August 15, 2008 7:54 AM
Moan over Roan - bids come in way low
Colorado must feel like the relative who was certain he was going to inherit his rich uncle's Bentley, only to discover that he'd instead been bequeathed a '62 Dodge Dart.
State leaders expected at least several hundred million dollars from the sale of natural gas leases on the Roan Plateau but would up netting only $57 million.
Massive finger-pointing ensued.
Todd Hartman, Burt Hubbard and Gargi Chakrabarty report:
Gov. Bill Ritter and an industry group both called it a dismal day for Colorado - but each cited different reasons for why sales on the gas-rich Roan failed to live up to expectations. In the end, the state came away with its half-share of only $57 million, money earmarked to help higher education and Western Slope roads and facilities.The final haul is about 1/20th of the amount predicted last year by an industry lobbying group - Golden-based Americans for American Energy - that suggested the Roan sale could fetch $2 billion, with Colorado getting $1 billion of that.
Industry blamed Ritter and green groups for mucking up the sale with administrative protests that put a "dark cloud of uncertainty" over drilling prospects on the Roan.
"Colorado was robbed today," said Meg Collins, president of the Colorado Oil & Gas Association. She blamed Ritter, Sen. Ken Salazar, Rep. Mark Udall, all Democrats, and environmental groups for "disappointingly low" bids.
The governor, however, never expected that kind of money. Indeed, he long called the $2 billion prediction outlandish, and a ploy by industry to raise unrealistic expectations as a way to build public support for drilling on the site cherished by conservationists for its scenery and wildlife.
But Ritter said the sale was a big letdown, and could have netted hundreds of millions of dollars for the state had it been handled otherwise.
At an afternoon news conference, he blamed the Bush administration, saying the U.S. Bureau of Land Management discounted his proposal to lease the Roan's public lands in phases. That approach, the governor argued, would drive up the bids in part because the value of natural gas is expected to rise over time.
"Today is a sad day for Colorado," Ritter said. "It's a missed opportunity - one we will never get back, one that falls squarely on the shoulders of the Bush administration, which is rushing through bad fiscal policy in its waning days."
Who's to blame? Ritter and environmentalists for scaring away bidders or the Bush administration for putting too much land up for lease at depressed prices?
August 15, 2008
9:19 AM
Shaggy writes:
This is what happens when Liberal Democrats are in office.
I'm surprised the gas companies even wanted to bid knowing they would have to deal with the likes of Ritter, Salazar and Udall.
Too bad, it could have been such a big boost to Colorado.
I hope people take note of this when they head to the polls.
August 15, 2008
10:01 AM
asst.plantationmasterbighouseho writes:
To my fellow Blacks, finally a chance for our 40 acres and a mule. Let's do some drilling. No, not the type Snoop Dogg is pushing (gin, juice, and towels). Ray-Gun gave Japanese-Americans $20K each for them being incarcerated during WII. Chicken---- Obama refuses to support slavery reparations for Black folks. Obama, "illegals are being scapegoated". Annie Oakley (Hillary), "no man or woman is illegal".
Blacks have been pimped and exploited for more than 400 years. Blacks don't own any ranches, farms, or oil/gas fields, however, we do get to pay their federal welfare. 35 white men in American have more wealth than 38 million Blacks.
At 18 years of age, the University of North Carolina refused me admission, but they did take my taxes. The N.C. National Guard pulled a similar trick on me. I flunked their "hue" test. They quickly let me know the Guard (phony soldiers-airman) was a Vietnam War santuary (country club) for rich white kids like GWB, Quayle, Peter King, etc.
The Salazar brothers just voted in Congress for their family's own $484K federal farm subsidy, which they will use to pay the wages of their "illegal" employees. Criminal illegal Mexicans and Canadians are getting a better deal than we are. Bill Clinton struck Blacks from the public dole, however, he knowingly left southern invaders, FLDS, and LDS (organized crime rings)on this cash-cow. Sure wish Obama had some NADS.
