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March 09, 2012

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matt

Jay Carney could not be reached for comment.....

GMAX

Two Republicans were absent, Kirk and Thune. It was 58 votes, and you know it was at least 60 when Harry called the batphone to have the Chicago pols start breaking arms...

jimmyk

Speaking of math, if 11 Dems voted for it, so only 40 went against. That means two Republicans were absent, and both Lieberman and Sanders were against. No surprise on Sanders, but Lieberman?

Anyway, it looks like a coordinated effort to let as many Dems as possible vote for the pipeline while keeping it from actually going forward.

jimmyk

Sorry, GMAX, I should have refreshed.

NotSara

Jimmyk--That Lieberman--always a dem no matter how he tries to frame himself.

matt

Is our nation stronger and more capable of leading the world toward peace and freedom or is it weaker? Is there more stability in the world or less? Are you convinced we earned the respect of the world and our allies, or has America's position across the globe diminished? Are you personally more secure in your life? Is your family more secure? Is America safer in the world? And more importantly-quite simply-the basic question of our lives; Are you happier today than when Mr. Carter became president of the United States?

RWR - 10-28-80

NK

Hmm... Obama loses '56-42'. Goebbels and Pravda would be so proud of the NYT.

matt

of course, jimmy. These votes are closely calculated. They look at home state constituencies, electoral issues, jobs, etc and then apportion the votes to ensure the vulnerable ones can vote the way they need to for the "folks back home" and still win the vote.

It's cold and calculated and done by both sides.

Clarice

TM, the folks at the Hill and the NYT are legislative experts chosen not only for their ability to write but as well for their sophisticated knowledge of the Hill's proceedings. Live with it.

Dave (in MA)

They may have driven him out of the party because of his support of the Bush doctrine, but Loserman remains a reliable Donk on matters domestic.

Dave (in MA)

I went on the Netflix Facebook page to gripe about the diminishing availability of their streaming content and found that they're under siege by legions of anti-Limbaugh Axelturfers, despite the fact that Netflix isn't a Limbaugh sponsor. Apparently there's a false meme spreading like wildfire among the usual moonbat sites and the truth is still putting on its boots.

NK

Darien Ct is so proud of its own:

http://www.bloomberg.com/news/2012-03-09/morgan-stanley-s-jennings-pleads-not-guilty-in-n-y-cab-driver-stabbing.html

Janet

Dave, the Starz-Netflix contract just ended (in Feb. I think) so Netflix doesn't get as many movies to stream now. They'll have to come up with some new plan.
Loved the debris comment about Geraldo! Hah!

journogal

Didn't two senators recuse themselves also? I thought I heard that both Landrieu (!) of Louisiana and Manchin of WVa recused themselves from the vote.

Dave (in MA)

Janet, as an old geezer my main gripe had to do with them dropping Have Gun, Will Travel when I was midway through Season 5, and Season 6 isn't even available to buy anywhere.

RichatUF

The Obama economy:

In yet another sign of a strengthening recovery, the United States added 227,000 net jobs in February, the third consecutive month of gains over 200,000.

With unemployment at 8.3%, higher by more than 1% when Obama took office.

The Bush economy:

While economists talk about how the economy has recovered from last year's slump, millions of Americans haven't seen evidence that things are better.

The problem is that although economic production is rising, so far it has been largely a "jobless recovery."

With unemployment at 5.7% and declining during the midpoint of Bush's first term.

pagar

If you're looking at numbers from the Obama regime, chances are you're not seeing the true numbers.

http://www.zerohedge.com/contributed/2012-10-09/theres-nothing-fair-about-it

"If the $2.65T of debt identified by the CBO is added to the Fannie/Freddie debt ($6T), the Trust Fund IOU’s ($4.6T) and Debt Held by the Public ($10.4T, it comes to $24T. That would put true Debt to GDP at 160%. So in reality, the USA is worse off than Greece, Portugal, Spain or Ireland.>b> In another four years, the additions to all of these categories of debt will bring us past Japan’s 200% Debt/GDP."

