(02-27-2012 07:26 AM)Mr. Peanut Wrote:  

(02-27-2012 12:00 AM)RobertN Wrote:  

(02-26-2012 11:55 PM)Owl 69/70/75 Wrote:  I think that pretty much explains it.
You choose to believe his lies, I don't.

Yep. It pretty much explains it. You would not give Obama credit for anything no matter how good it might be.

Oil production is at an 8 year high and has increased every year since '09

Remember how in 2008 the leftist talking point was that it would take "10 years" before a change in drilling policy would have an effect? Funny how the truth moves for you people when you need it to.

Of course, 10 years was a lie. It was a lie that suited your purposes then, so you used it. Even the report that was widely cited as saying it would be 10 years actually said 5 years. Which means what we are seeing now is the result of decisions made 5 years ago. Under Bush, not Obama. So claiming or even implying that Obama has done anything to help is another lie. A different lie suits your different purposes now, so you use it.

Actually, the main reasons production is up are the Bakken formation in ND--which the left opposed developing--and fracking in other formations--which the left has opposed, too. Which further shows that the increase is in spite of, rather than because of, anything that Obama and the democrats have done.

As for crowing that we are now producing more than half of the oil we consume, there is a way to get to that number from the actual facts, but you have to make a few really questionable assumptions to get there. And in large part, it's due to a decline in demand because of the recession--the same reason that we are now exporting some refined products.

Given our trade imbalance, it's rather difficult for me to understand why exporting ANYTHING is a bad idea at this point. If it were creating shortages here and spiking prices, that would be a problem. But that's not what's driving prices. In round numbers, at $100/bbl, the price of the crude oil in a gallon of gasoline is roughly $2.50. Plus you have to refine it, transport it, and pay federal and state taxes on it before selling it. So at $100/bbl, you're going to see gasoline pushing $4/gallon--exactly where it is.