News today about dropping energy prices

We underestimate the power of the American energy boom and how it has strengthened us. Our economy is still not booming, but w/o the energy bonanza we would be in much more serious trouble. But the biggest boost is geopolitical. We have taken the energy weapon out of the hands of various adversaries. Imagine dealing with Putin or the Iranians if they could still wield the energy hammer.

Energy exploration tends to be a boom and bust operation. The price drop will threaten some fracking operations, but we now do know that there is a ceiling on energy prices and it will limit the options of many questionable leaders who depend overmuch on the oil or gas fortune has put under their countries.

We are probably entering a decade of lower prices and more abundant energy, much of it produced in America. This will be good for us and I suppose whoever gets elected president in 2016 will get credit for the economic expansion that will become evident around that time.

Posted by Christine & John at October 9, 2014 7:17 AM
Comments
Comment #384071

In 2012, Romney promised he would create a good economy, and that by the end of his first term, his policies would reduce the unemployment rate to under six percent.

In just two years, the Obama administration has reduced it to 5.9%

And yet, CJ, you write “Our economy is still not booming,” and “whoever gets elected president in 2016 will get credit for the economic expansion that will become evident around that time.”

By objective measurements, that is false. The economy is booming right now, growing at a clip of over 4%. The stock market is up, inflation is low, and the declining price of gold confirms that. Interest rates are low, and housing has recovered from the economic crash.

Oil has declined in price, down into the $80’s. That will result in an economic boom on top of what we are already experiencing. Declining commodity prices will allow the Federal Reserve to resist raising interest rates for a while longer.

Forbes magazine called this economy the best of the modern era, and they are right.

But the negativism you spread, no matter how completely and totally and factually wrong it may, is shared by conservatives. Just before the last incredibly good unemployment report last Friday, Dobbs gave an opinion on his FOX television program about how bad the unemployment numbers have been. The next day, when the great report came out, I caught a few minutes Rush Limbaugh. First, he insinuated the 5.9% number was fixed, just like it supposedly was when the rate dropped to 7.9% before the 2012 election; then, he claimed the number did not reflect what was actually happening with employment; finally, he cited other obscure statistics which were supposedly the “real” unemployment numbers. He said all this within a space of literally minutes! And at no point did he mention the most important ones of all, non-farm payrolls!

Sadly, people like yourself repeat this misinformation. The lies are propagated around the conservative echo chamber until a large number of Americans believe it. This is not only sad, it is very bad for the country. Large numbers of people believe a lot of things that are patently not true. And it is not only the economy that is subjected to this persistent pattern of lying. Many of the same conservatives believe global warming is a hoax. They believe the Obama administration is corrupt, despite there being not even one indictment or trial or conviction in any of the so-called scandals. Virtually everything said by you and other conservatives about Obamacare turned out to be wrong.

At a St Louis Cardinals baseball game, people were chanting the name of the officer to show their support. That officer shot an unarmed young man with his hands in the air, and six eyewitnesses saw the murder. Yet the fans chanted his name, and to date, the officer has not even been arrested.

Well, the conspiracy theories and misinformation and lies continue. We are a country with a lot of terrible people. I hope there are not enough to vote in Republicans and destroy the economy again. They could do it if they take both the House and the Senate, and they just might go for it.

It might be intentional, just to spite Obama. It might not, because making good decisions is difficult when the basis for making decisions is based upon conspiracies and misinformation and lies.

Posted by: phx8 at October 10, 2014 11:44 AM
Comment #384073

Sheesh Phx8, talk about misinformation and lies.

We have record number of people receiving government assistance and a record number of people no longer in the workforce. Food prices have gone up and, contrary to what you state, housing is still recovering in most places, slowly. We are more divided than any other time in recent memory.
I’m not trying to blame anybody, dispute any numbers or playing politics, but people are hurting and struggling man. Things really aren’t as great as you want them to seem.

BTW, as you well know, the Cards fans didn’t just break out chanting in support of Officer Wilson, they were confronted and egged on by protesters, while waiting in line outside of the stadium.

Posted by: kctim at October 10, 2014 12:58 PM
Comment #384074

Adversarial politics have served this country well for over 200 years. While today’s adversity seems to have risen to new heights (or more accurately depths) I take solace in the knowledge that this current adversity is just a chapter in this nation’s great history. However it does make me wonder what history will record regarding the first US President of color and his tenure in office. Speaking in the current, I couldn’t be more pleased that I voted for him twice and continue to support his efforts.

