As predicted Palin and the drill baby drillers are screaming that if we had more oil exploration going on we wouldn’t be experiencing these drastic spikes in crude oil and subsequent pain at the pump. Here are some facts that are often ignored:
· In 2009 we imported 63% (3.31billion barrels) of our oil needs versus 37% from domestic sources (1.94billion barrels). We cannot get away from importing oil, nor should we.
· Oil is a commodity and traded on commodity exchanges. Right now there are traders betting oil prices will continue to rise, this long position drives oil prices up in a self fulfilling prophecy.
· The dollar is being shorted. That means, currency traders and hedge funds are betting the dollar will continue to drop in value against other currencies. In fact we will likely be back to $1.50 per euro by the end of the year. This is because currency traders are convinced the US fiscal and monetary policies will make the Euro and other currencies more attractive.
· Oil, like all commodities are traded in dollars. When the price of the commodity goes up, and the value of the dollar goes down you end up with a double whammy.
Speaking about the myth of gas prices; Media Matters shared this one with us. Bill O’Reilly, the research-challenged Faux News host was going on about gas price conspiracies. O’Reilly said “The higher gas at the pump is, the more federal dollars, yeah, the more money the feds get. So I mean they're -- so I mean some cynical people are going, look Obama doesn't want the price to go down because Washington is getting more money from the taxes at the pump.” In reality the Federal gas tax is set at $18.40/gallon. It is not set as a percentage, it is a set number. Douche.
Are we witnessing the implosion of the conservative moment as the sane wing led by George Will and William Kristol realizes insane ass clown posse of Beck-Gingrich-Huckabee and others is damaging there changes to regain the white house in 2012? Will slamming Gingrich and Huckabee wrote "There are at most five plausible Republican presidents on the horizon:" The elite band of GOP plausibles, in Will's view, are Indiana Gov. Mitch Daniels, Mississippi Gov. Haley Barbour, former Utah Gov. Jon Huntsman--current U.S. ambassador to China-- former Massachusetts Gov. Mitt Romney and former Minnesota Gov. Tim Pawlenty. "But the nominee may emerge much diminished by involvement in a process cluttered with careless, delusional, egomaniacal, spotlight-chasing candidates to whom the sensible American majority would never entrust a lemonade stand, much less nuclear weapons."
Tiki Barber, retired NY Giants running back is threatening to make a comeback. This is sad because Barber walked away at the top of his game in 2006. What’s sadder is what has happened to Barber since he walked away. According to Jon Wertheim of SI.com: Barber's personal and professional life have been in shambles recently. In April 2010, Barber reportedly left his wife of 11 years, Ginny, for 23-year-old Traci Johnson, a former NBC intern. Ginny was eight months pregnant at the time. Soon after, NBC cited its morals clause and terminated Barber's contract, which reportedly paid him more than $300,000 per year. In June 2010, the New York Post reported Barber was broke and couldn't pay his divorce settlement with his ex-wife.
I bet Tiki is a Gingrich supporter.