Tuesday, February 5, 2013
Gasoline prices and Obama’s Energy Sec. Chu ****************************************** This morning the gas prices have increased another 3-4 cents in 24 hours; 25 cents + within two weeks. The oil industry rational lists refinery off lines, low inventory, world demand as the culprits. These are likely all lies. The commodity speculators are the real culprits; and the fed. Justice Dept.’s inter-agency committee, the Oil and Gas Price Fraud Working Group, should be working overtime now.(http://www.stopfraud.gov/oil-gas-fwg.html). US drivers are driving less; using cars with higher mpg capability; and there is more general understanding that the era of cheap oil, and fossil fuels are gone. There is also a negative recent history of US Energy Sec. Chu’s 4 yrs at the helm. “…As example, within a month of Chu’s ascendency the price of crude oil hovered around $35/barrel (and gasoline prices well under $2.00/gallon). Today’s price is over $95/bbl even though our oil consumption is down some 2.4% from what it was four years ago and production from the Bakken and EagleFord Formations in North Dakota and Texas has increased our domestic production dramatically keeping our domestic oil market amply supplied (oil inventories are at or near all time highs)… Not fully to blame, but there has not been an iota of push back by his Energy Department to corral this vast increase in price. Rounding out the numbers in play, we consume some 20 million barrels of oil a day. A differential of $60bbl ($95bbl-$35bbl) results in a transfer of $1.2 BILLION A DAY from American consumers to oil interests here and around the world!…” http://blog.raymondlearsy.com/2012/11/the-appointment-of-our-next-energy-secretary/ Learsy’s blog describes the mindset and experience that Obama’s choice of Energy Sec. should possess.