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Obama:
Is Obama wanting to tap the oil reserve again?
I thought speculaters was the problem, not supply
When Bush tapped the oil reserves in 2008, it broke the backs of the speculators. Oil prices plummeted.
Obama:
Is Obama wanting to tap the oil reserve again?
I thought speculaters was the problem, not supply
When Bush tapped the oil reserves in 2008, it broke the backs of the speculators. Oil prices plummeted.
Umm the recession had something to do with it as well.
When Bush tapped the oil reserves in 2008, it broke the backs of the speculators. Oil prices plummeted.
Umm the recession had something to do with it as well.
Not really. The price of oil shot up because everyone was running away from equities.
Umm the recession had something to do with it as well.
Not really. The price of oil shot up because everyone was running away from equities.
Congress defies Bush on oil reserve - CNN
But I thought the supply was not the problem?
If the equities are the issue, then tapping into the reserves will do little. right?
I mean which is it, supply or speculators?
little of both?
allowing a volitlie situation to exist due to the dependence we have on the middle east as well as Candas sands going east and not south may have something to do with those evil "speculators"
Who ever said supply had nothing to do with price?
I am intimately familiar with the movements of commodities prices. That is my forte and I have made a shit ton of money riding them for the past several years.
I prefer metals to oil, though. But not gold. Gold is overrun with cow-brained speculators. Fricking stampeding mindless rubes running to and fro.
There is no shortgage of gas. That isnt the problem. I spoke to the gas station owner yesterday as I filled up(its been a month since the last fill up), anyway, he said that there is absolutely no shortage of gas. He blames the speculators artificially driving the costs up and claimed they are driving business away. Thats his take.
Who ever said supply had nothing to do with price?
You fucking morons say it all the time
Not really. The price of oil shot up because everyone was running away from equities.
Congress defies Bush on oil reserve - CNN
But I thought the supply was not the problem?
If the equities are the issue, then tapping into the reserves will do little. right?
I mean which is it, supply or speculators?
little of both?
allowing a volitlie situation to exist due to the dependence we have on the middle east as well as Candas sands going east and not south may have something to do with those evil "speculators"
Equities were the issue in 2008. The impending credit crisis was causing investors to flee the stock market. So they began parking their money in commodities. And then later, after Bush popped that bubble, they fled commodities and flooded Treasuries. Treasuries are now in a historic record-breaking bubble.
In 2005, the oil bubble was the result of Hurricane Katrina.
This year, it is possible war with Iran.
The common factor between all three is "fear".
It is not a supply problem. It is fear of a supply problem.
The international supply of oil, not the US supply has everything to do with price. In 2011, the US produced 8.91% of the world's oil with 7.9% of the world's oil reserves. Even if the US matched it's peak production in 1970, it would still only be producing 11% of the world's oil. By comparison, OPEC produces over 40% of world's oil with 77% of the world oil reserves. If we opened up ever piece of protected land in the country to drilling, the US could not produce enough oil to have a major long effect on all prices.
Oil Reserves By Country 2011
List of countries by oil production - Wikipedia, the free encyclopedia
Peak oil - Wikipedia, the free encyclopedia
There is no shortgage of gas. That isn't the problem. I spoke to the gas station owner yesterday as I filled up(its been a month since the last fill up), anyway, he said that there is absolutely no shortage of gas. He blames the speculators artificially driving the costs up and claimed they are driving business away. Thats his take.