Appalled

So Obama is willing to stake his Presidency on stopping the pippeline?

That's a fight the GOP wants. Hope they can spare the time from gay marriage.

Hope Romney has the wit to use Sara Palin as a point person on these issues. This is the subject she knows, understands, and can hammer home. (I'm sure the Gingrich flirtation can be forgiven.)

AliceH

Dave (in MA): well son-of-a-gun.

I put 'Have Gun Will Travel' in my instant queue for those times I want to watch a fun 25" show with great guest stars "when they were young" -- like Jack Lord (blond!) and Charles Bronson.

Just checked and POOF - not found.

Oh well - sometimes they POOF themselves back in queue. There may be some feature that keeps one apprised of all status changes coming up for items in ones queue, but I've not found it.

Jack is Back!

For all you amateur and professional economists out there tell me what I am missing here:

1. Oil is up because of a number of factors (take your pick or select all of the above): World-wide demand, devalued dollar, Iran, speculation, reduced output.

2. The economy is improving (with a grain of salt)

3. Summer driving season is getting close

4. After that CW says prices go down.

Well is the economy improves won't that drive up demand - more trucking, more air travel, more long road trips in the family SUV, more commuting? Add that to the world-wide demand and a lack of new production (Keystone, Public Lands drilling, etc.) doesn't that bode for another uptick or at least steady price at the pump? Or does an improved US economy strengthen the dollar and allows the price of oil to gradually level out making the pump look cheaper?

It seems to me that without projects like Keystone (which also allows greater production of the Bakken) and new domestic production on public lands and the gulf we are not going to see major reductions at the pump.

Any expert input or amateur opinion is welcome.

73% of the public think its the issue of the day.

Jim Rhoads a/k/a vnjagvet

Janet, as an old geezer my main gripe had to do with them dropping Have Gun, Will Travel when I was midway through Season 5, and Season 6 isn't even available to buy anywhere.

Rats. I was only through Season 2. I just cancelled Netflix. B*st*rds.

Specter

With gas prices pushing and edging over $4.00 per gal here in CT, it's a good thing that Joe is not running. And - maybe it will give some impetus to whoever ends up running on the Republican ticket for that seat. 'Course we are talking about Connecticut - home of the DemEntrenched.

matt

Jack, OPEC is managing production to maximize prices as well. The Saudis just cut production even as the Iran standoff heated up. Some friends.

AliceH

JiB: The Bears explain http://www.youtube.com/watch?v=40hNSJEKUgo

Answer: It's The Bernanke.

Rick Ballard

Russia joined the oilygopolists of OPEC in cutting production to allow the chastened Libyans some space. In total, OPEC is still above quota. They will continue cutting to make room for the Iraqi production jump. The increase in the world demand forecast has been reduced and will be reduced further.

pagar

Remember the Obama regime doesn't want you to get too excited about the numbers.

http://news.yahoo.com/blogs/ticket/jobs-former-obama-aide-goolsbee-warns-against-irrational-154346673.html

"On jobs, former Obama aide Goolsbee warns against irrational ehxuberance"

In other words, Falling off your chair and hurting your self laughing will not be treated as a work related accident.

NK

Matt-- AliceH and RickB (and the bears) are right, the current gas price debacle is all about the debased Dollar, and to a lesser degree the refinery gap and fuel formulation rules in the US. Bottom line, if we'd followed Bush/Cheney's 2001 energy plan and there NO QE/QEII, regular gas would be $2.50 or under now and then fall after Labor Day. This pain is self-inflicted by government action.

Clarice

Hi, Specter. You've been missed.

Melinda Romanoff

NK-

I disagree.

Again.

NK

MelR-- OK--

ISDA declares a default event on Greek CDS; has the world ended?http://www.bloomberg.com/news/2012-03-09/stocks-in-u-s-pare-gains-as-isda-says-greek-default-swaps-to-be-triggered.html

NK

One more question: why isn't Jon Corzine under indictment?

Melinda Romanoff

The devil is in the details on that, as in there's less there than meets the eye.

