This past quarter is case-in-point on how high oil prices hurt refiners.
Refining and Supply earned $32 million in the second quarter of 2008 versus $482 million in the second quarter of 2007. The decrease in earnings was due to significantly lower realized margins along with higher expenses and lower production volumes. The lower margins reflect the negative impact of higher average crude oil costs and lower product demand than a year ago, especially for gasoline, while the higher expenses were largely the result of increased prices for purchased fuel and utilities.
So they made $450 million less when oil prices went from $60-$70 a barrel to $140 a barrel. So whenever someone talks about the "oil companies record profits" need to look at how these high prices blast the refinery end of the oil majors.
Wednesday, August 06, 2008
1/3 of Yahoo's Shareholders Vote "No" to Yang
I guess these people got burned on the lack of a Microsoft deal and are taking out their frustrations on the people who scuttled the deal. I wonder if Capital Research Global Investors (CRGI for short?) didn't raise a fuss would Yahoo have reported that 14.6% number and said that Yang had decent support? That 33.7% number looks pretty bad for a CEO.
Voters were deciding whether the two should stay on the Sunnyvale company's board of directors. At first, Yahoo had reported much lower "nay" votes for the two -- just 14.6 percent against Yang and 20.5 percent against Bostock.
New figures were released after the company (NASDAQ: YHOO) blamed tabulation errors for incorrect results. The restated counts showed 33.7 percent of the shares voted were against Yang and 39.6 percent against Bostock.
Capital Research Global Investors, Yahoo's biggest shareholder, asked for a recount because it had withheld its votes to protest Yahoo's bungled merger talks with Microsoft Corp. (NASDAQ: MSFT). Published results didn't seem to show Capital Research what it expected to see.
Voters were deciding whether the two should stay on the Sunnyvale company's board of directors. At first, Yahoo had reported much lower "nay" votes for the two -- just 14.6 percent against Yang and 20.5 percent against Bostock.
New figures were released after the company (NASDAQ: YHOO) blamed tabulation errors for incorrect results. The restated counts showed 33.7 percent of the shares voted were against Yang and 39.6 percent against Bostock.
Capital Research Global Investors, Yahoo's biggest shareholder, asked for a recount because it had withheld its votes to protest Yahoo's bungled merger talks with Microsoft Corp. (NASDAQ: MSFT). Published results didn't seem to show Capital Research what it expected to see.
Tuesday, August 05, 2008
Paris Hilton for President: Change that's Hot!
We have now entered the Twilight Zone of the 2008 campaign for sure:
She then discusses energy policy, and suggests a hybrid of McCain's offshore oil drilling plan and Obama's incentives for new energy technology.
"Energy crisis solved! I'll see you at the debates," she said,
McCain campaign spokesman Tucker Bounds said Hilton appears to support his candidate's "all of the above" energy solution.
"Paris Hilton might not be as big a celebrity as Barack Obama, but she obviously has a better energy plan," Bounds said.
Here is the ad from funnyordie.com:
She then discusses energy policy, and suggests a hybrid of McCain's offshore oil drilling plan and Obama's incentives for new energy technology.
"Energy crisis solved! I'll see you at the debates," she said,
McCain campaign spokesman Tucker Bounds said Hilton appears to support his candidate's "all of the above" energy solution.
"Paris Hilton might not be as big a celebrity as Barack Obama, but she obviously has a better energy plan," Bounds said.
Here is the ad from funnyordie.com:
See more Paris Hilton videos at Funny or Die
NRA Double Agent: Other Leftist Groups Probably Compromised
This is a very interesting story and makes me wonder if other liberal groups have been infiltrated as well.
"It raises some real concerns with the tactics of the NRA. If they've got one person, maybe they have more. If they've done this dirty trick, what else have they done?" said Paul Helmke, president of the Brady Campaign, which planned to search its offices for listening devices and computer spyware.
Maybe MoveOn.org's new web stringer is actually secretly working for Rush Limbaugh and is there to stir up infighting among their various donors. Maybe Mother Jones itself has a "Deep Red-State" copyrighter about to plant some hashish in the desk of their Editor and Chief. You never can tell.
I think these leftists groups should do a serious Stalinist Purge just to be sure. I mean anyone could be a "Blue-Stater" by simply mouthing leftist platitudes and holding "progressive positions" on "issues that matter." These secret Limbaughites and Hannityists will probably be the ones with the loudest voices of protest over "healthcare inequality," they go to every meet and greet with La Raza, and will probably have a "Bush=Hitler" bumper sticker on their Toyota Prius.
