One thought on “Newt to Obama: This is What a Drilling Platform Looks Like”

1. oh believe me- pretty much everyone in America, including the president, is intimately familiar with what an offshore oil rig- and the potential disaster, looks like after the Deepwater Horizon incident. Especially those of us with friends and family along the southern coast who rely on tourism or the fishing industry for their livelihood.

   And please show me a single example where increased US production has resulted in lower prices? Yep- thought so. Because US refineries are already operating at capacity, and we are seeing them rent tanker ships to park in the gulf to hold the excess. And we are seeing them export record amounts. And then of course there is the issue that prices are set on the international market…and the fuel companies have never given US consumers a price break for locally produced gas stocks.

   So what, exactly, was the point of this propaganda?

   Political Arena Editor responds:

   I will be happy to point out where the prospect of increased production resulted in lower prices. After President Bush announced the easing of excessive regulatory restrictions and the opening up of more areas for drilling the price of gas dropped to $1.78 per gallon.

   You see, the more domestic oil our refineries can use, is that much less we have to buy from the OPEC cartel which works to keep prices artificially high. We also do not have to ship domestic oil a long distance. The more oil we have from our own hemisphere the less that the problems with the Strait of Hormuz affects us… and the list goes on.

   There is also a supply and demand element, the more supply their is the less crude oil costs.

   There is also the futures market. You see if the market believes that there will be more supply down the road, the more likely futures prices come down, which impacts the price of gas in a short time.

   I agree that we need more refining capacity.

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