ONEGod:
An interesting and informed view of our current energy situation. Take note that a proud political party, the democrats and a proud green party has successfully seperated America from it's own natural resources, while blaming us for being energy dependant, the result that came from their actions.
www.radioblogger.com/arch...une06.html
POSTED IN june COLUMN
Larry Kudlow hints that there might be some relief in sight at the gas pump.
06-23kudlow.mp3
HH: It's time for our Friday check in with Larry Kudlow, economist extraordinaire, host of...you see him on CNBC every time, Kudlow & Co. Larry, welcome back. Good to have you.
LK: Hello, Hugh.
HH: I hear you think oil prices are going to go down.
LK: Yeah, I thought I'd put a little something in the bag for you. I know you've been trashing the New York Times, properly so.
HH: Yeah. We'll get back to that, but I always like to get news, too.
LK: It's very interesting. Prince Turki Al-Faisal, who's trying to scare everybody last week, he gave a speech in Washington, when he said any U.S. conflict with Iran would threaten the Straits of Hormuz, and would triple the price of oil. Well, guess what? Contrary to Prince Turki, here's some factoids. Energy inventories are as high as they've been since 1998. They've been growing and growing, as high as they've been since 1998, when oil was $15 a barrel. That's point number one. 347 million, by the by. Second point, I interviewed a bunch of oil tanker executives this week, guys who supply 85% of the oil to the United States. And they have more inventory on the high seas than they've had in many years. And third, the CEO of Chevron, David O'Reilly, told me in an interview that their numbers show that the demand for energy and gasoline at higher prices has at the least flattened out, and may be declining. So when you put this together, big inventories at home, lots of oil floating on the high seas, because they don't know what to do with it, and the fact that the demands are slipping a bit, because America...you know, prices work, markets work. You may be in for a big crack in energy prices, that one shipping executive said to me, could drop them into the $40-50 dollar range.
HH: What would that do to the price at the pump for gas, Larry Kudlow?
LK: Oh, that would just drop the pump price...let's see. Let's call it $3 dollars a gallon, more or less nationwide. It would certainly drop it a full dollar.
HH: Okay, because I'm paying $3.41 in wonderful Southern California, where we make people do things crazy. So you think it could go down a buck. That would of course be a Democrat's worst mightmare, Larry Kudlow.
LK: You know, that thought occurred to me. I didn't want to put a partisan spin on this, because I'm an objective economic analyst. But that thought did occur to me.
HH: Yeah, that's the last thing they've got going. We're winning the war, we've got the Senate trying to cut and run on the Democratic side, we've got good tax relief, some control on spending, John Boehner talking a good game, at least, border security is the centerpoint of the debate. No one's going to leave the party over that, because it's not decided.
LK: And one other. The House is going to be getting a bill out that will permit offshore drilling. That is huge, because we have a gagillion barrels of oil and gas offshore. And that would really move us towards a much more independent position, and of course, would put a lot more fuel on the marketplace, which would depress prices.
HH: But of course, that's all contingent upon Iran not going to the mat with us, and with North Korea not shooting missiles at Japan, or anything like that.
LK: Well, this is true. There's a lot of political risk in the oil price, and I grant you that. But sometimes, the fundamentals have a way of reasserting themselves. So I'm just putting that out. One never knows, but while everyone is talking about sky high oil prices to doom the economy...and the economy, by the way, is so strong...in fact, the economy is picking up steam. Unemployment claims are dropping, chain store sales are rising, durable goods, capital goods investment is booming. So the economy is really strong. We might get a boost here in the form of a lower tax, because of a drop in energy prices. That is one of those variables out there that could turn out to be much more pleasant than the pessimists would have us believe.
HH: All right, Larry Kudlow. You just mentioned sometimes, fundamentals win out. Let's turn to the news business, where the fundamentals are serve the public, don't lose subscribers, don't make everybody mad at you, and don't betray the national interest by helping terrorists. What's wrong with the New York Times?
Posted at 11:59PM PDT
yankee:
'WE' Just got conned that the price of gas had to rise because of the holiday 4TH weekend, and they just jumped the price again here AFTER the holiday week-end. Seems there is no honor amongst big money theives, eh ? Thankfully our government investigated and exonerated the theives, so naturally they are entitled to go back to gouging the nation. One of the heavy prices we must pay as a nation that is all too willing to believe the lies liars are all too willing to feed us to increase their greed. Christians should know better, as should someone with a lick of sense. I'm beginning to think as long as any nation threatens us, it it will be an excuse to gouge us/attack us economically. I recall Osama said recently, that America needs to be attacked economically, certainly looks like his allies see the situation much the same.
