The price of Oil and the Presidency

[rambone]

I hear a lot of people lately complaining about oil/gas prices. Rightly so. The tone in these comments is often that they want the president to "do something about it."

What exactly would people suggest he do? With an emphasis on constitutional authority.

What control (legitimate or not) does the president currently have over the fluctuating price of Oil?

This really is a discussion of the office of President and not the resident who occupies it. I'm not an Obama supporter by any stretch.

 

[Leadeye]

In the 70s there was a hysterical call to ration gas from several directions. Nixon had the stamps printed but it never happened.

Carter created a stir with his "moral equivilant of war" speech that lead to the DOE a vast bloated self serving bureaucracy infested with contractors and consultants. It's mission was to make the US less dependant on foreign energy, it's now 2011, little has changed.

What will Obie do? Anybody's guess, but you can bet it won't help.

 

[CarmelHP]

I hear a lot of people lately complaining about oil/gas prices. Rightly so. The tone in these comments is often that they want the president to "do something about it."

What exactly would people suggest he do? With an emphasis on constitutional authority.

What control (legitimate or not) does the president currently have over the fluctuating price of Oil?

This really is a discussion of the office of President and not the resident who occupies it. I'm not an Obama supporter by any stretch.

Release the strategic reserve. The "strategic" reasoning is supposed to be that it is used to stabilize oil prices.

 

[ViperJock]

He will increase taxes and then give us back a small portion of what he takes as a stimulus to help pay for gas.

 

[DragonGunner]

How about what Trump said....12 guys at OPEC decide the price, no one else. An we, the Untited States pays to keep OPEC going....???...an they are laughing at how stupid we are...Get rid of OPEC an stop paying them ancreate a real free market, Give back the Federal Lands takin by Teddy Roosevelt, at least give them back to the states an stop all this Green Crap that Gore came up with to make money....face it, this prez doesn't care if oil goes 10X as high.

 

[Fletch]

Whither Gasoline Prices? - Reason Magazine

 

[johenz]

It's not so much that the price of oil has risen dramatically, the fact of the matter is that since we left the gold standard as a valuation for our currency the dollar is worth significantly less. The President should come out in favor of a plan to return to the gold standard and link our currency to something of value rather than base its value on the whims of the Federal Reserve. There's something to be said for the Constitution.

 

[jedi]

I hear a lot of people lately complaining about oil/gas prices. Rightly so. The tone in these comments is often that they want the president to "do something about it."

What exactly would people suggest he do? With an emphasis on constitutional authority.

What control (legitimate or not) does the president currently have over the fluctuating price of Oil?

This really is a discussion of the office of President and not the resident who occupies it. I'm not an Obama supporter by any stretch.

rambone are simple minded animals. Gas prices, no jobs, no food, you name it goes bad and there is only one person to blame or praise and that is the leader of the nation. This is the strength and weakness of the and how they are manipulated.

I8B) can't really do anything to control the price of fuel. He does not have a magic phone and can call BP and say "you better set gas @ $2" but the don't understand this and that is OK!

Why? Well if the economy continues to tank and gas does go up to $5+ you can bet one thing. The will turn into

and eat him alive at the polls at the next election. His own people will turn on him.

I'm already hearing this from many Mexicans that I interact with. They are pissed that he has not push any type of immigration reform, that he has not helped the Mexican community and the recent press release by him that he will begin to look at immigration reform they (at least in NWI) have said **** u obama! They don't believe him anymore. More over they are voicing that he has done more illegal immigration stings (not sure if this is true) than Clinton did so they are writing him off.

So let Rome burn. We need a major reality slap in the face and while it will hurt us all it's been a long time coming and rather I have to deal with it then leave this mess to my kids.

 

[lashicoN]

It's not so much that the price of oil has risen dramatically, the fact of the matter is that since we left the gold standard as a valuation for our currency the dollar is worth significantly less. The President should come out in favor of a plan to return to the gold standard and link our currency to something of value rather than base its value on the whims of the Federal Reserve. There's something to be said for the Constitution.

http://www.youtube.com/watch?v=swkq2E8mswI

That is a very interesting, free, documentary. I don't like the idea of our government having control over our currency, but I know the Federal Reserve is a crock and I know that I don't want a gold-backed system either.

