Amazing. Many freepers including 3 on this thread,RegulatorCountry,jveritas;count-your-change ,
to me sound just like Marxist/Democrt Nancy Pelosi.
http://news.yahoo.com/s/usnw/20080627/pl_usnw/pelosi__democrats_are_taking_action_to_help_americans_at_the_pump
Speaker Nancy Pelosi released the following statement :
Nancy Pelosi:
“First, we put oil speculators on notice. In an overwhelming vote of 402 to 19, the House by passed legislation to direct the Commodity Futures Trading Commission to use its emergency powers to take immediate action to curb speculation in energy markets.”
Speculators are not causing the rising oil prices. Neither are the U.S. oil companies . Democrats are Marxists. Why are there so many freepers who are blaming the speculators like Democrats are? It is actually the Democrats who have caused the rise in oil prices by restricting oil drilling , banning shale oil development, stopping nuclear, stopping coal, stopping coal to oil liquefaction, stopping refinery construction etc.
What is really causing the price of oil to skyrocket?
Could it be that actually demand has been much higher than world oil supply in the last few years? Yes that’s the answer, Economics 101, the law of supply and demand.
Could it be that most of the worlds large oil fields are in decline? Yes. Face it we have reached peak oil. : http://www.speroforum.com/site/article.asp?idarticle=15622&t=End+of+the+Petroleum+Age%3F
“How do we know that the Petroleum Age is drawing to a close? Two key indicators tell us that this is so. First, many of the giant fields that have satisfied our massive thirst over so many years are experiencing diminished output. Second, although the major oil producers are spending more money each year to discover new reserves, they are finding less and less oil. Either of these factors by itself is cause for significant worry; the combination is deadly.
Few people understand how reliant we have become on a relatively small number of mammoth fields for the lion’s share of our daily petroleum intake”
Speculators have not caused the largest oil fields in the world to go into steep decline and have diminishing oil output. Democrats and the media would like you to believe that but that just isn’t true.
I repeat 9 months ago the oil barrel was at $ 75. Now it is over $ 140 i.e. an increase of over 85%. Please bring me any free market data such as supply and demand and decrease in the dollar or any other factor that justify this incredible increase. You cannot of course because this data does not exist. This current trend of crazy and irrational oil speculations run against all the fundamentals of our free market capitalist economy.
I paraphrased a news article, noted a few other occurences on the same day, and asked a question. I also provided a source. Would you like to refute the news article, or continue with the pointless ad hominem schtick?
China's stock market has declined nearly sixty percent in less than a year, manufacturing plants are being shuttered by the tens of thousands, and US companies are reconsidering their decision to go with manufacturing in China due to container shipping costs that have more than tripled in the past five years. India and China both have reduced their domestic fuel subsidies. India has weakened considerably since last year as well. These are no longer quite the juggernauts that you wish them to be.
Rather than calling you pointless names, I'll merely suggest that you're talking your book. Trees don't grow to the sky, rurgan. Not true of dot.com stocks, not true of real estate, and not true of oil.
The peak oil theory has the stench of global warming about it.
You just didn’t pay attention.
Don’t know about steep decline, but how do we know this is Peak Oil?
http://money.cnn.com/2008/07/10/news/international/opec_report.ap/index.htm
VIENNA (AP) — World energy needs will spike by more than 50% by 2030 but adequate oil reserves, conservation and new methods of recovery mean supply will keep pace with demand, the Organization of Petroleum Exporting Countries said Thursday.
. . .
The report projected oil demand to rise by 29 million barrels a day from 2006 through 2030 to reach a daily 113 million barrels a day - a drop of 4 million barrels a day over its predictions last year, “due in part to the higher oil price assumption” - expectations that pricey petroleum is here to stay.
New recovery methods to boost supply
A large part of that projected demand will be met by new recovery and production procedures, meaning total demand for “conventional crude” - oil pumped from wells and other methods using present day technology - will not exceed 82 million barrels a day by 2030, said OPEC.
. . .