Very small pile to be paid out, at this juncture.

Melinda Romanoff

He's still bundling, of course.

NK

Is this ISDA call 'precedent' for other CDS triggers?

Melinda Romanoff

Sort of.

Very muddled, and limited comment material. Go figure.

Rick Ballard

JiB,

Worldwide demand just isn't there. EUtopia is in a contraction, China's "GDP growth" is all in the chickens for pigs barter side (see delivery deferrals on Australian raw material supply) and US trucking tonnage is slipping, in complete contradiction to rather suspect job reports. There isn't any supply problem so you can choose between Mel's hot money thesis or NK's explanation. They are not mutually exclusive and my point is that the oil "market" has as much of a solid supply/demand foundation as the stock "market" has a rational P/E basis.

NK

RickB@401-- excellent comment. I agree that 'hot money' is not excusive with Dollar Debasement. The carry trade started with the BOJ zirp and has now blasted into high orbit with QE/QEII/ECB money printing. The printed money goes to gold, oil and then equity asset markets. Ben B claims the ZIRP is the only thing preventing deflation. Perhaps, but personally I think this whole currency debasing/hot money trend blows up in the Central Bankers' faces like a trick cigar. In the meantime, the Bernanke and the ECB have infinite tolerance for their citizens' pain at the pump and supermarket check out.

NK

PS: the CDS for greece, then portugal then spain may be the thing that blows up 'hot money' and currency debasing in the central bankers' faces like a trick cigar.

NK

BTW-- what does TM think about all this?

Jack is Back!

Thanks, Gents.

It is my opinion based on having been in both downstream and upstream parts of the business that there big time hurdles to overcome to bring the price at the pump down to something politically acceptable by election day. Its like "wack a mole" - cool off the hot money and EPA regs or Salazar resistance pops up, increase production and demand increases only to match, etc.

More importantly you have the Regime tying their wagon to conservation and alternative forms of energy. Its like 1978 and 1979 all over again. JImmy Carter redux in so many, many ways.

marlene

Speaking of Lieberman and independents who are Dems,former Gov.Angus King,independent candidate for Senate in Maine said today in an interview with WVII ABC in Bangor that Pres.Obama deserves re-election.There was a breaking news scroll on channel 7 saying the full interview will be aired tonight.The scroll is only used on TV stations here for snowstorm cancellations!

NK

JiB- pump prices are not coming down significantly at the pump by election day-- UNLESS the trick cigar goes off-- then all bets are off.

Ben Franklin

" Its like 1978 and 1979 all over again. JImmy Carter redux in so many, many ways."

Yes, we've learned so much in the last 3 decades, it is unnecessary to consider petroleum a non-renewable resource for energy when we have so many ways to prolong the pain. Why should we listen to people like Barry Commoner, the boy who cried wolf? He foolishly suggested we use relatively cheap oil (1978) to make the transition to alternative sources before the emergency overtakes us, and the cost, prohibitive.

That doggoned gubmint coercion of Carter's was just an excuse to make us all Slaaaaaaaves. We can't be forced to buy no curley-cue light bulbs. Just let the lights go out. We'll light a candle, AND curse the darkness.

Ben Franklin

sorry for the snarkasm, JiB, but this is pure bullshit.

NK

BenF-- Oil prices? this is not a supply/demand situation. I'll leave at that-- don't make me stop this car Mister!

centralcal

Oh dear, Marlene.

Melinda Romanoff

NK & Rick-

Take a gander at how many of the VLOCs and such are leased by GS and Glencore. The delivery constriction model works as well there as it does in the metals markets, where there's a little thing called the Minimum Daily Delivery clause in the clearinghouse agreements. Meanwhile, the warehousing fees to the delivering producers of ingots rack up every day.

All deliverable metals warehouses are owned by just two entities. Care to make any guesses as to whom they might be?

Artificial demand, anyone?

Ranger

this is not a supply/demand situation.

Well, that is only true becasue demand is decreasing faster than ObamaCo can cut off forms of domestic production. I have no doubt that if ObamaCo could produce a suppy shortage, they would, in order to justify even more subsidies to "green energy" cronies.

