Money Beat

They did a production cut already once this year of 1 million barrels or more and the price of oil keeps going down. The USA is not that stupid.

We have to keep up the good work in the way we've been conserving gas. We have to work harder to conserve more. we have to send a message to these oil producing nations that if they force the price up, in a few years nobody will need it because we got tired of paying the prices and now decided to go on alternative energy. We have found the way to beat them. If the prices go up, then we have to start a boycott. We should start a boycott of exxon and mobile gas first. That would force them to lower their prices and the competition would have to follow. We will be ready for them if the price goes up again.

Don't forget that it was the speculators that started the price rise last year. Look what they done to our country. That is what started the big economic downward spiral. That is what started the rise in prices on food and other everyday needs. That is what started less money in the consumers pockets to keep the economy going. That is what started people getting scared to spend whatever extra money they had. That is what started people losing their jobs. Mr. Obama, don't let them do it to us again. Stop the speculators and the Oil Companies from bringing us down.

WE SHOULD BE TRADING WHEAT AT THE SAME PRICE PER BUSHEL AS OIL IS PER BARREL

AND BRING THE WORLD ECONOMY MORE IN LINE WITH REALITY

Has anyone thought to look at what we were paying for a gallon of gas when it was $54 a barrel originally? We should be paying an average of $1.50 a gallon. Anyone seen that price yet? We are still being robbed at the pump!

Let the other major countries use Oil. America should finally be getting out of their dependency on oil. Let all American make it happen. We can do it. Keep working toward that goal and create new jobs along the way.

To JS45601: I was thinking the samething just last week. I was listening to a news radio show and a gentleman called in about that but he pretty much was brushed off.

They are going to continue to do so in order to still make profits off the hard working consumer. They know where it should be but they are playing of the emotions of people who are just happpy to no longer being paying nearl $4.

There is so much stealing going on towards the middle class that it is a shame and they all need to go to jail from the federal government, big oil, wall street and so on!

The crude oil price should be helped to stabilize around 70$: under 70$, some of the producing countries will be confronted to huge financial challenges. That means the industry will lose some of of its clients at a time when the home market is depressed...

Save GM, buy a Hummer! Save Ford, buy an Excursion! Save Chrysler, buy a 300c. There is no profit margin in the little economy cars unless they charge $20,000 and then people will just turn around and buy a cheaper foreign car. The environmental whackos are killing America and too many people are buying their scam, hook, line and sinker.

I am loving seeing these moronic OPEC countries (and Russia) shot themselves in the foot. the Saudis can't finish their major domestic construction projects, Russia's tough talk has gone the way of their GDP, and has anyone heard from that nut in Venezuela? These idiots locked into the $150 bbl mentality and spent the money before they even finished drilling the holes, and shot their mouths of in the mean time. While the large international oil companies sat back and waited for the price to come back down. Those countries economies are circling the bowl, while Exxon's stock is down 5%.

I am absolutely loving it.

Not every thing white & black.
If gas didn't go to $4 a gallon, would you ever consider get off your F150 or Hummer and buy prius, probably not. So $4 was good.

Well it's nice to see a lot of cities running their mass transportation buses on Hydrogen and possibly Ford can consider to make an affordable car running on hydrogen. The technology is out there folks-once we've integrated all the alternatives gas will be 5 cents a gallon.

Read this slowly. Let it sink in. Quietly we go, Sheep to slaughter.

Does anybody out there have any memory of the reason given for the government’s creation the DEPARTMENT OF ENERGY during the Carter Administration?

Anybody? Anything? No? I didn't think so.

Bottom line . . we've spent several hundred billion dollars in support of an agency the reason for which not one person who reads this can remember.

Ready? It was very simple, and at the time everybody thought it very appropriate.

The Department of Energy was created on August 4, 1 977 to

”LESSEN OUR DEPENDENCE ON FOREIGN OIL.”

HEY, PRETTY EFFICIENT, HUH?

AND NOW IT'S 2008, 31 YEARS LATER, AND THE BUDGET FOR THIS NECESSARY DEPARTMENT IS $24.2 BILLION DOLLARS A YEAR, THEY HAVE 16,000 FEDERAL EMPLOYEES, APPROXIMATELY 100,000 CONTRACT EMPLOYEES AND LOOK AT THE JOB THEY HAVE DONE!

THIS IS WHERE YOU SLAP YOUR FOREHEAD AND SAY 'WHAT WAS I THINKING?'

And now we are going to turn the Banking system over to them? God Help us.

