Yippee — Oil tops $138

Familiarity with the Cato Institute leads me to believe there's more than a little
spin/jawboning packaged with such "bullish" predictions.

Have seen too much such public opinion-massaging, especially during the last fifteen years.

 

Oil is up $3.39 right now from yesterday. They're just waiting to get a quote from another ass at Morgan Stanley who says oil will be at least $150 on July 4

 

Might have something to do with the fact that the lib's once again voted it down.

Meanwhile China is set to being drilling for oil 50 miles from the shore of Florida.....

But hey, at least the blood of dead baby seals will be on their hands, not ours.....

 

Oh God Zag, how can you be smart on some things and so dumb on others?
Even the Republicans don't believe that anymore

http://www.mcclatchydc.com/251/story/40776.html

 

Even if Congress allowed offshore or ANWR drilling, Bush would have to rescind the Executive Order his daddy signed that also outlaws it.

If he was serious about drilling in those places, why doesn't he rescind the EO and put the onus on Congress?

 

Apparantly not all Republicans....

http://www.huffingtonpost.com/2008/06/18/florida-governor-crist-fl_n_107838.html
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McCarthy is open to lifting offshore oil drilling ban
BY JANIE LORBER AND GLENN THRUSH | glenn.thrush@newsday.com
June 19, 2008
WASHINGTON - Rep. Carolyn McCarthy (D-Mineola) is breaking with House leadership - and other Long Island Democrats - in saying she would consider lifting a ban on offshore oil drilling as proposed by President George W. Bush yesterday.

The local waters around Long Island have never been a major oil producing zone - but Democratic Reps. Steve Israel, Gary Ackerman and Tim Bishop came out against lifting the 27-year-old moratorium, saying it would pose a national environmental threat.

"We aren't going to drill our way out of this problem," said Ackerman, who represents parts of Queens and the North Shore. "The president is the only oil man I know that lost money in the oil business. And he's trying to come up with an oil policy?"

Bush had long opposed opening offshore areas but reversed his position yesterday, citing escalating gas prices and frustration with Democrats' opposition to drilling in the Arctic.

"There is no excuse for delay," he told reporters in the Rose Garden in a bid to pressure Congress. "Families across the country are looking to Washington for a response."

Rep. Peter King (R-Seaford) said the ban gives America's economic rivals an unfair advantage. "I don't know of any country in the world that doesn't use its own energy sources," he said. "China is going to be drilling 50 or 60 miles off of Florida in Cuban waters."
McCarthy said she'd consider lifting the offshore drilling moratorium - providing oil companies use fields they already own first. "I happen to believe that all options should be explored," she told Newsday yesterday.

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Another....

And on Tuesday, Rep. George Radanovich, R-Calif., wrote in the Modesto Bee that "China, thanks to a lease issued by Cuba, is drilling for oil just 50 miles off Florida's coast."

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From another article.....

China's Sinopec oil company does have an agreement with the Cuban government, but it's to develop onshore resources west of Havana, Pinon said

(THERE IS A LINK BUT, YEAH I KNOW IT WOULD BE A HUGE STRETCH TO GET FROM THERE TO DRILLING OFFSHORE.....)

The Western diplomats, who spoke on the condition of anonymity because they were not authorized to speak to the media about energy issues, said they believed there is no new drilling occurring off the coast of Cuba, just exploration.


(OK I SEE THEY ARE EXPLORING OFF SHORES BUT NOT DRILLING....YET)

 

Cuba has signed deals with a half dozen countries, including Norway, tolet people poke around, but no one is drilling.
The big concern is that Cuba doesn't have refineries and they can't import it to the United States so they would have to ship the raw product and the costs associated wipe out any real value for the oil.
So even if people can start drilling, the point is moot because oil companies care about profits above all else and if Cuban drilling is break even or a money loser, no one will mess with it.

 

The last three Presidents have all dropped the ball on this one and frankly Bush could and should call the bluff on this one. But politically speaking this card is one he can play to give the Republicans the best shot of winning in November.

I mean, sooner or later, as gas prices soar and energy prices skyrocket and the energy crunch turns into an energy crisis -- this will begin to turn into a losing argument and a losing issue for the Democrats.

If they are continually viewed as the party that is keeping America dependent on foreign oil, the party that is keeping gas prices high and the party that has impeded progress on this issue and on expansion of nuclear energy - well the potential is there to feel it big time in November.

 

If only there was some country close to Cuba that needed oil ... oh, wait, nevermind.

 

Right, right because China wouldn't have the resources to build a refinery or two in Cuba and just because they are not drilling now -- doesn't mean it isn't coming, particularly since China seems hell bent on trying to corner the market on oil in this world.

Excuse me if I don't give blanket trust and immunity to two country's that have the history of China and Cuba on this one.

 

I disagree.