August 15, 2008
10:49 AM
SASQUATCH writes:
Ritter's botched Roan deal, based on over-regulation that hiked extraction costs, simply made the leases less economic and the bidders logically and predictably responded with lower bids that disappointed everyone. That short-changed CO several hundred million dollars. The BLM added some of these profit strangling regs, knowing that nothing would have happened if the eco-hysterical crowd wanted to kill it. Ritter's fingerprints are all over this failure.
Ritter played a large role in creating his self-inflicted revenue shortfall. And we all know what his solution is to fill this revenue void--tax hikes! He screws-up...and we pay.
Ritter's "New Energy Economy" is working overtime to create a hostle business climate that chases away investment capital, new jobs and incomes to where they are all treated better. In CO's case, that's next door. Meanwhile, CO is still waiting for Ritter's "NEE" to contribute its first BTU of energy.
August 15, 2008
11:08 AM
SASQUATCH writes:
RITTER ANNOUNCES 1,000 WINDMILL JOBS!
Right after his botched Roan fandango is announced, Ritter--with egg all over his face--announces 1,000 windmill jobs; the TIMING of which is most dubious. The "when" of it all requires a crystal ball--and I say NEVER.
Oil and natural gas, even at 25% lower price levels (crude is down 25% from its recent peak), still will be very profitable cash cows--they have tested staying power and will be very economic at lower price levels. In sharp contrast, uneconomic and marginal energy players--like biofuels, solar and windmills--will be the first to be jetisoned and KOd in a weaker price environment. That's exactly what happened when the energy bubble burst in the early-1980s; the marginal players were the first to go.
Bottom Line: Ritter's "NEE" and those 1000 new windmill jobs will likely NEVER happen! And I also predict that CO will never see any BTU's from his "NEE."
August 15, 2008
11:27 AM
SASQUATCH writes:
WHO IS TO BLAME..."or the Bush administration for putting too much land up for lease at depressed prices?"
OHMYGOD...do you really mean that supply, demand and price might be related in some way? That's not what our congress is telling America; Pelosi says its all a big "hoax." Why not do America a big favor and tell Harry Reid and Nancy Pelosi that supply really matters and that its not a "hoax."
August 15, 2008
12:18 PM
Big Tex writes:
What is wrong with your state? Hell, here in Texas we put oil rigs up in front yards. You all must be a bunch of liberal idiots. Who cares about your friggin land. If you want scenery, buy a picture. I'm tired of you pansies from Colorado with your mountains and all that bull. Why don't you all live in a suburb and forget about nature? You want to hike, take a flying leap in a lake. This country needs to drill, drill, drill, and I don't need you or your endangered species loving Governor standing in the way of me or my bank account. Hell, if you want a clean environment, go live in Sweden for christ's sake. That Sasquatch guy has got it right. You can kiss my ass, because I don't care if we pave your pathetic state. I'm from Texas, and I will crush anyone who does not bend to my will.
August 15, 2008
1:19 PM
SASQUATCH writes:
"That Sasquatch guy has got it right."
When BIG TEX talks, America listens.
When Putin and Bush were ridding around in a truck touring Bush's ranch, after several hours they stopped on a bridge in order to relieve themselves. They began leaking over the side-rail like little kids. Putin said in a boastful manner to Bush "Boy, this water is cold." To which Bush then responded, "And deep too."
Don't mess with Texas.
August 15, 2008
1:40 PM
DIA Manager writes:
Sascrotch / big tex - Just wanted to let you both know that your favorite men's room stall has been cleaned and is ready for use. Larry Craig left it a mess, but we worked to get it done in time for your Friday afternoon flight to Provincetown.
August 15, 2008
1:52 PM
jay writes:
let me get this straight, shaggy.
you believe that the price we received for the roan was far less than expected because "this is what happens when Liberal Democrats are in office" and because the "gas companies" don't want to deal with "the likes of Ritter, Salazar and Udall".
do i have that right my little rushian footsoldier?
bigfoot...if we can blame our current problems on supply and demand...can you explain this trend?
http://zfacts.com/p/35.html
as our esteemed far right wing commentator, eli, noted...gas prices have risen 300% since bush took office.
do you believe that demand has risen 300%?
