Thread: The scoop on gas.

Tweet

That second youtube video says "No longer available". I wonder why?

Shawnlee, I must commend you on your open-mindedness. You are the sole voice crying out in a sea of ignorance. I applaud you Sir. I don't know what age you are, but you are most certainly wise far beyond your years.

I think you may be jumping too quickly gloom and doom conclusions. Not that I don't agree there needs to be some changes, and not that I don't believe we elect crooks to watch over us in DC. But when I look at from this standpoint it is not that bad yet.

http://www.measuringworth.com/uscompare/

Time will tell. In any case I certainly disagree that the dollar "is worth less than 50 cents." Sorry, it's simply a lot more complicated than that.

Kitz

Originally Posted by skids72

Great article, Jim! I've read and heard most of those facts over the years but this is a good stitching together of the bigger picture. Do you have a link to Mr. Wallace's article? Chris

Chris, I totally overlooked your posting somehow and your question as to whether I had a link to Ed's article. Sorry 'bout that! I read it when it was first published and intended to cut it out but it seems to have jumped into the recycle bin by itself (that means my wife pitched it) but I located it at:

http://www.star-telegram.com/ed_wall...ry/659081.html

if that's of any use to you.

I have corresponded with him (Ed) by email several times at wheels570@sbcglobal.net on this subject and others.

My posting was the article in it's entirety.

Most of those nitwits in Washington are loudly blaming the oil companies for gas prices because of their high profits.

Well ...... THEY'RE THROWING ROCKS AT THE WRONG DOG, DAMN IT!

God bless you, Ed Wallace. You're telling 'em!

In addition to the announcement by the lovely Maxine Waters ("I will socialize ... uh ... nationalize ... the oil companies.... Turn them over to the government'"). Before that, the wicked witch of the West (referring to the 38 billion profit Exxon/Mobil reported) said "AS PRESIDENT, I WILL TAKE THAT 38 BILLION DOLLARS AND PUT IT INTO ALTERNATE FUEL RESEARCH."

So she's going to seize lawful profits made by a private company and use them as she chooses? I wouldn't put it past her to try.

I wrote to Michael Burgess (my congressman and one of the good guys) and enclosed Wallace's article. He may well have seen it already. Surely there are at least a few people in Washington who have the b-b-b ....guts to raise a stink about crooked speculators and the fact that they are dragging the economy down the sooey-hole.


Jim

A bit of information about Mr. Wallace -

Ed Wallace Deflates the Hype on Oil and Gas
Business Wire, April 28, 2008

* E-mail
* Print
* Link

Award-Winning Commentator's BusinessWeek Columns on Energy Challenge Conventional Wisdom by Washington and the Mainstream Media, Attract Widespread Readership

DALLAS -- Groundbreaking reporting on energy by Ed Wallace, an award-winning business journalist and broadcaster in Dallas-Fort Worth, has thrust Wallace into the forefront of the national discussion over oil supplies and skyrocketing gasoline prices.

In two April columns for BusinessWeek magazine*, Wallace was the first to challenge Washington and the media's contention that prices for gasoline and crude oil are rising because of a decline in global inventories and stronger demand.


In reality, Wallace reported, speculators have largely driven the price for oil on the futures market to record levels. In addition, he wrote, demand for oil and gasoline is actually falling, and on April 1, U.S. gasoline reserves are at their highest levels since late 1992--all during a time when refinery production had been intentionally cut to force up the price of gasoline.

In a related story published in the British Telegraph on April 24, Lehman Brothers affirmed Wallace's analysis, stating that energy supply is outpacing demand growth as the world economy cools.

Wallace's BusinessWeek columns, which appeared on April 1 and April 23, struck an immediate chord with readers. The first article drew more than 430,000 page views and more than 800 comments, staying among the Top Five most-read articles for almost three weeks.

The analyst and broadcaster's conclusion that oil and gas prices are being driven by speculation--not market fundamentals--isn't the first where Wallace has challenged the conventional wisdom on energy or automotive issues. In another BusinessWeek article in April 2006, he sharply criticized corn-derived ethanol as a gasoline substitute, calling ethanol an economic boondoggle that would lead to higher food prices and deteriorating air quality. The ethanol article was the most e-mailed story worldwide in the weekend after it was published.

Wallace has gained a reputation in the automotive and energy industries for taking controversial stands which prove to be true over time. In the 1990s he wrote other groundbreaking stories on energy and transportation issues for media outlets. Among them was a 1993 article about the harmful effects on the environment of MTBE, the controversial gasoline additive. Wallace was responsible for finding the flaws in the federal government database on the Ford Firestone issue - reporting which later drew praise from Tire Review magazine.

