Thursday, December 19, 2013

There is a few reasons the gas pump price has fallen. Beside the supply from the USA, there is Libya and Iran returning to the global supply.

By 
December 16, 2013

Lifting the ban (click here) on crude-oil exports would benefit major oil companies and hurt Americans, Senate Foreign Relations Committee Chairman Robert Menendez, D-N.J., said in a letter to President Obama on Monday.
Energy Secretary Ernest Moniz suggested last week that it was time to revisit the ban on crude-oil exports, which has been in place since the 1970s and restricts exports of the fuel in most cases. "Those restrictions on exports were born, as was the Department of Energy and the Strategic Petroleum Reserve, on oil disruptions," Moniz said at a forum hosted by Platts.


Menendez, who has tried without success to repeal tax breaks for major international oil companies, joins Sen. Edward Markey, D-Mass., in raising concerns over the prospects of exporting crude oil. Menedez said in his letter that lifting the ban could increase gasoline prices in the United States.
"When Congress first enacted limits on crude exports in the 1970s following the oil embargo, these laws were designed to enhance American energy security and protect U.S. consumers from volatility and price spikes," Menendez said in the letter. "Despite changes in the global energy market, these goals should remain priorities in our nation's energy policy. Easing this ban might be a win for Big Oil, but it would hurt American consumers."


This is "Gas Buddy" today at 4:00 PM EST. With all that green and red it sort of looks like Christmas, doesn't it?

Right now I am trying to figure out what approach the Democrats are going to take to drive the price of gas at the pump back up again. Will it be Menendez launching war on Iran or President Obama lifting the ban on American supplies. Any guesses? If were to bet real money on the either/or it would be President Obama because Menendez would have to wait until after 2014 elections.

But, alas, neither have to happen. It would seem as though the Libyan oil port that was anticipated to open last week has changed ownership today.

Group seeking autonomy for eastern Libya refuses to surrender three oil-exporting ports, costing government billions. (click here)


Last updated: 15 Dec 2013 14:26


The leader of an autonomous movement in eastern Libya has refused to end the blockade of several oil-exporting ports, dashing hopes of ending a months-long standoff with the central government in Tripoli.
Ibrahim Jodhrane, head of the security guards at the ports, said on Sunday that his group's demands for more autonomy in the country's east and a cut of oil shares had not been met. The group is also asking for an investigation into claims of government corruption over oil sales.
"We have failed to reach a deal on these conditions with this [Tripoli] government," Jathran told reporters at his group's home base in Ajdabiya in the eastern part of the country.
"I therefore confirm that we will not reopen the ports for this corrupt government," he said.

There was no immediate comment from Tripoli....

But, if I were the entire nation of the USA I would be writing to every House Representative and every Senator to let them know this is the first time in years that "disposable income" has finally gone up and Christmas is that much merrier this year because the price of gas at the pump is down under $3.00. 

If Menendez thinks he is going to start a war he is sincerely is an insane person. If President Obama thinks he is going to remove the ban on exporting domestic supplies he is just as insane. The cost of American gas at the pump is finally giving the American Middle Class a break so the gifts under the tree are more plentiful and actually the gifts that Santa was asked to bring to a good girl and boy.

I've had enough of the power playing that goes on in Washington, DC. If I've had enough I can only imagine how the rest of the country is feeling right now. The American people have paid the price for Iranian sanctions long enough. We have a leader of Iran that is seeking to be reasonable and is being as transparent as is demanded. 

There will no more playing with the Middle Class and their disposable income. There will be no war in Iran. There will be no exporting domestic oil. 

End of discussion.

I strongly suggest the Democrats in DC need to reassess their hubris and realize how completely disgusted the American people are with it right now!