Welcome to Our Forums. Once you've registered and logged in, you're primed to talk football, among other topics, with the sharpest and most experienced fantasy players on the internet.
Probably.Historically the nations that export oil control the supply to maintain price.ETA: And if they don't, what happened to the domestic oil producers in the '80's when oil became cheap?
I'm not sure I understand it either when it comes to oil. Oil seems to be impervious to basic economic supply and demand rules.
If only it were that simple.
Newt is desperate and will say anything to get attention at this point.
fixed... you want a politician to tell it to you straight, elect Ron Paul.. otherwise, they are all liars
Prince Faud has said repeatedly over the last 5 yrs that he would like gas prices in the US to be between 2.50 and 2.75. The price that his advisors have assured him would preclude any forays into alternative energy. Who can forget him walking hand in hand with Bush telling the American public to fix their own house?At this point I believe him more than any shill on Wall st. Supply and demand arguments have been immaterial for years.
More recently the Saudis have indicated to other OPEC members that they think $100/barrel is a good number.They've made promises to increase production to meet any shortfall from Iran.
The Saudis have consistently dealt with projectable numbers designed to calm business markets. Yet they get no credit because we can't rein our people in.Hence my utter contempt for Eric Holder.
Not sure I understand you here. What specifically would you like Holder to do?
so they end up with far less revenue/profit...why is that a bad thing?
How does it help us?
It might not be. In reality though it would be almost entirely Saudi Arabia lowering production because most of the other OPEC countries can't afford to.
Assuming that this was their goal, why did oil production actually nearly quadruple under their watch? That doesn't make any sense.
OPec yes, Saudis no. They talk about shared goals often but flout production levels all the time. And their business partners understand the political realities they face. It's a long term strategy designed to help all of opec partners.Honestly, since the early 70's when OPEC was formed and these countries started flexing their economic muscle the Saudis have been more than reasonable in smoothing out the rough edges. There's reason our politicians never have a bad word for them, they dont deserve it.
OK. But how would you answer my question?
Oil wells are permitted and planned out years in advance. The oil wells being drilled now were permitted under a republican president.
I'll answer your question- oil production hasn't nearly quadrupled under their watch, not even close.
I think he's right--because the program Sucks. The oil companies sell our oil to China and then we buy it for inflated prices from somewhere else.The oil companies are no longer American--why the hell do we want to give them more of our oil??
It still doesn't really answer the question. Whatever Obama's motivations were, we have more drilling now than we did when he took office. Yet oil prices keep rising. This at least suggests that there is no correlation between increased oil drilling and prices, no?
I saw that figure reported on CNN. Do you have information which suggests otherwise?
Because he can't mandated ME oil output from Washington, like he can mandate the gulf of Mexico drilling would be my guess.
You should note in his speech he also said, "In fact, we have always been at war with Eastasia."
I thought i covered this in a previous post. It costs more to produce oil now. Horizontal drilling, fracking, deeper depths, and drilling into geothermic regions that require expensive drilling fluid systems.Not to mention new regulations on cleaning up and disposing drill cuttings that didnt exist a decade ago.
The president can order international corporations to drill for oil?
Actually I was talking about the drilling being shut down after the bp spill.But he can order insurance company's on what they have to provide, so he probably thinks he can.
New here?
Announce in the WSJ that his office was going to look hard into the oil markets and prosecute any speculators that were guilty of wrong doing or the appearance of market manipulation.The threat of investigation is more than enough to dampen enthusiasm in market manipulation.Look at it this way, as a small business man just the threat of an IRS audit is enough to make a crooked man fly straight. A clean operation pays a lot to get thru the process so it's expensive either way. Inviting that cost? Foolhardy.So he wakes up every morning with this power, given by the citizenry to protect their interests and he does nothing. Potted plant.
Try googling US Oil production by year. Or, use common sense- does it sound right to you that we've quadrupled the amount of oil produced in just 3 years?
Quit arguing with yourself
If it's too much, it's Holder's fault.