Every night these Hannityists go home to their San Fransisco walk-up and secretly faxes the inner workings of Code Pinks "12 Plans to Boot Bush" and get their orders on whose cup they need to pour the mescaline into the next morning. That plate of free pink cupcakes brought in by Joan "Fellow Traveller" Clegheimer might just have angel dust mixed into the topping.
Message to the Left: being paranoid doesn't mean there isn't a mole (or moles) in your ranks. Purge them now before it is too late!
"It raises some real concerns with the tactics of the NRA. If they've got one person, maybe they have more. If they've done this dirty trick, what else have they done?" said Paul Helmke, president of the Brady Campaign, which planned to search its offices for listening devices and computer spyware.
Maybe MoveOn.org's new web stringer is actually secretly working for Rush Limbaugh and is there to stir up infighting among their various donors. Maybe Mother Jones itself has a "Deep Red-State" copyrighter about to plant some hashish in the desk of their Editor and Chief. You never can tell.
I think these leftists groups should do a serious Stalinist Purge just to be sure. I mean anyone could be a "Blue-Stater" by simply mouthing leftist platitudes and holding "progressive positions" on "issues that matter." These secret Limbaughites and Hannityists will probably be the ones with the loudest voices of protest over "healthcare inequality," they go to every meet and greet with La Raza, and will probably have a "Bush=Hitler" bumper sticker on their Toyota Prius.
Every night these Hannityists go home to their San Fransisco walk-up and secretly faxes the inner workings of Code Pinks "12 Plans to Boot Bush" and get their orders on whose cup they need to pour the mescaline into the next morning. That plate of free pink cupcakes brought in by Joan "Fellow Traveller" Clegheimer might just have angel dust mixed into the topping.
Message to the Left: being paranoid doesn't mean there isn't a mole (or moles) in your ranks. Purge them now before it is too late!
Obama Up 6 Points on McCain
I guess you could call this the Rock Star World Tour 2008 bump.
Obama is ahead of his Republican rival 47 percent to 41 percent among registered voters, the poll showed. The survey was taken after the Democratic senator had returned from a trip to Middle Eastern and European capitals, and during a week that saw the two camps clash over which one had brought race into a campaign in which an Obama victory would make him the first African-American president.
I think only a very good showing in the debates or a massive screw up by Obama is going to save McCain going forward.
Obama is ahead of his Republican rival 47 percent to 41 percent among registered voters, the poll showed. The survey was taken after the Democratic senator had returned from a trip to Middle Eastern and European capitals, and during a week that saw the two camps clash over which one had brought race into a campaign in which an Obama victory would make him the first African-American president.
I think only a very good showing in the debates or a massive screw up by Obama is going to save McCain going forward.
Friday, August 01, 2008
Nancy Grace Lawsuit Goes Forward
It seems that prosecutor type attack shows are going to have to change their tactics in light of this news.
CNN and Grace argued the wrongful death lawsuit brought by Melinda Duckett's family would "severely chill" journalists' coverage of missing-persons cases. But U.S. District Judge William Terrell Hodges on Thursday denied their motion to dismiss the lawsuit.
This should bring an end to reporters trying these cases in the court of public opinion instead of prosecutors and detectives actually trying to find the truth. The missing person in the Duckett case will never be found because Nancy Grace caused an important source of information to kill herself instead of helping police.
So hopefully a nice multi-million dollar judgement will be wrung out of CNN to prevent other attack shows from messing things up in the future.
CNN and Grace argued the wrongful death lawsuit brought by Melinda Duckett's family would "severely chill" journalists' coverage of missing-persons cases. But U.S. District Judge William Terrell Hodges on Thursday denied their motion to dismiss the lawsuit.
This should bring an end to reporters trying these cases in the court of public opinion instead of prosecutors and detectives actually trying to find the truth. The missing person in the Duckett case will never be found because Nancy Grace caused an important source of information to kill herself instead of helping police.
So hopefully a nice multi-million dollar judgement will be wrung out of CNN to prevent other attack shows from messing things up in the future.
Thursday, July 31, 2008
Water Found on Mars
At last we have found the existence of water on Mars.
