Why Gingrich got it right

[Kwarg]

So Newtie has a new stump speech and a 30 min video on US Energy coming soon.

He claims that gas can be 2-2.50 a gallon within months.

And he's actually right. But that doesn't make it the right thing to do.

If a President and an agreeable Congress announced "Drill here Drill Now" legislation that opened up Alaska, Canadian pipeline, unlimited offshore drilling, unlimited shale oil exploration, slashed EPA permitting, fast tracked environmental impact reporting and threw billions MORE in subsidies to the oil companies... Prices would plummet instantly.

Add on increased export taxes...

And speculators bail out on oil. Tens of thousands of jobs are created. Dow hits an all time high.

Problem is... Republicans are willing to destroy the environment and ruin the water supply in exchange. So for most people this is unacceptable but for a scary minority... They will jump at this.

Bottom line, when some of you say the President can't affect oil prices you're VERY wrong.

[elleng]

1. because Presidential/govenmental edicts can affect SPECULATION!

[Kwarg]

2. Won't happen

Several reasons... Remember lots of Wall St bucks going to be funding Obama and primarily thats a major change to the frree market that wont go over well

[elleng]

19. Probably won't, but agreeing with your and grinch's premise,

as I read it, that doing all those things, U.S. production-wise, could cause speculators to quit. As speculation is a major part of rising oil/gas prices, reducing THAT would be a major mover in the right gas-price direction.

[grantcart]

3. Just about the most uninformed OP at DU this year

let's put aside the fact that all of the additional sources of supply that you mention would take years to develop,

and even the most optomistic projection show atmost an additional 3-5% increase in world supply

and let's put aside that if gas magically fell to $ 2.00 that demand would jump up taking absorbing all of the increased production.

Having put aside all of that if there are any substantial increases in supply outside of OPEC then OPEC enforces a reduction in production of OPEC sources to maintain the price they have predetermined the market should bear.

Next time you feel that 'Gingrich is right' you should stop yourself and reconsider your facts.

[Kwarg]

5. No you're wrong. It's all about the speculation.

And when OPEC gets wind of a independent US the price would drop. Hey I'm issuing a word of caution here... Its not my plan

[grantcart]

11. lol sorry but you don't pass the minimum bar required for reasonable discussion

You may wish to take your largely Republican talking points elsewhere.

[Jack Sprat]

25. Now that was not necessary

He or she had an opinion. Right or wrong, I don't see that your response was appropriate of reasonable discussion. You can disagree without being disagreeable. This is what leads to jury panels and such.

[grantcart]

26. Anybody that comes here with an argument that "Newt Gingrich" is right is going to face a very high

bar.

I am a very agreeable person except when it comes to people that come here and argue Republican talking points.

Beyond that even if he was correct about the market principles involved (and he clearly doesn't understand how OPEC works),

but even if he was correct on that he was arguing that we could bring oil prices down by raping the environement.

Frankly I don't find anything in his point of view that is the least bit compatible with what DU is about.

I should think that anybody who attempts to argue that a Republican Presidential Candidate is correct and that the Democratic Party is incorrect should find a very exacting response here.

[Jack Sprat]

27. That may be true.

Still, there are Democrats who would love to see us disentangled from foreign oil and the collateral damage that comes from being reliant on mideastern oil. It doesn't mean he's a repub for holding out some hope of that happening. You should just explain to him why he's so wrong. Then he won't think of it again the same way.

[grantcart]

29. And that may be true

In which case if he wasn't a repub he could quote an academic or Democratic source that wants us to disentangle from foreign oil.

I find it very suspicious when a newbie comes here makes a few posts and then starts posting threads praising Republican Presidential candidates.

This is what the President said on the issue today

http://www.reuters.com/article/2012/02/23/obama-energy-idUSL2E8DNDM620120223

MIAMI, Feb 23 (Reuters) - President Barack Obama hit back on Thursday at election-year Republican criticism of his energy policies, offering a staunch defense of his attempts to wean Americans off foreign oil and saying there is no "silver bullet" for high gasoline prices.

Then he gets more specific responding directly to Gingrich's nonsense:

"It's the easiest thing in the world (to) make phony election-year promises about lower gas prices," Obama said, offering his most comprehensive rebuttal yet of the intensifying Republican criticism.

And here is the President predicting the kind of Republican nonsense that this thread is about

"You can bet that since it's an election year, they're already dusting off their three-point plans for $2 gas," Obama said. "I'll save you the suspense: Step one is drill, step two is drill and step three is keep drilling."

Again I think that people who come here with nonsensical threads supporting Republican talking points should be exposed firmly.

[CAPHAVOC]

7. Obama at UM

It sounded to me like he was asking the kids to invent some new energy source. It seems he thinks that there is no Hope. That won't work for me. I need gas to put in my Jeep.

[Enrique]

4. where do you get tens of thousands of jobs

and all time high DOW.

link please to back up that claim. thanks!

[Kwarg]

6. Its called logic

Who is going to explore the fields? Who is going to build all the new equipment? Who is going to build refineries and the acanadian pipeline? Who is going to build the infrastructure for the new sites? Look at north dakota and multiply that by 100 and imagine all the Dow companies out to make millions/billions more profit

[Enrique]

9. you need some facts

I don't know anything about the engergy industry, how do I know how many people are needed? Maybe with mechanization all that could be done by 500 people. Maybe by 200. And you're telling me tens of thousands. Why not hundreds of thousands?

[Kwarg]

10. I'm sorry but you dont understand

My op referred to basically challenging the oilco's to double domestic output... With no procedural roadblocks.

How many people do you think it would take just to build Keystone? They would build roads, infrastructure and the 2200 mile pipeline itself

[DURHAM D]

13. What garbage - "double domestic output"

Really?

Hate Speech.

[Enrique]

15. 3 million at least

Keystone will create 3 million jobs, don't ask me to back it up, it's just logic.

[Son of Gob]

30. I heard 6.

Wransmith Quarterly had an article that said 6 million. It might of been in Highlights, I forget. It was in the doctor's office, check there for sourcing.

[DURHAM D]

17. From you post -

"I don't know anything about the energy industry..."

Neither does the OP.

[Broderick]

8. hmmm

[DURHAM D]

12. So you plan to destroy the planet -

in order to save it.

Great - NOT

see ya'

[Kwarg]

14. Did you bother to read the op?

I'm saying the concept is plausible BUT at a price which MOST citizens wouldn't accept.

I dont want it.

[DURHAM D]

16. You are speaking out of both sides of your mouth.

And the funny thing is that both of your mouths are on the right side of your face.

You know nothing about this issue obviously.

[liberal N proud]

18. You can drill all you want, but...

When oil companies shut down refineries, there is no shortage.

[DCBob]

20. You are kidding right? Even Gingrich knows he cant do that.

He just enjoys making outrageous statements to get attention.

[quaker bill]

23. and always has.

it is his only tenuous claim to fame.

[DCBob]

22. Why did you delete your last post??

Come on dude.. dont be bashful.

[quaker bill]

24. You could grow fine tomatos with this stuff

I usually need several sacks a year for the garden.

There is this simple problem with geology. We simply do not have enough oil in the ground to make a difference. Drill it all as much and as fast as you want and we still could not remotely supply our own consumption. Going from a drop in the bucket to three drops in the bucket would not make a difference.

Sorry, this line of thought is not even close to rational.

[BumRushDaShow]

28. If you force speculators to take delivery

the prices will plummet because they will sell it all off.

[elleng]

31. About speculators,

http://www.democraticunderground.com/1002345121