Monday, July 14, 2008

I always wanted to do this

BREAKING NEWS...

The president is expected to lift the ban on offshore drilling...

CVX: 93.03 +.85%
XOM: 85.73 +.27%
BP: 64.39 -.22%

Let's see how those change...

-ellipses

7 Comments:

Blogger Ellipses said...

And the answer is...

Not a whole lot.

-ellipses

July 14, 2008 at 4:22 PM  
Blogger PRIguy said...

Nothing will happen since congress has to repeal the federal law that also prohibits the drilling. Again, the prez tries to do the right thing only to be stymied by this bunch of losers in congress.

July 14, 2008 at 5:24 PM  
Blogger Ellipses said...

The executive part of this whole charade is purely a political ploy... Granted, drilling more domestically CAN have an effect... but the fact that it isn't going to happen in any appreciable way makes this purely theatrical. I do believe this was basically a midsomer's gift to McCain to use in the last leg of the campaign. I was pretty sure that it wouldn't have any impact on the market... but I threw it up there as kind of a spur of the moment litmus test on the idea that speculation rules our economic lives... If a single first step toward increasing domestic production caused a flurry in the commodities market and oil dropped by 3-5%, it would have sent a message (albeit a dangerous one)... The fact that oil closed above 145 shows that 145 is THE expected price on future contracts... and that this political dance isn't going to move anything up or down... Someone is going to have to get married to an idea at some point.

-ellipses

July 14, 2008 at 6:17 PM  
Blogger PRIguy said...

I viewed the whole thing as a lame duck political ploy too. But I had to take a shot at congress, you know.

July 14, 2008 at 7:34 PM  
Blogger Ellipses said...

It does tend to be easy when the target is large and slow moving...

-ellipses

July 14, 2008 at 7:42 PM  
Anonymous Anonymous said...

Simple solution: make Iraq the 51st state.

July 14, 2008 at 8:16 PM  
Anonymous Captain said...

I am afraid $7 gas is not far away -- for once I hope I am wrong but i told my wife 5 months ago $4 was coming and she laughed. As for the changes in national oil surplus -- we have enough reserves to operate for many years. Why is it now that we cannot use it to reduce the demand for new crude and drive the price down? If we all drove rice burners the demands should fall as well -- shouldnt it?

If we made Irag a US Stae/territory -- where would we put the star on the flag?

I agree -- just a ploy -- but who will it ultimately help re: elections? Not the consumers in the end!!!

July 15, 2008 at 2:32 AM  

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