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08:02 PM on 07/30/2008
There is no shortage of oil. Among the various reasons for high prices is to enable Big OIl to make record profits! The republicans keep bragging they have Iraq under control. Iraq is soaked with oil. The republicans need to squueze the Iraq oil out and send it to America for a discount price. That is another way the Iraqis can be grateful for America, the liberators. The oil aint off the pristine shores of America, the oil is in IRAQ, Madame Speaker!
Read THIS!
"While its proven oil reserves of 112 billion barrels ranks Iraq second in the work behind Saudi Arabia, EIA estimates that up to 90-percent of the county remains unexplored due to years of wars and sanctions. Unexplored regions of Iraq could yield an additional 100 billion barrels. Iraq's oil production costs are among the lowest in the world. However, only about 2,000 wells have been drilled in Iraq, compared to about 1 million wells in Texas alone." Source-----http://usgovinfo.about.com/library/weekly/aairaqioil.htm
They need to drill, drill, drill in IRAQ.
08:02 PM on 07/30/2008
Nancy,
I WOULD love for you to go to work with me so you can you listen to the typical brain-washed-by-Faux-News,O'really,and-Rush-Limbaugh American (I work with some of these and they are scary). Maybe then you will know how to address the American public so they will understand.
07:29 PM on 07/30/2008
Ms Pelosi,
It is worthy of debate because half country thinks drilling offshore will lower the price of gas. You need to make the case more strongly, more publicly, more grafficly and more often. Bring it down to the level of people who get all there news from FOX or ABC in 10 minutes a day. Secondly, somebody needs to rein in Harry Reid. He needs to NOT propose ANY drilling expansion anywhere at all.

All of you, including Obama, talk over eveyones head except the educated few. Bring it down to the Blue collar worker with a high school education who thinks (right now) that drilling means gas in a year. How about, Bush and McCain are in the pockets of the oil companies - who makes money off of this? The oil companies. Who got the tax breaks the rich. Who got the shaft -you again!
07:20 PM on 07/30/2008
By the time any off-shore oil became available, the cost for a barrel of oil will have doubled because by that time world demand will have doubled. This is a hoax. Another hoax is opening the oil reserve. That oil should be for emergency use only. It would not make a bit of difference in the price of a gallon of gas.

The way to reduce the cost is to reduce demand. This country, because of the big cars and trucks that people drive, has huge demand. The price is coming down now because of reduced demand. Get a clue. My fear is that if it continues to go down people will resume their former habits (this country has terrible memory problems) and start driving their big gas guzzlers again. Then the price will go back up and people will casting around for whom to blame. We have ourselves to blame. The only way to go is conserving by driving smaller cars, alternative fuels and alternative sources of renewable energy. Then we will have plenty for everyone.
07:11 PM on 07/30/2008
I would like to see more supportive comments. The dem congress is doing a GREAT job considering how unfair the media treats them, and they have the executive, judicial, and justice department against them.

Not to mention all the self-hating liberals who join the right-wing media and blame the democrats for everything.

Before you hit "Post a Comment" please consider-will what you typed hurt the reputation of the democrats or help it?
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11:01 PM on 07/30/2008
I'm more concerned with our general welfare than either major party. What have they done for us lately--oh yeah, telecom immunity. The leadership is compromised, wake up and smell the coffee (make mine Green Mountain,please).

Kucinich is one of the rare Democrats worthy of the name. Would you trust a DA who said, 'Yeah, the governor is corrupt, but wow, that would be so much work, let's take prosecution off the table'? I hope not.

The major parties don't own our government, friend. We do.
11:04 PM on 07/30/2008
It is not our responsibility as Americans, (or as Democrats) to be supportive of Pelosi or any other politician. The Democrats in Congress are a bunch of pathetic wimps, and Pelosi is one of the worst. I dont care how much opposition there is - they have failed miserably to hold Bush or any of his cronies accountable, and in fact have been co-conspirators in many of the worst abuses of the Constitution and federal law.

