[Always Right]

It would be nice if McCain would finally learn some economics.

Compared to the alternative, McCain is a genius. I have no desire to return to Carternomics.

[cdga5for4]

With no speculators prices would even be higher because we’d have oil shortages. Speculators are essentially insurance for the suppliers.

[gridlock]

McCain Quote: "I am very angry, frankly, at the oil companies not only because of the obscene profits they've made but at their failure to invest in alternate energy to help us eliminate our dependence on foreign oil. They're making huge profits and that happens, but not to say, 'We're in this so we can over time eliminate America's dependence on foreign oil,' I think is an abrogation of their responsibilities as citizens."

What ever happened to the Good Ol' Days when everybody just assumed the oil companies were buying up competing technology and squashing innovation in order to maintain their energy monopoly? You know, the old technology exists to produce a car that gets 100 MPG, but the oil companies are preventing it from coming to the market trope, beloved of scam marketers of magnets and fuel filters everywhere.

It is BS, of course. But at least it is BS that recognizes that the oil business has an interest in promoting the oil business, and not competing technologies. This notion that the oil companies should be working diligently to put themselves out of business is just stupid.

[gridlock]

McCain Quote: "I am very angry, frankly, at the oil companies not only because of the obscene profits they've made but at their failure to invest in alternate energy to help us eliminate our dependence on foreign oil. They're making huge profits and that happens, but not to say, 'We're in this so we can over time eliminate America's dependence on foreign oil,' I think is an abrogation of their responsibilities as citizens."

What ever happened to the Good Ol' Days when everybody just assumed the oil companies were buying up competing technology and squashing innovation in order to maintain their energy monopoly? You know, the old technology exists to produce a car that gets 100 MPG, but the oil companies are preventing it from coming to the market trope, beloved of scam marketers of magnets and fuel filters everywhere.

It is BS, of course. But at least it is BS that recognizes that the oil business has an interest in promoting the oil business, and not competing technologies. This notion that the oil companies should be working diligently to put themselves out of business is just stupid.

[devere]

A good economic primer.
Please read it Senator McCain! And you too Obama!

[Oldeconomybuyer]

"I am very angry, frankly, at the oil companies .. because of the obscene profits they've made"...

I'm sick and tired of this "obscene profits" argument and hope someone from the McCain camp reads this post. Algore, Mr. Earth in the Balance, has made millions sitting on the board of directors for Google and Apple. Spend 5 minutes on Yahoo Finance and you will find the following Profit Margins. You tell me which ones are "obscene":

Exxon - 10.85%

Google - 24.89%

Apple - 15.13%

[saganite]

This is one reason why I’m not voting for McCain.

[ClearCase_guy]

"I am very angry, frankly...

Memo to McCain's handler's:

1) Tell him to learn some economics.
2) Tell him to never, ever start a statement with "I am very angry, frankly"

[B Knotts]

Traders, Are Commodity ETFs Fueling the Energy Spike?

[Portcall24]

Stossel got it two-thirds right.

I doubt that speculators are responsible for much of the run-up of oil prices. Why didn't they run them up sooner? Besides, there are too many other explanations: increased demand from China and India, the declining dollar and Middle East tensions.

The Middle East tensions are speculator related unless he's trying to say that Middle East "events" are actually reducing the supply of oil. Last I saw Iraq was pumping a fair amount and more then when the prices were lower.

[Wil H]

A perfect example of this is to compare USAir and Southwest right now.

USAir is cutting capacity, charging baggage, and other, fees, charging for drinks, upping prices.

Southwest are totally add-on fee free.

What’s the difference?

Southwest are currently paying for fuel at prices that they bought forward on a year ago.

[Wil H]

A perfect example of this is to compare USAir and Southwest right now.

USAir is cutting capacity, charging baggage, and other, fees, charging for drinks, upping prices.

Southwest are totally add-on fee free.

What’s the difference?

Southwest are currently paying for fuel at prices that they bought forward on a year ago.

[traviskicks]

It's clear McCain does not understand how markets work or why they are good.

Libertarian ping! To be added or removed freepmail me or post a message here.

[Wil H]

A perfect example of this is to compare USAir and Southwest right now.

USAir is cutting capacity, charging baggage, and other, fees, charging for drinks, upping prices.

Southwest are totally add-on fee free.

What’s the difference?

Southwest are currently paying for fuel at prices that they bought forward on a year ago.

[VeniVidiVici]

, "I led the largest squadron in the U.S. Navy, not for profit but for patriotism".

I bet Ho Chi Minh was so proud.

[Homer1]

"I believe there needs to be a thorough and complete investigation of speculators to find out whether speculation has been going on and, if so, how much it has affected the price of a barrel of oil. There's a lot of things out there that need a lot more transparency and, consequently, oversight."

I have my flame suit on, but, On the surface, I don't have an issue with this statement. There has been a bull run on oil commodoties ahich has driven up the price. Without a thorough and complete understanding of the situation, how can we determine if there is some remedy?

[VeniVidiVici]

While I personally may think it may be good business sense that the oil companies develop and perfect alternative energy, I fail to see why they should be obligated to do so.

[WOBBLY BOB]

mCpain is an obscene profligator

[PsyOp]

"The market price of any particular commodity, though it may continue long above, can seldom continue long below its natural price. Whatever part of it was paid below the natural rate, the persons whose interest it affected would immediately feel the loss, and would immediately withdraw either so much land, or so much labour, or so much stock, from being employed about it, that the quantity brought to market would soon be no more than sufficient to supply the effectual demand. Its market price, therefore, would soon rise to the natural price. This at least would be the case where there was perfect liberty." - Adam Smith, The Wealth of Nations, 1776.

Adam Smith - The Invisible Hand Speaks.

[TigersEye]

Finally someone who gets it.