Word: oil
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Barack Obama's great insight is to blame "speculators" for raising oil prices artificially. This could even be true, but if so, it's irrelevant. Speculators cannot affect the price of oil in the long run. What speculators do is get us to the long run sooner. If they think underlying forces of supply and demand will ultimately result in oil at $200 per bbl., they will bid up the price until it is close to $200 per bbl. already. Similarly, if speculators think the price of oil will go down, they will drive it down more quickly. So, actually...
...interesting to consider what the price of oil would be today if it had been higher in the past. Suppose, for example, that President George W. Bush had used the political gift certificate he was granted on Sept. 11, 2001, when he could have asked Americans to do almost anything in the name of fighting terrorism, to impose a $1.50 "War on Terror" tax on a gallon of gas (instead of squandering his gift certificate on invading Iraq). The price at the time was about $1.50 per gal., so this would have doubled it to $3. People would have screamed...
...rest of the world, we look like idiots. In fact, regarding oil, we really are idiots...
Back & Forth Offshore Oil Drilling...
Nearly 30 years after his father signed an Executive Order banning offshore oil drilling, President George W. Bush is seeking to lift the federal moratorium in an effort to ease record-high fuel prices...