Posted by: Speak4all at October 10, 2014 2:21 PM
Comment #384075

kctim,

“There were 46.2 million Americans on food stamps in May, the latest data available, down 1.6 million from a record 47.8 million in December 2012. Some 14.8% of the U.S. population is on the Supplemental Nutrition Assistance Program, or SNAP, down from 15.3% last August, U.S. Department of Agriculture data show.”
http://online.wsj.com/articles/food-stamps-starting-to-fall-1409606700

The population has grown and aged. There are more retired people now. Saying “there are a record number of people no longer in the workforce” does not really mean anything.

Overall, food prices are going to decline because of the decline in commodity prices, especially oil. Exceptional events like drought, or a disease among livestock, are always out there.

People are hurting and struggling because wages have remained flat. That is the greatest concern right now. Wage growth will pick up as more people re-enter the workforce, we approach full employment, and competition for labor increases. We are not there yet. We only recovered all the jobs lost in the Great Recession a few months ago. The best thing to do about that NOW is to raise the minimum wage. That would help the people who are hurting and struggling. Conservatives are preventing this from happening.

Posted by: phx8 at October 10, 2014 3:10 PM
Comment #384076

Phx8
There are record numbers of people receiving government assistance and not in the workforce. You can pick a couple declines and write it off due to retirement if you wish, I don’t care. The next time Republicans are in control, you will then agree with me, so it’s no big political deal to me at all.

I really hope you are correct and food prices do come down, but I won’t hold my breath on it happening. Down by a dime after going up a dollar, doesn’t do squat for the wallet.

As I said, this isn’t political for me. If it were, I would simply argue for real tax cuts, which would give everybody an automatic pay raise. Sadly, the people are too much dependent and the nation too much in debt, for that to ever happen.

Raising the minimum wage is not a fix, at best it is a band-aide, and the issue would have to be addressed again in the very near future. Just as always.

You know, the ‘evil Conservatives’ may be preventing government from doing what you think should be done, but it’s not preventing you and others like you from doing them. IF everything is so great right now under Obama, then NOW is the time for you guys to open a libDonalds on every corner and show us how it’s done.

Posted by: kctim at October 10, 2014 3:47 PM
Comment #384077

Phx8

It is not booming. Unemployment is low in part because of so many discouraged workers. The employment rate is only now reaching what it was in 2007. So we are reaching back - finally - to what we had eight years ago. When we get to 2006 levels, maybe you can call it booming, although I don’t recall you calling it that back then.

Is this really the best economy you can remember? Others seem less delighted.

Re negativism - I am optimistic about the economy. As I said, I expect a big boom in a couple of years and I have always been optimistic about the energy. You and other have not been as sanguine.

Posted by: C&J at October 10, 2014 3:51 PM
Comment #384078

phx8 writes; “We are a country with a lot of terrible people. I hope there are not enough to vote in Republicans and destroy the economy again.”

That’s it. That’s enough. I can understand some of your bullshit x8, but equating a vote for republicans with “terrible people” is way over the top of common sense and decency.

I am optimistic about this nations future and it isn’t because of any political hacks from either party. Obama and the dems have had many of their grand spending scams derailed, public pressure has forced them to behave better than they wanted to on energy, regulations and spending. Polling indicates that many people are fed up with liberal leadership and the brakes they apply to an even better economy.

Posted by: Royal Flush at October 10, 2014 5:49 PM
Comment #384079

If the same percentage of adults were in the workforce today as when Barack Obama took office, the unemployment rate would be 10.8 percent.

Posted by: Royal Flush at October 10, 2014 6:02 PM
Comment #384080

Royal Flush,
The problem with promoting this false narrative about a supposedly bad economy is that it hurts people. It encourages people to make bad decisions: bad financial decisions, and bad life decisions. It is being done for political gain, and it is being done at the expense of the people who can least afford it.

That is terrible. That is monstrous. And THAT is a violation of every tenet of common sense and decency.

By any standard, the economy is booming. To look at lagging indicators and pretend they are leading ones is a terrible thing to do. Some people do that out of ignorance. Others do it intentionally, for political gain.

