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June 29, 2008

The Way To Drive Up Oil Prices

Bush seems to be able to do at least one thing right ... increase the price of oil on a daily basis.

US gives 'major' boost to covert ops in Iran: report

WASHINGTON (AFP) — The United States gave a major boost to covert operations against Iran with Congress's approval last year of President George W. Bush's request for 400 million dollars, a US magazine reported Sunday.

The move reveals a "major escalation" in clandestine operations aimed at destabilizing the Islamic republic's religious leadership amid concerns over Tehran's nuclear ambitions, said the report in the New Yorker magazine citing former military, intelligence, and congressional sources.

Among the methods being used are increased US support for minority and dissident groups and intelligence gathering about Iran's nuclear facilities, said the article, written and reported by Seymour Hersh.

(see link above for more)

Iran Threatens to close Oil Strait

BEIRUT: The commander of Iran's Revolutionary Guards says Iran might shut oil lanes in the Persian Gulf if it were attacked by the United States or Israel.

Major-General Mohammad Ali Jafari warned that if there were any confrontation over Iran's nuclear program, Iran would try to hurt Western economies by targeting oil.

"Naturally every country under attack by an enemy uses all its capacity and opportunities to confront the enemy," General Jafari told the newspaper Jam-e-Jam. "Iran will definitely act to impose control on the Persian Gulf and Strait of Hormuz," through which 17 million barrels of oil pass each day.

"After this action, the oil price will rise very considerably, and this is among the factors deterring the enemies," he said. Iran abuts the northern coast of the strategic strait, and Iranian and Western analysts have said Iran could try to blockade or mine the strait in the event of a war, a move which would send oil prices much higher. But some military analysts say Iran might not be able to hold the strait, 34 kilometres wide at its narrowest point, in a confrontation with US forces.

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Comments

great! thanks very much for sharing!

I was going to discuss Hersh's preparing the battlefield in Iran tomorrow but maybe not now! You know what pisses me off is that it has been obvious from Day one what was going on and that this will lead to WW3 and Bush's forever war! This is still just beginning.
I say it often but it peeves me that no one mentions oil was $28 when Bush happened! When Iran is attacked all bets are off. $10 gas will be cheap and we will be on retion cards for at least food and gas and oil for our homes! I really don't see Iran stopping the oil but what about Russia? HARRP and so many other questions and variables. It sucks!

The Democrats' Contradicting Arguments On The Price Of Oil.
1. OPEC should pump more oil.
(Only more oil supply from OPEC (not from the US…) can bring down prices…)

2. Drilling for oil in the US will not have an impact on oil prices.
(Drilling for oil in ANWR, Off Shore, Oil Shale and Oil Sands will add millions of barrels daily to the oil market.)

3. Stop filling up the Strategic Petroleum Reserve.
(Daily DOE purchases of just 76,000 barrels will not have an impact on oil prices. President Bush was right on the button on this argument. This move had no impact on the oil market since it was announced in May.)

4. Only (expensive) alternative energy can bring down oil prices.
(If the rule of supply and demand doesn’t apply to oil prices and increasing supply won’t shift the lower prices, why would a decrease in oil demand help.)

5. “Big Oil” already leases millions of acres, but they don’t drill to keep prices high.
(Didn’t you just argue that drilling won’t bring prices down?)

6. The Oil Companies are pushing for new drilling to make more profit.
(This contradicts your previous argument, Stupid.)

7. End Oil Speculating.
(As if Speculators only trade one way. If it’s for empty speculation, why doesn’t the DJIA go up to 35,000 points?)

8. Tax the Oil Companies.
(How will this affect the price of oil?)

9. The current price of oil is a result of Bush’s failed energy policies.
(The price of Crude was at approximately $65-$70 when the Democrats took control of congress. It’s currently at $137, a 100% increase. The price of Gasoline was at approximately $2.33 when the Democrats took control of congress. It’s currently at $4.10, a 76% increase.

If it wasn’t for the Democrats resistance to increasing oil production for the last 13 years, we would have been busy debating other issues at this time.)

http://welovebush.blogspot.com/2008/06/democrats-empty-rhetoric-on-oil-prices.html

Conservation of fuel over the last month or so is equivalent to the total production of Saudi Arabia. I predict that Bush will now create shortages this week to justify the oil market boon. Rumor is that Cheney will be McCain's running mate and if elected it will make Cheney the only person to be president more than two terms since Roosevelt. As for FISA, if everyone wrote bomb and terror in each and everyone of their emails we could melt down the spy computer.

