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Crude Oil Prices Rising Again

Discussion in 'Politics, Elections & Legislation' started by jimrich60, May 20, 2009.

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  1. jimrich60

    jimrich60 Member

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    Towards the end of 2008, Congress finally authorized at least limited expansion of off shore drilling, as well as some other oil exploration within the U.S. and the Bush administration announced it would issue some leases, etc. Shortly thereafter, crude oil prices began falling and ultimately dropped nearly 75% (down to a low of $33.00 per barrel) In January 2009 after Obama was sworn in, he rescinded the lease and drilling authorizations and guess what? Crude oil prices began rising again, now up to about $62.00 per barrel. With prices steadily going up, gas prices will undoubtedly hit $3.00 per gallon by the end of this year and soon will be back to over $4.00. If you like high fuel prices, thank Obama and the democrats.
     
  2. TOOLMAKER 251

    TOOLMAKER 251 Active Member

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    Osalami, got many millions from the mideast when he was campaigning, did you see him do the bend over greeting when he met the head swami? Now their investment is paying off.
     
  3. X2 fan

    X2 fan Active Member

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    And this recent price rise has nothing to do the speculators?

    Tim
     
  4. Carol Lister

    Carol Lister TS Member

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  5. Don Steele

    Don Steele Well-Known Member

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    Within a year....maybe 2....we will be fondly remembering 4.00 per gallon gas...wishing for a return to the good ole days. Unless someone is smart enough to get the speculators out of the oil market...we're royally screwed. At this time however...Washington is controlledby people who think 4.00 per gallon is somehow "good for us", and would prefer to see 6.00.
     
  6. jimrich60

    jimrich60 Member

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    "Speculators" are simply playing the market (as is done with every commodity). They are bidding on the bet that the supply of crude oil will be exceeded by the demand in the future, and that they will be able to sell futures for more than they pay now. This is normal in any commodities market. The way you keep prices down is to ensure that supply at least equals demand (and projected or future demand) That is what happened when the U.S. authorized expanded drilling in 2008. Just the prospect of increased supply within the U.S. brought prices crashing down. Only when the current administration reneged on expanded drilling did prices start to increase again. When you start blaming speculators or oil companies for normal market activities, I think it is a sure sign that you have bought into the democrat mantra and talking points about "evil" oil companies instead of understanding how all commodities markets actually work. The speculators aren't driving prices up in some vacuum; the administration is by keeping future oil supplies down. The one has repeatedly said he would like gas prices at $4.00 a gallon or more, but is afraid to do this (as Europe does) with higher gas taxes, so he is trying to do this with decreased oil supply in order to shift the blame on "big oil" rather than the government. Only with extremely high gas prices will he be able to get Americans to buy the "green" econo-boxes he is now ordering the auto industry to build. His oil drilling (none) and car design policies go hand in hand.

    Jim R
     
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