"We've seen evidence for this water ice before in observations by the Mars Odyssey orbiter and in disappearing chunks observed by Phoenix last month, but this is the first time Martian water has been touched and tasted," he said, referring to the craft's instruments.
Now the next thing they need to find is signs of life.
"We've seen evidence for this water ice before in observations by the Mars Odyssey orbiter and in disappearing chunks observed by Phoenix last month, but this is the first time Martian water has been touched and tasted," he said, referring to the craft's instruments.
Now the next thing they need to find is signs of life.
Bush's Sweeping Intelligence Changes
It seems that the Bushies have slipped this gem past Congress and maybe even the press since it didn't seem like a big deal on CNN this morning.
Under the order, the director of national intelligence, Mike McConnell, will gain primary responsibility for developing relationships with foreign intelligence agencies that had been traditionally handled by the Central Intelligence Agency.
He would also assume a larger role in hiring and firing agency heads and overseeing the acquisition of new spy satellites and other expensive programs.
The Director of National Intelligence is a person that answers directly to the President. So if I read this correctly the executive branch just got the ability to "develop relationships" with other spy agencies from the CIA. I wonder if they get to look at that foreign government's secret info without having to go through the CIA first.
The DNI can also fire any agency head that displeases them so it puts the CIA on notice that their jobs would be on the line if they cross the President. The Director also gets to veto the purchase of spy satellites and other big ticket items that the CIA might like to buy. This move looks to me like the Bushies are getting revenge for that 2003 Iranian National Intelligence Estimate that put them at a diplomatic disadvantage at the nuclear talks.
Under the order, the director of national intelligence, Mike McConnell, will gain primary responsibility for developing relationships with foreign intelligence agencies that had been traditionally handled by the Central Intelligence Agency.
He would also assume a larger role in hiring and firing agency heads and overseeing the acquisition of new spy satellites and other expensive programs.
The Director of National Intelligence is a person that answers directly to the President. So if I read this correctly the executive branch just got the ability to "develop relationships" with other spy agencies from the CIA. I wonder if they get to look at that foreign government's secret info without having to go through the CIA first.
The DNI can also fire any agency head that displeases them so it puts the CIA on notice that their jobs would be on the line if they cross the President. The Director also gets to veto the purchase of spy satellites and other big ticket items that the CIA might like to buy. This move looks to me like the Bushies are getting revenge for that 2003 Iranian National Intelligence Estimate that put them at a diplomatic disadvantage at the nuclear talks.
Wednesday, July 30, 2008
Obama Went On a World Tour and All he got was this lousy T-Shirt
I guess the "Obamacon World Tour 2008" touring Afghanistan, Iraq, Kuwait, Jordan, Israel, Germany, France and Britain didn't give him the kind of numbers he thought it would.
Obama led McCain 51 percent to 44 percent in the CNN/Opinion Research survey, the first national poll conducted entirely after his international campaign foray last week. He edged McCain 50 percent to 45 percent a month ago.
I guess the American people don't care too much about the World Tours and instead concentrate on the American tour dates. I wonder if the Obamacon 2008 Tour is going to play the Blaisdell Center when he comes to Hawaii?
Obama led McCain 51 percent to 44 percent in the CNN/Opinion Research survey, the first national poll conducted entirely after his international campaign foray last week. He edged McCain 50 percent to 45 percent a month ago.
I guess the American people don't care too much about the World Tours and instead concentrate on the American tour dates. I wonder if the Obamacon 2008 Tour is going to play the Blaisdell Center when he comes to Hawaii?
Visa Gets some Strong Number from Overseas
I guess foreigners like to use debit cards as much as we do.
International transaction fees, which are driven by cross-border payments volume, grew 44% over the prior year on a pro forma basis to $449 million, as we continued to benefit from higher multi-currency payments volumes across all regions during the fiscal third quarter. Other revenue, which includes the Visa Europe licensing fee, was $150 million during the fiscal third quarter, up 26% over the prior year on a pro forma basis. Volume and incentive payments, which are a contra revenue item, were $274 million for the fiscal third quarter.
International transaction fees, which are driven by cross-border payments volume, grew 44% over the prior year on a pro forma basis to $449 million, as we continued to benefit from higher multi-currency payments volumes across all regions during the fiscal third quarter. Other revenue, which includes the Visa Europe licensing fee, was $150 million during the fiscal third quarter, up 26% over the prior year on a pro forma basis. Volume and incentive payments, which are a contra revenue item, were $274 million for the fiscal third quarter.
