Ace of Spades HQ

July 16, 2008

Chuck Schumer Suggests Novel Plan for Reducing Price of Oil: Drill More! (in... Saudi Arabia)
— Ace

He informs us that just 500,000 extra barrels of oil drilled in Saudi Arabia (which would take years and years to actually come on line, of course) will increase not only present supply but future supply, and thus knock the price of oil down, and stop endless up-bidding on the price by speculators, and all that other good stuff.

He does not explain, though, why Saudi Arabian oil has this magical property of increasing supply and psychologically pulling the carpet out from under speculators, and yet American oil does not.

We should be grateful that Chuck Schumer has at least grasped the interrelation of supply and demand. Now we just need explain to him the notion of fungibility, that a barrel of American oil is precisely the equivalent of Saudi oil as far as supply goes, and we'll be in like Flynn.

And on this point: Of the 18 billion in known reserves in the seas alone, ten million are off the coast of California, and those derricks could start producing oil within a year.

It seems a lot of them already are drilled and capped and ready to produce oil. They've just been shuttered by the ban on offshore drilling.

Posted by: Ace at 01:34 PM | Comments (46)
Post contains 231 words, total size 2 kb.

1

So the Saudi's should benefit from selling oil at these sky-high prices but not Americans?

Am I getting that right?

Posted by: IreneFingIrene at July 16, 2008 01:41 PM (ZTDVK)

2 Didn't he say the same thing a couple of weeks ago and get called out on it then?

How dumb is this SOB?*

(*I live in NY, it's a rhetorical question)

Posted by: DrewM. at July 16, 2008 01:43 PM (hlYel)

3 It should be superfluous to say this, but every gallon of oil pumped from American wells and sold pumps money into the American economy. American companies, American workers all get $$$ from that gallon of oil. Saudi oil pumps dollars into Saudi pockets.

Posted by: billhedrick at July 16, 2008 01:46 PM (Ec4cp)

4 Time for some forensic accountants to look into Schumer & co and where their pin money comes from

Posted by: al Bar i' beri at July 16, 2008 01:47 PM (1hnpW)

Why would the Saudis sell us 2 barrels for $140 when they can sell us 1 barrel for $140?

Why Chuck?

Posted by: AndrewsDad at July 16, 2008 01:57 PM (C2//T)

6 SCHMUCKY Schumer, as Mark Levin refers to him, lives a bit up the block from me here in MUY LIBERAL Park Slope Brooklyn. I am surrounded by brain-dead adults (plus many cute kids), and sometimes it ain't fun...

Posted by: ParisParamus at July 16, 2008 02:01 PM (vkWnO)

7 Saudis, doing the jobs Americans won't do.

Posted by: Techie at July 16, 2008 02:11 PM (Ddo8X)

8 As T. Boone Pickens noted, at current oil prices, we will send $700 billion dollars out of the country this year alone. Projected over the next 10 years the cost will be $10 trillion it will be the greatest transfer of wealth in the history of mankind. Nice... more money for jihad.

Posted by: sergei at July 16, 2008 02:15 PM (AGMH1)

9 Chuck Schumer makes Dick Durbin look like Trent Lott.

Isn't the senior Senator representing New York just doing what's best for New York residents? Filthly, Oily, Lathered Saudis like materialism in NYC.

Posted by: Gabriel Sutherland at July 16, 2008 02:19 PM (AHrTm)

10 Sounds reasonable to me. I have a lock on supply of a necessary commodity. I make MORE money because supply is short and demand is high. Out of the goodness of my heart, I will therefore make more of the commodity available, thus driving price DOWN. Yeah, that's in my best interest. Schumer when are you going to get your head out of your ass? Are all the voters in NY as dense as you?

Posted by: GarandFan at July 16, 2008 02:32 PM (eJ32B)

11 In the only quote I could find he did not suggest Saudi Arabia begin new drilling ( which would take years to come on line) but instead to ramp up production from existing wells which could be done pretty much by making the pumps work harder. The untapped oil in the USA is estimated to be about 2% of the world reserves somehow that doesn't seem to be able to make a big dent in World Production does it ?

Posted by: John Ryan at July 16, 2008 03:26 PM (TcoRJ)

12 Are you sure his name isn't Dick Schumer? He just seems like a Dick.

Posted by: Kevin at July 16, 2008 03:27 PM (OEF4E)

13 Well since Schumer is interested in saving taxpayers' some money, how about a paycut for congress? Quite frankly, if this is what's coming out of congress, then we are paying too much for their meager services.

