Chamber of Commerce slams Obama over oil release

[Newsjock]

Source: CNN

Washington's most powerful business lobby panned the Obama administration's decision to tap the nation's strategic oil reserve Thursday, calling the move "ill-advised."

"Our reserve is intended to address true emergencies, not politically inconvenient high prices," Karen Harbert, CEO of the U.S. Chamber of Commerce Energy Institute, said in a statement.

... The American Petroleum Institute, another industry group that has clashed with the Obama administration over energy policy, labeled the decision "reactionary" and called for a long-term solution.

Asked during a conference call with reporters about the timing and political implications of the decision to tap the reserve, senior White House officials demurred, allowing only that the move is a response to an oil supply shortage.

Read more: http://finance.yahoo.com/news/Chamber-of-Commerce-slams-cnnm-131070236.html

[pnwmom]

1. If they're against it, it must be a GREAT IDEA. n/t

[RKP5637]

2. Exactly!!! n/t

[Atman]

4. My first thought, too. If the COC is against it, it must be good.

Fuck them. Oh, wait...I forgot the html formatting...FUCK THEM.

.

[Iliyah]

13. Yea we all know

how much the US Chamber loves America - NOT

[harun]

16. Damn right!

[toddwv]

55. That was exactly my first thought as well.

So I wonder how many of their "American" members think that lower fuel prices and sticking it to the commodities brokers AND OPEC all at the same time is a bad thing?

[lonestarnot]

56. Great minds think alike!

:toast:

[wordpix]

57. +1 Obviously, this will hurt BigOil's billion$ in profits every quarter

:nopity:

[usrname]

66. Not really

Big Oil already got their pound of flesh. It's the speculating by the WS traitors that make bux by having the oil held hostage. If their speculations dry up, they lose their shirts and have no more play money to try it again, then the prices will reflect on the true supply and demand of the economy.

Options trading on oil futures have a legitimate role in the economy. Companies that buy large amount of fuel over the course of time need to have a consistent level of expense to plan their budget. Airline company X can ask to buy 300 million gallons of jet fuel, over the course of the next 6 months at a fixed guaranteed price of $2/gal, say. Oil Company Y can sell that to them at that price. But if the demand for jet fuel goes up, then Y misses out on earning a greater profit. Similarly, if the fuel price goes down, then X misses out on saving money on fuel. Both sides can purchase options to sell (put) or buy (call) at a different level so that if the price hits those levels the option is exercised and the respective company basically is hedged against a big loss (either an actual loss or an opportunity loss for not being able to receive a bigger gain).

Where the speculators/gamblers come in are those who buy and sell options. Here, they providing nothing of real value to the economy. They're not helping either companies X or Y hedge their money. But, they're just gambling on whether it's likely to go higher or lower. Really, options traders are nothing more craps players, putting some chips on the come line or the pass line or the 4 or the 5. Except here, they may have some foreknowledge of the outcome of the roll (hurricane season may mean lower oil production...)

[buddysmellgood]

63. EXACTLY!

[Roy Rolling]

70. API is uneducated---"reactionary"? Ha ha

Do they know the meaning of "reactionary"? Obviously not. "REACTIONARY" does not mean reacting to something it means ultra-conservative. So they are saying Obama is ultra-conservative after bashing him as a socialist liberal? They are morons and should have keep their mouths shut. Here's the definition:

Adj. 1. reactionary - extremely conservative
far-right, reactionist
right - of or belonging to the political or intellectual right

re·ac·tion·ar·y   
adjective, noun, plural -ar·ies.
–adjective
1. of, pertaining to, marked by, or favoring reaction, especially extreme conservatism or rightism in politics; opposing political or social change.

[applegrove]

76. Yup. They want the American middle class to be squeezed and squeezed so they'll

be unhappy and not vote for Obama in 2012.

[Old Codger]

3. Good

If they hate it,it must be good for the people and bad for rethugs and big business...

[DCKit]

5. "...to address true emergencies, not politically inconvenient high prices,""

Because the CoC can't smell the desperation of the people.

If anyone didn't know who the Chamber was working for before....

