Why NOT drilling will make oil companies richer
Newt explains why oil companies make more money with less supply and that inaction on drilling and other sources of energy is what is reallymaking oil Companies rich.
Duration : 0:1:33
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25 Responses to “Why NOT drilling will make oil companies richer”
Proof of what Mr …
Comment made on April 30th, 2009 at 2:57 pmProof of what Mr Newt affirms is that shortly after President Bush signed the executive order to allow for off-shore drilling the Saudis lowered the price because they know that if we become oil independent then they will loose our future purchases from them. It’s simple to me, but Bill Moyers on his propagandas and lies cavalcade the other night was berating the self-evident truth of Newt that even the threat of US increases in drilling causes the price to go down.
Uh… if the price …
Comment made on April 30th, 2009 at 2:57 pmUh… if the price goes down in the US, it goes down elsewhere, too. Silly.
No it isn’t! Are …
Comment made on April 30th, 2009 at 2:57 pmNo it isn’t! Are you sitting down? Did you know that oil reserves in Mexico are REFILLING THEMSELVES!? And that oil reserves in Montana and Alaska are HUGE! Oil isn’t really a fossil fuel, and the earth is actually making more. So why is oil our enemy? By drilling our own oil we will lower oil prices. And did you know that most of that $4.25 a gallon is in TAXES? We need to lower taxes and start drilling because ladies and gentlemen we have reached the tipping point.
I saw this the day …
Comment made on April 30th, 2009 at 2:57 pmI saw this the day Newt was on CSPAN and I sort of did a double take and said, “Holy crap! This makes so much freaking sense!”
This man is one of …
Comment made on April 30th, 2009 at 2:57 pmThis man is one of the great Americans of our time…..
This man will be …
Comment made on April 30th, 2009 at 2:57 pmThis man will be President of the United States of America one day. And then American will once again shine her magnificence throughout the entire world.
Common Sense …
Comment made on April 30th, 2009 at 2:57 pmCommon Sense Prevails!
this guy is ing …
Comment made on April 30th, 2009 at 2:57 pmthis guy is ing awesome
you are a great …
you are a great American Mr. Gingrich. You tell it straight up, no fluff, well spoken and clear as a bell. Enjoy you on FoxNews.
Drill now, drill safe, drill for America!!
Comment made on April 30th, 2009 at 2:57 pmOops… you are …
Comment made on April 30th, 2009 at 2:57 pmOops… you are wrong.
what a genius!!
Comment made on April 30th, 2009 at 2:57 pmwhat a genius!!
How true Newt …
Comment made on April 30th, 2009 at 2:57 pmHow true Newt Gingrich is, Produce More and the Price will come down. It’s that simple, so why can’t we get an engergy bill passed by Pelosi?
I say its the …
Comment made on April 30th, 2009 at 2:57 pmI say its the specluators, atleast in this point in time…Yes as China raises in power we’ll have a more direct bidding with them whereas we will have to drill to get more oil to maintain prices. At the current point in time though it is all speculation…as you can tell by now declining gas prices after the US goverment released a study basically showing that people are using less oil due to prices. That is the market. When its too expensive don’t use it.
you’re wrong. …
Comment made on April 30th, 2009 at 2:57 pmyou’re wrong. speculators can’t inflate the price, because they have to eventually SELL what they buy.
i think you need to …
Comment made on April 30th, 2009 at 2:57 pmi think you need to study economics some more, everone knows that oil is a inelastic commodity that means that as supply is reduced the profits increase more than the demand decreases. therefore less oil in the market the more money for the oil giants. the correlation works the otherway around as well, if the supply increases the price drops more substancially. look up inelastic demand, that is exactly what oil is today, simply put our economy needs it too much to just stop buying it.
I agree with you …
Comment made on April 30th, 2009 at 2:57 pmI agree with you completely, Newt, and signed the “Drill here Drill Now” petition. I think a lot of Americans have been fooled by the media into thinking that “big oil” is the problem. The problem is incompetent govt regulations stopping us from using our own resources. Oil prices are dropping due to market demands dropping, just like economics 101. But there is still too much money going to foreign govts for a resource that we could be self-sufficent on if we would choose to be.
Newt 2012
Comment made on April 30th, 2009 at 2:57 pmNewt 2012
Man this guys is …
Comment made on April 30th, 2009 at 2:57 pmMan this guys is awesome
You must be either …
Comment made on April 30th, 2009 at 2:57 pmYou must be either young, naive or forgotten his years in the House. This guy is Rupert Murdoch’s poodle and is doing this for big oil’s benefit, not ours. Price is determined by the global marketplace and has nothing to do with proximity. Do you believe that they’re going ot invest BILLIONS to get the new oil and then charge us BILLIONS less? That’s pretty dumb! They’re going to sell it at the fair market value which will be no less than we’re paying now - Wake the F up dreamer!
DRSDanny, you’re …
Comment made on April 30th, 2009 at 2:57 pmDRSDanny, you’re another dreamer who has no clue as to how the market functions. Proximity has nothing to do with the price. In Calif we get NO oil from overseas and yet pay the most for gasoline. Price is determined by the world’s commmodities markets, not by distance from your home!Are you really that naive to think that they’ll sell it to us for cheaper than they can get elsewhere?! THAT is Economics 101, not your silly idea of regulations, etc.
Sailor, oil prices …
Comment made on April 30th, 2009 at 2:57 pmSailor, oil prices are not set by “Bidding”. Another reason the prices are rising is because of he dollars decline. Dollar went UP and the per barrel price of oil went down along with the NORMAL gasoline price decline after summer ends.
Swag, NORMALLY this …
Comment made on April 30th, 2009 at 2:57 pmSwag, NORMALLY this is how supply and demad works but there are other factors at work with commodities like this. You have a select few making it available and the free market and futures have hand in determining prices. Products produced domestically will sell for no cheaper as they’ll stop importing from overseas and the net change in supply will be ZERO as will the change in pricing. THIS IS A RUSE!!! They’ve been trying to drill offshore for DECADES!
No, no Dozierkh. …
Comment made on April 30th, 2009 at 2:57 pmNo, no Dozierkh. There will be no net change in the supply. Produce more domestically and they’ll just import less to keep the supply tight. NO BUSINESS intentionally buys more inventory than they need for crissakes! Do you really think that they’ll invest all of that money and then turn around and charge us LESS?! NO, it will sell at the same price that the word dictates. Do you NOT remember WHO this man Gingrich IS and believe him?!
We are currently …
Comment made on April 30th, 2009 at 2:57 pmWe are currently sending over $700b to foriegn producers and even if the price stays the same, wich it won’t, at least it will be given to American Oil companies. Produce it here and keep the money here.
allowing for …
Comment made on April 30th, 2009 at 2:57 pmallowing for domestic drilling will make the supply more elastic. and prices will go down because even if we get less imports that oil that is not imported will go to china or india. if we put more oil in the market we will see prices go down. i think that you are not seeing the bigger picture the oil market is global. and i think that we would be in a better place now if we had started drilling a while ago.
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