Posted by: phx8 at October 10, 2014 6:56 PM
Comment #384081
The employment rate is only now reaching what it was in 2007. So we are reaching back - finally - to what we had eight years ago.

Without bloating the government to do so, C&J. Federal government payroll is down by a half a million or so from the GWB era. Considering the wheels were off the bus left by the conservatives when Obama took the wheel and with the sabotage by congressional conservatives along the way we are fortunate to be back to anything close to the 2007 levels. Yet you make it sound as if conservatives had some type of answers to get us there quicker. Surely you jest.


If the same percentage of adults were in the workforce today as when Barack Obama took office, the unemployment rate would be 10.8 percent.

But they are not Royal. Baby boomers are retiring as they should be. Those not of retirement age are going to school, which is a good thing, becoming stay at home moms or dads, another good thing, or have given up on decent jobs. So it seems to me that unless conservatives want to start expanding government, as they did when GWB was driving the bus, they had better look to the “job creators” and ask why they are not creating jobs. They have enjoyed many tax breaks, in fact they can ship jobs overseas and get tax breaks, they can move there companies overseas and get tax breaks yet they aren’t creating jobs. I would suggest that with wages so low there just isn’t enough demand but hey what do I know.


Of course using your logic we could also say if the number of jobs were the same as when….oh wait we were losing millions of jobs because the economy was in free fall at the end of the GWB era. The problem with your logic Royal is thinking it is some policy that conservatives have that will loose the floodgates of decent jobs once they are in the drivers seat again, but your logic is flawed, they haven’t done it and they won’t do it.The conservatives “job creators” prefer robots, cheap oversea labor and lax environmental laws.

Posted by: j2t2 at October 10, 2014 7:01 PM
Comment #384082

The liberal philosophy of job creation is for government to print or borrow money which is then used to support those unwilling to work and thus reducing the unemployment rate.

Obama is in bed with some of the wealthiest individuals and corporations in America. He rails against the top ten percent while doing all he can to enrich them at taxpayer expense. And, all the while he puts on his “pity pot” face and tells poor and unemployed Americans that nothing is his fault. The poor and unemployed are worse off six years into his administration.

He tells the working poor that he will enrich them by raising the minimum wage. Some are stupid enough to believe that such nonsense will actually benefit them as there is no cost to them for artificially increasing wages.

With liberals, it is always the other guys fault. They never run out of excuses for explaining their flawed ideas. We are told that all the nonexistent global warming is hiding in the depths of the ocean. The laws of physics even become twisted to explain that heat no longer rises in water. That growth of the ice pack in Antarctica is for them more proof of MMGW.

They tell us that guns kill people yet never explain why the gun isn’t arrested. They tell us that American policy is responsible for Islamic terrorists. They tell us that open borders are necessary to prove how good and humane we are and that we are short of laborers because those jobs are beneath Americans on welfare.

We constantly hear from Daugherty how failed our founding constitution is as well as those who wrote it. He and his liberal buddies have a better system of government based upon failed “ism’s” that never worked long anywhere on the planet.

Our public schools are getting worse in producing educated students. Our health care system resides in the hands of government bureaucrats rather in hands of us and our doctors. The violence in our large cities grows worse and we blame guns and conservatives.

Then, they have the audacity to blame conservatives as obstructionist while touting the reducing budget deficit.

Finally, we have phx8 telling us that Republicans are terrible people.

Posted by: Royal Flush at October 10, 2014 7:53 PM
Comment #384084

Royal Flush,
Well, here is the good news: you do not have to participate in the conservative narrative. You do not have to be a terrible person. You do not have to vote for people who shut down the government and threaten to default on the debt.

Take the example of Global Warming. Most Americans have no problem whatsoever in accepting the word of scientists when it comes to cell phones, or computers, or archeological excavations, geology, or chemistry, or astronomical observations. Yet, when scientists from almost every field find overwhelming evidence of Global Warming caused by burning of fossil fuels, suddenly Exxon and the Koch Brothers money and Rush Limbaugh and Hannity and others convince conservatives to believe scientists are involved in a worldwide conspiracy, a hoax to foist Climate Change upon Americans- and only Americans- in order to make us into socialists.

If Republicvans participate in that- if they are willing to screw over their progeny with Global Warming denial- then yes, those people are unquestionably terrible people.

