tag:blogger.com,1999:blog-8491397194259005985.post3775435874656633146..comments2024-03-07T09:18:49.166-08:00Comments on What the...?!: Biden Explains the International Oil MarketJames Nicholashttp://www.blogger.com/profile/06715293983358801138noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-8491397194259005985.post-2771671021236546672012-04-07T23:37:03.695-07:002012-04-07T23:37:03.695-07:00What every member of the Obama Administration--inc...What every member of the Obama Administration--including The One himself--knows about business and economics can fit in a hydrogen nucleus. I've never hoped for change more in my lfe.<br /><br /><i>And I’ve been saying for the last few weeks, and I want everybody to understand this, we use 20 percent of the world’s oil; we only produce 2 percent of the world’s oil.<br /><br />Barack Obama, March 22, 2012, Cushing, OK.</i><br /><br />1.Russia – 10.5 million b/d, 12.0% of world total<br />2.Saudi Arabia – 8.8 million b/d, 10.0% of world total<br />3.United States – 7.8 million b/d, <b>8.9%</b> of world total<br />4.Iran – 4.2 million b/d, 4.8% of world total<br />5.China – 4.0 million b/d, 4.6% of world total<br /><br />The man is a living gaffe machine.Darrellhttps://www.blogger.com/profile/11277966379512526469noreply@blogger.comtag:blogger.com,1999:blog-8491397194259005985.post-21445946783881851462012-04-07T11:18:57.739-07:002012-04-07T11:18:57.739-07:00The sad news is he was treating his answer as thou...The sad news is he was treating his answer as though her were on <i>"Meet the Press"</i>. Oy vey!James Nicholashttps://www.blogger.com/profile/06715293983358801138noreply@blogger.comtag:blogger.com,1999:blog-8491397194259005985.post-35303323340236678102012-04-07T11:15:24.662-07:002012-04-07T11:15:24.662-07:00Fungible, Mr. Vice President, means that one unit ...Fungible, Mr. Vice President, means that one unit can be exchanged for another. A barrel of oil is a barrel of oil, whether it be in Saudi Arabia or the Gulf Coast. Currency is fungible. If I borrow a five dollar bill from Terrance, I could pay him back later with another five dollar bill, but it wouldn't have to be the same five dollar bill. He might feel differently if I had borrowed his lawn mower.James Nicholashttps://www.blogger.com/profile/06715293983358801138noreply@blogger.comtag:blogger.com,1999:blog-8491397194259005985.post-73609453571969990172012-04-07T11:15:01.751-07:002012-04-07T11:15:01.751-07:00Gee, glad he was answering as 'quick and strai...Gee, glad he was answering as 'quick and straight' as he could. How many eyes glazed over with this Biden gem?AstridsSoapboxhttps://www.blogger.com/profile/12765645879431056941noreply@blogger.com