The increase in oil prices is caused by a weak dollar, leverage by use of margin, and speculation. Have you looked at the increase in demand in the futures markets? Hedge funds, banks, and the other financials who have taken hits from the whole subprime mess need a way to make some money back. The FED is handing out truckloads of cheap money to the banks and they are turning around and pumping them into futures markets using tons of leverage to exacerbate the gains.
Fucking bankers. I knew I should have been one. They try to screw a bunch of retards by giving them loans that would keep them in dept for two or three lifetimes which causes a national real estate crisis and global credit market crisis. Then the Fed lowers rates and pumps money into the system to keep things afloat which lowers the value of the dollar then the bankers turn around and make money off the problem they caused(I'm not excusing the retarded debtors). People are starting to talk bubble. It makes sense to me. Bye, Bubble? The Price of Oil May Be Peaking
The offshore drilling is just as mindless as the $168 billion stimilius package. Just go out and spend with borrowed money and it will be alright. The reserves wouldn't really help. If oil were to go down to $1.50 a gallon, Americans would just consume more. Then what? Cheap FED funds are giving the investment banks a lot of leverage. It's probably a back door way to bail out the banks.
Offshore drilling is part of the solution along with altenative fuel, electric auto's & semis and hybrids.
I am glad we agree. That along with Offshore drilling, along with alternative fuel, electric auto's & semis and hybrids are part of the solution.
I don't think the offshore drilling is a good idea until real steps are being made to replace oil with alternative forms of energy. Otherwise we are just delaying the envitable and will be without the reserves to help us in the transition to alternative energy.
The best thing about the increased prices is that it has brought the need of alternatives to the forefront. All electric autos and hybrids should have been made twenty years ago but they were not. Now is the time to push for higher standards. Any time congress tried to require higher standards there was a back lash. The time is now.
It takes time to built nuclear reactors and also to institute laws to enable enforced the uses of fuel saving devices. So in the meantime offshore drilling still seemed quite a good idea.
Sure when plans are in place to build the reactors and use fuel saving devices. There doesn't seem to be any other plan other than drill to delay the problem a few years.
Well thats takes some political foresight, you can only hope that the next President isn't a Shock and Awe type but one with the foresight and charisma to get things done.
7 Ways McCain Can Use Energy to Beat Obama http://www.usnews.com/blogs/capital...ways-mccain-can-use-energy-to-beat-obama.html
I think that McCain has read this already. 5) Stop blaming Big Oil. "If the plan sounds familiar, it's because that was President Jimmy Carter's big idea too -- and a lot of good it did us," McCain said in the speech. "Now as then, all a windfall profits tax will accomplish is to increase our dependence on foreign oil, and hinder exactly the kind of domestic exploration and production we need. I'm all for recycling -- but it's better applied to paper and plastic than to the failed policies of the 1970s." McCain Talks Energy, Slams Obama as "Carter" http://blog.washingtonpost.com/the-trail/2008/06/17/mccain_talks_energy_slams_obam.html
Bush is trying to give it all away to the oil companies before he gets ejected from office. He's not worried, he'll get paid.
Not sure about Bush but Clinton is extremely well paid giving lectures and speeches. Bush may go back to where he came from, the oil companies, I am sure they would love a consultant the likes of him.
He don't have to, he can just be a consultant to the oil industry, I am sure they will pay him real well for the bonanza they had when he was in office.