Posted by: Darth Randall at July 16, 2008 03:43 PM (oLULt)

14 No,no, no don't drill there. Drill here in America, NOW.

Posted by: Christopher Hamilton at July 16, 2008 03:43 PM (4HX+b)

15 Next excuse (because they care):

A "study" that says that gasoline from Saudi oil is so much better for your car than gasoline from domestic oil. That's why we should be getting more Saudi oil. It's for the children.

Posted by: mikey at July 16, 2008 03:43 PM (+cFcP)

16 Maybe we should drill Ground Chuck's oily scalp.

Posted by: Captain Hate at July 16, 2008 03:52 PM (eP9wS)

17 Does the Senator also have some advice on bank stability?

Posted by: eman at July 16, 2008 04:20 PM (WWkFI)

18 This is the man who had a temper tantrum on the floor of the senate, demanding, demanding lower prices for breakfast cereal. And stamping his little feet.

He is a complete fucking retard.

Schumer makes the mongoloids at the Southside Art Center look like an MIT faculty meeting.

If it makes sense and works, he's against it. If it's inane and failed, he's for it.

If that motherfucker was a clock, he wouldn't even be right once a day.

Economics is just a tiny ledge on the endless face of the walls on the yawning chasm of That Which He Does Not Know.

Posted by: Merovign at July 16, 2008 05:12 PM (UXoQt)

19 Fungibility really has nothing to do with commodities. It's about the success of mold growing on Schumer's brain.

Posted by: Roy at July 16, 2008 05:31 PM (N1L15)

So what the hell is wrong with American workers having American jobs using American-built equipment in America, earning American dollars?

Cuz, you know, that would keep American dollars in America.

Posted by: Dogstar at July 16, 2008 05:56 PM (6AcsH)

21 Actually, Saudi oil isn't exactly the same as American oil. I know there are differences in oil quality which make refining certain types a bit of a headache. Some of it flows like water, some like mud on a cold day.

But your point is nonetheless true. A few refining headaches aren't gonna add $50 to a barrel of oil.

Posted by: Ace's liver at July 16, 2008 05:58 PM (XIXhw)

22 Doesn't Schumer have another bank to help implode? He should concentrate on that more... really kick the nation in the nuts. No sense in him diluting his expertise.

Posted by: AnonymousDrivel at July 16, 2008 05:59 PM (sI5Ho)

Today I had a discussion with my bank manager about Chuckie and oil. As a banker, he agrees that Chuck the **** caused the run on the bank, but he also drinks the Democrap Kool-aid that says "why drill, it will take years to get a benefit". I respond that the democrats have refused to drill for years. He answers, it was Bush Sr. and Bush Jr. who blocked drilling. Go figure.

Posted by: codekeyguy at July 16, 2008 06:08 PM (+WuRB)

24 This is real progress!

The acknowledgment that supply will have an effect on price is astounding.

Now the only dispute is geographical.

Drill Saudi, OK. Drill Alaska, ?

...same earth, why not?

Posted by: JavaJoe at July 16, 2008 06:33 PM (Am6n/)

This kind of stupidity can only be explained by Schumer being on some Saudi's payroll.

Occom's Razor, people.

If the press was as bright as the morons on this blog, every statement this outragous would be followed up by some investigative journalism.

Posted by: Cincinnatus at July 16, 2008 06:40 PM (ZAlQ3)

26 Chuckie doesn't care about the $700 billion being sent to the terrorists. It's your money, not his. The POS probably hasn't purchased $10 worth of gas with his own money in the past 10 years., he uses a credit card and the bill comes to you.

Posted by: Scrapiron at July 16, 2008 07:16 PM (8nB5X)

Just read a NYT blurb on the fact that media "stars" from ABC, NBC, and CBS will be accompanying Obama to Iraq. Started out okay, pointing out that McCain seldom ever gets such attention and citing a number of media studies to that effect.

But for the punchline, they make the hilarious assertion that the star-fawning isn't all a good thing for Obama. Because, you know... any gaffes will be made in the presence of a "bigger megaphone"!

Are these NYT guys a laugh-a-minute or what?! What they meant was a "bigger and more all-loving memory hole"!

The MSM is a sick joke whore.

Posted by: sherlock at July 16, 2008 07:22 PM (ojW85)

28 Cincinnatus:

Thank you- have thought for years something along those lines about many, many, many politools that went off to DC claiming they'd get us energy independent, but within a year or so were sounding as feckin' stoopit as skeletor pelosi and land baron reid do today.

I mean, look how asinine carter sounds with his unhinged bleating about the evil Israelis- makes no sense, until you look at the donor list for the carter center.

Posted by: 2Brixshy at July 16, 2008 07:36 PM (hzQhD)

29 You said that there is 10 MILLION barrels of oil off the coast of CA, I think you meant to say that there were 10 BILLION (ie, about 55% of the known reserves.) David

Posted by: AoSNix at July 16, 2008 07:41 PM (QuREH)

30 I don't understand. If you increase the supply, why would that have any effect on the price? I thought that only Obamessiah can decrease the price of oil.

