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Why the economy was slow in Q1

WakeandBake

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Winter Storms
Gas prices
Federal spending cuts in defense


Now tell us oh wise Obama-bashers and Tea Baggers - how do you square that with your "slash spending to balance the budget" hysteria? Wouldn't it be a logical assumption that if these events could slow growth to 1.7 percent, that slashing the federal government in the manner the Tea Party is blindly calling for in the name of a balanced budget that growth would be slowed even more and acts of God like storms would just compound the problem?



http://finance.yahoo.com/news/Economy-likely-slowed-last-apf-3191072867.html?x=0&sec=topStories&pos=1&asset=&ccode=
 
I mean, tell me where you couldn't effect the price of gas by opening up drilling?
 
http://www.nytimes.com/2011/04/15/business/global/15iht-pound15.html?_r=1&scp=3&sq=austerity&st=cse

Pain of British Fiscal Cuts Could Inform U.S. Debate

LONDON — In the United States, the debate over how to cut the long-term budget deficit is just getting under way.

But in Britain, one year into its own controversial austerity program to plug a gaping fiscal hole, the future is now. And for the moment, the early returns are less than promising.

Retail sales plunged 3.5 percent in March, the sharpest monthly downturn in Britain in 15 years. And a new report by the Center for Economic and Business Research, an independent research group based here, forecasts that real household income will fall by 2 percent this year. That would make Britain’s income squeeze the worst for two consecutive years since the 1930s.

All of which has challenged the view of Britain’s top economic official, George Osborne, that during a time of high deficits and economic weakness, the best approach is to aggressively attack the deficit first, through rapid-fire cuts aimed at the heart of Britain’s welfare state.
 
I mean, tell me where you couldn't effect the price of gas by opening up drilling?

If this were a supply issue, drilling more could certainly help, but it's not a supply issue.
 
I mean, tell me where you couldn't effect the price of gas by opening up drilling?

Not a single drop of that oil would reach the market for 5-10 years.

By the way if $4+/gal gas isn't enough incentive for oil companies to drill on land they own what will be?

I think we should immedately end ALL subsidies to il companies and use that money to give grants to alternative energy start-ups.
 
I mean, tell me where you couldn't effect the price of gas by opening up drilling?

why aren't oil companies opening up drilling on land they already have leases on?
 
The bottom line is that as long as we import the vast majority of our oil from a backwards ass part of the world that is perpetually in turmoil, we will continue to see spikes in the price of gas every time things heat up over there.
 
why aren't oil companies opening up drilling on land they already have leases on?

Because of the red tape and expenses involved.

Ocean drilling is the answer bubba. Most of the land space isn't crude, although there's apparently a gold mine of Natural gas in the Dakotas that is untouched.


Just the threat of us drilling on our own would be enough to squeeze OPEC. There's plenty of gas, they are just gouging us.
 
Because of the red tape and expenses involved.

Ocean drilling is the answer bubba. Most of the land space isn't crude, although there's apparently a gold mine of Natural gas in the Dakotas that is untouched.


Just the threat of us drilling on our own would be enough to squeeze OPEC. There's plenty of gas, they are just gouging us.

You talk about red tape and expenses - they are far higher for ocean drilling.
 
http://www.nytimes.com/2011/04/15/business/global/15iht-pound15.html?_r=1&scp=3&sq=austerity&st=cse

Pain of British Fiscal Cuts Could Inform U.S. Debate

LONDON — In the United States, the debate over how to cut the long-term budget deficit is just getting under way.

But in Britain, one year into its own controversial austerity program to plug a gaping fiscal hole, the future is now. And for the moment, the early returns are less than promising.

Retail sales plunged 3.5 percent in March, the sharpest monthly downturn in Britain in 15 years. And a new report by the Center for Economic and Business Research, an independent research group based here, forecasts that real household income will fall by 2 percent this year. That would make Britain’s income squeeze the worst for two consecutive years since the 1930s.

All of which has challenged the view of Britain’s top economic official, George Osborne, that during a time of high deficits and economic weakness, the best approach is to aggressively attack the deficit first, through rapid-fire cuts aimed at the heart of Britain’s welfare state.

This.
 
You talk about red tape and expenses - they are far higher for ocean drilling.

China's drilling the hell out of the ocean right off Cuba.

We're getting our asses kicked all over the place by them, I'm tired of this ish.
 
China's drilling the hell out of the ocean right off Cuba.

We're getting our asses kicked all over the place by them, I'm tired of this ish.

yeah, let's cut all the red tape! Let Halliburton and Transocean drill wherever they want with absolutely no oversight!
 
China's drilling the hell out of the ocean right off Cuba.

We're getting our asses kicked all over the place by them, I'm tired of this ish.

you do understand there is not an oil supply issue, right? there is plenty of fucking oil. We are talking about gasoline.
 
I'm pretty convinced that a little over half of the people in this thread have either never taken an economics course or simply don't understand whats happening in the world.
 
Not a single drop of that oil would reach the market for 5-10 years.

By the way if $4+/gal gas isn't enough incentive for oil companies to drill on land they own what will be?

I think we should immedately end ALL subsidies to il companies and use that money to give grants to alternative energy start-ups.

Start ups can't afford armies of lobbyists with massive expense accounts.
 
tos, which may be why they would spend the money more efficiently.
 
Just the threat of us drilling on our own would be enough to squeeze OPEC. There's plenty of gas, they are just gouging us.

OPEC doesn't set the price, NYMEX traders do. And how much more drilling do you want to do?

USFieldCrudeProd2000-2010-New.bmp
 
Opening up domestic oil drilling doesn't really matter in the big picture. It's all about natural gas from here on out. Despite some environmental concerns, the quicker we can make that transition, the better. Couple that with nuclear and renewables and we'll be fine headed forward.
 
The bottom line is that as long as we import the vast majority of our oil from a backwards ass part of the world that is perpetually in turmoil, we will continue to see spikes in the price of gas every time things heat up over there.

the vast majority of our oil is imported from Canada and Mexico
 
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