Oil and terror

Crude oil prices fell nearly $1 a barrel Thursday when thwarted attacks on airplanes led many carriers to cancel flights, which could mean lower demand for jet fuel and dented consumer confidence.

The easy speculation to make here is in order for the speculators to make money, a successful attack would have been preferable. The fact itwas touted as “advanced stages of planning” means the airlines and governments did their job and stopped it with enough evidence to figure out who it was andconvict them. However, the perception is because they once again chose touse airplanes, the airline industry suffers financially as well as the oilspeculators. Now, $1 out of $75 isn’t going to mean a hill of beans at thepump for me or anyone else. I guess I’ll just have to live with the fact that the people who have been causing pain at the pump will have to suffer some pain of their own because my family is safer. I guess about 20 more of these stories between now and November will get that pesky high price of oil off the Republicans backs.

Or, a LOT of talk of government regulation of the oil industry thereby removing the speculators entirely from the picture is in order.

Now, some realism here:

This is what

Exxon has been donated to candidates:

Election Cycle

Total Contributions

Dems

Repubs

% to Dems

% to Repubs

2006

$447,532

$52,782

$394,550

12%

88%

2004

$925,166

$102,582

$820,134

11%

89%

2002

$1,180,246

$108,950

$1,070,846

9%

91%

2000

$1,391,955

$144,550

$1,242,705

10%

89%

1998

$1,097,955

$139,850

$955,955

13%

87%

1996

$1,214,581

$126,939

$1,085,798

11%

89%

1994

$1,070,088

$186,728

$882,110

17%

82%

1992

$790,012

$154,741

$634,771

20%

80%

1990

$521,829

$126,175

$395,155

24%

76%

BP:

Election Cycle

Total Contributions

Dems

Repubs

% to Dems

% to Repubs

2006

$126,600

$36,150

$89,950

29%

71%

2004

$323,165

$126,559

$196,406

39%

61%

2002

$489,430

$148,800

$339,630

30%

69%

2000

$1,302,740

$395,481

$906,259

30%

70%

1998

$811,716

$191,350

$620,366

24%

76%

1996

$878,055

$188,800

$688,805

22%

78%

1994

$505,350

$130,000

$375,350

26%

74%

1992

$479,625

$137,551

$341,824

29%

71%

1990

$488,023

$122,950

$365,073

25%

75%


Chevron:

Election Cycle

Total Contributions

Dems

Repubs

% to Dems

% to Repubs

2006

$272,807

$55,382

$217,425

20%

80%

2004

$499,242

$86,511

$412,731

17%

83%

2002

$1,307,081

$328,481

$978,600

25%

75%

2000

$1,565,826

$423,872

$1,140,954

27%

73%

1998

$1,248,815

$326,142

$922,423

26%

74%

1996

$1,508,025

$284,489

$1,223,203

19%

81%

1994

$1,137,042

$368,249

$767,848

32%

68%

1992

$1,148,086

$333,364

$814,722

29%

71%

1990

$488,41

$135,650

$352,768

28%

72%

Ya think that’s a lot? That doesn’t even include contributions to 527′s. The political realities of candidates calling for regulation in mass are nil IMO. Some people are claiming there will be a mass anti-incumbency vote in November. What I see is neither of the above happening to any great extent. So, with that in mind, expect a few more terrorist/petroleum stories to push the price down. ( And, to remind us of how great we’re being protected. ) That’s all we can hope for in controlling the price of gas at the pump right now. I’m not sure the US is at the breaking point politically regarding the pain at the pump, but I bet we’re getting pretty close.

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  • http://westanddivided.blogspot.com/ mw

    On the subject of oil money in the political process …

    In California, we seem to pay more for gas than anywhere else. Unbelievably, we are going to be voting on a proposition in November (Prop 87) to impose a tax on oil production, which is likely to raise the gas price even higher. Even more unbelievably, I think I support it. The idea is to fund alternative fuels and infrastructure in the state with the proceeds. I have not looked at it in detail yet, but at first blush – I am favorably inclined. I guess if the Oil companies want to maintain demand, they can lower their prices and pay the taxes out their profits. If not – prices go higher, demand is suppresed at the same time that alternatives are developed, and the economic bar is lowered for the new fuels to get over.

    Win Win.

    With the election still three months away – the airwaves here are already saturated with anti-87 ads sponsored by the oil companies: Oil tax initiative ignites early ads

  • http://moonagewebdream.blogs.com/moonage_political_webream/2006/06/tom_delay_payba.html Moonage

    Seems like that needs a thread on its own. Might check into it although I don’t live in California and it’s not directly related to me. However, I referenced a post I did a while back regarding something called Hubbert’s Peak. I accidentally reset the total votes, but so far the general consensus was there would be no real political risk until gas reached about $4.00 a gallon. They may know that in California and are willing to chance the backlash ( if any ) if gas got even more expensive. Here in Kentucky I imagine it would not be politically feasible as the standard of living is generally lower and therefore the political consequence of raising the price of gas would be higher. In addition, Kentucky is much more conservative and people are less inclined to look to the government to solve social issues. Besides, cars can run on moonshine, we’ve got our backup plan.

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