More recently, Wallace was honored after speaking at the Scona 53 conference on energy at Texas A&M University in February. Appearing with a number of experts including Azerbaijan Ambassador Yashar Aliyev, former Virginia Sen. George Allen, and ExxonMobil Senior Vice President Mark Albers, Wallace was given the Olin Teague Award for the conference's best presentation.

A disciple of the pioneering writer and business consultant Peter Drucker, Wallace approaches his work single-mindedly. "I try to find the obscure and overlooked story that denotes a permanent change in an economic or business paradigm," he says, "and then draw out its impact to a logical conclusion."

Based in the Dallas-Fort Worth area, Wallace holds a Gerald R. Loeb Award for exceptional business journalism from the Anderson School of Business at UCLA. His column heads the Sunday Drive section in the Fort Worth Star-Telegram, and he is a member of the American Historical Society. The automotive expert for KDFW Fox4 in Dallas, Wallace also hosts the top-rated talk show, Wheels, for 570 KLIF-AM in Dallas-Fort Worth, and has one of the most viewed web sites (www.insideautomotive.com) for information and breaking news in the automotive industry.

For more information or to schedule an interview on automotive or energy issues with Mr. Wallace, please phone 214.763.8076 or e-mail wheels570@sbcglobal.net.

He's an interesting guy.


Jim

Its not life is over and we will all die ,its more like the country is heading a direction we did not choose or vote on,there is a media blackout on whats happening and its going to happen like it or not.....is more what i was saying ,not the sky is falling mentallity.
Our rights are going out the window ,our opinions mean nothing to the elected officials and we are being lied to ,bold face lied to and kept in the dark on purpose and anyone who sayes this is happening gets fired /black balled and is called anti American ............

Ohh here is the top official and he says ..............
http://www.youtube.com/watch?v=8EWwr...eature=related

OK all you non-commital, know-nothing, can't-see-past-your-noses peckerheads out there......here's your chance to get up off your hindside and do something constructive. I can't believe there were only 3 people brave enough to jump up on my chest during my tirade.....but anyway, here's your chance......email your congressman and demand they and their colleagues rescind H.R. 5660, the Commodities Futures Modernization Act of 2000.
https://forms.house.gov/wyr/welcome.shtml

I'll even help you with the verbage:

The Honorable ______ _________
My family and I believe the exorbitant price of gasoline at the pumps is a direct result of H.R. 5660, the Commodities Futures Modernization Act of 2000 being tagged onto the back of an 11,000 page appropriations bill in the wee hours of the morning when nobody was looking and which was subsequently passed. This bill allows commodities futures speculators to drive up the price of crude oil and thus the price of gasoline without any control over their actions by the Securities and Exchange Commission. THIS MUST BE CORRECTED. DO IT NOW.
_________ __________ (your name)
____________________ (your email address)
______ -______ (your zip code)

Send this same message to them EVERY DAY and urge others that you know to do the same. Send this plea to everyone on your email list. Make a copy and hand it to everyone you encounter in everyday conversation. If you'll just do this one little thing, I think we can expect to see some action on it.

Originally Posted by techinspector1

OK all you non-commital, know-nothing, can't-see-past-your-noses peckerheads out there......here's your chance to get up off your hindside and do something constructive. I can't believe there were only 3 people brave enough to jump up on my chest during my tirade.....but anyway, here's your chance......email your congressman and demand they and their colleagues rescind H.R. 5660, the Commodities Futures Modernization Act of 2000.
https://forms.house.gov/wyr/welcome.shtml

Send this picture along with your letters! New International Symbol for Gasoline

Originally Posted by shawnlee28

Its not life is over and we will all die ,its more like the country is heading a direction we did not choose or vote on,there is a media blackout on whats happening and its going to happen like it or not.....is more what i was saying ,not the sky is falling mentallity.
Our rights are going out the window ,our opinions mean nothing to the elected officials and we are being lied to ,bold face lied to and kept in the dark on purpose and anyone who sayes this is happening gets fired /black balled and is called anti American ............

Ohh here is the top official and he says ..............
http://www.youtube.com/watch?v=8EWwr...eature=related

Perfect......just friggin' perfect. The head idiot in charge.

I got a different aproach, why dont we all pool our money together and get in on this action, if the futures commitee, or whoever is getting rich, then lets join the bandwagon!! then we wont care how much it is cause the higher it goes, the more hotrods we can buy!

I just sent a copy of Richard's verbage to both my representative in the House and to both of my Senators. I think if we flood these idiots with emails maybe they'll get the hint.

One more tidbit to be ignored.................it turns out that some of the biggest investors in the current commodity market "speculation" are pension funds. With all the old farts on here and in rodding in general, all you retired union types might want to thank your union leaders for their..........um.........support.

Originally Posted by Big Tracks

...

http://www.star-telegram.com/ed_wall...ry/659081.html

...
Jim

Thanks, Jim!

-Chris