Who Gets the Credit for the Drop in Oil Prices Lately?

Discussion in 'Economy' started by KMAN, Sep 3, 2008.

  1. KMAN
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    KMAN Senior Member

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  2. Caligirl
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    Caligirl Oh yes it is too!

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    I think Supply and Demand is widely recognized as the main driver of oil prices. That americans dropped usage by several percent this summer saved us way more money than the tax holiday would have.

    Anyone that claims that one party or the other is driving prices probably has a political agenda.
     
  3. DiamondDave
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    DiamondDave Army Vet

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    Demand (watch OPEC and production drop too, if it goes down a lot further very quickly)
    Dollar Strength fluctuation back
    Bush's removal of ban (effects speculators)
    Build up in inventory in storage/refineries/etc
    New exploration
    and a lot more...
    unlike what some people would like to spout off... the influences are many
     
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  4. CrimsonWhite
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    CrimsonWhite *****istrator Emeritus Supporting Member

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  5. Angel Heart
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    Angel Heart Conservative Hippie

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    Exactly. If there's one group that could of done more it was Congress. They should of voted on lifting the ban before going on vacation.
     
  6. Ravi
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    Ravi Diamond Member

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    Why, so foreign companies could drill off of our shores?

    What brought oil down was that people stopped using so much of it.
     
  7. DiamondDave
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    DiamondDave Army Vet

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    No Kirk... oops... not Kirk this time ;)

    Ravi... it is not just our driving or our usage.... it is multi-faceted

    Opening up more drilling for supplies to come in when tapped will help with the speculation and the price...

    And it would not be just 'foreign oil companies'...
     
  8. Ravi
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    Ravi Diamond Member

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    No, of course it wouldn't just be them. But they are welcome to bid on the leases. And since oil is sold on the world market, it is in their best interests to sell it to the highest bidder.

    At least you all have stopped using the ridiculous notion that any oil drilled off our coasts would belong to we the people and we'd get to set the price.
     
  9. Caligirl
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    Caligirl Oh yes it is too!

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    the other point that is not often mentioned, is that at the most, US production would go from 2% of the world market to 4% of the world market, if we immediately tapped all our potential sources.
     
  10. DiamondDave
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    DiamondDave Army Vet

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    You all??

    Hell.. I've been saying about the global market of oil (like it or not, it's what we have) all along...
     

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