Just more and more Bull Shiznit

[Keoki1978]

Well, here we go again. I think, and would probably bet money that we will be seeing gas hit $4 a gallon if not more before the year is out. I dunno bout you guys but I dont drive very far for work, or drive around BS'ing much anymore anyway. But down here in florida, they want to start drilling for oil on the gulf coast, well within 50 miles. For those of you not familiar, 50 miles is usually around 50-100 feet deep on this side. They say it will bring much needed relief at the pump?? Who do they think they are kidding. I dont have any sites for referances, but read that the US does not import as much oil as some people believe, and we export oil and diesel fuel mostly to Europe. So, if we were to start drilling our little hearts out, gas prices probably wont change for shiznit, and for some damn good reasons. #1 We cant refine the oil fast enough, prices inch up to slow demand, #2 Our good old trusty Speculators, they see summer coming, watch for polls of the mostly wealthy, to the upper upper class say they are driving across the country, and oil rises again, #3 Our ever so weak US Dollar, dont ask, its worthless, and our last reason, #4 Our newly elected president wants to add some big tax to petrol to help offset what he barrowed to bail out no one.

My oppinion would be for Obama to buy up all oil wells on US soil, take it off the market, kick some sence into the Big 3 and get them into more fuel efficient cars and light trucks, even diesel cars. Stop the ethenal madness, start growing more soy products as a clean alternative for Bio Diesel. And set the price at $2 a gallon and leave it. I think.....

Ok, just a show of hands here, how many of you guys own a home? How many of you are at that point, (you make the bills but thats it), how many of you are behind? (dont answer, this is a messed up situation). Well the good news, if you are behind up to 2 months, Uncle Sam wants you to know he'll be there. If your barely getting by, not behind but suffering, to bad to sad. Aint that some shiznit?
I was like the later, barely getting by. I was getting pissed that there was nothing for me. I make good money, no equity in the house to refi, wife works but with a 7 year old, things were tough. I was seeing alot of nice houses on the cheapo, bigger and better than mine, and back in april, I closed on a deal that will cost me 1/2 what my current house does. Now the problem, I cant sell my old house, I'm letting it go. My mail box and phone rings off the wall with help and support. I'm talking to the bank, telling them its not worth it, just take it, I dont want it anymore. They want to lower my interest to a 5% and go from a 30 to a 40 year term.

F$&k it all.......

[Rhedalert]

you can blame the speculators all you want, but a good portion (not all) of the reason for the big run-up in prices last year was that we did NOT have much of any spare capacity for oil and gasoline. Our reserves continually dropped until around August '08 when demand really took a hit. The "fear" that one single disruption would wreak havoc on maintaining supply is a big reason for all of the price volatility.

We need that spare capacity of oil and gasoline as a cushion in the event that some of our production or imports are cut back due to weather, or foreign events (wars, embargos, even the threat of production halting by a small-producing country such as Nigeria was enough to send prices up). The last thing we need to do is cut off more of domestic drilling. Taking our off-shore drilling off the table will cause us to see prices beyond anything we'd ever have seen before.





I would be interested in seeing where you heard that we export refined products. Maybe it's something happening this year? Last year we were importing both gasoline AND diesel since our refineries couldn't keep up with demand. It's possible that this year we have an excess amount of product, but when the economy turns around, we'll likely see an end to that.

[Keoki1978]

I read this info mainly when I was doing some research on bio-diesel. I just found this right now.. http://www.msnbc.msn.com/id/24881660/ But they say it doesnt affect the price at all. Anyhow, ask them if more drilling would lower the price, I doubt it. We buy and sell our oil on a open market. Example I read before, but dont quote me on this, its been some time, is that when the US is pumping all the oil at max capacity, it is sold to other countries as credits when they are buying and we are not. Somehow, the US pumping more oil just might go to China cause when oil hits $150 a barrel, they are still buying and we are not.

If they start drilling here in Florida, that oil wont be going into your gas tanks, oil will still rise, and we all will be asking why. Back last year they had something going on in Sarasota, if they did drill here, there will be a buffer zone of like 10 miles or something, like a do not enter zone. I was pissed cause I dive like a S.O.B, and any structure will surely have lots of fish on em.

[robertisaar]

simple answer to almost every problem in the world:

those that have power, use it to further their own needs, and don't care who they have to shit on to do it.

[Keoki1978]

http://uk.reuters.com/article/oilRpt/idUKN1151397820080211

http://redgreenandblue.org/2008/08/22/keep-our-oil-at-home-us-exports-oil-at-record-pace/

http://tonto.eia.doe.gov/dnav/pet/hist/mcrexus1m.htm

Well this is some info, and yeah, most of these were from last year, but it proves a point, the point is> why do we export oil? Its greed, the oil companys can get more money from oil exported than they can to keep it here. Like I said, this is more Bull Shiznit the oil companies want us to believe that drilling more would lower the price. All this is is to give them the legal right to bend your azz over and hit it as hard as they can......