You do not have to be a part of that.

It has nothing to do with someone else being at fault. Nothing. Unless you count the people who foist these lies and misinformation upon us.

Posted by: phx8 at October 10, 2014 8:46 PM
Comment #384097

China GDP falling, Germany/EU enters recession again, PIGS still need more corn, workers haven’t had a raise in 15 years, middle class income/wealth way down, most jobs are part time, $20T federal debt, 50% don’t pay any taxes, some ten million not even bothering to look for work, CEO pay is 350 times the income of an average worker, since 2008 95% of wealth has gone to the top 1%, Japan ain’t done well in years, 3 wars on a credit card, S. Kor failing economy, Walmart and similar are dropping insurance on part timers and raising insurance prices for other workers and so on - - -

Oh, and we are trying to make some more millions of immigrants instantaneous citizens. Here is the gospel in today’s WaPo: “-enacting the immigration bill passed by the Senate would increase real GDP by 3.3 percent in 2023 — roughly $700 billion in todays dollars — and reduce the budget deficit by nearly $850 billion over the next 20 years.” The guys either got a robotic brain for a xtal ball or dipping snuff.

I’ve been posting for years that it ain’t a demrep thing, it’s a corpocracy thing wrapped up in globalism and, IMO, we’ve got years to go before we bottom out.

Otherwise - -

Posted by: roy ellis at October 10, 2014 9:56 PM
Comment #384194

phx8 compares accuracy of computer modeling for predicting climate to the actual existence of cell phones and computers. So sad.

I understand his thinking having read his bullshit for a few years. He and his liberal buddies don’t live in the real world. They choose to live in the bubble that believes faulty thinking is the same as actual accomplishment. Touting obama and liberal successes simply doesn’t resonate with sixty percent of voting Americans.

Posted by: Royal Flush at October 11, 2014 2:20 PM
Comment #384198

Royal Flush,
This may come as quite a shock to you, but cell phones and computers go through stages of computer modeling too, even before the prototypes and beta versions are produced.

By the way, please pass on your wisdom about modeling to Lawrence Livermore Labs, the Max Planck Institute in Germany, and others. I am sure they will be impressed.

Posted by: phx8 at October 11, 2014 5:48 PM
Comment #384200

LOL…phx8 isn’t aware that computer climate modeling has failed in its predictions. But, we know how his mind works. If he believes something it just has to be true. Garbage in…Garbage out. Kind of like the average liberal political mind.

phx8 is so prejudice that he believes just being a Rep or Cons makes one a “terrible” person.

I don’t believe liberals are terrible people, just terribly mistaken and blind to reality.

We are having fun watching dem candidates run away from obama and liberal policies. Libs now pander to the Hillary. Good luck with that. She has more baggage than a movie star on vacation.

Posted by: Royal Flush at October 11, 2014 6:13 PM
Comment #384495

I bought gas in Tn recently for $2.71 gal. I never expected to see gas below $3 again. My Pastor believes it is due to the upcoming elections.

We should know, by mid December, if that is correct. I tend to believe that the world is awash in crude for several reasons. The world economy, China slowdown, EU recession, primarily. The more expensive summer blend should be behind us. Seems the price has been dropping fairly steadily since July.

If these low prices hold thru the winter that would greatly benefit the entire world. Otherwise, The US, EU, Ukraine and some others would really be against the wall this winter.

Posted by: roy ellis at October 22, 2014 9:17 PM
Comment #384505

The ACA is yet to be written, IMO. If the reps gain control they will likely not repeal ACA, but severely modify it. And, I know you kain’t end a sentence with a pronoun but I ain’t going back and think about how to change it.

It appears the private practice is going to be a thing of the past, economically untenable. And, just when it looks like hospitals have the medical world cornered there are a number of corps incorporating clinics, to varying degrees, to serve the public. These clinics stress fast treatment, no appointment required and limited cost.

Walmart is opening more clinics this winter touting $40 visits, $4 visits for low income folks.

I would think the Walmarts could treat 40% of ailments requiring an office visit. If the hospitals lose that 40% plus most of the low income folks thru which the hospitals charge the Fed a ton, that will surely put an economic strain on hospitals, IMO.

I would suggest we are five to six years away from having some kind of rational HC system.

Posted by: roy ellis at October 23, 2014 9:23 PM
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