The Democrats were elected in 2006 to start cleaning up this mess, and they have done so little with that mandate. The reputation of the Democrats has been hurt by their sins of ommission and commission, and Pelois of all people has zero credibility on any matter at this point.
07:11 PM on 07/30/2008
Nancy, the problem is oil is now commodity, speculation must stop, and regulations must start. That goes for the housing market too. My house has been close to foreclosure for six months now, not because of the subprime, but because I got behind in my payments, a tree fell on my house. The foreclosure problem is so out of hand, they are so back logged, I can't get answers from the Mortgage Company, I can't make any payments until they figure it out, which makes me further behind in my Mortgage. Now I will have to pay for my house and for the banks that got us in this mess, thanks to that wonderful housing bill you just passed.

After 8 years of Bush and 6 years of a complete Republican Congress, America is completely beyond repair anytime soon. While you are out promoting your book, Karl Rove is still running lose, and Impeachment Hearings are off the table. If you want my attention and support, arrest Karl Rove and start Impeachment Hearing. Congress would have a huge increase in approval ratings, while Bush's will go lower.
10:23 PM on 07/30/2008
Just so you know...... oil has always been a commodity. Speculation has little to do with its price. In fact, many companies attempt to hedge their fuel exposure in the futures market. Think UPS, Fed-Ex, the airlines trying to lock in future prices at a discount. Are there people and investment banks speculating on the price movement of oil. Of course, they've been doing it for decades, and some make a lot of money and others lose their shirts. But they can't control the markets any more than the government. It's all about supply and demand. Econ 101 really does work.

Sorry to hear about your mortgage issues. I hope you can work it out with the bank. They really don't want to own your house; they want your interest and principal.
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11:36 PM on 07/30/2008
Pay attention livewire. Speculation represents around 70-80% of the current price, according to testimony in the senate committee.
07:05 PM on 07/30/2008
Madam Speaker:
Thanks for your wonderful post. Today I saw a clip of John McCain -- with an oil drigg as his backdrop -- warning the country of how dangerous the sun can be. The irony of the photo op vs the message seemed to have been lost on the TV announcer. The fact that burning fossil fuels has contributed to global warming and a damaged atmosphere and hence an increase in rates of skin cancer was mind boggling. Yet I've heard no one mention it? Is there no one in the media willing to speak up to such idiocy? I'm waiting for real scrutiny of McCain to finally take place but have begun to fear it never will, at least not by the media.

So, Madam Speaker, please keep speaking up loud and clear. A lot of dangerous stuff has to be drowned out by someone.
06:53 PM on 07/30/2008
One of the reasons that oil prices are so high is that the US has the biggest deficit in history and oil is priced in dollars! "Hey, W! It's the (bad) economy, stupid!" As our debt goes up, the value of the dollar goes down, and the price of oil goes up!

Of course, we need to get off our fossil fuel oil addiction starting now since it won't really pay off for years. In the mean time, we need to stop wasting money in the "war on terror" (which goes hand-in-hand with massive fraud by defense contractors who we are handing money to each other without any meaningful accountability), and concentrate our efforts on bringing the deficit WAY down. Undo the Bush tax cuts for the wealthy, make the hedge fund managers pay the tax rate that the rest of us do (I'd love the sweet-heart deal of only paying 15% too), and stop giving any tax breaks or subsidies to the fossil oil and gas industries because they don't need it! The other people who don't need tax breaks are the drug companies and the medical suppliers who have a sweet-heart deal in the government not allowing them to have to compete for their business. Of course, give incentives to developing clean alternative sources of enegry.

It won't fix everything but it would be a great start!
06:45 PM on 07/30/2008
Bush' proposal is not worthy of serious discussion. But that doesn't worry him, because the american press are cowards.
06:37 PM on 07/30/2008
gas prices are set by crude oil rates that prevail all over the world. just because america digs its oil, the oil owners are not fools to give up the global crude oil price advantage. it is just a smoke screen to say that drilling will have effect on domestic gas prices. only if the global crude oil comes down, the gas prices will come down. can america drill and provide gas for the whole world and bring it down ?
06:38 PM on 07/30/2008
Does it not bother you that we are running a country with a product that we are purchasing from other countries- at the price that they demand- while we sit on our own supply of the same product? I KNOW that we can't supply all that we use but if we sit on OUR supply and purchase only (or mostly) from others, we should expect to be raped on the price of that product. If nothing else, dammit,it would make me feel better that we are contributing. This BS about 10 years and a few pennies reduction in price is just that - BS. American ingenuity can do it faster than that. And just the discussion of us drilling has already dropped the price more than a few pennies.
08:48 PM on 07/30/2008
Twice as many oil wells were drilled in 2007 vs 2000. All this additional oil drilling and gas prices have gone from $1.50 to $4.50 per gallon.