Read this slowly. Let it sink in. Quietly we go, Sheep to slaughter.

Does anybody out there have any memory of the reason given for the government’s creation the DEPARTMENT OF ENERGY during the Carter Administration?

Anybody? Anything? No? I didn't think so.

Bottom line . . we've spent several hundred billion dollars in support of an agency the reason for which not one person who reads this can remember.

Ready? It was very simple, and at the time everybody thought it very appropriate.

The Department of Energy was created on August 4, 1 977 to

”LESSEN OUR DEPENDENCE ON FOREIGN OIL.”

HEY, PRETTY EFFICIENT, HUH?

AND NOW IT'S 2008, 31 YEARS LATER, AND THE BUDGET FOR THIS NECESSARY DEPARTMENT IS $24.2 BILLION DOLLARS A YEAR, THEY HAVE 16,000 FEDERAL EMPLOYEES, APPROXIMATELY 100,000 CONTRACT EMPLOYEES AND LOOK AT THE JOB THEY HAVE DONE!

THIS IS WHERE YOU SLAP YOUR FOREHEAD AND SAY 'WHAT WAS I THINKING?'

And now we are going to turn the Banking system over to them? God Help us.

Many federal agencies had been established to handle numerous aspects of U.S. energy policy, even back as far as the Manhattan Project and the subsequent Atomic Energy Commission. The reason for putting them all under a single department was the 1973 energy crisis, in response to which President Jimmy Carter proposed creation of the department. Legislation was passed by Congress and signed into law on August 4, 1977.

that was the middle east weapon against us. they had us by the balls. they raised oil prices so high, it got us in to a rescission. Now oil prices are low, but for how long? Is this there tactic to just screw us again. Its not fair that we have to suffer from those OPEC bastereds. The hell with them. I hope they all burn in HELL!

Boycotting one oil company will make NO difference WILL. If one oil company has a surplus, the others buy from them. So they all spread it around. The only people that will be hurt by boycotting exxon are the individual station owners. The oil company will just sell it's oil to other stations that don't carry a brand name (like Wawa, delta, pioneer, etc.) The only way to truely make a difference in price is by reducing consumption, in turn reducing demand. No more SUV's people. Buy a minivan instead and get over the soccer mom stigma. Buy a civic or focus instead of the explorer or blazer. You're not really getting that much more room and you're losing 10 MPG! So, if you want to keep funding terrorism, keep buying those SUV's and guzzling that gas. If we really looked into alternative fuels 30 years ago, we might not be dependent on foreign oil today. Let's not lose focus this time around now that gas doesn't cost $4 a gallon.

our biggest problem as some have said it is those greedy oil companies. Yes that's our problem. That's why we were paying so much at the pump. Well it would seem now like the oil companies have repented and they are no longer greedy. Problem solved. Until the price of oil goes up again. Then I suppose the oil companies will be greedy again. Or is it possible that the price of oil is more effected by market conditions. Why do people always want to apply a simple solution to a complex problem. Thank you democrat party your wind fall profit tax would have done nothing but made us pay more at the pump.

The best thing we can possibly do is make mideast oil irrelevant. We need to keep cutting consumptions and pushing for alternative energy. Solar is expensive because so few of us use it. As for bailing out the automakers, I have some advice for them: start making cars that people actually want to buy (yeah, I drive a Kia Rio...32mpg for thousands less than the cheapest GM or Ford model). But I've yet to see any evidence that they "get it". Companies that do not respond to the marketplace go out of business. That's how a free market economy works, people. Would it hurt? Sure, in the short term. But in the long term it just creates more opportunity.

People are driving smarting and saving money. They realized how expensive it is to own a car. Now they are getting a double savings in reduce gas prices and less consumption. It will be a matter of time before we become oil independent.

It's the multinational oil companies (GENERALLY US OWNED) that control the world oil market. OPEC generally dances to their tune. They made allot "Hey" last spring and summer ruining the US economy and ultimately tanking the world economies. Now demand is low...:) The threat of the new Obama administration actually bucking the trend of the past and going full speed with alternative energy development has them up to their old dirty tricks again. These unpatriotic companies have too much invested in existing oil reserves to allow alternative energy to go fort at this time. Once the American public get used to cheep gas and the "fire in our bellies" dies to develop alternative energy, then WHAMMO!!!! we get high oil prices again!!!! Hopefully the American public isn't that stupid this time. Full speed ahead on alternative and renewable energy. Let's neuter these greedy parasites once and for all.

