If it were not the case that people see and hear what they want to see and hear, this (copied below) might make me very happy. It would make me happy because it would show to all of the people the Republican propaganda machine is duping with the "drill here drill now" nonsense that the oil supply is being manipulated to inflate prices and that the only solution to the oil market quandary is to decrease demand. No matter how much oil is produced domestically, it is unforeseeable that the US will ever be oil-independent unless demand is wildly reduced. It hints that the oil market is not being driven by supply and demand (because supply is potentially so great and easily fixable) and that even the chance that the price might drop in response to falling demand is causing suppliers to organize to match the market with a drop in supply (that is to "defend" high prices with artificially decreased supply). While this it is OPEC conspiring to do this, American oil companies will be of no help, because any price elevation is hugely beneficial to them. They are obligated to maximize profits for their shareholders. So, regardless of where and how much you drill, they're going to subject their countrymen to the same manipulated market price the rest of the world is dealing with. Whats more, oil companies are justified in asking whatever price people are willing to pay (basic microeconomics), so, once again, the consumer's only choice is to decrease demand by using an alternative product.
Of course, we need energy, so the only pragmatic and practical long-term solution is to exploit energy alternatives; this is exactly what the Democrats have been saying and proposing. Why are people so fucking dense?
http://www.npr.org/newsinbrief/index.html (Tuesday, September 2, 2008)
Oil Drops To $108 Per Barrel Amid Slowing Demand (Tuesday, September 2, 2008)
Oil prices tumbled below $108 a barrel on Tuesday, down nearly $8 from last week's close, as investors shifted their focus to slowing global demand after worries about Hurricane Gustav subsided.
By midday in Europe, light, sweet crude for October delivery was down $7.85 a barrel to $107.61 in electronic trading on the New York Mercantile Exchange. Earlier in the session it had dropped as low as $105.46.
On Friday, the contract settled at $115.46 a barrel as Gustav approached the U.S. Gulf coast, a key region for oil drilling and refining. But traders were relieved that Gustav weakened as it neared the offshore oil rigs and Louisiana refineries, and appeared to have caused less damage than expected in New Orleans and surrounding areas.
The Organization of Petroleum Exporting Countries is scheduled to meet Sept. 9 in Vienna and has indicated it may take action to defend the $100 a barrel level.
More:
http://news.bbc.co.uk/2/hi/business/7605584.stm
http://news.bbc.co.uk/2/hi/business/7607508.stm
http://www.marktaw.com/culture_and_media/politics/GlobalOil.html
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