August 15, 2008
2:11 PM
Its True writes:
All texans are wimps. That's why they lost at the Alamo. While Santa Ana was beseiging the mission, they were off doing each other.
August 15, 2008
2:42 PM
SASQUATCH writes:
"bigfoot...if we can blame our current problems on supply and demand...can you explain this trend?"
Except for the shorter-term wiggles and giggles, I would attribute the rising longer term crude price trend to an imbalance between supply and demand--where supply has failed to keep up with demand. America is producing crude at about 5 mm bpd--1948 levels, other countries are doing a lot better. But in recent years, surginbg demand from China and India has tipped the scales to where there is very little spare capacity and this shows up in price.
If you think that there is another factor, then what is it? Speculators don't take delivery of any product, they do not take crude out of the system. Isf so, it would show-up in the inventory numbers--but world inventories have been flat for years--it is not being hoarded. For every futures bet on higher prices, there must be a futures bet on lower prices--that's how futures contracts work, so its not them. If you think that speculators are taking delivery (they never do) and hoarding the oil, then where is it? Did speculators pump it all back into the ground, and raise the price so that they can pay more in the future?
So what has caused the price rise until recently? And what is now causing the sudden price plunge? I suspect that the latter has something to do with falling demand.
August 15, 2008
3:05 PM
SASQUATCH writes:
First the libdems blamed the oil companies for higher prices, but the congressional hearings that appeared on TV made them all look like ignorant monkeys when the oil CEOs stood up, backed them down and pinned their ears back--blaming the libdems on TV for all of America to see. When that obviously failed, the libdems then tried blaming a new bad guy--speculators, but their absence of understanding anything about how a futures contracts work brough the same old monkey back on their sholders. And they are are now at a loss to explain how those very same speculators--their latest bad guys--has caused crude prices to plunge by a bodacious 25% over the past few weeks. I don't hear any cheers for yesterday's bad guys, but 25% is still 25%.
What's next from this libdem crowd? They have more pointing fingers than answers. If its not the oil companies and not the speculators then who or what is to blame? What will drive them back to good old supply and demand?
P.S. Notice how I neglected mentioning the subject of tire inflation and auto tune-ups--the most assassine price explaination the planet has ever heard. Fat tires are not the new Saudi Arabia. Pulleeze!
August 15, 2008
3:23 PM
Anonymous writes:
ALL COMMIDITY PRICES ARE PLUNGING...a slowing global economy and resulting softer demand is the reason, not speculators, oil companies, farmers and miners who suddenly decided to push ALL commodity prices lower after making them surge for far too long.
S, D and P; the rest is mostly B.S.
ENERGY
PRICE CHANGE %CHANGE TIME
BRENT CRUDE FUTR (USD/bbl.) 112.550 -1.130 -0.99 15:08
GAS OIL FUT (ICE) (USD/MT) 991.250 -25.000 -2.46 12:07
GASOLINE RBOB FUT (USd/gal.) 286.000 -5.200 -1.79 16:37
HEATING OIL FUTR (USd/gal.) 312.500 2.590 0.84 16:37
NATURAL GAS FUTR (USD/MMBtu) 8.075 -0.061 -0.75 16:38
WTI CRUDE FUTURE (USD/bbl.) 113.770 -1.240 -1.08 16:39
Agriculture
PRICE CHANGE %CHANGE TIME
COCOA FUTURE (USD/MT) 2587.000 -91.000 -3.40 15:15
COCOA FUTURE - LI (GBP/MT) 1440.000 -39.000 -2.64 12:00
COFFEE 'C' FUTURE (USd/lb.) 136.800 -2.250 -1.62 15:15
CORN FUTURE (USd/bu.) 549.500 -27.750 -4.81 14:27
COTTON NO.2 FUTR (USd/lb.) 67.080 -2.400 -3.45 15:15