Currently Approved Alzheimer's Drugs
This article talks about the currently approved Alzheimers drugs. I was thrown off by the fact that there are only 4 drugs that have been approved to try to stop something that is afflicting 26 million people. I expected there to be more for some reason.
Aricept is made by Pfizer, Razadyne is made by Ortho-McNeil Neurologics (part of Johnson and Johnsons mighty empire,) Exelon is made in a patch form by Novartis, and Namenda is made by Forest Labs. From reading their side effects most of these drugs sound like some nasty stuff. In any case I could easily see one of these companies going after Rember or TauRx just to keep their share of the market.
Aricept is made by Pfizer, Razadyne is made by Ortho-McNeil Neurologics (part of Johnson and Johnsons mighty empire,) Exelon is made in a patch form by Novartis, and Namenda is made by Forest Labs. From reading their side effects most of these drugs sound like some nasty stuff. In any case I could easily see one of these companies going after Rember or TauRx just to keep their share of the market.
Tuesday, July 29, 2008
Rember: New Alzheimer Drug that could be huge
The drug is called Rember and the company that is doing the research is called TauRx Therapeutics which is based in Singapore. It doesn't seem to be publicly traded but I bet they will be getting some serious venture capital out of this news.
I could also see someone like Wyeth or Elan picking up this company on the cheap after bapineuzumab failed on them. With a large company like Wyeth or Elan backing them TauRx would get big piles of money to work with. Here is more on what the drug does. If this drug does actually help with Alzheimer's (or just stops its progression) then I nominate Dr. Wischik and his team for the Nobel Prize for Medicine.
Previous research has shown that the buildup of brain lesions known as neurofibrillary tangles, which are composed of a short fragment of a protein called tau, is correlated with increasing levels of dementia symptoms. And, these tangles first appear in the brain long before symptoms of the disease become clinically apparent. Methylthioninium chloride (MTC, or brand name rember(TM)) has been shown in the test tube to dissolve tau tangle filaments and prevent aggregation of tau into tangles. MTC has also been shown to block the toxic effects of aggregated tau in cells. In animal models, MTC has demonstrated cognitive and behavioral benefits in line with reduced tau pathology.
In research reported at ICAD 2008, Claude M. Wischik, Professor in Mental Health, University of Aberdeen, United Kingdom and Chairman, TauRx Therapeutics, Singapore, and colleagues conducted a 24-week, double-blind, randomized, dose-ranging, parallel design trial of MTC monotherapy in 321 people with Alzheimer's at 17 centers in the United Kingdom and Singapore, followed by a 60-week, blinded, active treatment extension. The control group received placebo for the initial 24 weeks and then a minimal efficacy dose subsequently. The primary objective was to investigate the effects of oral MTC at 30, 60 and 100 mg doses three times per day, compared with placebo, over 24 weeks on cognitive function as measured by the ADAS-cog in patients with mild or moderate Alzheimer's, stratified by stage of the disease. Another objective was to determine MTC's potential to modify the course of Alzheimer's over 19 months. Imaging results from SPECT and PET scans were collected at baseline and after 24 weeks of treatment.
I could also see someone like Wyeth or Elan picking up this company on the cheap after bapineuzumab failed on them. With a large company like Wyeth or Elan backing them TauRx would get big piles of money to work with. Here is more on what the drug does. If this drug does actually help with Alzheimer's (or just stops its progression) then I nominate Dr. Wischik and his team for the Nobel Prize for Medicine.
Previous research has shown that the buildup of brain lesions known as neurofibrillary tangles, which are composed of a short fragment of a protein called tau, is correlated with increasing levels of dementia symptoms. And, these tangles first appear in the brain long before symptoms of the disease become clinically apparent. Methylthioninium chloride (MTC, or brand name rember(TM)) has been shown in the test tube to dissolve tau tangle filaments and prevent aggregation of tau into tangles. MTC has also been shown to block the toxic effects of aggregated tau in cells. In animal models, MTC has demonstrated cognitive and behavioral benefits in line with reduced tau pathology.
