Feckless

We heard a lot of criticism directed at President Obama when gasoline prices started to climb earlier this year. Republicans, knowing how easily many voters can be manipulated, thought they had a campaign issue: just remind everyone that gas prices are going up, ignore the complex set of factors that explain the rise, especially Wall Street speculators, and just blame the President.

They lined up at the mic to do just that:
      In February, Senate Minority Leader Mitch McConnell made the laughably inane claim that “This President will go to any length to drive up gas prices and pave the way for his ideological agenda.”
      In March,  Mitt Romney declared, “He gets full credit or blame for what’s happened in this economy, and what’s happened to gasoline prices under his watch..."
     In April, House Speaker John Boehner said, “The president holds the key to addressing the pain Ohioans are feeling at the gas pump and moving our nation away from its reliance on foreign energy. My question for the president is: what are you waiting for?”

As it turned out, Boehner didn't have long to wait. Now that gas prices are falling, he and other Republicans have grown silent. Romney said Obama deserved credit, as well as blame, for what has happened. That is simplistic nonsense, of course; the fact that Congressional Republicans have spent three years obstructing the President apparently is not a factor for Romney. Let's be clear on that point: you may agree with Republican tactics and say the Dems must be stopped, etc., but you cannot later ignore the Republicans' role in the Washington logjam and pretend it wasn't a factor.

In any event, Romney is a little slow about giving Obama "full credit" on gas prices. Now one might say that Obama doesn't deserve much credit or blame: The White House inherently has few short-term options on oil prices and cannot be expected to simply step in and ratchet down gas prices. American presidents do not have that kind of power.

But that doesn't mean Obama didn't have some options, or that he didn't use them.

What's that? You didn't hear all about it? And some people still think our corporate-owned media has a liberal bias. To make a bad situation worse, the White House has done a poor job of sharing Obama's message and accomplishments. It's as if he believes the media is an honest broker and is motivated to get the full story out. Peter Cohen, writing for Forbes, captures this frustrating imbalance:

When he was running for President in 2008, Barack Obama struck me as a gifted orator. But now that he’s running for re-election, it feels to me that the messaging power of his political opponents is like Hurricane Katrina blowing against a chipmunk’s squeal. So I am confident that a piece of excellent news for drivers resulting from a little-noticed policy from Mr. Obama will get no attention at all from the media.

In April, I predicted that President Obama’s $52 million plan to increase the margin requirements and otherwise tighten the screws on oil speculators — who borrow huge sums to bet on the direction of oil without taking delivery — would cut oil prices by 10 percent. He’s beaten that prediction, and the lowered price of gasoline has added $78.4 billion to its consumers’ spending power.

Cohen has much more to say on the specific steps Obama has outlined to combat high prices, including:

  --Increase by a factor of six Commodity Futures Trading Commission (CFTC) surveillance and enforcement staff “to better deter oil market manipulation,

  --Boost 10-fold, to $10 million, the civil and criminal penalties against “firms that engage in market manipulation,

  --Give the CFTC authority to increase the trader margins — the amount of their own capital that traders must set aside for each bet...

These and other factors, including increased domestic oil production, have driven down oil and gasoline prices. Cohen puts it in human terms:

So just how much has Mr. Obama stimulated the economy through his April crackdown on oil speculators? Well, if my experience is any indication, the answer is quite a bit. After all, I was paying about $4.05 a gallon for mid-grade back then and this week the price had fallen to $3.49.

That 56 cents a gallon decline would amount to me saving about $582 a year — assuming that I fill up my 20 gallon tank once a week. But if the AP is right, that same 56 cent a gallon drop would add $78.4 billion to U.S. GDP.

That’s not much for a $15 trillion economy, but it represents a 1,508 percent return on Mr. Obama’s $52 million investment, in two months.

In the final analysis, I notice a double standard. Republicans attack Obama for not doing something about high gas prices. He, in fact, did something, including increased drilling and permit approval. Not a sound of approval from his critics, and not much coverage in the media. In the spring, Obama also outlines his plan to rein in speculators. By the first day of summer oil prices were off 21% from their April highs.

