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Tuesday, January 12, 2016

Collapsing Oil Prices And The Staggering Foolishness Of GOP Support For Keystone Pipeline

Tar sands oil production:
a Republican view of progress.
Alan: Despite its presumed wisdom as economic arbiter par excellence, the Republican Party has a terrible track record on "jobs," prosperity and financial stability.
Their economic instincts are those of rutting animals, hot to trot after whatever hussy looks good at the moment.
And then...
The Great Depression.
And then...
The Great Recession.

Boom bust. Boom bust.

Winner takes all while losers spread their cheeks and supply K-Y.


The Facts Are In: The Republican Party Is Terrible For Prosperity But Unparalleled For Catastrophe

"Trump Republicans" are smart enough to realize Cowboy Capitalism no longer works to their advantage and stupid enough to believe deregulation (and other forms of submission to plutocratic rule) will make it work again.

"Plutocracy Triumphant"
Cartoon Compendium

"Politics And Economics: The 101 Courses You Wish You Had"


Ever wonder why Republican politicians didn't push back against Obama nixing The Keystone Pipeline?
Their Roaring Silence was evoked when Reality (always a scarce commodity among American conservatives) demonstrated NO advantage -- neither job creation nor durable economic expansion -- from the trumpeted strumpet of shale and tar sand oil, a tired tart past her prime and heading for hag-dom.

Republicans are economic pimps, pumping the most recent pin-up, then quickly shifting to the next sacrificial virgin when the last centerfold goes fat and flabby

Tar sand and shale oil production flooded the market with so much petroleum that just three years after "the wet dream" of widely touted economic renewal the resulting petro-glut collapsed the price of oil, pitted Saudi Arabia against American and Canadian upstarts, and insured that new-fangled methods of expensive oil production made their high cost non-viable.

 Republicans create economic fantasies that lather "the witless" just long enough for movers-and shakers to make a quick buck, typically by unregulated environmental rape.
Bloomberg News: Keystone Pipeline's Policy Significance Now Close To Nil

The Detroit Bailout Has Produced 400 Times More Permanent Jobs Than The Keystone Pipeline Will

Each Senator Who Voted For Keystone XL Got $250,000.00 From "Big Oil"

Another view of Republican economic salvation
THE WALL STREET JOURNAL

Plunging prices could force a third of U.S. oil firms into bankruptcy

Worldwide crude glut shows no sign of abating.

January 11, 2015

Crude-oil prices plunged more than 5% on Monday to trade near $30 a barrel, making the specter of bankruptcy ever more likely for a significant chunk of the U.S. oil industry.
Three major investment banks — Morgan Stanley, Goldman Sachs Group and Citigroup Inc.  — now expect the price of oil to crash through the $30 threshold and into $20 territory in short order as a result of China’s slowdown, the U.S. dollar’s appreciation and the fact that drillers from Houston to Riyadh won’t quit pumping despite the oil glut.
As many as a third of American oil-and-gas producers could tip toward bankruptcy and restructuring by mid-2017, according to Wolfe Research. Survival, for some, would be possible if oil rebounded to at least $50, according to analysts. The benchmark price of U.S. crude settled at $31.41 a barrel, setting a 12-year low.
More than 30 small companies that collectively owe in excess of $13 billion have already filed for bankruptcy protection so far during this downturn, according to law firm Haynes & Boone.
Morgan Stanley issued a report this week describing an environment “worse than 1986” for energy prices and producers, referring to the last big oil bust that lasted for years. The current downturn is now deeper and longer than each of the five oil price crashes since 1970, said Martijn Rats, an analyst at the bank.


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