20 thoughts on “Video: Chu retracts gas price statement”

  1. This is a politically motivated retreat from a electorally suicidal position. He knows that if he attempts to defend or advance his true beliefs on this matter, he and his boss will be out of a job come January. He doesn’t really feel this way – note that he’s quoting the “administration’s” response, not his.

    BTW – The Administration really didn’t mind rising gas prices until Obama’s approval ratings dropped to 41 percent.

  2. How to appear brilliant when you are not. Throw out tons of disconnected googled buzz words and numbers as “gotchas”, distractions and insults. And above all never make a logical artgument, just rant and slander.

  3. C’mon..say what you really want to say….

    Drill, baby, Drill…..

    After all, it’s gonna save the day….at least that is what the oil cos. and pandering politicos tell me and they wouldn’t lie now would they??

  4. This is from an independent oil analyst I am in contact with:

    Recent US crude oil production, in the context of declining net exports:

    Average annual increase in US crude oil production per year, 2009-2011: About 125,000 bpd per year
    (An average net increase in US crude oil production of about 160 bpd per drilling rig per year)

    Average annual decline in regional net oil exports from major exporters* in the Americas, 2005 to 2010: 240,000 bpd per year

    Average annual decline in Global Net Exports of oil (GNE**), 2005-2010: 600,000 bpd per year

    Average annual decline in Available Net Exports (GNE less Chindia’s net imports), 2005 to 2010: 1,000,000 bpd per year***

    Despite the slow rate of increase in US crude oil production, the dominant trend is that developed oil importing countries like the US are gradually be priced out of the global market for exported oil, as developing countries like the Chindia region consume an increasing share of a declining volume of GNE.

    *Major net oil exporters in 2005 in the Americas and Caribbean: Venezuela; Mexico; Canada; Colombia; Argentina, Ecuador and Trinidad & Tobago (Total Petroleum Liquids, BP)

    **GNE = Top 33 net oil exporters in 2005, BP + Minor EIA data, Total Petroleum Liquids

    ***I estimate that the volumetric annual ANE decline rate will increase to between 1,400,000 bpd and 2,000,000 bpd per year between 2010 and 2020.

  5. Mr.Milloy-
    I was hoping that this clip was the area of his testimony where Rep. Nunnelee asked, ‘But is the overall goal to get the price—{down?}’
    And he responded-
    ‘No, the goal is to decrease our dependency on foreign oil…’

    That is the clip I really need to see in order to judge whether he was answering No to getting gas price down.

  6. You got it! And then he wants you to respond to data he probably doesn’t understand himself.

    I’m not too sure how domestic oil production could be increasing after we shut down our oil rigs in the Gulf of Mexico.

  7. Flak, What are you talking about? Your post is at best cryptic.

    It’s refreshing to see that the administration are at least capable of moderating their views in the face of political suicide. I was beginning to think that they want to take down the whole country with them.

  8. The keystone project overall will put more oil in the world oil system – so that in itself will put downward pressure on prices – maybe not enough to keep oil from increasing, but at least it won’t increase at the same rate.

    Yes, it is true that in micro economic zones there may be some shift – as the pipeline will allow North Dakota oil to be more efficiently used as well, so it may not be available in the Midwest at below market prices but again globally the price will be less because there is more supply.

    Of course when I was living in Iowa, all of our gasoline came from a pipeline from Texas. I didn’t think there were many gas refineries in the midwest.

  9. For people like Flak, it is really easy to dupe people into believing natural economic events which actually increase all our wealth are bad. Economics is not taught in school and most people don’t understand.

  10. Yep,,,, I would say that it is somewhat presumptous of you to make that claim about my background and education…

    So riddle me this…

    How does enabling the flow of Canadian oil (low grade Western Canadian Select) to the Gulf Coast to be refined and exported from a tax-free zone help gas prices in America?

    Do you have a significant position in VLO or XOM?? Valero is salivating at the prospect of getting WCS at a $50 discount to Brent and exporting the products based on Brent feedstock pricing….

    Or how removing a mid-contininent glut reduce prices??
    You also assume that oil is trapped and Keystone will free it… It is not, CP rail is increasing train shipments (gee, I wonder how many permanent jobs might be related to that)

    Hilarious…. and you claim I do not understand supply and demand….

  11. See, yet another example of how people twist news to their purposes…

    They have been *no* shutdowns of producing platforms in the GoM…

    In fact ATP just brought on new production from the deep water gulf…..

  12. Well… I am off for a bit….I check in later…

    Using the standard metrics, I am up by 3 touchdowns with about 10:00 left in the 4th…

    The only thing the naysayers have come up with are a few lame ad hominems…
    You are going to have to do better than that….

    You guys really should learn about the “Export Land Model” and how Indonesia, the U.K., Egypt are classic examples….MIght help you understand geo-politics a little better too…

  13. Chu only said that right now he thinks that increasing gas prices hurt the “recovery.” He does not say that he doesn’t think that they should rise in the future. As with everything else, it’s about delaying until after the election.
    Flakmeister–if you are truly so knowledgeable why do you even respond with emotion to the attacks of others. This is a global market and stating that gas or oil may be a different price in another nation doesn’t correspond with the actual market conditions which are determined by many more factors, e.g. economic, political, financial markets and emotions, than just price. Statistics are nothing more than that.

  14. Flak . . . the XL pipeline would move 1 Billion barrels of Cdn Crude to the Gulf . . . it could eliminate 1 Billion barrels now coming to the Gulf from Saudis . . . and keep billions of dollars in North America. Of course the O’bammy will have to BOW to the Cdn PM . . . to make this all happen . . . LOL
    O’bamster did shut down the gulf after the spill . . . many rigs left, several to Brazil to drill for PetroBras, partially owned by Sore-ass . . . interesting, yes!!
    The O did shut down all the public land that Bush opened for drilling . . . all the increased US Production TODAY . . . is on PRIVATE LAND!!!
    And Flak . . . CP Rail??? North Dakota crude is shipped by rail, as there is not enough pipeline capacity . . . but the railway is owned by Buffet Buddy . . . shipping oil by rail is much more dangerous than by pipeline.

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