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Chart of the Day: Oil

By JLP | May 23, 2012

Oil is down 14.65% for the month of May.

Topics: Oil | 28 Comments »


28 Responses to “Chart of the Day: Oil”

  1. tom Says:
    May 23rd, 2012 at 12:28 pm

    OMG, Obama’s energy policy is WORKING!

    I hope all the Republicans blaming Obama for high gas prices are now feeling like idiots. Clearly, he had nothing to do with the spike or the drop.

    If I were Obama, I’d be calling them out: “Hey, (insert name here), how ya like me now?! Don’t you feel stupid?”

  2. JLP Says:
    May 23rd, 2012 at 12:35 pm

    Yeah, I know.

    UNFORTUNATELY…

    What will probably happen is the media will give him credit for the drop even though they didn’t place the blame on him for the increases (there were no ties to big oil like there were for Bush). Trust me. The media wants Obama reelected.

  3. tom Says:
    May 23rd, 2012 at 12:44 pm

    This is where I like Obama. He’s not out selling something that isn’t there.

    You can argue the Obamacare thing one way or another, but there is no evidence that presidents have control over oil. It pisses me off that leaders of my own party were running around saying that Obama’s energy policies are failing and causing gas prices/oil prices to rise. It’s just absurd and they need to get publicly flogged for it.

    Unfortunately, Obama has better things to do than call out stupid Republican leaders.

  4. JLP Says:
    May 23rd, 2012 at 12:53 pm

    Tom,

    Come on now. Democrats were doing the same thing to Bush when he was in office. I think that’s politics. Bush ignored the Democrats like Obama’s ignoring Republicans now.

    That said, I agree with you in that the President has little to do with the price of oil.

  5. Steve Braun Says:
    May 23rd, 2012 at 1:58 pm

    Tom — I don’t blame Obama for the price of oil. Obama has no “energy policy” except to curtail or eliminate the easiest and cheapest forms of energy (oil, gas, coal) and subsidize the least efficient and most expensive forms (green energy). That policy is an utter failure.

    Indirectly, however, it is Obama’s failed economic policies (not energy policies) that are impacting the price of oil. Oil prices have fallen recently due to lower economic activity in the U.S. and globally. Demand falls, prices fall. You will note that earlier this year oil prices spiked with the expectation of economic recovery (which turned out to be a mirage).

  6. tom Says:
    May 23rd, 2012 at 2:08 pm

    JLP,

    I don’t care what Democrats did w/ Bush. Because they did it means that Republicans have to? It’s ridiculous and I think less of any politician who tries to feed me that bullshit.

    Take the high road and don’t make it so obvious you think everyone in America is a freaking idiot.

    Steve,

    Exactly… if he has no energy policy, then how is he making oil prices rise and fall? Rhetorical.

    Also…

    Obama’s economic policies affect oil? Really? How much? And how much do you think is directly related to the issues over in Iran? I’d love to see your data.

  7. tom Says:
    May 23rd, 2012 at 2:16 pm

    PS…

    Steve,

    Why all the vitriol? This is the problem with American politics, it’s not that you don’t agree with Obama instead it’s: HE UTTERLY FAILED AND IS THE WORST PRESIDENT IN THE HISTORY OF THE COUNTRY AND HE’S NOT EVEN AMERICAN…. RAAAAAAAAAAAAAARRRRRRRRRRR.

    Come on, lighten up. Obama isn’t a bad President. Presidents have a vision for the country. He has a vision, but his vision is completely screwed up by the Senate and House. If you want to blame anyone for anything getting screwed up, i.e. health care or energy, blame the legislature. In fact, Obama has come out in favor of some pretty huge things that few politicians have the balls to be in favor of, e.g. Social Security reform.

  8. Jack Says:
    May 23rd, 2012 at 2:40 pm

    Get real, Tom. 0bama had two years of a filibuster-proof Senate and a Democrat majority in the HofR, and we got 0bamacare and debt out the wazoo. The dems got hammered in 2010 because he people saw his “vision” and did not like it.

  9. JLP Says:
    May 23rd, 2012 at 3:01 pm

    Tom wrote:

    “Take the high road and don’t make it so obvious you think everyone in America is a freaking idiot.”

    I don’t think everyone in America is an idiot.

    Back to the discussion…

    Here is the way it seems to work:

    Republican President – oil prices go up, he’s got ties to big oil. Media blames the president. Oil prices go down, nothing.

    Democrat President – oil prices go up, nothing. Oil prices go down, president is hailed as leader. Trust me…if oil prices continue their downward trend, Obama will get the credit.

    Whether or not those things are true, makes no difference. The general voter hears this stuff and they believe it.

  10. BG Says:
    May 23rd, 2012 at 3:01 pm

    Mitt Romney says Obama fully controls gas prices. This was on an (of course) FoxNews interview (March 18th, 2012).

