It is simply amazing to watch someone authoritatively pontificate on something that they clearly know nothing about. One of the major reasons we have such an energy problem in the U.S. today is that people are so misinformed. So what does Bill O’Reilly use his airtime to do? Misinform millions of viewers, and demonstrate that he has no grasp of energy issues:
Unbelievable. Of course O’Reilly has also had trouble getting his facts straight in the past. But remember this is the same moron who twice said that the U.S. was behind the Malmédy massacre in WWII.
Footnote: As I indicated in the comments below, the idiocy isn’t the suggestion that speculation plays a role. The idiocy is that O’Reilly doesn’t think there are supply/demand issues here. The fact that O’Reilly thinks “somebody” is hurting us at the gas pump, states that “this is not a supply/demand issue”, and characterizes the issue in terms of the “greedy oil companies” will tell anyone who knows the first thing about the energy business that he doesn’t have a clue. Zip.
And by complaining that refiners regulate capacity, he shows that he doesn’t even grasp supply/demand. All industries regulate capacity. No industry wants to overbuild capacity and cause margins to crash. Look at what’s happening with the ethanol guys right now. Plants are shutting down. And even now, refinery margins have crashed, because demand has softened (and European refiners have been shipping gasoline here to take advantage of high prices). Would O’Reilly suggest that refiners shouldn’t respond by cutting back? Or would he have his refinery, in the face of low margins, plow full speed ahead? Ludicrous.
Highly entertaining. Of course Bill’s popularity stems from the same source as that of most politicians — pandering. This is just what most people want to hear. Put the screws on Big Oil and OPEC, and shut out the speculators. Problem solved!
Wow, That sounds like an ideal investment strategy! I don’t even need any money. We should all be oil speculators, oh wait, we already are.
One of his talking points is “OPEC keeps the oil supply low to drive up demand”
How could keeping the supply low drive up demand? I think he probably means “drive up the price”. But the fact that he put that on the air is a good example of how neither he, nor any of his staff, knows what they’re talking about.
O’Reily may or may not be an idiot. You calling him an idiot without specifically showing where Oreily is incorrect causes me to question your intelligence.
You calling him an idiot without specifically showing where Oreily is incorrect causes me to question your intelligence.
The fact that 1). You need me to show you; and 2). You can’t spell O’Reilly – leaves no questions about yours.
The fact that 1). You need me to show you;
Robert,
Google: “digg speculation oil”
You will quickly see all the proof you need that a large percentage of the people out there believe that speculation is the problem. I even know a few Ph.D. students that believe that speculation is a bigger problem than peak lite right now.
A post on this topic would be nice. I may know chemistry, biology and computer science but I know nothing about the speculation market so it would be nice for me as well. Hopefully O’reilly, the digg community, et. al. read it.
Rick, I think the Malmedy example is enough to prove that O’Reilly is an idiot. That’s baaaaad.
You will quickly see all the proof you need that a large percentage of the people out there believe that speculation is the problem.
Speculation is adding fuel to the fire, but we primarily have a supply/demand issue. The steady rise in oil prices over the past 7 years corresponds to the diminishing spare capacity in the world. The fact that O’Reilly thinks “somebody” is hurting us at the gas pump, states that “this is not a supply/demand issue”, and characterizes the issue in terms of the “greedy oil companies” will tell anyone who knows the first thing about the energy business that he doesn’t have a clue. Zip.
And he complains that refiners regulate capacity? Good grief, what industry doesn’t regulate capacity? No industry wants to overbuild capacity and cause margins to crash. Look at what’s happening with the ethanol guys right now. Plants are shutting down.
RR
We all get that you are a chemistry major, but what qualifies you in economics and geopolitics?
If anonymous above is talking to me, perhaps you can save some time and browse my CV. I am not a “chemistry major.” My undergraduate degrees are in chemistry and math. My master’s degree is in chemical engineering. I have worked in the biofuels, chemicals, and oil industries. I have done lots of projects, including the project economics. I have done lots of economic analyses during the course of my jobs. I have lived and worked in 4 different countries.
Does that meet with your approval?
RR
Speaking of qualifications, what qualifies Mr. Bill to speak on these issues? Does he have a relevant degree?
Bill Uh-O’Reilly really is nothing more than a jabber box, but that’s the nature of the “News” business…one of the reasons I no longer bother to participate (I was a journalist). Especially TV and it’s as bad at the magazines and newspapers. They’re not interested in anyone who A)knows really much about anything and B) because that might cause them to question the fairy land views of the publishers and their hand picked editors…all of whom think they have some privlidge to ‘Change the world” or “Influence events.”
How about just give us the facts…
And it’s the same on both sides. For every newsman who’s got a clue, he’s surrounded by 1,000 who don’t.
And Bill isn’t even really a news man, he’s a commentator. Populist politics and spectacle as entertainment. the only thing I find worse is the parasite witch Nancy Grace. Sickening is the only way to describe it. Utterly useless in every way.
That’s OK, everyone’s going to get a big wake up, they’re gonna freak out, they’re gonna elect a Mao, Stalin or Hitler and that will be the end of all that.
And yes, my spelling sucks, I’m tired. Sorry.