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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (87120)	12/23/2010 11:33:18 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 149317

I'm thinking $5 gas by the election, and hope we avoid gas lines. Things are already starting to look a bit tight around the world. Here's are 2 interesting Oil Drum comments.. For some sad entertainment, I suggest reading the various comments to the news stories on the internet about oil hitting a two year high of $90/barrel. Here check out this AP story on Yahoo! finance.yahoo.com NEW YORK (AP) -- Oil prices climbed past $90 a barrel on Wednesday as the government reported a drop in the nation's crude supplies. Benchmark oil rose 66 cents to settle at $90.48 on the New York Mercantile Exchange. In its weekly petroleum report, the Energy Department's Energy Information Administration said crude supplies dropped by 5.3 million barrels last week from the week before. That's more than twice the decline expected by analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos. EIA said gasoline supplies grew by more than 2 million barrels. It is very interesting . . . and very scary . . . to see what Joe Six-pack thinks. Basically, it is a hodge-podge of conspiracy theories: 1) It is the speculators fault! (for running up prices) 2) It is big Oil's fault! (for gouging us) 3) It is Obama's fault! (for not letting us drill) 4) It is the GOP's fault! (for being in bed with big oil) 5) It is the tree-hugger's fault (for not letting us drill!) 6) It is OPEC's fault! 7) China is buying up all the oil for a national reserve! Sadly and not surprisingly . . . pretty much no one blames themselves for being oil users. The ones that worry me most are the "it is the tree-hugger's fault" since it is wrong and yet it will be acted upon by people who vote against anyone not for drilling everywhere on the mistaken assumption that will reduce oil prices. "Drill, baby, drill" is going to make a big come-back. If the Dems had some brains, they would just go ahead and make some deals to open up various places for drilling and get the best deal they can get. Because the only way that conspiracy theory will be killed is by actual drilling. Why not drill in ANWR? Every barrel of crude not drilled out of ANWR is dug up out of the Canadian oil sands which is environmentally much worse. We are going to drill there no matter what, so just get it over with already. Sometimes you need to satisfy a bonehead that their boneheaded plan doesn't work before being able to get them on board with a real plan. == Some further thoughts: Reports today from oil analysts, and stock analysts like Gartman and Schork, continue to state that the year-end plunge in oil inventories was mostly planned – due to tax planning for the avoidance of taxes on the unrealized appreciation of inventory. If so, one would presume that oil imports would pick up early in the New Year, following normal seasonal patterns. US oil imports actually did have a very good month in January 2010 after a poor December 2009, but that appears unlikely to reoccur in 2011, if OPEC oil tanker tracker, Oil Movements, is right – it does not see any pickup in OPEC imports into the US early on in 2011. Further, shipping reports for VLCCs indicate most all of oil exports from the Mideast in the next weeks are headed for the Far East, indicating the surge in Chinese oil demand starting in later November 2010 has not moderated much. Elsewhere, despite gasoline supplies in the Northeast stabilizing last week, the Colonial Pipeline will still be fully allocated, that is shipping the maximum amount of gasoline, into the second week of 2011. theoildrum.com

To: Road Walker who wrote (87120)	12/23/2010 12:37:50 PM
From: tejek	Respond to of 149317

Economy brightens as consumers spend, layoffs slow 15 minutes ago By CHRISTOPHER S. RUGABER AP Economics Writer (AP:WASHINGTON) Economic reports Thursday suggest employers are laying off fewer workers, businesses are ordering more computers and appliances, and consumers are spending more confidently. Combined, the latest data confirm that the economy is improving, even though too few jobs are being created to lower the 9.8 percent unemployment rate. The number of people seeking unemployment benefits edged down by 3,000 to a seasonally adjusted 420,000, the Labor Department said. That was the second drop in three weeks. Weekly unemployment applications at around 425,000 signal modest job growth. But economists say the number would need to dip consistently to 375,000 or below to indicate a significant decline in unemployment. Weekly applications peaked during the recession at 651,000 in March 2009. The four-week average, a less volatile gauge, rose slightly to 426,000. The average had fallen for six straight weeks to the lowest point in more than two years. Companies increased their orders for long-lasting manufactured products, excluding volatile transportation goods, by the sharpest amount in eight months, the Commerce Department said. Demand rose for computers, appliances and heavy machinery. Total orders for durable goods dropped 1.3 percent. That decline reflected sagging demand for aircraft and autos. But excluding transportation, orders surged 2.4 percent, the best showing since last March. Personal spending rose modestly last month, giving the economy a lift before the holidays. Spending increased 0.4 percent, the fifth straight monthly increase. Consumers' incomes grew 0.3 percent last month, lifted by gains in stock portfolios. Wages and salaries barely budged. Hiring slowed in November. Housing remains a drag on the economy. More people bought new homes in November, though far too few to signal better times are ahead for the battered housing industry. Sales rose 5.5 percent to a seasonally adjusted annual rate of 290,000 units, the government said. That's less than half the rate that economists consider healthy. And the increase follows a dismal October pace that nearly matched the lowest level in 47 years. The economy is expected to pick up next year as consumers spend more freely. Most Americans will have more cash to spend because of a cut in Social Security taxes that Congress approved this month. But economic growth probably won't be fast enough to quickly reduce unemployment. Many analysts are predicting that the economy will grow at a 3.5 percent to 4 percent annual pace next year. That would be up from an expected 2.8 percent pace this year. Economists generally say growth needs to reach 5 percent for a full year to bring down the unemployment rate by 1 percentage point. Many expect the rate to be near 9 percent by the end of next year. The recent decline in the number of people seeking unemployment benefits has encouraged economists. Applications have fallen by more than 20,000 in the past month. That should translate into more hiring in December than the previous month, according to most economists. The economy added a net total of only 39,000 jobs in November and the unemployment rate rose to 9.8 percent. Weekly applications are a real-time snapshot of the job market. If they continue to move down, hiring is more likely to pick up. Applications reflect the level of layoffs. But can also indicate whether companies are willing to add workers. Fewer people are receiving unemployment benefits. The total unemployment benefits rolls dropped by 103,000 to little more than 4 million in the week ending Dec. 11, the department said. That doesn't include millions of additional laid-off workers who are receiving emergency aid under extended unemployment benefits programs set up during the recession. About 4.7 million people are receiving extended benefits for up to 99 weeks. All told, about 8.9 million people obtained unemployment benefits during the week of Dec. 4, according to the latest data available. That was about 150,000 fewer people than the previous week. news.ino.com