If there weren't so much extra money flowing off the Fed's presses, gas prices would be stable or possibly falling. But people forget that one of the most basic definitions of inflation is "too much money chasing too few goods."

Ben Franklin

Your car will make a nice lawn ornament, NK.

matt

what is the shipping report, mel? I had heard this was trending upwards.

Rick Ballard

Matt,

VLCC monthly rates are flat and spot rates are down about 45% YoY.

Iraq will pick up most of the slack if the Iran sanctions are actually imposed and Russia and the KSA can pick up the balance of the slack should Iran be shut out completely.

I don't believe that the time hurdles mentioned by JiB come into play. Russia and the KSA could dump supply but I don't know of any reason at all that they would consider a second term of BOzo as being advantageous in any respect.

Melinda Romanoff

Ranger-

Reduce the number of refineries and you get a delivery squeeze point. Constrict VLOC deliveries and you get two. Win-win!

Ben Franklin

I can't believe that after all these decades you guys are still pushing the stupid drill baby drill idea. It was a failed idea then and it's a failed idea now. Everyone knows it would take 10 years for any of those domestic sources you guys want to tap to come online!

I hate idiots like you who can't do math and who can't plan for the future.

NK

BenF-- true-- IF-- currency destruction continues. BTW, if currency destruction continues, you'll have to barter with students instead of tuition fee payments (see prior thread)

Jack is Back!

BenF,

You have no idea how stupid you sound with the 10 year production stuff. In the north sea alone it only took 36 months to design, build and start offshore rig productioin. The same in the gulf coast. Check out how long it took to get Bakken up and running. If we had a pipeline like Keystone we are inside the 5 year range for over 300K barrels a day.

If you are going to start pontificating about oil E&P be sure you do know what your are talking about from experience not by reading some stupid DC opinion piece.

And natural gas. We started making gasoline from natural gas over 20 years ago but then crude was too cheap. Now, who knows maybe even Boone PIckens will convert. BTW, you do know that all our coal reserves can be converted to gasoline and as long as oil is around $80 a barrel it is competitive technology.

Algae? Meh.

Ben Franklin

"BenF,

You have no idea how stupid you sound with the 10 year production stuff."

Slow down and pay attention to the avatars.

daddy

More "Settled Science" to buttress Obama' position.

From McClatchy: Fracking likely caused series of Ohio quakes, officials say.

Man Made Global Warming, meet Man Made Earthquakes.

daddy

"Angus King,independent candidate for Senate in Maine said today in an interview with WVII ABC in Bangor that Pres.Obama deserves re-election."

Thanks Marlene. I now know who not to pull for or donate to.

Keep us posted if you find somebody up there who does need our help.

marlene

Oh dear indeed,ccal! I watched the interview and he (King) praised Obama for the improving economy and said he deserves re-election! He (King) said he's not sure which party he will caucus with if he is elected. Considering his praise of Obama that doesn't even make sense!

daddy

Marlene,

Sounds like his spine is carved out of that same banana that Olympia Snowe's spine is carved out of.

Ignatz

--the current gas price debacle is all about the debased Dollar--

Problem with that theory, NK, is in the period before and during the current run-up in oil prices the dollar has been stable to strong and gold has been stable to weak.
I cannot recall a significant time lag in the effect on commodities of a weak dollar policy so I'm reluctant to lay the current price pop on some dollar weakness of a couple of years ago.

Jack is Back!

Its Maine. Too damn close to Canada and the UK:)

narciso

I though Dr. Farnsworth, I mean Rove, had the earthquake machine this week.

Jane (get off the couch - come save the country)

Sounds like his spine is carved out of that same banana that Olympia Snowe's spine is carved out of.


Sounds like he is clueless and unqualified.

pagar

"sounds like he is clueless"

Sounds like he got the message from these guys.

http://newsbusters.org/blogs/kyle-drennen/2012/03/09/nbc-host-were-managing-expectations-economy-especially-white-house

matt

The President and his allies are killing coal power. The first nuclear plant in 40 years was just permitted as the president has stymied another 7 plants, most of them at existing sites.