Republicans blame Obama for not doing something about gas prices even as they insist government should stay out of free markets. He does something, brings down prices, and they call it government meddling. Weren't you the guys blaming him for not doing anything?

Feckless assholes

Lying About Oil Production

Republicans keep harping on gas prices. They want very much to blame Obama, and they do so through some astonishing rhetoric. Romney in particular insists that Obama has a weak and ineffective energy policy, and that it is the reason why gas prices continue to climb.

Three points are worth noting; one is Romney's breathtaking willingness to lie, a subject I'll address in greater detail separately; second is that his own economic advisers have distanced themselves from his claims.

And then there is point number three: Romney's charges about oil production are wrong. In fact they are laughably, face-palm in disbelief kind of wrong. I have already touched on this point before. I referenced an article in the Houston Chronicle that discussed the transformation in oil production that is taking place since Obama took office. And here is how the New York Times reports it (emphasis mine):

The desolate stretch of West Texas desert known as the Permian Basin is still the lonely domain of scurrying roadrunners by day and howling coyotes by night. But the roar of scores of new oil rigs and the distinctive acrid fumes of drilling equipment are unmistakable signs that crude is gushing again.

And not just here. Across the country, the oil and gas industry is vastly increasing production, reversing two decades of decline. Using new technology and spurred by rising oil prices since the mid-2000s, the industry is extracting millions of barrels more a week, from the deepest waters of the Gulf of Mexico to the prairies of North Dakota... 

Taken together, the increasing production and declining consumption have unexpectedly brought the United States markedly closer to a goal that has tantalized presidents since Richard Nixon: independence from foreign energy sources, a milestone that could reconfigure American foreign policy, the economy and more. In 2011, the country imported just 45 percent of the liquid fuels it used, down from a record high of 60 percent in 2005. 

Pretty good, though obviously that is not what Romney is claiming. The real problem here is the White House does not tout its accomplishments very well. President Obama has allowed Republicans on all levels, including their allies at Fox, to establish the narrative. That is a mistake Democrats are prone to making. I expect the talking heads at Fox to lie, including the buffoons at Fox and Friends, but Mitt Romney is repeatedly and deliberately misrepresenting the facts.

I leave you with one other factoid, the picture below, that Mitt Romney is shamelessly lying about. Note the sharp increase in the blue line. Note the date. Who became president just before the blue line started to go up?

Go ahead and say it, Mitt. No lying this time.

Facts Keep Getting in the Way

Man I love it when Rachel Maddow sets bloviating liars like Karl Rove straight. He, along with the presidential candidates still standing keep trying to find something new to pin on Obama. Now he's getting blamed for high gas prices. It is an old tactic used to score points with low-information voters because apparently many of them really do support candidates who promise the holy grail of American consumerism; cheap gas and lots of it. 

In the video below we have Rove, on Fox News, of course, claiming the President is anti-oil, laughably mischaracterizing the role of the US Export-Import Bank, and essentially trying to plant the seed in the viewer's head that Obama is so nefarious that for reasons that elude thinking people, he, the President, would want energy prices to go up in a recovering economy and an election year. Newt Gingrich is shown making similar charges. Gee, I had no idea that Obama is so ingeniously treacherous.

Rachel Maddow brilliantly points out the idiocy of these charges through the ample use of her favorite weapon, facts. Watch as she shows how domestic oil production has been going up every year since Obama took office. She is referencing an article from that socialist rag, the Houston Chronicle, that says in part:

The United States' rapidly declining crude oil supply has made a stunning about-face, shredding federal oil projections and putting energy independence in sight of some analyst forecasts.

After declining to levels not seen since the 1940s, U.S. crude production began rising again in 2009. Drilling rigs have rushed into the nation's oil fields, suggesting a surge in domestic crude is on the horizon.

The number of rigs in U.S. oil fields has more than quad­rupled in the past three years to 1,272, according to the Baker Hughes rig count. Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world.

"It's staggering," said Marshall Adkins, who directs energy research for the financial services firm Raymond James. "If we continue growing anywhere near that pace and keep squeezing demand out of the system, that puts you in a world where we are not importing oil in 10 years."

Rove does have one redeeming quality; his first name is pretty cool. He even manages to spell it right.

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