[cicero2k]

Oil is too important a commodity to allow boom / bust cycles do harm.

We fight wars over oil.

Let’s stabilize the price of oil so we don’t have to fight these wars in the future.

Someday, our military and transportation will not use as much oil, but until then we have to ensure a price environment friendly to producers.

I can hear the gnashing now. Government subsidies to the wealthy etc. But would you rather go to war?

[JRandomFreeper]

Let the market handle it, and get the government out of it.

Oil companies don't go to war. Governments do.

/johnny

[abb]

Any serious study on the history of global oil supply and pricing will reveal that there has ALWAYS been a boom and bust cycle ever since Edwin Drake drilled the first well.

The Texas Oil Boom of the early 20th century took prices down to $0.03/bbl at one point.

http://www.texasalmanac.com/topics/business/oil-and-texas-cultural-history

In my lifetime, the post WWII development of Middle East oil fields kept prices low until they copied the Texas Railroad Commission model and created OPEC.

You may as well try to repeal the law of gravity rather than the laws of economics.