They have lowered prices to help GM sell the SUVs and trucks that saturate EVERY car lot in America; but when Americans spend their tax refunds on that new SUV...the price will be over $3 a gallon by April for sure.

Does anybody out there have any memory of the reason given for the government’s creation the DEPARTMENT OF ENERGY during the Carter Administration?

Politicalcritic,

Do not forget the Dept of Education was also "created" by Carter.

Now Obama wants to create a Dept of "Urban Ploicy"!

YEP...CHANGE WE CANT AFFORD !!!!!

The best thing we can possibly do is make mideast oil irrelevant. We need to keep cutting consumptions and pushing for alternative energy. Solar is expensive because so few of us use it. As for bailing out the automakers, I have some advice for them: start making cars that people actually want to buy (yeah, I drive a Kia Rio...32mpg for thousands less than the cheapest GM or Ford model). But I've yet to see any evidence that they "get it". Companies that do not respond to the marketplace go out of business. That's how a free market economy works, people. Would it hurt? Sure, in the short term. But in the long term it just creates more opportunity.
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Brian Levine.

First & Foremost, We need ot do more drilling here in the US. I do not care what "alternative energy plan" you buy into, NONE of thme are viable yet for the general public at an affordable rate, nor will any of them be for years to come!

We need to be able to control our own energy fate, and the most common sense solution is to use OUR resources, not pay through the nose for foreign ones!

People can cry all they want for "alternative" solutions, but NONE of them are hitting the streets anytime soon!

We're actually getting pretty close to that point as government taxes account for about 50cents/gallon.

Has anyone thought to look at what we were paying for a gallon of gas when it was $54 a barrel originally? We should be paying an average of $1.50 a gallon. Anyone seen that price yet? We are still being robbed at the pump!

First & Foremost, We need ot do more drilling here in the US. I do not care what "alternative energy plan" you buy into, NONE of thme are viable yet for the general public at an affordable rate, nor will any of them be for years to come!

Mike_C

Nice idea, except that drilling will take years to have any effect as well and there simply isn't enough oil on U.S. soil or off the shore to have any appreciable effect on our economy or gas prices. The victor this centurie's spoils will go to is the one that forges ahead with new energy technologies and strategies. Peak oil is a simple fact we must consider in making plans for the future.

no need to worry about high fuel prices. they will be going up soon. not a problem since breaking the 3 dollar barrier. by summer expect an average of 4 per gallon. for now, its a good time to take that vacation you have been dreaming about all these years. last chance.

its interesting how americans talk about the middle east and russia ( or china). They give u oil and cheap goods and re-invest money backinto american by the billions every year which keeps the economy going , yet the anericans have the audacity to say bad things about them ?
you americans should have a better understanding who ur friends are....oh , i forgot , a typical american is the joe six pack guy who sucks up to his boss and wife !!!

Give us oil and cheap products? Not hardly! SELL us oil (ie take our money) at often inflated prices and peddle cheap knock off products that drive our own companies out of business. How is this good for us? The number of times I have to throw cheaply made products away and buy more crummy replacements is just appalling and what's worse, is i can't even buy a good quality product because the companies who made them were driven out of business by the cheap import peddlers with their dime an hour labor. I'm tired of having to buy cheap junk and I'm tired of seeing our jobs leave this country. - phil

why does MILK cost more than gasoline?

Given the extreme over production in the last several months the US and othre like them have oil reserves higher then ever before. Any cuts in the near term will likely not have any effect not only because lack of co-operation, but implementation of these reduction are often implented months after reduction announcements. the price jump (or in this case stop falling for a short period after the announcment) but will continue to fall. Demand just isn't there, in the US, anywhere. I won't be placing any bets on oil until the automakers sort out their discussions with government.

"Nice idea, except that drilling will take years to have any effect as well and there simply isn't enough oil on U.S. soil or off the shore to have any appreciable effect on our economy or gas prices. The victor this centurie's spoils will go to is the one that forges ahead with new energy technologies and strategies. Peak oil is a simple fact we must consider in making plans for the future." MAX

I love this mentality that since oil will not make us energy independent then let's not pursue more oil at all. So short sighted. Such a lack of understanding global markets. Even the threat of drilling sent oil prices down this summer. What would happen if we actually started to create a larger domestic supply for oil. Gee we might actually impact the world market and break the OPEC monopoly. Will oil alone make us energy independent? NO other energies will be necessary too like -insert your alternative fuels- if we don't drill for more oil we will look back 20 years from now and realize we are enslaved to our enemies because they will have the oil and we will be wishing we had drilled.