[robertisaar]

......without lube. only our tears can relieve the pain....

[Rhedalert]

Going thru those links, it seems that the oil and refined products are exported in small quantities to neighboring nations who are closer to the refinery. Also, some of those refineries are foreign owned too. As much as I'd agree that the products *should* stay in the US, I don't see an end to it if they can make more money by saving on delivery costs. For example, it's probably cheaper for the midwest to receive Canadian oil than oil being produced in the Gulf.

I think an imports vs exports would paint a clearer picture, but I digress (it's late).

Although drilling for reserves via offshore or wherever may not immediately (or ever) lower prices, the increase of capacity contributes to the global reserves, and oil being a global commodity, traded globally, should at least calm some of the threat of shortages and lessen the volatility of prices. The increase in usage by other countries will of course affect us, as our oil prices are not set domestically. But increasing reserves will do nothing but help at this point.

[sprucegagt]

I was like the later, barely getting by. I was getting pissed that there was nothing for me. I make good money, no equity in the house to refi, wife works but with a 7 year old, things were tough. I was seeing alot of nice houses on the cheapo, bigger and better than mine, and back in april, I closed on a deal that will cost me 1/2 what my current house does. Now the problem, I cant sell my old house, I'm letting it go. My mail box and phone rings off the wall with help and support. I'm talking to the bank, telling them its not worth it, just take it, I dont want it anymore. They want to lower my interest to a 5% and go from a 30 to a 40 year term.

F$&k it all.......

You do realize that after the bank auctions off your house, you will still be liable for the remaining amount left on your old loan. Them taking the house back will not result in the loan going away. I suggest you think about taking that 5 % / 40 yr loan until housing prices go back up, then sell it. If you don't do it then the hit to your credit rating will stay for the next 7 years and will be so bad that you won't be able to get a car loan or make any type of purchase that requires a credit check.

[sprucegagt]

you can blame the speculators all you want, but a good portion (not all) of the reason for the big run-up in prices last year was that we did NOT have much of any spare capacity for oil and gasoline.

Actually it was part with the speculators and with gas supplies due to woefully inadequate refinery capacity. For awhile J.P. Morgan was the largest oil company due to all the futures contracts they made as a hedge against inflation. They were looking for a place to put there money since the housing market had just shit the bed.

[Keoki1978]

You do realize that after the bank auctions off your house, you will still be liable for the remaining amount left on your old loan. Them taking the house back will not result in the loan going away. I suggest you think about taking that 5 % / 40 yr loan until housing prices go back up, then sell it. If you don't do it then the hit to your credit rating will stay for the next 7 years and will be so bad that you won't be able to get a car loan or make any type of purchase that requires a credit check.

Yeah, I got that. I'm actually looking to do a quick sale, or short sale. I am having an appraisal done to show that the house is worth less than it was when I bought. But 7 years isnt to bad, most of the cars I have ever owned were paid for in cash, usually less than 10K, and my wife was never on my mortgage, so she shouldnt be affected. But you understand where I'm coming from, twice the house for half the price. I couldnt pass it up. My old house was 1500sq/ft, my new house is 2100sq/ft but has a huge damn yard. I have had only one credit card in my life, I guess you can say that I hated bills in the mail. On an uptick to buying with cash, you can usually walk out thousands less than they were asking, for a car anyway.

[talon2swords]

Imo, the only weak glue that is holding this economy together are the folks still staying in their now devalued homes and still making the payments on their original mortgage or re-financed loan.

I'm one of those people. I live alone, not even a wife to help me out.

My house is definitely a starter home. I live in North Florida. When the heavy rain season comes, my back yard floods. It even has its own drainage easement!

Back in 2004 when I bought it, I could barely get enough money from the bank for the loan, and the phone was ringing off the hook for people interested in the house, according to my agent (who was sneaky anyway, probably was lying).

With all that is wrong with my house, it would be near impossible to sell and get what I owe on it. I make a very modest income. I can barely afford materials for upkeep, much less hiring professionals to come fix it up.

But people like me are the only ones still propping up this teetering system we have. Then next big scare is going to be the one's that are going to default on the prime loans.

We keep losing jobs in this country, recession or no, there is going to be some major problem next year or so.

Oh yeah, I failed to mention my home insurance has increased 2x what it was back when I got the house (insurance companies and hurricanes). Electricity and everything else gone up about that much too. Just more pressure to the cooker, even for those that budgeted before they bought.

[Keoki1978]

You aint lying there man, I got the state run insurance of last resort and I'm still paying 3K a year. Dont forget Taxes, here in tampa, its crazy. The good thing bout buying a house at this lower cost is taxes. I'll be paying 1200 versus 2900 a year. Like I said, almost twice the house at half the cost. Its the bottom line, my old house wouldnt be so bad, just being taxed and insured out.....