In research reported at ICAD 2008, Claude M. Wischik, Professor in Mental Health, University of Aberdeen, United Kingdom and Chairman, TauRx Therapeutics, Singapore, and colleagues conducted a 24-week, double-blind, randomized, dose-ranging, parallel design trial of MTC monotherapy in 321 people with Alzheimer's at 17 centers in the United Kingdom and Singapore, followed by a 60-week, blinded, active treatment extension. The control group received placebo for the initial 24 weeks and then a minimal efficacy dose subsequently. The primary objective was to investigate the effects of oral MTC at 30, 60 and 100 mg doses three times per day, compared with placebo, over 24 weeks on cognitive function as measured by the ADAS-cog in patients with mild or moderate Alzheimer's, stratified by stage of the disease. Another objective was to determine MTC's potential to modify the course of Alzheimer's over 19 months. Imaging results from SPECT and PET scans were collected at baseline and after 24 weeks of treatment.
Bapineuzumab Looks Like a Bust
At least that is according to a Phase 2 study by Elan and Wyeth.
Patients treated with bapineuzumab recorded a 2.3-point improvement over placebo on the ADAS-cog test, a measure of cognitive function. The result was not statistically significant. Likewise, bapineuzumab patients did not perform better on a functional endpoint, the Disability Assessment Scale for Dimentia.
The good news is if you don't have a a gene called ApoE4 then this drug might actually help you a little bit. A 5 point improvement on this test doesn't seem like a big improvement to me but I guess it is better then nothing.
In these non-carrier patients, treatment with bapineuzumab compared to placebo resulted in a statistically significant, five-point benefit in the ADAS-cog score. Other measures of cognition and function were also statistically significantly improved in favor of bapineuzumab.
Patients treated with bapineuzumab recorded a 2.3-point improvement over placebo on the ADAS-cog test, a measure of cognitive function. The result was not statistically significant. Likewise, bapineuzumab patients did not perform better on a functional endpoint, the Disability Assessment Scale for Dimentia.
The good news is if you don't have a a gene called ApoE4 then this drug might actually help you a little bit. A 5 point improvement on this test doesn't seem like a big improvement to me but I guess it is better then nothing.
In these non-carrier patients, treatment with bapineuzumab compared to placebo resulted in a statistically significant, five-point benefit in the ADAS-cog score. Other measures of cognition and function were also statistically significantly improved in favor of bapineuzumab.
Electronic Arts Misses on higher Expenses
It seems that EA had some trouble meeting the number this quarter.
Excluding charges, EA lost $135 million, or 42 cents a share, compared with a loss of $69 million, or 22 cents a share, a year ago.
Revenue rose 41% to $609 million from $431 million a year ago.
Analysts polled by Thomson Reuters were expecting a loss of 34 cents a share on revenue of $639.8 million.
I figured they would come up short and it looks like NCAA Football and Madden 09 have been sliding in the pre-sell numbers as well. I think you could chalk this up to gamers not going through the pre-sell channel as much as they did before. There hasn't been a shortage of a big game for a pretty long time so I think gamers are just waiting for the game to come out and then going to Best Buy or Gamestop and pick it up.
I had no trouble getting GTA4 at Wal-Mart on the day after launch day. San Andreas was really tough to get on the first day but it seems that the newer games do not have this problem.
Excluding charges, EA lost $135 million, or 42 cents a share, compared with a loss of $69 million, or 22 cents a share, a year ago.
Revenue rose 41% to $609 million from $431 million a year ago.
Analysts polled by Thomson Reuters were expecting a loss of 34 cents a share on revenue of $639.8 million.
I figured they would come up short and it looks like NCAA Football and Madden 09 have been sliding in the pre-sell numbers as well. I think you could chalk this up to gamers not going through the pre-sell channel as much as they did before. There hasn't been a shortage of a big game for a pretty long time so I think gamers are just waiting for the game to come out and then going to Best Buy or Gamestop and pick it up.
I had no trouble getting GTA4 at Wal-Mart on the day after launch day. San Andreas was really tough to get on the first day but it seems that the newer games do not have this problem.
Monday, July 28, 2008
Jimi Hendrix is on Guitar Hero World Tour
Now this game just went from a must buy to a preorder for me.
Activision has done an amazing job of locking up talent for its upcoming title. The biggest news was that Jimi Hendrix would be coming to the game, not only in song form but as an in-game model. A live version of "Purple Haze" as well as "The Wind Cries Mary" will ship with the title, with more exclusive Hendrix songs coming as downloadable content. This is huge; when you say the words "guitar hero," who comes to mind more readily than Hendrix?