Any more drilling and gas will go to $10 per gallon.
09:29 PM on 07/30/2008
That drop in price proves that the high oil prices are a result of speculation. Legislation regulating the speculators will have a greater impact on oil prices than drilling more oil that will be shipped to Asia.
10:06 PM on 07/30/2008
This notion is typical smoke and mirrors from the Dems in Congress who have no idea what to do about energy.

Here's what one of the greatest investors of all time and Obama economic adviser has to say-- Buffett dismissed suggestions that "speculators" are responsible for the high price of oil, saying energy prices are being driven solely by supply and demand.
source: http://www.cnbc.com/id/25369551

More supply or less demand are the answers to this problem.
HUFFPOST SUPER USER
mjt218
11:02 PM on 07/30/2008
How is the drop in price the result of speculation?

I'm not going to jump on the bandwagon with McCain and say that opening up more areas for drilling will bring more product to market in months to reduce prices. However, the current price run-up is less about current supply/demand than it is about long term concerns of supply constraint associated with peak oil (past/present or future, I don't really care).

Ask yourself if you've heard about there being a shortage of oil anywhere in the world or if you've heard of supply constraints? Inventories are marginal, but there's not more demand than supply.

If we take steps to signal the market that more supply sources will be available in the future, from a stable production environment like the US (unlike Nigeria), concerns about long term supply constraint will be brought down in some fashion. This may be a small effect, but its a positive effect that's likely to happen short term.

I'll also never understand an argument against doing something just because the impact may be over a decade away.
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HUFFPOST SUPER USER
zull2
I'm not as here as you think I am?
06:35 PM on 07/30/2008
The Bushies do rely quite heavily on the naivete of the common person desperate to make their dollar go further at the pump. The process of drilling to the pump is one that most people just don't understand the details of, so many just skip over the details.

Even if they start drilling and polluting the heck out of the beaches, we get what, a five cent decrease in our gas prices? And the tradeoff is that our beaches could become hazardous to our health, resulting in the need for cleanup which could cost many millions more in tax dollars. All the while, the only people raking in the cash are those private companies that get to own the oil coming out of the oil rigs.

And it could all be remedied if the auto makers were pushed harder to end of life their gas burning vehicles in favor of phev or pure electric vehicles. If a startup like Tesla can do it, anyone can. It would help if the government subsidized trade-in programs for electric vehicles, and began building government owned and operated solar and wind power facilities to pick up for what would be a steadily growing need for electricity.
09:00 PM on 07/30/2008
Isn't electricity produced from coal, oil, nuclear, natural gas, hydro, wind, solar? Primarily the first three. All are problematic. The electric grid itself is not very efficient at delivering power so I question whether electric cars are as good as the hype.

Like Boone Pickens, my next car will be powered by natural gas. I can fill it up at home. It has one of the lowest pollution foot prints of the alternatives and will serve me well until the hydrogen fuel cell or other water based alternative is developed.
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HUFFPOST SUPER USER
rigveda
06:23 PM on 07/30/2008
Can we get Impeachment back on the table please, Nancy?
06:18 PM on 07/30/2008
What direction is the "New Direction Congress" going? If I read the polls correctly, it's DOWN!
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HUFFPOST SUPER USER
jlc0426
In Search of Sanity
06:16 PM on 07/30/2008
Unfortunately Madam Speaker - Low information voters aren't buying this. You need to explain this to the average Joe in layman's terms. Make it short and sweet. (they have plenty of land to drill for oil but haven't) WHY????

I'm tired of the Dems not defending themselves.
07:55 PM on 07/30/2008
Demcorats like Speaker Pelosi have defended themSELVES plenty. It's high time they started defending the interests of their constituents.
08:32 PM on 07/30/2008
They haven't drilled because there's NO OIL under it - and they're out the leasing fees paid to the government. I always get a laugh from watching you NeoComs when you're confronted by the obvious!