Originally Posted by
beast 496
Boy the oil companys just love it. They don't want the cost per barrel to go down. Oil is traded on the world market not the US market. Even if we drilled more wells, this does not constitute lower fuel or lower oil price. The only way the cost would go down is if a supplier would flood the market with excess amount of oil. Now why would an oil supplier do this, when the price of crude oil is high, the oil company makes more per gallon or barrel. You know we only buy 2% of our oil from Lybia and the Saudi's easily can supply this. We buy most of our oil from Canada and Mexico, third is US supply and the rest comes from OPEC, Saudi's. The Wall Street speculators are making a killing on this, they are the reason oil is so high, not supply and demand. Fear mongoring. If oil does not go down soon, our economy will topple again and the Wall Street will be asking for another bail out. Al
You nailed it Al, they were waiting for a recovery sign in the economy and a third world country that exports oil to do something stupid (ie: Libya) to create a scare of oil shortage. Hmmmm... funny, unemployment numbers were also going down, I hope oil crashes to $20 a barrell after they stick us with $150/barrel crude!
They better be careful, they are playing with fire, the economy is not even close to stabilizing, and as you said it, they could create another recession causing the stock market to crumble. Firefighters and police offers are still being layed off in California, which is a sign things are not even close to being corrected. The DOW is already falling daily, and will continue to do so until oil gets back to a reasonable price ($90 barrel range).
I always wanted to know how much the government benefits from this, because Obama does not seem to be concerned about people getting screwed at the pumps.
Last edited by Fman; 03-08-2011 at 12:23 AM.
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