Since there’s nothing on TV this evening, tune in to “The David Goldstein Show” tonight from 7PM to 10PM on Newsradio 710-KIRO. I like to go with the flow, so things could change, but here’s what I have lined up for tonight’s show:
7PM: Did the Bush administration strategically manipulating the Strategic Oil Reserve to drive up prices? In 2006 oil prices rose near $80 a barrel, despite the fact that there were no significant supply disruptions, and demand actually fell in industrialized nations. Why? Economist Thomas Palley suggests that the Bush administration may have manipulated our Strategic Oil Reserve to keep prices high, an act which Palley describes as “economic treason.” Dr. Palley runs the Economics for Democratic and Open Societies Project, and is the author of Plenty of Nothing: The Downsizing of the American Dream and the Case for Structural Keynesianism. He joins us for the hour.
8PM: Replacing the Viaduct: cost, capacity… and carbon emissions? Last week at a joint press conference with the president of the Marshall Islands, King County Executive Ron Sims departed from his prepared statement on global warming to talk about… the Viaduct. Absent from the public debate over rebuild vs. tunnel, Sims said, was a discussion about carbon emissions, and whether we could in good conscience increase capacity without thoroughly exploring more environmental alternatives. Hmm. Whatever the other factors, would a surface-plus-transit alternative be the only moral choice. Sims joins us for the hour to talk about global warming, and what we need to be doing locally to both prepare for and prevent its impact.
Tune in tonight (or listen to the live stream) and give me a call: 1-877-710-KIRO (5476).
Colonel Tucker "Biff" O'Hanrahanrahanrahan spews:
I can’t wait to hear the strategic reserve guy! What a RAT George Bush is.
Sounds like a very interesting hour on the SOR . . . I, too, am interested in what he has to say.
Please go over Stupid sims’ rails to trails plan…..I see even local Dems are waking up to the stupidity of the idea (save for fellow dim bulb julia patterson)
Richard Pope spews:
I read the fellow’s web page on the Strategic Oil Reserve — and this fellow is a NUT. He blames Bush putting 125,000 barrels per day into the SOR for the price of oil more than doubling between 2003 and 2006.
In reality, the world uses over 80,000,000 barrels of oil per day. So the allocation to the SOR of 125,000 barrels per day is less than 0.2% of the world’s daily oil consumption.
Increasing the demand for oil by a little under 0.2% will certainly tend to increase the price for oil. Maybe even close to a full percentage point, if the oil supply and demand are highly inelastic. But it sure as hell won’t make the price more than double.
How can someone get a Ph.D. in Economics from Yale without understanding basic microeconomics? Has this fellow even attempted to construct supply and demand curves for oil (or statistical formulas for the supply and demand functions), which would support his theory?
Where’s Darryl? I would like his professional take on this one.
I’ve said this before . . . but at the risk of repeating myself, will say it again.
My broker was advised at a national conference of brokers on the east coast that Bush was, indeed, manipulating the oil reserves and that was artificially impacting the price of oil.
I guess whoever the speaker was could have been blowing it out of his ass, but financial organizations are usually pretty good at vetting their speakers.
If you’d listened to the show, we discussed that very issue. It has to do with the inelasticity of the market, and the use of storage capacity.
Richard Pope spews:
No economic market for anything is inelastic enough for an increase of less than 0.2% in demand to cause the price to more than double. This fellow has NOTHING scientific to support this ridiculous proposition.
God, you’re smart, Pope. A regular encyclopedia of everything. Ever think of going on Jeopardy? Is Jeopardy still on?
Roger Rabbit spews:
@4 Oil prices soared because demand grew faster than production capacity, and bumped up against output limitations with no reserve capacity left.
Demand grew fastest in India and China, whose economies are awash in the dollars we export (along with American jobs) to those countries by shopping at places like Wal-Mart.
In addition, political unrest in Venezuela took 2 million bpd off stream during that period.
Roger Rabbit spews:
The future of oil supply looks ugly. Over half the world’s oil supply comes from a dozen or so “supergiant” oilfields, all of which have been in production for 50 to 75 years and are in decline. The last “supergiant” field was discovered in 1970, and with the planet thoroughly mapped, most petroleum geologists believe no more “supergiants” remain to be found. Meanwhile, the easy and inexpensive oil outside the Middle East has been developed, and what remains is the increasingly hard-to-get-at and more-expensive oil.
To put oil demand in perspective, the largest oil reservoir found in the Gulf of Mexico on U.S. territory is “Thunder Horse” at 1 billion bbls. A 1 billion bbl. field can satisfy world consumption for less than 12 days.
It’s good to see Furball quote something I said four months ago right here on the other Voice of Chalk Scratching show. Finally Furball is seeing facts and they didn’t hurt his libtard mind!
Furball, ANWR is estimated by the United States Geological Survey to hold between 5.7 and 16 billion barrels of recoverable reserves, with the mean estimate of 10.4 billion barrels. At our consumption rates of 20.6 million per day and our own domestic production of 5 million barrels per day gives about 18 years of use.
Did you Moonbat!s know we use about 1 million barrels a day just on the west coast? We could be supplied by Prudhoe and ANWR if it wasn’t vetoed in 1995. You all can thank Clinton for vetoing ANWR.
So what’s your plan now Moonbat!s.
Oops… That’s 18 years of imports from Saudi Arabia. Did the math wrong. We import from Saudi Arabia 1.444 million barrels per day.
Ms Carpetbaggit, teacher non-extraordinaire: Real facts on our exports
Top 11 Oil Consumers http://www.photius.com/ranking.....006_0.html
1 World 80,100,000
2 United States 20,030,000
3 European Union 14,590,000
4 China 6,391,000
5 Japan 5,578,000
6 Russia 2,800,000
7 Germany 2,677,000
8 India 2,320,000
9 Canada 2,300,000
10 Korea, South 2,061,000
11 France 2,060,000
These facts are so easy to find Voice of Chalk Scratching. I bet you didn’t ask the tough questions. Softball thrower like Chris Matthews when he interviews a Congressional Libtard!
Top 11 Oil importers in 2006.
1 European Union 15,690,000
2 United States 13,150,000
3 Japan 5,449,000
4 China 3,226,000
5 Netherlands 2,284,000
6 France 2,281,000
7 Korea, South 2,263,000
8 Italy 2,158,000
9 Germany 2,135,000
10 India 2,090,000
11 Spain 1,582,000
You know Moonbat!s thi isn’t rocket science.
So As I stated almost two weeks ago and Richard Pope restated last night 125,000 barrels of oil into our strategic reserve is peanuts!
But Moonbat! Libtards need another conspiracy theory canard! Keep up the good work Ms Carpetbaggit teacher un-extraordinaire!
Furball you can quote my facts anytime!
Hey moonbats look at what the daughter of the Earth Day founder sez:
“The daughter of the founder of Earth Day says she doesn’t think gasoline prices are too high.”
We all know why Moonbat!s secretly like high oil and gasoline prices!
It’s a much more interesting question what happened to cause the price of gasoline to drop as election day drew near.
ArtFart: Start your conspiracy theory. Wait.. this just in… one was started here last summer!
17 Uhhhhh, Puddy, where exactly did I make any mention of a conspiracy?
Gas prices and interest rates have dropped prior to just about every election I can remember, regardless of which party was in power. I’m just wondering why…