Nice idea, except that drilling will take years to have any effect as well and there simply isn't enough oil on U.S. soil or off the shore to have any appreciable effect on our economy or gas prices.
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Max,

Try actually investigating this on your won instead of buying into liberal BS. IT WILL NOT TAKE 10 YEARS.

Total BS from the lefties & wacko environmentalists!

Gas is $1.76 gallon in my town in Minnesota.

I have heard that the oil fields in the Middle East developed by American oil companies, were built on the contingency that a percentage of the revenue from the oil sales HAD to be invested into U.S. T-notes to support our country financially. If that is so, the less money earned from oil sales, the fewer treasury notes are purchased. So while we may cheer that the OPEC nations are not profitting so abundantly, it is hurting the American coffers as well.

Secondly, I heard from the same source as above, that the price of oil is not set by OPEC, it is set by Wall Street. American greed on Wall Street profits OPEC, as well as itself.

I trust the source because he said in July, when a barrel of crude was at an all-time high, that the power-brokers on Stock Market were going push the price down and it would go to $50 quickly. He said that in July 2008. Well, today the price of a barrel of crude went just under $50.

The same gentleman said a gallon of gas would fall below $2.00, and here it is $1.76.

So just in case you might wonder what else Lindsey Williams said, he said the rejoicing in the streets over cheap gas would not last very long, if Saudi Arabia and the other OPEC countries who have loaned the U.S. billions stop loaning to us, or start asking for their money back!

Does anyone ever stop to wonder where our country gets the money to be $10 trillion in debt? China, Japan and yes, OPEC countries loan us billions.

You think the banking crisis of is bad -- what do you think it will be like if China and the others want their money back because their economies are failing in this financial crisis?

What will happen if the U.S. government goes bankrupt?

Think it can't happen?

I feel sorry for OPEC..they shouldve let the oil price at a steady level instead of jacking up to 147. I mean around the 100 a barel mark. That way the econmy will still be in good shape and people wont lose their job. Now people are cuting back because they are getting away for big trucks and suvs.

GW is setting up BO for the fall. GW has Big Oil in his pocket, and in 6 months when the price of gas is above $4 again, the Republicans are going to say "look at how our last administration left this country, this is what you get with the new office, we're worse off now".

Reb:

Your comment is way of course; first of all, no one HAS to invest in Tnotes, countries in the middle east choose to do so because the dollar is,has, and will continue to be the reserve currency of choice. Furthermore, they peg their own currencies to the dollar.

Buying Tnotes doesn't directly support us, because of Treasury offering of bills, bonds, notes is handled by the primary dealers, who stand to buy these if no one else does- but someone does buy them because there is always a need to hold treasuries amongst institutional money managers. The fact that middle eastern countries bid on them only affects it indirectly.

You are correct in that OPEC doesn't directly control the price of crude oil beyond the price of extraction; it does however, influence the futures market (where oil contracts trade), in their capacity to cut/increase production; however, their efforts have largly been futile over time.

Third, foreign nations that hold Treasuries can't just demand payment when they want as treasuries are non-puttable, so they either hold them to maturity or sell them in the secondary market.

Lastly, our 10T dollar debt doesn't mean that we owe other countries 10T, but rather the sum represents the countries debt plus unfunded liabilities such as entitlement programs, and future expenditures.

Oh and one more thing, in times of global financial crisis, countries, like China, don't want their "money back"- in fact the opposite, they want dollars- tons of dollars. The U.S. Gov can't go bankrupt because it can simply print more money....

Drill baby drill...the pockets of investment bankers.

The ivory tower on Wall Street kept betting and manipulating the oil market until they went broke. HAHAHAHA!!!!!

Test to see if I'm registered.

FWIW legislation shoiuld be passed that bans speculation on ANYTHING!

Brian Levine-Pearls of Wisdom right there. If we let these big guys go out of business, then better companies will rise to meet the need of the consumer.

Now, the article. Didn't these same people tell us that we were going to be paying seven or eight bucks a gallon by now? If you ask me, prices WILL rise, but they won't skyrocket. We DO need to invest in other ways to get energy, but in the meantime, we should try to become as oil independent as possible. I don't care if there actually IS a Caribou in ANWR, because we need to get our oil. Another new thing about alternative energy. Have you heard about the new mini nuclear reactors that you will be able to get in a few years? They will cost around $10 million, (I think that was the price, I read an article on it)and will be able to provide electricity for 20,000 homes for 7-10 years, after which they will need to be reloaded. Expensive down payment, but GREAT pay-off! This will TOTALLY beat out coal for electricity!