    “He said that energy prices would skyrocket under his views and he has selected three people to help him implement that program: the Secretary of Energy, the Secretary of the Interior and the EPA administrator. And this ‘gas hike trio’ has been doing the job over the last three and a half years and gas prices are up. The right course is they ought to be fired because the President has apparently suffered an election-year conversion. He’s now decided that gasoline prices should come down.”

  11. JLP Says:
    May 23rd, 2012 at 3:12 pm

    For the record, I am not a Romney fan.

  12. BG Says:
    May 23rd, 2012 at 3:26 pm

    I’m just challenging your assertion:

    “What will probably happen is the media will give him credit for the drop even though they didn’t place the blame on him for the increases…”

    FoxNews, in particular, has been blaming Obama for oil/gas prices since he was elected office. This is well documented in this ironic video:

    Fox News Resumes Perennial Gas Price Charade

  13. JLP Says:
    May 23rd, 2012 at 3:33 pm

    Media includes more than just Fox News. Fox News is the only news outlet that will challenge Obama.

  14. tom Says:
    May 23rd, 2012 at 3:36 pm

    @JLP…

    I meant Republican politicians, not you. Actually, politicians in general. They are all out for the soundbites.

    @Jack…

    Don’t get me wrong, I’m no Obama supporter, but you can’t begin to claim that the mountains of debt are all on him.

    You can say the stimulus was a huge mistake, I say you have no evidence or data for or against it. There is no way to tell.

    My point is, he didn’t write the laws, he just created the vision. We haven’t had a President as transparent as he is. He said he’s going to go after healthcare, he did, right or wrong. He said he’ll bring Bin Laden to justice, he did. He said he’ll get us out of Iraq and Afghanistan, and he is, right or wrong.

    I don’t think he has the correct vision for the country, nor do I think Romney has it. For the first time in a long time, I’m going to be thinking hard about who I will vote for. Neither candidate will be able to pass any vision in this gridlock cluster, especially now that moderates are being tossed out of primaries. What it comes down to are social issues and I think Obama beats out Romney by far.

  15. tom Says:
    May 23rd, 2012 at 3:38 pm

    @JLP,

    “Media includes more than just Fox News. Fox News is the only news outlet that will challenge Obama.”

    It’s not challenging Obama when you claim false information as fact.

    I’m a conservative and even I won’t watch Fox News. It’s 100000000000000x more biased than CNN or even MSNBC, the Democrat media darling.

  16. Jack Says:
    May 23rd, 2012 at 3:48 pm

    > We haven’t had a President as transparent as he is.

    SERIOUSLY!? Where are his school records? Where are his medical records? SEALED, that’s where.

    WHY?

  17. BG Says:
    May 23rd, 2012 at 3:48 pm

    Politics aside, though I’m very glad oil/gas prices are dropping — I’m fearful that the cause is the onset of another recession.

    Prices drop when demand does, and dropping demand for oil/gas equates to a slow(ing) economy.

  18. Jack Says:
    May 23rd, 2012 at 3:50 pm

    > You can say the stimulus was a huge
    > mistake, I say you have no evidence
    > or data for or against it.

    Then perhaps you can handle simple analysis. Let’s start with this:

    WHERE DID THE MONEY COME FROM?

  19. JLP Says:
    May 23rd, 2012 at 3:57 pm

    Tom wrote:

    “I’m a conservative and even I won’t watch Fox News. It’s 100000000000000x more biased than CNN or even MSNBC, the Democrat media darling.”

    The NEWS part of the channel or the talk programming? I understand the evening shows are biased. But the news is news. Wasn’t it one of the Fox morning shows that got Hank Williams, Jr. fired from MNF?

    I don’t watch Fox News very often. I don’t watch any news, really.

  20. BG Says:
    May 23rd, 2012 at 4:07 pm

    If you have a spinning emblem 24/7 on your channel with “news” in that emblem, its hard to fault people foolishly believing that the channel is actually “news”. I watch FoxNews for the laughs (and hot blondes).

    I can’t wait for the debates, Romney is going to get trounced.

  21. Jack Says:
    May 23rd, 2012 at 7:13 pm

    Just watch, 0bama will refuse to have a debate with a Fox journalist moderating!

    How ’bout we get Thomas Donohue, President and CEO of the U.S. Chamber of Commerce, to moderate a debate. Do you think 0bama would dare take that?

  22. Beeg Says:
    May 23rd, 2012 at 7:15 pm

    CFR Team A or CFR Team B…
    Obama = Bush 2 = Clinton = Bush 1

    Nothing has changed in the last 20 years. There has been one conservative president in 116 yrs (Reagan), and even he ran large budget deficits.

    Focusing on national politics is an end game for true conservatives. We should focus our efforts on local and states rights.

    The two establishment parties (Democrat/Repub) will push the country into default with our annual $1T deficits ($10K for every working citizen). We will kick the can further and further until we can’t kick the can any longer and the anchor will be entitlement programs (medicare and soc sec).

    End the FED, shrink the government, shrink the military, get the Feds out of education, health care, environmental etc. Allow the states and counties to govern themselves. This is what lead to stable and strong growth for the USA (1815 to 1915).