If I can get All Along the Watchtower then this game will be complete for me. Plus it will also have Van Halen and the Eagles as well.
Activision has done an amazing job of locking up talent for its upcoming title. The biggest news was that Jimi Hendrix would be coming to the game, not only in song form but as an in-game model. A live version of "Purple Haze" as well as "The Wind Cries Mary" will ship with the title, with more exclusive Hendrix songs coming as downloadable content. This is huge; when you say the words "guitar hero," who comes to mind more readily than Hendrix?
If I can get All Along the Watchtower then this game will be complete for me. Plus it will also have Van Halen and the Eagles as well.
Tony Soprano With More Hair Might be Obama VP
It seems that Kasey Kahne err Virginia Governor Tim Kaine might be the frontrunner for the Obama VP spot.
The 50-year-old Virginia governor is among a handful of logical, and much-discussed, choices to join Obama on the campaign trail. Kansas Gov. Kathleen Sebelius, former Georgia Sen. Sam Nunn and Delaware Senator Joe Biden are among others frequently mentioned.
He kind of looks like Tony Soprano but with more hair:
Kaine "is getting a critical examination," the source said.
The 50-year-old Virginia governor is among a handful of logical, and much-discussed, choices to join Obama on the campaign trail. Kansas Gov. Kathleen Sebelius, former Georgia Sen. Sam Nunn and Delaware Senator Joe Biden are among others frequently mentioned.
He kind of looks like Tony Soprano but with more hair:
Obama Talks Tough About the Economy
It seems that Obama has shifted from the feel good tour of the world back to the economy which he threatens to wreck by raising taxes.
Obama said the economy needs both short- and long-term fixes, including another round of "stimulus" measures from Congress to revive the economy and a longer-term focus on renewable energy to curb high gas prices and on universal health care to trim costs. He said he would move "rapidly and vigorously" to respond.
I guess more stimulus checks would be welcomed by quite a few people. The renewable energy push should be good for starters but it depends on how much federal money is allocated to it.
I guess universal healthcare is what Obama thinks will save the economy? So basically we will pay to put private health insurers out of business (and kill 1000s of jobs) just to have the bloated government run the system. I bet Americans will really be up in arms when they are refused treatment or get rationed care if Obama's plan is anything like the British health plan.
Obama said the economy needs both short- and long-term fixes, including another round of "stimulus" measures from Congress to revive the economy and a longer-term focus on renewable energy to curb high gas prices and on universal health care to trim costs. He said he would move "rapidly and vigorously" to respond.
I guess more stimulus checks would be welcomed by quite a few people. The renewable energy push should be good for starters but it depends on how much federal money is allocated to it.
I guess universal healthcare is what Obama thinks will save the economy? So basically we will pay to put private health insurers out of business (and kill 1000s of jobs) just to have the bloated government run the system. I bet Americans will really be up in arms when they are refused treatment or get rationed care if Obama's plan is anything like the British health plan.
Friday, July 25, 2008
Senate Republicans Kill Oil Speculation Bill
At last they are drawing a line in the sand on something.
Jim DeMint and Tom Coburn promised a tough line on energy, daring the Democrats to defy the overwhelming will of the electorate on increased domestic oil production. The Democrats walked into the trap — and they may well find a way to lose a Congressional election that they had all but won this cycle. If they adjourn for a summer break without allowing Republicans an opportunity to begin the long-term process of increasing domestic production and lowering gas prices, voters will hear all about it for the next four months … and they’ll let Harry Reid and Nancy Pelosi hear about it in November.
It seems that the GOP is going to try to get some form of drilling and allow us to use that oil shale added to these bills no matter what. I hope the GOP can add some nuclear reform to this thing as well so we can drop gas prices and protect our energy security at the same time.
I agree that the energy issue is a perfect way for the GOP to damage the Democrat chances come November. The idea of Dems and their crazy environmentalist friends making people pay $4 a gallon for gas might have some currency.
Jim DeMint and Tom Coburn promised a tough line on energy, daring the Democrats to defy the overwhelming will of the electorate on increased domestic oil production. The Democrats walked into the trap — and they may well find a way to lose a Congressional election that they had all but won this cycle. If they adjourn for a summer break without allowing Republicans an opportunity to begin the long-term process of increasing domestic production and lowering gas prices, voters will hear all about it for the next four months … and they’ll let Harry Reid and Nancy Pelosi hear about it in November.