Posted by: iamnotachef at July 16, 2008 08:44 PM (nwJit)

Another problem I have with these Congressional Cocksuckers who advocate more saudi production but are against American production: they oppose domestic production- they say- for environmental reasons. Is that the worldwide environment? Or just here? Is it okay for foreign producers to supposedly befoul the environment, as long as it helps keep prices down?

Also, Chuck Schumer is an ass. He personifies everything that is despicable about American politics.

Posted by: Jones at July 16, 2008 09:07 PM (KOkrW)

32 Drill for oil? That's crazy talk. Everyone knows that the only way to reduce the price of oil is to raise taxes.

If we wanted to reduce the price of oil which we don't.

So, what bank do you want me to destroy next?

Posted by: Chuckie Schumer's Last Remaining Brain Cell at July 16, 2008 09:14 PM (SRmc5)

33 However, this same nattering na-bob would say that we should not fight for oil in the Mid-East.

My head, one again, hurts.

Posted by: Circa (Insert Year Here) at July 16, 2008 09:27 PM (XsrOH)

I just took a whiz and noticed that my dick head looks just like Chuck Schumer.

So I had to cut if off. Sure, no more sex, but I don't have to look at Schumer every day either.

Like I ever got any in the first place. But it's the point of it.

Posted by: pistolero at July 16, 2008 09:46 PM (hBUN7)

35 First this asshole fucks up my bank. I can't use my debit card if gas was $50/gallon...Thanks shitbag. Way to FORCE me to conserve...BTW This is the same elitist piece of shit who refused to let Con-Ed add generation capacity for power in NYC during a brown out. His answer was "why not get power from other states....Now you see signs all over the Poconos and Delaware Valley that say "no Ne Power lines". Fuck jooo doesn't even change money too good.

Posted by: hutch1200 at July 16, 2008 10:44 PM (zmZ0j)

36 Sorry for the Jooo comment. But you'd think that, as a Jew, he would want to starve the people who want his people dead first.....My IRA riding buddies get pissed of if I wear an Orange shirt. These guys kick over Triumphs at motorcycle rallys...I guess Scmucker isn't going to the right Temple.

Posted by: hutch1200 at July 16, 2008 10:50 PM (zmZ0j)

37 The POS probably hasn't purchased $10 worth of gas with his own money in the past 10 years., he uses a credit card and the bill comes to you.

It's the law. We pay for their privilege.

-----

Riddle me this

Schumer admits that if the Saudi's boost production it will lower gas prices

He is A - admitting the War was not for OIL, but B- Saying, he would like to further our dependence in the FUBAR impoverished Middle East ( and the Arab Street!) and Steal their oil C- and oil pumped in Saudi Arabia apparently does NOT effect our global environment, unless Schumer could give a crap about the Middle East's environment, which seems a little "cowboy" and uncaring about the Arab's in general.

Posted by: Topsecretk9 at July 16, 2008 10:51 PM (Tp1OF)

38 and oil pumped in Saudi Arabia apparently does NOT effect our global environment, unless Schumer could give a crap about the Middle East's environment, which seems a little "cowboy" and uncaring about the Arab's in general. ---------

but Schumer is not GLOBAL climate concerned nonetheless.

The consensus is in - Democrats don't believe in global warming either evidenced by their irresponsible middle east drilling plan.

Posted by: Topsecretk9 at July 16, 2008 10:54 PM (Tp1OF)

Not satisfied with the IndyMac bank run, now Chuckie is gettin into the oil speculation business?

Maybe someone should tell Chuckie that,

#1, The Saudis don't like the infidel US, much less jews like him, and could give a sheeet if the US economy fails.

#2, The Saudis WANT to get 150 dollars a barrel.

So let's see... where could we get more oil and not screw ourselves?

A country:

- that's been economically decimated for the last 30 years, and would be happy to be getting 80 bucks for a barrel.

- that has a society that is as close to secular in the Arab world as you can get, so the $$$ you send them isn't going to go to Wahabbi and other assorted nutfucks that want to blow up the USA.

- that is sitting on loads of oil that can be exploited easily.

OMG, that describes Iraq. You mean someone might have actually been looking ahead in the Bush White House 7 years ago and figured out the world oil supply needed to be increased?

Probably a coincidence!

Posted by: liontooth at July 17, 2008 12:32 AM (n3pxb)

40 But Nancy Pelosi told me that oil was a hoax!?! Or was it drilling for oil that was the hoax? Either way there is no such thing as oil.

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