  23. tom Says:
    May 23rd, 2012 at 7:45 pm

    @Jack,

    The money came from nowhere, it was magically made and immediately turned into debt. Was it a success or a failure? You tell me? I have no idea what would have happened had there been no stimulus or bailouts or anything. Do you? I’d say no. Was it worth it? I don’t know. Impossible to say.

    And who cares about school and medical records? Are those necessary to run the country? Seriously, who cares? It’s just a political sideshow to freak out about such trivial things.

    I’d love to see Obama go head to head w/ Romney with the CoC head moderating. He would get smoked. Again, it doesn’t matter who’s in the White House, it all comes down to who’s on the Hill. If those morons can’t do anything, as they’ve proven they can’t, then Romney/Obama, it doesn’t matter.

    Also, are you putting a Zero in Obama’s name for a reason?

  24. BG Says:
    May 23rd, 2012 at 8:02 pm

    Beeg) Reagan was not conservative, not even close. Unless your definition of conservative has nothing to do with finances.

    Jack) I guess you heard that on fox, along with Obama’a plans to ban bullets and fishing.

    Crap I’ve heard on Fox Business in the past 30 minutes:

    Obama “death tax” rates are going up in January, and the middle class is going to be impacted (if you consider people who die with $5,000,000 to be “middle” class).

    and

    CBO has declared that the US is bankrupt (if this is what bankruptcy is like then we are golden).

  25. Steve Braun Says:
    May 23rd, 2012 at 8:07 pm

    Tom — You wrote:

    “Why all the vitriol? This is the problem with American politics, it’s not that you don’t agree with Obama instead it’s: HE UTTERLY FAILED AND IS THE WORST PRESIDENT IN THE HISTORY OF THE COUNTRY AND HE’S NOT EVEN AMERICAN…. RAAAAAAAAAAAAAARRRRRRRRRRR.”

    I said none of those things. What I did say is that he has no energy policy and that his economic policies are a failure.

    As for vision, you are right Obama has a vision for America and I do not like it one bit. I oppose it because I believe it will ultimately ruin this country. I am glad the 2010 elections went the way they did and that the House, along with a weakened Dem Senate, stands in Obama’s way. That’s exactly what I expect of my elected represensative in Congress. It’s just too bad Obama had the Dem majorities in the House and Senate for his first 2 years.

  26. tom Says:
    May 23rd, 2012 at 8:24 pm

    @Steve,

    Clearly that’s not what you said. You said his energy and other policies were utter failures. Utter failure? No energy policy? Really, I’d say those are gross exaggeration as much as what I joked you said.

    So you’re happy that the House refuses to compromise over anything? You think it’s good that Republicans pass ridiculously partisan bills and then blame the Senate for blocking them? They are not only blocking Obama (who became a moderate after the midterms), but they are blocking everything and anything.

    I expect my representatives to act in the best interest of the country, not the party. I expect them to work with the opposite party to pass meaningful legislation, not the garbage coming out of both chambers. I expect them to reach across party lines and create bi-partisan legislation.

    So, I don’t really understand what you’re saying.

  27. Steve Braun Says:
    May 24th, 2012 at 7:29 am

    Tom – I admit I said he failed with respect to having no energy policy and with the economy. But I didn’t say he’s the worst in history, not even an American, etc. Maybe you were joking about that part but I took it seriously.

    Obama morphs into whatever he needs to be in order to get what he wants. He is not a moderate at all but simply bending to the reality that his vision for America is incompatible with most of the voting public. That is exactly what the 2010 elections are all about. He’s not stupid. If reelected he will go right back to his vision for America and ditch moderate positions.

    It’s true that politicians will act in political self-interest, whether Reps or Dems. Our founders understood that and accounted for it with our system of checks and balances. There’s a reason things don’t just get done quickly and easily. I’m perfectly willing for the political gamesmanship to continue for another few months if it means we get rid of Obama in November. That’s progress in my book. The country will be just fine without so-called “meaningful” or “bi-partisan” legislation. We are already awash in government tinkering and interference in the economy, social policy, etc. It rarely works or helps.

    You and I probably differ on our view of government. In many cases we are better off when they get nothing done in Washington. Their “fixes” for every real or manufactured crisis usually lead to even greater headaches.

    BTW, how about we get beyond the definition of bi-partisan meaning MORE government regulation, programs, etc.? Funny how bi-partisan never seems to be LESS government, ditching an agency, reducing regulation, eliminating programs, etc. The answer is always do more and borrow more. Someone needs to stop the madness before it’s too late.

  28. Steve Braun Says:
    June 1st, 2012 at 2:40 pm

    Tom – It’s 6/1 and here’s my data connecting the overall economic outlook and oil prices. Today the jobs report was very bleak (only 69k job created and unemployment rate went up to 8.2%). That, along with concern about Europe’s debt crisis (which impacts the global economy) and we have the DJIA down 275 or 2.22% at the moment…and oil off $3.36 or 3.88% at $83.15 per barrel. Do you think this is a coincidence?

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