Posted by jackinok on March 01, 2011 at 11:49:42 from (162.58.82.136):
In Reply to: Oil Export posted by Roy Ward on February 28, 2011 at 20:27:34:
yes its true,export it ,refine it, and buy it right back!LOL..same way with lumber,wool,cotton,tons of stuff.What would really surprise you is the amount of ethanol that we are exporting now. We live in a global market these days,everything goes to the highest bidder.Just look at libya,this country gets something like 2% of its oil from there.But it is sitting on the biggest reserves on the african continent,and they supply lots of africa's, italy's ,and china's oil.So what happens when their suppy from libya is cut off? They simply bid on whats available,driving price of our oil up. Nothing mysterious about it,it simply sells to the highest bidder no matter its origin..same as wheat ,corn ,soybeans ,any other commodity.
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