Wednesday - February 15, 2012
Janus Was A Piker
Obama: The Bush Tax Cut is a trillion dollars in spending, but let’s keep it because the price of gas [ which has nearly doubled during his regime ] is rising again. The economy is on the rise, so that increases global oil demand [ even though there is currently an oil glut ] and that increases the price. This is not the time to limit government spending [ even though the tax revenue stream is down a trillion, because of that evil Bush tax cut ].
Huh? So does this mean that the Change we’ve been waiting for is really just more of the same? The new policy is a continuation of the failed policies of the previous administration? I notice that Guantanamo Bay is still open too. Thought that was going to be closed years ago. He promised!
Obama Cites Rising Gas Prices – Up 83 Percent Under His Tenure – Among Reasons to Extend Payroll Tax Cut
President Barack Obama listed rising gas prices as among the many reasons to extend the payroll tax cut Tuesday, flanked by individuals the White House promoted as being affected by $40 per paycheck the average American would lose if the tax cut is not extended at the end of February.
...
“Congress needs to extend that tax cut – along with vital insurance lifelines for folks who’ve lost their jobs during this recession – and they need to do it now, without drama and without delay,” Obama said. “No ideological sideshows to gum up the works. No self-inflicted wounds. Just pass this middle-class tax cut.
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On Monday, Obama delivered a budget address in which he referred to the Bush tax cuts as $1 trillion in spending. However, on Tuesday, Obama stressed that the economy is improving and that this is not a time to reduce the amount of spending money.
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“And when gas prices are on the rise again – because as the economy strengthens, global demand for oil increases – and if we start seeing significant increases in gas prices, losing that $40 could not come at a worse time,” Obama said.
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When Obama entered the White House in January 2009, the city average price for one gallon of regular unleaded gasoline was $1.79
Regular gas was $3.48.9 a gallon at my local station yesterday, and NJ has some of the lowest gas prices in the country. I’d say it’s actually doubled since he took over, which is quite a bit more rise than “only” 83%.
Crude glut in U.S. suppresses Canadian oil prices
[Feb 12 2012] Canadian oil producers are facing steep discounts to world prices as their sole export market in the U.S. western states is swamped with a growing glut of crude.
Canadian select heavy crude was selling for $31.25 (U.S.) a barrel below the benchmark West Texas intermediate, nearly double the spread of a month ago. At the same time, WTI – which sets the trend for Canadian prices – is selling at a steep discount to international traded crude like North Sea Brent.
Crude Oil-Tanker Glut Stays at Four-Week High
[Feb 14 2012] A surplus of the largest oil tankers competing to load crude at Persian Gulf ports stayed unchanged after reaching a four-week high last week, a survey showed.
There are 10 percent more very large crude carriers available for hire over the next 30 days than there are likely cargoes, according to a Bloomberg survey of seven shipbrokers and owners today. The glut was the biggest since Jan. 10 as of last week.
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“Overcapacity continues to impact the market negatively,” Oslo-based investment bank Pareto Securities AS said in an e- mailed report today.
Posted by Drew458
on 02/15/2012 at 09:11 AM
Filed Under: • Obama, The One •
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