Posted by jhilyer on February 24, 2011 at 05:33:12 from (168.169.33.148):
In Reply to: OT Gas Prices posted by Tony Vidlak Sr. on February 23, 2011 at 15:21:09:
"The only thing we have to fear is fear itself"
Not saying that the current situation isn't alarming, it is, but it's those futures traders that drive up oil prices unnecessarily. Unaturally.
Where's the law of supply and demand? Supply hasn't gone down. Demand (real demand - as in we need a lot more oil for some reason) hasn't gone up, so why the higher prices? Futures traders.
There is no oil supply crisis. Let me repeat that: There is no oil supply crisis. But Big Oil would like you to think there is.
Heard on the radio that Lybia accounts for 2% of the world's oil supply. Just 2%. Not enough to change anything.
Oil companies feed the fires of fear, and futures traders eat it up. It's total crap.
On the other hand, here in Western PA, when oil prices go up, local leasers start drilling new wells, and the local economy booms. Not economically feasable until oil gets well over $100 per barrel.
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