FCOJ-A FUTURE (USd/lb.) 106.250 -1.500 -1.39 15:15
SOYBEAN FUTURE (USd/bu.) 1219.000 -55.000 -4.32 14:29
SOYBEAN MEAL FUTR (USD/T.) 332.700 -14.800 -4.26 14:28
SOYBEAN OIL FUTR (USd/lb.) 50.830 -2.070 -3.91 14:27
SUGAR #11 (WORLD) (USd/lb.) 13.120 -0.270 -2.02 15:15
WHEAT FUTURE(CBT) (USd/bu.) 849.250 -40.250 -4.53 14:30
WHEAT FUTURE(KCB) (USd/bu.) 885.000 -38.500 -4.17 15:00
Industrial Metals
PRICE CHANGE %CHANGE TIME
COPPER FUTURE (USd/lb.) 331.550 1.750 0.53 16:29
LME COPPER FUTURE (USD/MT) 7440.000 -39.000 -0.52 08/14
LME LEAD FUTURE (USD/MT) 1677.000 -17.000 -1.00 08/14
LME NICKEL FUTURE (USD/MT) 19090.000 -415.000 -2.13 08/14
LME PRI ALUM FUTR (USD/MT) 2725.750 -33.750 -1.22 08/14
LME ZINC FUTURE (USD/MT) 1648.500 0.500 0.03 08/14
Precious Metals
PRICE CHANGE %CHANGE TIME
GOLD 100 OZ FUTR (USD/t oz.) 792.300 -22.200 -2.73 16:39
SILVER FUTURE (USD/t oz.) 12.865 -1.495 -10.41 16:34
Livestock
PRICE CHANGE %CHANGE TIME
CATTLE FEEDER FUT (USd/lb.) 114.525 -0.900 -0.78 14:26
LEAN HOGS FUTURE (USd/lb.) 75.700 -0.375 -0.49 16:15
LIVE CATTLE FUTR (USd/lb.) 106.025 -1.875 -1.74 14:29
$$$$$$$$$$$$$$$$$
Check out all those "-" signs next to each commodity and see how many "+" signs you can find.
Slowing global economic growth resulting in softer demand and excess supplies might have something to do with it.
August 15, 2008
3:26 PM
jay writes:
let's try this again without the conspiracy theories.
bigfoot...if we can blame our current problems on supply and demand...can you explain the trend source above or not?
August 15, 2008
3:54 PM
Shaggy writes:
jay you aren't the sharpest loon on this blog are you!!! Not a question rather another fact.
Yes jay, the price of the roan was lower than what we could have got because of Ritter, Salazar and Udall.
They want to tax the hell out of whom ever wins the bid and force many stipulations on them.
Doesn't make it an attractive deal for bidders to plop down a large amount of money to invest in when have the three stooges constantly trying to pick their pockets.
Do you understand yet?
Then they have the nerve to blame Bush for it...Do Loons ever acknowledge they are to blame or at fault ever?
You loons are always blaming someone else for your f ups.
Even Obama blames America and Americans when he was in another country acting like he the world President/messiah.
August 15, 2008
4:03 PM
Shaggy writes:
"Update 8/15/2008 - In Rasmussen’s latest poll for Colorado, McCain has a statistically insignificant lead over Obama. The results are consistent with a Quinnipiac / Washington Post survey that was done two weeks earlier. In between, a paid Democratic poll (PPP) claimed Obama had a four point lead. What is significant is that Obama had led McCain in Colorado for the entire summer until now in both Rasmussen and Quinnipiac polls."
Colorado Polls (McCain Obama)
The latest general election polls are below.
Rasmussen (8/13/2008)
Barack Obama - 48%
John McCain - 49%
PPP (D) (8/5 - 8/7/2008)
Barack Obama - 48%
John McCain - 44%
Quinnipiac / Wall Street Jounal / Washington Post (7/14 - 7/22/2008)
Barack Obama - 44%
John McCain - 46%
jay,
Why do imagine this is happening?
Why do you think Ritters approval ratings are in the dumpster too?
Just wait until hundreds of thousands of PISSED of travelers get stuck for 8 hours on I-25 when the messiah shuts it down so the spot light is on him.
I expect McCain to lead by double digits shortly after.
August 15, 2008
5:47 PM
SASQUATCH writes:
Jay, I can see that the fundamental economic principle of supply/demand/price is beyond your comprehension. You don't stand alone. You have joined Reid and Pelosi in the jamboree of financial and economic ignorance--S,D & P is a hoax. There is nothing more that I can do, your brain damage is complete and apparently irreversible.