[pnwmom]

38. They hate the idea of a politically astute decision on Obama's part.

That will make it harder for them to ensure the election of the Rethug.

[Kahuna]

48. Bingo!!!! nt

[wordpix]

58. CoC 's main concern: Tapping oil reserves "to alleviate Libyan supply disruptions"

Obama and other leaders appear to be saying, "We're not getting deeper into a war in Libya, and if BigOil's supplies are disrupted, we'll tap the petroleum reserves instead of sending troops in."

CoC has now PROVEN it works for the oil barons.

[nichomachus]

6. Now that there are no more Bin Laden tapes, we'll have to rely on the Chamber

for our terrorist news

[tridim]

7. Keep it up Mr. President. Slam the COC and the API right back.

It's not like they're going to ever support you anyway.

[Metta]

8. If they object, it must be the right thing to do.

They've long since betrayed human incarnation.

[Andy823]

9. Oh yeah!

It's "BAD" to try and stop speculators from manipulating prices higher and higher, for "political" reasons, but it's OK manipulate the prices higher and higher to "kill" any chance the economy gets better, all for POLITICAL reasons, so republicans can try and take over the country again!

All I can say is to the chamber is "GO TO HELL" !

[Kahuna]

49. Another BINGO!!!

:thumbsup:

[KansDem]

10. Misleading headline. Should read, "OPEC Uses Chamber of Commerce to Slam Obama Oil Release"

We need to keep in mind who owns the Chamber...

[GillesDeleuze]

25. does OPEC even care?

The financials, not the producers, take the hit..

[KansDem]

28. OPEC failed to reach consensus in a recent meeting...

"The U.S. stands ready to do more as is necessary to address this issue," a senior administration official told reporters, explaining officials will assess the supply situation after 30 days.

U.S. officials have been talking for months with major oil producers and consumers about whether to tap international reserves, well before OPEC declined to raise production at its meeting earlier this month, the official said.

The released stocks will complement added production promised by Saudi Arabia in the wake of the failed meeting.

--more--
Huffington Post

on edit: I would imagine OPEC isn't too pleased about Obama's action. And we all know foreign companies and governments influence US elections through the Chamber...

[GillesDeleuze]

35. interesting.. probably hits OPEC on "expectations"

but, as always, in the long run, oil will climb until theres none left.

[lark]

39. Instead of OPEC,

I think it's big oil & their minions, the COC that are slamming Obama for this. My response, if they scream, it must be something good for american workers.

[KansDem]

41. "...if they scream, it must be something good for american workers."

:thumbsup:

[JackRiddler]

54. The oil company cartel is in the Chamber. Not OPEC.

[liskddksil]

11. Too bad these morons don't realize

that people will be more likely to purchase items, when their entire budget is not spent on gas.

[Kahuna]

50. They realize it. They don't care if our economy recovers. nt

[GoCubsGo]

73. Oh, they DO care.

It's just that they don't want it to recover--at least not while there is a Democrat in the White House.

[Kahuna]

79. True that. True that. nt

[Cracklin Charlie]

12. Do these guys ever NOT have their panties in a wad?

I love this President!

[JJW]

14. US Chamber of Commerce should be designated

a terrorist organization. It is a sad world when criminals profit off of the sick and dying, especially when many of the illness were caused by their industrial waste, and misleading propaganda.

[JDPriestly]

15. The Chamber -- foiled again.

This response is hilarious.

If they were really concerned about commerce in the US, they would welcome lower gas prices at this time of crisis in the Middle East and panic in the markets.

The Chamber of Commerce -- biggest collection of crooks in American in my opinion of course.

[SoapBox]

17. Chamber = irrelevant

...dirt bag organization out to destroy America and Americans.

[Myrina]

18. Evan Bayh's new employer ...

... along with Faux Snooze and some banking conglomerate. :puke:


http://motherjones.com/mojo/2011/06/evan-bayh-us-chamber-commerce

[gratuitous]

19. The API wants longer term solutions?

So, they're willing to sign on for a little tax bump that will be dedicated to mass transit and rapid transit projects? Or is that the wrong kind of long-term solution?

