Oil Prices Are Dropping Thanks To President Obama

Sinpac 2012/06/30 15:49:27
We all heard the Republicans religiously chanting that the rise is
oil and gas prices was due to not drilling. Unfortunately, that is far
from the truth. In fact to the dismay of many environmentalists, he is
drilling for oil, even in the Arctic!

Since April oil prices are down 21% and according to Forbes, it mostly, if not all has to do with President Obama.

The Forbes article states,

President Obama’s $52 million plan to increase the margin
requirements and otherwise tighten the screws on oil speculators — who
borrow huge sums to bet on the direction of oil without taking delivery —
would cut oil prices by 10%. He’s beaten that prediction and the
lowered price of gasoline has added $78.4 billion to its consumers’
spending power.

In case you never heard about it, in April the Obama administration asked Congress to spend $52 million to regulate this speculation. According to the Washington Post, this included the following steps:

Increase by a factor of six Commodity Futures Trading Commission
(CFTC) surveillance and enforcement staff “to better deter oil market

Boost 10-fold to $10 million the civil and criminal penalties against “firms that engage in market manipulation,”

Give the CFTC authority to increase the trader margins — the amount
of their own capital that traders must set aside for each bet. The
administration officials said such authority “could help limit
disruptions in energy markets,”

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  • Wag 2012/07/02 16:06:27
    He is the man, people bitched about gas prices and look he fixed them.....2.99 gal here and have seen it cheaper down in redneckville......Good job Prez...
  • Gยเtคг Plคאєг ( JFK Democrat )
    Good bait post. Its fair game, they blame him for the rise, so then hey can he get credit for them lowering.
    In my opinion the same thing happened before the last presidential election and as soon as the elections were over, they were on the rise again.
    This failed for the republicants in 08' and it may fail for the democants this election. The problem is we keep replacing Idiots with more Idiots. Wake up people
  • EdVenture 2012/06/30 22:50:30
    Good! This makes me think, ...... geee if these are liberal practices i'm going liberal. Makes you wonder though, given the bush years, maybe its the republicans who have the liberal policies that allow these things to go unchecked or worse legislate loopholes for them. maybe the libs are the real conservatives. Thank You Obama, got my vote!
  • william raggett 2012/06/30 21:34:23
    william raggett
    I don't even listen to any of the Republican propaganda anymore it is a waste of time. They are desperate. That fact is obvious look who they have running for president...lol
  • Glfer65 2012/06/30 21:27:50
    Wait what do I hear? Why it is a pin dropping as the GOP has remained silent on this after BLASTING obama on oil prices. As I remember dubya got a break in prices to come election time as well.
  • BlueRepublican 2012/06/30 18:25:46
    Thanks for posting sinpac. I saw what you did there and it's only fair.
    Since Pres. Obama was getting blamed for the rise in oil/gas prices earlier in the year,
    then it's only fair he also get the credit for the decrease in oil/gas prices right now.
    Too bad that while oil gets cheap, due to inflation, consumer prices remain the same.
    P.S. you and I both now he has no control whatsoever on prices :-)
  • Sinpac BlueRep... 2012/06/30 20:20:01
    I know he does not. I was trying to stir the pot! lol
  • jackolantyrn356 2012/06/30 17:37:55
    What Lies. Oil prices are dependant on Obama and he is doing this to get re-elected..... Otherwise he has to bring in the troops and force every on to vote for him or Make the Marshal Law he has declared last April be active then no one votes BUT HIM
  • Gยเtคг ... jackola... 2012/07/01 13:37:05
    Gยเtคг Plคאєг ( JFK Democrat )
    So the same can be said when oil prices went down during the last election then? Republicans were trying to get re-elected?
  • Reichstolz 2012/06/30 16:19:44
    Considering they are up 160% from the day he took office, I really think you don't want to go down that road. Unless you again want to be shown as an ignorant fool.
    Crude barrel price January 19, 2009 ~$47.79
    Crude barrel price June 28, 2012~ $78.50

    What other misinformation do you have to propagate?
  • Sinpac Reichstolz 2012/06/30 16:29:48
    Crude barrel price January 19, 2009 ~$47.79
    Crude barrel price June 28, 2012~ $78.50

    When has this ever determined what the price at pumps are? It hasn't in the past 12 years.
  • Reichstolz Sinpac 2012/06/30 16:48:43 (edited)
    Do you not understand the only effect a president can have on gas prices is by increasing the crude supply on the market? Or by eliminating federal taxes on gas. I am sorry you don't seem to grasp a market concept. While Obama can hamper the speculation on our markets all he would like, it has little effect globally. The only influence America can have on a global market to minimize speculation is to increase its output, or curtail its demand. Granted this vapid suit has tried every avenue possible to limit our demand, keeping the economy from recovering is his greatest achievement in that area.
  • Evil 1 Sinpac 2012/06/30 16:50:31 (edited)
    Evil 1
    Apparently you missed this yesterday:

    'Oil posts fourth biggest daily gain on record'


    Furthermore the reason the price of oil has been dropping has nothing to do with Obama. It was due to the problems with the eurozone and the pending economic collapse of Greece. Once Germany cut a deal to bail out Greece, Italy and Spain the price started to climb (as it explains in the article I linked). Trying to say Obama had anything to do with it is not truthful in the least.

    Also US Crude oil closed yesterday at just under $85 a barrel while Brent crude closed at close to $98 a barrel. Enjoy the lower gasoline prices now because they are going to start climbing and will do so rapidly.
  • Sinpac Evil 1 2012/06/30 17:48:05
    Nope I missed this, thanks
  • Glfer65 Sinpac 2012/06/30 21:26:24
    He fails to account for inflation in this which is a factor in any price changes up or down.
  • Sinpac Reichstolz 2012/06/30 16:32:45
    Have I ever disrespected you by name calling? No! Typical tactic of Deflection!
  • Reichstolz Sinpac 2012/06/30 16:48:56
    Ignorant is a statement of fact, fool is another obvious statement of fact. If accurate communication bothers you that is your issue. If you find accurate assessment of your ignorant piece offensive then I suggest you rectify your ignorance.
  • Sinpac Reichstolz 2012/06/30 17:49:39
    Thanks for playing.
    fish on
  • Reichstolz Sinpac 2012/07/01 06:09:43
    So you wanted to post ignorance to bait people, good job you proved yourself ignorant.
  • Sinpac Reichstolz 2012/07/01 11:54:56 (edited)
    Do not get mad I learned how to bait post from the Republicans here on Sodahead. I think one of my favorites was "Rave this if you think Liberalism is a brain disorder."
  • Reichstolz Sinpac 2012/07/01 13:06:34
    Yes ignorance is common here.
  • Sinpac Reichstolz 2012/07/01 13:33:51
    See ya on the next informative post I put up.
  • Reichstolz Sinpac 2012/07/01 13:45:18
    So you are going to post information instead of pap?
  • Sinpac Reichstolz 2012/07/01 14:37:49
  • Reichstolz Sinpac 2012/07/01 16:17:06
    So you are a typical progressive then, thanks.
  • HarleyCharley 2012/06/30 15:58:08
    they will sky rocket if he is reelected....
  • Studied 2012/06/30 15:55:05
    Obama has not increased drilling. Period. The increase is being done on privately owned lands, not public lands.

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