I'm sorry, but responding to you with the simple basics of Econ 101 is like talking to a pile of possumm road-kill. It doesn't register. In the interest of not wasting electronic space, I will ignore your future lame observations. Your are a moron.
August 15, 2008
6:21 PM
Shaggy writes:
Sas,
You may be right...maybe we should ignore jay's future observations...I have come to believe he likes his daily brutal beatings in a perverse way.
Has he EVER backed up anything he has EVER debated with you?
All he tells me is that it is either a myth or conspiracy or we have already debunked that theory, when of course everyone knows he has not.
August 15, 2008
6:47 PM
jay writes:
"They want to tax the hell out of whom ever wins the bid and force many stipulations on them."
finally something we can discuss.
what information have you seen that led you to this conclusion?
"Then they have the nerve to blame Bush for it"
you believe that the colorado dems are blaming bush for the less than expected sale price for the roan?
again...what info led you to believe this?
furthermore, shaggy....rcp still has obama leading in colorado...so why do YOU think this is happening?
stop running, bigfoot...if you can't explain the trend (by ultimately illustrating that demand has risen along with prices by 300%) then you're cornered.
don't pout about it.
August 15, 2008
7:10 PM
Shaggy writes:
"what information have you seen that led you to this conclusion?"
I have 321 million examples.
"you believe that the colorado dems are blaming bush for the less than expected sale price for the roan?
again...what info led you to believe this?"---jay
Right here jay, do you ever read?
"But Ritter said the sale was a big letdown, and could have netted hundreds of millions of dollars for the state had it been handled otherwise.
At an afternoon news conference, he[Ritter]blamed the Bush administration"
Damn man you really do like making a fool out of yourself!!!!!
Did you know that Ritter may have cost Colorado over 500 Mill?
or do I need to prove that to you as well?
August 15, 2008
7:29 PM
Shaggy writes:
Hey jay, just curious.
Do you know the importance that Obama should have a double digit lead before the DNC?
Just look up past elections!
August 16, 2008
11:04 AM
SASQUATCH writes:
JUST LOOK AT FRIDAY'S PAGE #1 PICTURE OF RITTER...
The guy looks like he was just told by his doctors that he has only 48 hours to live!
Ritter's big $57 mm coup left his budgeted cash flow short-change by almost $950 million. OUCH! When is his first offsetting tax hike due? Will it be retroactive? And where is he going to get the bribe money to pay Vestas for those 1,000 windmill jobs?
August 16, 2008
11:17 AM
Anonymous writes:
The Obama campaign website has a new section. Here are the details:
The top capital gains rate will rise from 15% to 20%
The top dividends rate will rise from 15% to 20%
The corporate income tax rate will remain unchanged at 35%
The ordinary income tax rate will rise from 35% to 39.6%
The small business tax rate will rise from 37.9% to a minimum of 44.5% and a maximum of 54.9%--they're still not clear on this point
Private equity partners will see their capital gains and dividends taxed as ordinary income--that 39.6% rate
No wonder why the messiah can't crack 50% in the polls and "sealing the deal" has become impossible. "Buyer's Remorse" is beginning to grab condiderable traction at DNC HQs. time for a CHANGE? Tire inflation is not a flat that you can drive away from.
August 18, 2008
9:10 AM
Anonymous writes:
Yes jay, the price of the roan was lower than what we could have got because of Ritter, Salazar and Udall.
Duh? Bush is having a fire sale before he and his party leave office. The guy is still your basic two-bit crook that pilfered taxpayer money through the Saving & Loan scandal, as did his buddy McCain.
August 18, 2008
10:00 AM
Anonymous writes:
SASQUATCH writes:
"That Sasquatch guy has got it right."
When BIG TEX talks, America listens.
Ummm Bigfoot, too dumb to realize that BIG TEX was making fun of the likes of you huh? Too funny...
As far as the thread of this post... I know you guys blame everything on Dems, but anyone with any sense could see the fix was in all along. Keep swallowing your AM radio talking points - idiots!