[cstanleytech]

20. Well, we now know who was one of the main oil speculators ^^^

[Ian David]

21. If the Chamber is against it, then it must be something we want. n/t

[DJ13]

22. Its not a WH action

Its countries from around the world acting in concert to release reserves.

Only half the 60m barrels will come from the US.

[savalez]

23. Expensive gas is a "true" emergency for a lot of folks. So f#%k you COC.

[Iliyah]

27. Just because the other countries are releases

a small fraction of their oil reserves America CAN NOT because it will HURT the profits of y'know the super rich.

Hehehehe, I have no pitty for them nor the goper party who will as you know will have a f**king fit.

[Dawson Leery]

24. The Chamber of Commerce wants high gas prices as those prices

enrich their members (most of the oil oligarchs belong to the chamber).

[indepat]

26. You mean BHO didn't ask Karen

:patriot:

Edited to add last phrase

[truebrit71]

29. Fuck the Chamber of Commerce...

...

[penndragon69]

30. Drill babey, Drill.

Into the strategic reserves that is,...
and drown those speculators in their own
fecal matter!

[Brother Buzz]

31. Everytime the Chamber of Commerce opens it's Pie Hole I instinctively...

swat my rump to make sure my billfold wasn't lifted.

The US Chamber of Commerce is the prefect reverse barometer.

[savalez]

34. lol!

[bluestateguy]

32. Then it is a good idea and everybody at DU should support it

If the CofC is opposed that should be the end of the debate.

Obama should release 300 million barrels of oil just to piss then off more.

[ClarkUSA]

33. "The U.S. Chamber of Commerce is the voice of big business in Washington's hallways of power"

"Chamber of Commerce slams Obama over oil release"

Washington's most powerful business lobby panned the Obama administration's decision to tap the nation's strategic oil reserve Thursday, calling the move "ill-advised."

"Our reserve is intended to address true emergencies, not politically inconvenient high prices," Karen Harbert, CEO of the U.S. Chamber of Commerce Energy Institute, said in a statement.

The U.S. Department of Energy said it would release 30 million barrels of oil from the Strategic Petroleum Reserve to alleviate Libyan supply disruptions. Other nations will contribute an additional 30 million barrels.

The U.S. Chamber of Commerce is the voice of big business in Washington's hallways of power, and the group hasn't always been on friendly terms with the administration.

http://finance.yahoo.com/news/Chamber-of-Commerce-slams-cnnm-131070236.html

Fuck the lie that President Obama is a corporatist. Another nail in that PUMA coffin.

[Historic NY]

36. The speculators can't sell fast enough knowing that this will cost them money...

Its better to use the oil sitting in holes in the ground to help the economy.

[russspeakeasy]

37. I don't care why the cost goes down...just so it does..

[Kingofalldems]

40. Must be agreat idea then

[2Design]

42. COC = GOP wing of the politics to destroy america

[Lorien]

43. No fan of the CoC, but why tap the nation's strategic oil reserve?

There's no emergency, and it's there for use in cases of emergency.


Now let's get to work on spending at least half as much on green renewable energy projects as we do on killing people for THEIR oil....

[azul]

45. I don't trust any of these oil-soiled bozos.

If the cost of gas goes lower, will we drive about more? Is that supporting terrorist funding and recruiting regimes? Keeps the oil wars funded?

And does lower gas prices undercut investment in electric energies, again?

When it is obvious and a matter of national security that we need to switch from oil ASAP, why don't we just nationalize the whole oil shitaree mess and get on with the clean-up?

[Enthusiast]

62. I believe the GOP and their allies used oil

speculation to intentionally damage the economy in order to bolster their chances in 2012. Releasing some strategic oil reserve is only tit for tat. It might boost the employment numbers a little. I think the move is entirely justified. Of course I could be wrong.

[MellowDem]

44. CoC is right...

not that I'm a fan, or agree with them necessarily on why they are right.

But yes, this is a political move.

No, it won't lower gas prices in a meaningful way.

In fact, the last thing we as liberals should want is a President that keeps us addicted to oil by artificially keeping the price of oil lower than it should be.

