Yes, I've been hearing reasons. Both China and India's economies grew at over 10% in 2010. That's enormous growth in countries with over a billion people each.
I don't pretend to understand very well just how speculation works. The one thing I do know is that people make a lot and lose a lot doing it. There is a lot of government regulation there, so I don't know how there could be continued gross criminal acts be committed. I think rrlund made the point that it's not just speculators making money when commodities rise. Many pension funds and mutual funds are invested in those markets. That means grandma and grampa's retiement funds.
There is a lot of oil in the Gulf. Many other countries are producing oil there, I don't think they would be if it weren't a good place to do so. China, Venzuela, Norway, and others wouldn't spend the investment money required to put rigs there if they weren't paying off. So I'm not sure that I agree with you about why we are drilling there. The way I understand it is that it's more expensive drilling offshore than on land, and that makes sense to me. So much land that could produce oil has been closed to drilling by government agencies that oil companies have been forced to go offshore.
I don't pretend to know everything, or even all that much. But I do know that if we produce our own oil we will create hundreds of thousands of jobs, and we will lower the cost, both very good things.
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Today's Featured Article - Converting from 6 Volt to 12 Volt - by Chris Pratt. It's a common problem for old machines especially when the weather starts to dip below 40 and the tractor isn't fired up as often. You are probably used to the 12 volt Diehard, charged with 200 amp alternator of your 3/4 ton that always is ready and always starts. It's this type of experience that brings about the many queries we get for 12-volt conversion kits. Since only a few kits are available (we sell kits for the
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