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Oil Skyrockets; Blame the Dems, the Rebulicans Do:

By       Message Mike Folkerth     Permalink
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Those of you who read the King of Simple News know that I believe in peak oil. On several occasions I have reported that our government has known for more than 50 years that depletion of conventional oil was bearing down like a heat seeking missile.

 

The resulting solution for dealing with this eventual peak was to consume more oil and become more dependent on foreign nations until such time that the U.S. reached terminal velocity and then blame someone else.

Now that we feel the wings beginning to shudder from the speed of decline, Congress has shifted into standard mode; fix the blame on the other guy. When you see someone who is really in trouble start to smile, it’s because they have just thought of someone else to blame.

In a recent Congressional hearing of smiling Congressmen, the oil company executives were hauled in to accept the blame for the cost of petroleum. The Republican’s seem to have found not only a way to blame the oil companies, but also the Democrats. It’s perfect.

In questions during the hearing, Orin Hatch, Republican Senator from Utah, displaying his total ignorance of shale oil production (and darn poor acting skills), set out to prove that the U.S. has a fuel shortage, not because the planet is running out of oil, but because the Democrats won’t let us process the billions of barrels of shale oil that exist in…Utah.

In a real court of law, the defending attorney would have jumped up and screamed, “Leading the witness.” To which the judge would have said, “Sustained!” After which, in a stern authoritative voice would have said, “Mr. Hatch, you are very close to being thrown off of this case.” But Congress doesn’t have a real judge so they let Mr. Hatch lead the witness, in this case, John Hofmeister, President, Shell Oil Company.

Here’s the way the questioning of Mr. Hoffmeister was conducted, (they were discussing oil shale). I’m not making any of this up.

HATCH: It could be recovered at somewhere between $30 and $40 a barrel? (Sure it could and we are expecting even cheaper shipments from the moon).

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HOFMEISTER: I think those costs are probably a bit dated now. (Probably outdated by about $200 per barrel).

HATCH: Well, somewhere in that area? (Somewhere in the area of $30 to $1,000).

HOFMEISTER: I don’t know what the exact cost would be, but, you know, if there is more supply, I think inflation in the oil industry would be cracked. And we are facing severe inflation because of the limited amount of supply against the demand. (I’d like to tell you what the exact cost would be, but I don’t have the foggiest notion, due mainly to the fact that we have never made the process work).

HATCH: I guess what I’m saying, though, is that if we started to develop the oil shale in those three states we could do it within this framework of over $100 a barrel and make a profit. (Get with program Hofmeister and back me up on this crap).

HOFMEISTER: I believe we could. (I’m with you now Hatch, at some price between $30 and a $1,000 per barrel we could definitely be profitable).

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HATCH: And we could help our country alleviate its oil pressures. (Break out the flag and play Old Glory).

HATCH: But they’re stopping us from doing that right here, as we sit here. We just had a hearing last week where Democrats had stopped the ability to do that, in at least Colorado. (Now we’re getting to the real meat of this thing, the Democrats done it).

What we had here was an agreement of, “you lie and I’ll swear to it.” Along with, “Help me with reelection and we’ll make a barrel on this shale thingy.”

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www.kingofsimple.com
Mike Folkerth is the author of "The Biggest Lie Ever Believed" and is not your run-of-the-mill author of finance and economics. The former real estate broker, developer, private real estate fund manager, auctioneer, Alaskan bush pilot, (more...)
 

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