It seems that the GOP is going to try to get some form of drilling and allow us to use that oil shale added to these bills no matter what. I hope the GOP can add some nuclear reform to this thing as well so we can drop gas prices and protect our energy security at the same time.
I agree that the energy issue is a perfect way for the GOP to damage the Democrat chances come November. The idea of Dems and their crazy environmentalist friends making people pay $4 a gallon for gas might have some currency.
Oil Down Again: "Demand Destruction" is the Cause at Last
Finally "demand destruction" has come into the equation after so much crap was propping up oil prices. Now we won't see some threats from a Nigerian terrorist group moving oil prices back up $8 as the froth seems to have left the market.
Many analysts say the market's momentum points to further declines. Crude has fallen in seven of the last nine sessions, and is down more than 16 percent from its peak above $147 a barrel earlier this month.
"There's just nothing sufficiently bullish coming into the market right now to sustain a rally," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "We're just seeing a new theme in which demand has become a very important part of the equation."
Many analysts say the market's momentum points to further declines. Crude has fallen in seven of the last nine sessions, and is down more than 16 percent from its peak above $147 a barrel earlier this month.
"There's just nothing sufficiently bullish coming into the market right now to sustain a rally," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "We're just seeing a new theme in which demand has become a very important part of the equation."
Obama Looks Presidential while McCain Looks Ordinary
I think this world tour has cemented Obama's victory and only a huge gaff bigger then the "cling to the guns and religion thing" will lose it for him. Obama is writing the narrative astride the world like a colossus, with the MSM hanging on his every word, while McCain sits on his hands and seemingly does nothing. This is the narrative in a nutshell:
For the most part, the side-by-side images weren't pretty:
_Obama meeting with leaders in Iraq, McCain on a golf cart in Kennebunkport, Maine, with the first President Bush.
_Obama before a sweeping Mideast landscape, McCain holding a news conference in a supermarket in Bethlehem — Pennsylvania, that is — and narrowly escaping an attack from a tumbling stack of apple sauce jars.
_Obama delivering his trip's keynote speech at Berlin's Victory Column, McCain eating bratwurst and chatting with reporters at a German restaurant in Columbus, Ohio.
Yup you can picture the Daily Show sketch where they cut to Obama talking with Patraeus in a helicopter and McCain hitting a golf ball. Then you have Obama walking with Merkel and you have McCain eating a bratwurst. Finally you cut to Obama talking in front of a massive throng in Berlin and you have McCain talking in front of a small group of senior citizens in a supermarket.
Obama is just starting to actually look presidential while McCain looks like he is running for County Treasurer or something. McCain is blowing this election slowly but surely.
In fact McCain is finally getting around to the "audacity of hopelessness argument" that if Obama was President then Iraq would be a massive civil war zone that could have engulfed the Middle East while we ran for the exits. This argument would have been great if Obama was still in Iraq. There would have been some resonance to show Obama moving around Iraq while McCain is saying that the Iraqis are lucky that America didn't listen to Obama and abandon them while things were getting tough.
For the most part, the side-by-side images weren't pretty:
_Obama meeting with leaders in Iraq, McCain on a golf cart in Kennebunkport, Maine, with the first President Bush.
_Obama before a sweeping Mideast landscape, McCain holding a news conference in a supermarket in Bethlehem — Pennsylvania, that is — and narrowly escaping an attack from a tumbling stack of apple sauce jars.
_Obama delivering his trip's keynote speech at Berlin's Victory Column, McCain eating bratwurst and chatting with reporters at a German restaurant in Columbus, Ohio.
Yup you can picture the Daily Show sketch where they cut to Obama talking with Patraeus in a helicopter and McCain hitting a golf ball. Then you have Obama walking with Merkel and you have McCain eating a bratwurst. Finally you cut to Obama talking in front of a massive throng in Berlin and you have McCain talking in front of a small group of senior citizens in a supermarket.
Obama is just starting to actually look presidential while McCain looks like he is running for County Treasurer or something. McCain is blowing this election slowly but surely.
In fact McCain is finally getting around to the "audacity of hopelessness argument" that if Obama was President then Iraq would be a massive civil war zone that could have engulfed the Middle East while we ran for the exits. This argument would have been great if Obama was still in Iraq. There would have been some resonance to show Obama moving around Iraq while McCain is saying that the Iraqis are lucky that America didn't listen to Obama and abandon them while things were getting tough.
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