the gas pump and moving our nation away from its reliance on foreign energy. My question for the president is: what are you waiting for?”

Boehner, April 6, 2012: “The president’s own policies to date have made matters worse and driven up gas prices.”

Senate Minority Leader Mitch McConnell (R-KY), Feb. 28 2012: “This President will go to any length to drive up gas prices and pave the way for his ideological agenda.”

Sen. John Barrasso (R-WY), March 13, 2012: Obama is “fully responsible for what the American public is paying for gasoline.”

Are Republicans now reversing their rhetoric and giving Obama credit for falling gas prices? Of course not.

Former Virginia Sen. George Allen, who is running to reclaim his old seat, is another lawmaker who has misled on the gas prices. Last month, ThinkProgress reported that Allen is pushing a graphic that not only compares gas prices to an artificially low amount, but lists a “current” price from April, even though Virginia gas prices are now more than 40 cents lower per gallon.

Obama’s policies haven’t changed since April: the Keystone XL pipeline has not been built, drilling hasn’t drastically changed, and the same regulations are in place. Yet gas prices have fallen. Economics says he isn’t responsible, either way.

[Drale]

1. Did you really expect anything different? ./nt

[tabatha]

2. Yep, it is Obama's "lacking" foreign policy that is the cause of the drop.

Saudi Arabia is determined to hurt Iran with more production.

But, maybe the policy would be less "lacking" if Obama took over Iran's oilfields with shock and awe.

[rocktivity]

3. Here's the REAL reason why they're staying quiet

Forbes.com, 4/17/2012: President Obama unveiled a plan Tuesday to increase regulatory oversight of oil markets to limit the “illegal manipulation, fraud, and market rigging” that have contributed to gas price increases. Citing many Americans’ pain at the pump, the President asked Congress for an additional $52 million for the CFTC to clamp down on speculators...

Obama also called for harsher civil and criminal penalties for manipulation in key energy markets. Fines would be increased to $10 million, from $1 million currently, along with “a new toughened penalty structure for market manipulation in energy markets.”
link

In short, regulation WORKS.


rocktivity

[JaneQPublic]

4. GOPer Rule of Thumb:

A. The Blame for everything bad goes to the Democratic President, whether in office at the time or not.

B. The Credit for everything good goes to the Republican President, whether in office at the time or not.

Considering the Repukes blamed Obama for the Economic Crash of 2008 but gave GWBush credit for killing bin Laden, it's no wonder they refuse to give Obama credit for falling gas prices after blaming him for rising prices.

The only reason they're quiet now is they're waiting for Karl Rove to tell them how to credit a past or future GOP president for the price drop.

[badtoworse]

5. The crappy world economy has reduced demand for oil and the dollar has strengthened.

That is the real reason oil prices have dropped.

[BumRushDaShow]

6. And the media REFUSES to call them on it

further proving their collaboration because they are owned by the RW lunatics.

[tabatha]

7. For those who missed it ....

Global liquid fuel output in May and June hit 88.9 million bpd, up about 2.9 million bpd from the same period last year, the EIA said. Most of the gain came from increased output from Organization of the Petroleum Exporting Countries members Iraq and Libya. Output has also grown from Saudi Arabia.

The figures showing better supplies and falling oil prices cheered supporters of U.S. sanctions on Iranian oil transactions that get underway on June 28.

"This is great news for sanctions supporters and very bad news for the Iranian economy," said a Senate Republican aide.

"With oil prices down and markets getting looser, the President and Congress have maximum flexibility to push the envelop with regard to economic sanctions. It's only going to get worse for Tehran from here."

http://www.cnbc.com/id/47965133

[cthulu2016]

8. I give conservatives the world 'round full credit for this

The price of gas is declining because expectations of global economic growth are declining, due to conservative economy-wrecking policies around the world.

So yes, technically RW economics does deserve the credit here.

[tabatha]

9. FALSE

The rationale behind this decision ultimately stems from Saudi Arabia, which has been producing a staggering 9.9 million bpd in May. “The Saudis weren’t willing to cut production, especially with the Iranian sanctions slated to take hold, they may not have wanted to risk a tight market and send prices higher,” says Morningstar analyst Allen Good.

Having the most excess capacity, Good tells Forbes if any OPEC country were to cut production, it would be Saudi Arabia and since they refused, OPEC had to keep levels where they were.

Oppenheimer & Co. analyst Fadel Gheit points to the Arab Spring as to why Saudi Arabia doesn’t want to cut production. A drop in Saudi oil output would cause prices to rise (above $100 per barrel), threaten global economic health and lower oil demand. “Saudi Arabia is caught between a rock and a hard place. While they don’t want oil prices to rise, they need extra money to buy peace at home. They don’t want to be like Egypt, Syria or Tunisia with demonstrations,” he says.

http://www.forbes.com/sites/scottgamm/2012/06/18/saudi-arabia-keeps-opec-spigots-open/

[cthulu2016]

10. WRONG

You are conflating short-term trading news and the global economic picture.

Demand is below trend. Period. That is because of the global economy.

Saudi Arabia choses to not CUT production in oder to ARTIFICIALLY SUPPORT the price effect of that reduced demand.

And you rudely cite this irrelevancy as disproof of the inescapable fact that oil is down because global demand is down.

[tabatha]

11. How can consumption change in the period of a few months? By that much?

Where are your facts and figures to support your contention?

Sorry, the only thing that can change in that short a period of time is supply.

I await some data to support your contention.

[tabatha]

12. OPEC ups 2012 world oil demand forecast

on MAY 10, 2012 · in NEWS
1:19 pm

VIENNA (AFP) – OPEC revised its 2012 world oil demand outlook slightly upwards on Thursday citing a stable US economy and the shutdown of nuclear plants in Japan, which boosted demand.

The Organization of Petroleum Exporting Countries predicted 2012 demand at 88.67 million barrels per day (bpd), up 0.90 million bpd from 2011, in its latest monthly report.

This represented a minor hike from its previous estimate in April which stood at 88.64 million bpd.

“Given the stabilisation of the US economy and the shutdown of Japanese nuclear power plants, world oil demand growth has — at least for the short-term — stopped its declining trend and is showing some growth,” OPEC said.

Demand outside the OECD developed countries was higher while those such as India and Saudi Arabia were consuming more than expected, it added.

http://www.vanguardngr.com/2012/05/opec-ups-2012-world-oil-demand-forecast/

[kentuck]

13. The President is responsible for the high gas prices....

When the prices are lower, someone else is responsible. The people crack me up!