The war on frakking continues. NG is pushing hard but prices have collapsed for the time being. NG is looking for massive subsidies for on the road implementation. Max range on a NG semi, by the way is @ 150-200 miles. Great for local, but crap for long distance.

The green energy industry, in which we are deeply involved, is riddled with hucksters and con men with no chance of meeting the goals stated for at least the next 10 years. Solar modules have a 35% chance of reaching full 25 year lifetimes so the economics are pipe smoke. Battery technology is going nowhere fast.

Hybrids are a great idea but again, how long will the hardware last?

An advanced industrial society requires low cost power and yet the stated policy of the green industry and of our beloved Energy Secretary is to raise the price of conventional energy so that green is competitive.

This is a willfil and ultimately deeply destructive policy that will have an impact all the way until someone throws off the chains of OPEC and invests in things like SASOL's coal gasification process and clean coal.

Between this and the debt they are driving the bus right off the cliff.

marlene

LOL, JiB! Our proximity to Canada is helping to keep the state's economy afloat.Its the week-end,so lots of New Brunswick,Nova Scotia and a few PEI license plates in every parking lot.The retailers love the Christmas shopping season,when the tour buses full of Canadian shoppers come to town!

Bill in AZ sez it's time for Obama/Holder murder trial in Mexico

Great comment, matt. Mother Nature observes all of this and just sadly shakes her head. She spent billions of years perfecting portable energy (oil), and we waste millions of barrels of it trying to "improve" on her design with bird blenders, solar panels, batteries.

Jack is Back!

Marlene,

Come to Florida if you want to see Canadian plates. I've even seen Newfies here:)

Ignatz

--Between this and the debt they are driving the bus right off the cliff.--

I think I preferred it in the ditch. At least I got a Slurpee out of that deal.

narciso

I haven't noticed many Newfies down here, but'Que Me Souviens' I remember, license plates are fairly plentiful down here,

pagar

Here's a Obama headline now.

" Another giant FAIL Obama can add to his growing list of losers: the electric-hybrid Fisker Karma. With a price tag of $107,850 you can own a green car that Consumer Reports says functions only in Park and Neutral. Amazing…$528.7 Million of taxpayers’ money couldn’t make a car that goes forward or reverse.

LUN

centralcal

Oh, marlene - he sounds pretty awful. Welcome to my club (California) - Boxer, Feinstein, Flaring Nostrils, crazy Latino sisters, etc., etc., etc.

narciso

Speaking of the absurd, a classi revisiting;

http://americandigest.org/mt-archives/5minute_arguments/unemployment_definition_a_1.php

Frau Steingehirn

"Matt-- AliceH and RickB (and the bears) are right, the current gas price debacle is all about the debased Dollar,"
Too true!

Frau Steingehirn

"He's still bundling, of course."

Until the Fluke amendment is passed, Mel.

Jack is Back!

narciso,

We get Alaska and Yukon plates here because they just can't drive any further. Yesterday I saw a car with Hawai'i plates, kid you not.

Ignatz

--Flaring Nostrils--

Oh jeez, thanks for that cc. I had successfully blotted that peckerwood out of my mind for several months until that.

centralcal

It is a rather gag inducing vision, I admit, Ignatz. And then he opens his mouth and full on retching ensues. But, I can say that about most of our esteemed pols in Cali.

Melinda Romanoff

c-cal & Ig-

You have to admit that you now know just how his mother got him to eat as a child.

Back side of a shovel. One serving per meal.

jimmyk

Ok, I give up, who is Flaring Nostrils? Ahnuld?

narciso

Henry 'Nosferatu' Waxman,

AL

“I can't believe that after all these decades you guys are still pushing the stupid drill baby drill idea.”

Raally?

“Western Canada Select, the benchmark crude oil coming out of Canada's oil sands, closed at US$74.73 per barrel on March 5, a 30% discount to WTI and a 40% discount to Brent.”

Full article at LUN

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