Peak Oil is You
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Page added on March 7, 2012
Obama says he is concerned about global oil outages
President Barack Obama said on Tuesday he is concerned about oil output around the world as gasoline prices soar and is looking to ease bottlenecks at U.S. refineries to help ease prices at home.
Republicans have slammed Obama for oil prices that are trading at more than $100 a barrel in New York ahead of November’s presidential election, saying he needs to open up more domestic drilling.
“We are concerned about what’s happening in terms of production around the world, it’s not just what’s happening in the Gulf,” Obama said at a White House press conference. He was concerned about oil supply outages in South Sudan and other places, he added.
Last week a U.S. Energy Information Administration report on sanctions on Iran said outages in Yemen, Syria and the North Sea have tightened oil markets over the last two months.
On Tuesday the agency said several outages in countries that are not members of OPEC have intensified over the last two months, leading to an average of about 1 million barrels per day offline in February.
U.S. oil output is growing for the first time in many years as drilling technologies spark a boom in North Dakota and other places.
Still, prices are rising on tension over the sanctions and average U.S. gasoline hit nearly $3.77 a gallon on Tuesday and have risen about a penny a day over the last month.
“I want gas prices lower because they hurt families,” Obama said. “A lot of folks are already operating on the margins right now.”
Obama reiterated there are no quick fixes to high motor fuel prices, but a combination of measures to reduce oil demand, find new crude sources, and develop new alternative fuels can help manage price spikes over the long run.
He said the administration is also paying attention to potential speculation in oil markets and he has asked Attorney General Eric Holder to “reconstitute a task force that is examining that.”
Previous federal probes of oil market speculation have uncovered little evidence of wrongdoing. The Federal Trade Commission concluded last September that high crude oil prices were behind lofty gasoline prices.
7 Comments on "Obama says he is concerned about global oil outages"
Fishman on Wed, 7th Mar 2012 12:49 am
Strange, Obama slammed Bush for gas prices. And the media is only running about 20 -25 % of the gas price stories run during Bush years
Plantagenet on Wed, 7th Mar 2012 1:28 am
Obama will never get peak oil. O’s attempt to blame high energy prices on speculators is truly stupid
BillT on Wed, 7th Mar 2012 1:50 am
No President wants to be the one to tell the sheeple that the good old days are over, forever. That would be political suicide…think about Carter’s attempt to just tell us we had to conserve. So they will blame everyone and everything else for the problem. Fact is, it doesn’t matter who or what Party is in charge. Oil and gas prices are going up. Drill, baby, drill is not going to make a difference. the only thing it will do is bring the end faster.
DragonSpawn on Wed, 7th Mar 2012 2:56 am
It would only make sense that the government does indeed fully understand the concept of Peak Oil, but cannot discuss it with the public because there truly is no viable solution.
That being said, the government is most likely not excited about the inevitable outcome that we are heading towards.
So, what do they do?
Do they create a shortage on purpose? Possibly by attacking Iran, the Strait of Hormuz gets closed, and there’s the shortage they needed, without the need to admit to Peak Oil. Yeah it will be tough for the administration in office, but what other choice is there? Wait for the economy to die the slow death it currently is? Wait for the inevitable collapse of civilization as we currently know it? Empires will not simply hand over the keys and admit it’s over, they will go down fighting, literally, and may take it all down (nuclear/biological weapons) if they feel truly threatened.
Also, to reduce oil consumption, the easiest way would be to reduce oil consumers. How could this be done? A virus or contagion that kills millions or billions?
Something will have to give. I’m not convinced that the leaders of the US empire will let everything they’ve worked for simply disintegrate and reform is some new way, after the chaos.
But the point is, the US govt are well aware of Peak Oil, if you think about it, how could they not be aware?
Kenz300 on Wed, 7th Mar 2012 3:10 am
Quote — ” Obama reiterated there are no quick fixes to high motor fuel prices, but a combination of measures to reduce oil demand, find new crude sources, and develop new alternative fuels can help manage price spikes over the long run.”
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No silver bullets…. higher prices, find new sources, reduce demand, and increase alternatives.
Frank on Wed, 7th Mar 2012 4:12 pm
“Obama will never get peak oil. O’s attempt to blame high energy prices on speculators is truly stupid.”
I believe he gets it quite well (read what he actually said for pete’s sake) and that he also understands the role of speculation in the marketplace. Looking for illegal activities is a responsible action. As he pointed out recently, Republican war-hawks are making markets nervous over Iran which drives up the price of futures which ultimately brings more money to Iran which enables their agenda.
I also “get” that you hate Obama and slam him every chance you can in these forums.
Harquebus on Thu, 8th Mar 2012 4:03 am
Depopulate, consume less using quotas and plant lots and lots of trees.
Not exactly what economists have been saying for decades. Now they have no answer for this dilemma of their making.