Indeed, the API's call for a long-term solution is what we should be going after aggressively by investing in energy technology.

But yes, this is just so Obama can say he is "doing something" about oil prices, when in reality, he has no power to do anything about oil prices.

[Unvanguard]

46. The oil supply problem causing the recent spike is partially short-term.

It's tied to the disruptions in the Middle East. So providing a short-term solution is not so terrible a response.

[MellowDem]

47. I still doubt it affects prices...

in any meaningful way. The strategic oil reserve is not for short-term solutions to temporary price rises. The oil disruptions in the Mid-East are not that much, and the US doesn't get much oil from the countries disrupted anyways.

[Terry in Austin]

72. No, actually -- it's permanent

World oil production has been flat since 2005, now entering permanent decline.

[FighttheFuture]

77. Fuck the CoC. What Obama did was smack down a bunch of future speculators

who kept betting Oil would go up, adding to the commodity bubble. Now, what is really needed is re-regulation of the commodities markets but, in lieu of that, this was a nice move. Yeah, Obama is still a quisling corporatist, but on this I commend him.

What I want is a President who will take care of this country and its people. Sure, we need to get off oil, but in the meantime, we ALSO need to keep the prices reflective of the demand and supply. These prices are NOT that and the unregulated speculative gambling market is not doing it.

[The Second Stone]

51. Ha Ha! Nice to see Obama burn oil speculators

Every once in a while he does something right.

[wordpix]

59. +1 & O needs to use this election season to whump BigOil chickenhawks while voters pay attention

:applause: :woohoo:

It's obvious Big Oil and CoC want a wider war in Libya to keep oil supplies flowing there, and they couldn't care less who "wins," as long as it's Big Oil.

This Libya venture is all about OIL and now it's obvious to all.

[go west young man]

52. American Petroleum Institute is funded by Anschutz

who is a christian conservative who also funds the media company that does the Chronicles of Narnia films
along with many others. He made his money in oil and has fought hard to stop the Kyoto Protocol. He's a
global warming denier. He also own numerous sports arenas around the globe.
http://en.wikipedia.org/wiki/Philip_Anschutz

[MrsBrady]

53. Karen Harbert can kiss my liberal ass n/t

[Enthusiast]

60. K&R

Anything 'they' complain about is the correct path. Keep them squealing, that way we know we are headed in the right direction.

[unionworks]

61. There Are Times

...Like this when I feel the hours I spent phone banking for Obama in the 2008 campaign were not wasted. If he keeps this up, I will do it again. YES!!!!!:fistbump:

[FighttheFuture]

78. One flower in Obama's dungheap of "accomplishments" is certainly welcome, but nowhere near enough.

[Ghost Dog]

64. Appreciate the unanimity here.

Now just try to consider becoming more energy-efficient, burning/wasting less?

[Patchuli]

65. Chamber of Commerce is no friend of the people

and I support the President. Fuck COC!

[hay rick]

67. CoC is in favor of price-gouging.

So simple.

[groundloop]

68. And they obviously consider oil speculation to be a legitimate business

This (hopefully) will hit the oil speculators hard. Those bozos add nothing to the collective good, they only suck money from all Americans. Screw them, the Chamber of Commerce, and the API.

[Roland99]

69. The Amer. Petroleum Inst. has been running many TV ads making higher energy taxes sound horrible!

Awww....the poor dears.

[groundloop]

71. It's NOT higher energy taxes, it's getting rid of energy ENTITLEMENTS

We don't want to "raise energy taxes", we need to get rid of ENTITLEMENTS (tax loopholes) which were written specifically for certain companies. The M$M has fallen hook, line, and sinker for the publicans claim that getting rid of special interest ENTITLEMENTS equals incrasing taxes. Say that again - special interest ENTITLEMENTS. Include that in your letters and emails to your local congress critters as well.

[Roland99]

80. you should see the sob stories. Running big-time down here in FL, at least.

[Imagevision]

74. With Bachman and Palin as their only choices I'd complain also...

[wryter2000]

75. Good lord

They're not even trying to fake it, are they? What kind of business organization wants businesses to pay hugely inflated gas prices?