The Republicans had the presidency and both houses of Congress and refused to even consider lifting the ban on drilling in ANWAR or removing the moratorium on drilling on our 3 coasts. The last thing the oil companies want is more supply. They’ve got us over a barrel.
This ignore that fact that there are many small companies that would love to drill and offer more supplies - they like to make money too. But they can't because there are so many regulations that only big companies can afford the regulatory divisions that are necessary to comply.
We'd have plenty of oil, if the government would just get out of the way.
This is a government caused shortage. It has nothing to do with oil companies.
“The Republicans had the presidency and both houses of Congress and refused to even consider lifting the ban on drilling in ANWAR or removing the moratorium on drilling on our 3 coasts. The last thing the oil companies want is more supply. They’ve got us over a barrel.”
Exactly. Supply and demand economics still apply but the difference is that the supply can be controlled and is. Then market speculators can all bet on the fact that oil commidity will all go up and then of whala! Their are so at the top aiding and abbeting this process. Too bad our national leadership are involved in this firesaling of the American consumer. We (middle class) are becoming either broke or bankrupt and have already begun reducing spending in earnest between the outrageous energy or the credit crunch also fueled by Wall St, Central Banks and the elite. The American consumer shares some blame in all of this as well but it is oversight of good leadership that does not allow such bubbles and greedfests to occur in the first place.
The good news is we live in a world of communication, invention and many, many ultra-wealthy investors. As the price and greedfest continues unabated more investors will continue pouring money into alternative energy. The greedfest will be forced to end someday, but will the USA economy go into depression first or will it survive relatively unscathed before it changes?
Might be interesting to note that some of the major oil companies do not produce all the oil they need for their business but have to buy substantial percentages on the market.