Moe,

Sworn testimony before Congress:

Congress and George Bush could take a step tomorrow that would create a drop in oil prices of between 25 and 50 percent overnight, simply by closing the Enron Loophole.

This is according to testimony before a Senate Committee two weeks ago by Michael Greenberger, the former director of Trading & Markets for the Commodities Future Trading Commission (CFTC), the government board that oversees commodities markets:

“Yes, overnight [closing the Enron Loophole] will bring down the price of crude oil to get at least a 25 percent drop in the cost of oil and a corresponding drop in the cost of gasoline. Some people estimate 50 percent.”

http://www.youtube.com/watch?v=XaDelhvtQ98

Solar and wind are viable alternatives. Unfortunately the BLM laden with Bush Cronies just froze all solar projects in the U.S. for 2 years.

The oil companies are sitting on 70 million acres of on and offshore oil leases and refuse to drill.

They could drill more if they wanted to...they choose not to.

Bush invaded Iraq taking Iraq's oil off the market fueling speculation and reducing supply thus quitupling oil prices since he came into office. Bush/Cheney sabe rattle against Iran driving oil higher. Afghansitan is in disarray.

The fact is that Bush/Cheney/McCain/Republican policies both foreign and domestic have led to high gas prices. That's just reality.

But seeing as how you are posting a link to a blog titled welovebush I doubt you have very much interest in reality and prefer to live in the NeoCon fantasy where the Iraqis throw flowers and chocolate at our feet and give us their oil.

Better learn to ride a horse.

Contrary to what the Rectum-In-Chief believes, they do tend to get a tad pissed when one tries to milk it.

:)

moe: So much misinformation, so little space to respond ...

1. I am unaware of the Dems' official position being "pump more oil." Where are you getting this?

2. Drilling for oil in ANWR, Off Shore, Oil Shale and Oil Sands will add millions of barrels daily to the oil market -- in how many years. ANWR gives us about a 6-month supply, BTW. Oil Shale is hellishly expensive to reclaim. Get serious, dude.

3. Stop filling up the Strategic Petroleum Reserve. Again, this is a "Dem" position? I agree that it isn't useful, but disagree with your attribution. Check your sources, sir.

4. Only (expensive) alternative energy can bring down oil prices. Um ... no. Alternative energy is preferable in its own right ... going off oil means this is only useful for non-combustion use sof oil.


5. Didn’t you just argue that drilling won’t bring prices down? Yes, this argument isn't meant to be a suggestion to bring prices down -- only to point out the rapacious hypocrisy of Big Oil. More oil would bring prices down, but there really aren't any viable options for doing that in a timely manner.

6. The Oil Companies are pushing for new drilling to make more profit. (This contradicts your previous argument, Stupid.) -- Actually, it doesn't. Factor in "time," and I think you'll see the light.

7. As if Speculators only trade one way. If it’s for empty speculation, why doesn’t the DJIA go up to 35,000 points? -- Um ... so you're telling me you believe the oil speculation is all perfectly rational and above-board? I don't even know how to begin correcting this blind spot.

8. Tax the Oil Companies. How will this affect the price of oil? -- By taking away the incentive to rake in windfall profits. At a minimum, it keeps them from capitalizing fully on their greed and gives back to the community.

9. The current price of oil is a result of Bush’s failed energy policies. The price of Crude was at approximately $65-$70 when the Democrats took control of congress (yadda yadda yadda). -- I sit even remotely possible that you are unaware of the GOP's "attack on the dollar" causing it to go into freefall for OVER SEVEN YEARS?!? Are you really unaware of the GOP obstruction of CAFE regulation? Could you really be clueless about how Bush's reckless invasions might cause just a LITTLE turmoil in the prominent oil regions? Are you ignorant of the effect of reckless deregulation on the commodities market -- doe sthe name ENRON mean anything to you?

Bonus: If it wasn’t for the Democrats resistance to increasing oil production for the last 13 years, we would have been busy debating other issues at this time. -- moe, moe, moe ... cite me one example of "the Dem's resistance to oil production." Just one. Lack of refineries? That was Big Oil's decision, in order to keep profits high. Drilling? Except in a handful of ecologically sensitive zones, GOP/Dems have let Big Oil drill up to their heart's content.

My suggestion, moe: Research a few actual facts before going off half-cocked with a bunch of assumptions or recycled rants from Townhall.

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