 

[John Galt]

We are having these problems because a few connected people are making oodles of money and want the "crisis" to continue. A good president could turn this around in 1 day. Since he has the ultimate bully pulpit, go on prime-time tv and announce that he is going to push to open every responsible domestic energy source to exploration and allow those companies to depreciate everything 100% the first year. They also will only be subject to a flat tax and the cheaper and cleaner the product they can provide along with its distribution network (natural gas, gasoline, electric, whatever), the lower the tax they pay. BUT, NO SUBSIDIES! He can announce that he will also greatly reduce the mind-numbing red tape and regulatory burden of energy development. He will end his speech with letting the Middle East know that they can protect themselves from here on out, as starting in 6 months our troops will be spending more time with their families here back home and working in the boom of our new energy industry, but that our protection services are still available, for a nominal fee. Once the rest of the world realizes that we are serious about developing our own abundant resources and finally willing to unshackle our good 'ole American ingenuity, they'll play ball. The solution is really pathetically simple!

 

[johenz]

Lashicon,
Thanks for the link to the documenary. I'll check it out in the next day or so. Don't worry about the government having control over our currency because it doesn't. The Fed sets the value of our money and doesn't answer to the government. The choices as far as determining the value of money is simple; a central bank or a commodity system linking money to something of value. The Federal Reserve is out third attempt at a central bank and like its predecessors has proved unequal to the task.

 

[indykid]

He needs to do something to increase the value of the dollar so that it takes less to buy a barrel of oil. He needs to shore up the dollar so that other governments aren't afraid of it any more.

 

[sentinelrepublic]

He needs to do something to increase the value of the dollar so that it takes less to buy a barrel of oil. He needs to shore up the dollar so that other governments aren't afraid of it any more.

he? obama?
he can do nothing.
congress and senate need to vote to lift all restrictions on small business and large business to conduct business in the market! This Idea that government is the solution , is the problem! As long as we let these rediculous "philosophers" on capital hill push thier idiological agenda, we will feel the hit on our job production and GDP and dollar value!

When we return the marketplace back to the businessman and consumer, we will all be better off. Huusein Obama can do nothing except veto our attempt to restore prosperity!

I wish he would ask us to come and take our market back!

 

[yepthatsme]

Just my . How can we expect our politicians to repair the situation? They would be biting the hand that feeds them. Most are in bed with those that profit from creating situations like this and many help them. They sure don't appear to be representing the people. The best thing that can be done is to promote competition. The more competition, the lower the prices.

We need to get corporations off of government welfare.

 

[coolluke]

I saw gas at $47.17 yesterday. Gas will defeat Obama

 

[Bond 281]

I hear a lot of people lately complaining about oil/gas prices. Rightly so. The tone in these comments is often that they want the president to "do something about it."

What exactly would people suggest he do? With an emphasis on constitutional authority.

What control (legitimate or not) does the president currently have over the fluctuating price of Oil?

This really is a discussion of the office of President and not the resident who occupies it. I'm not an Obama supporter by any stretch.

I would suggest he stop stifling our domestic oil supply, and push for expansion of it.

 

[coolluke]

Obama wants to run the USA into the ground

 

[Fletch]

Obama wants to run the USA into the ground

Funny, they said the same thing about Bush.

 

[jedi]

The Federal Reserve is out third attempt at a central bank and like its predecessors has proved unequal to the task.

Can you please educate (at least me) about the other 2 attempts at a central bank in our nation or provide links so I can read up on this. Thanks!

 

[Fletch]

Can you please educate (at least me) about the other 2 attempts at a central bank in our nation or provide links so I can read up on this. Thanks!

Alexander Hamilton championed the First Bank of the United States, and it was started in 1791, only to die in 1811 under Madison, who re-chartered it 5 years later as the Second Bank of the United States, which was later killed by Andrew Jackson.

Both banks were popular among the sort of merchants who did a lot of business with the government and sought government protectionism/mercantilism for their industries.